Ben Schlappig doesn’t have a home. He lives on planes and in hotel rooms. And he’s a big reason why Chase’s new credit card has generated unprecedented hysteria.
The credit card business is not where you go to get a brand fix. Most of the brands in this category tread water in the sea of sameness, inspiring little passion and much aggravation by inundating mailboxes with junk mail. And then there's the new Chase Sapphire Reserve:
The card was so wildly popular that, upon launch, Chase ran through 12 months of metal stock in three weeks.
Unboxing videos popped up all over YouTube, clocking tens of thousands of views (yes you read that right, the nail-biting action of a credit card reveal).
Chase reported an unexpectedly large number of applications from millennials, a group that so far has been generally indifferent about card brands.
Bloomberg Business Week put the new Chase Sapphire Reserve on its cover.
Here’s why this should have never happened:
As an extension of the existing Sapphire franchise, there was a fairly docile product extension
At a $450 annual fee, it severely limited relevance in a category awash with no-fee cards
The card sweetened, but did not fundamentally alter the basic formula of perks and points. Nothing earth-shatteringly innovative here.
Advertising and promotion leading up to the launch? Zero.
Wally Ollins, of Wolf Ollins fame and a legend of sorts in the branding world, didn’t look too kindly upon brand measurement. "There are too many people," he said "... who are fed the rubbish that if you can't analyze it - if you can't chew it up into numbers - it doesn't exist." Not one to mince words, he continued, "I deeply reject all that and find it to be a contemporary version of witchcraft." It's hard to argue with Wally; somewhere along the way doctrine and data have dulled the notion that brand is, to quote JetBlue's CEO, "the way we feel."
The Inevitability Of Measurement
David Aaker is a legend of sorts as well in the branding world, and a lot of his work centers on brand equity. David writes of brand as an asset. And as an asset, it is must withstand financial scrutiny and ROI justification. CMOs may know it in their hearts, but CEOs and CFOs must see it on paper. That leaves us with the unenviable task of calculating the incalculable. Many have rushed forward to meet this challenge. I describe various measurement techniques in detail in my new report for Forrester clients: Branding Never Sleeps; a brief summary appears below.
Four Measurement Streams
The nitty gritty of brand performance is relatively easy to measure using survey, operational, and transactional data
Near-real time brandsentiment can be captured by social listening, although skewed samples and lack of established frameworks muddy the water
Perception can be surveyed, but traditional ask-and-tell tracking of emotions is fraught with problems; neuromarketing offers some emerging and exciting avenues
In 1860, the year Abraham Lincoln was elected President, Milton Bradley invented his first board game, the Checkered Game of Life. The game simulates a person's travels through his or her life, from infancy to retirement, with jobs, marriage, and possible children along the way. Some squares on the board help you along, with little lithographed hands pointing the way, but almost any spin from nearly every square involves a decision, a choice among as many as eight possible moves. The Checkered Game of Life requires you to make decisions — lots and lots of them — and each of those decisions leads you down a different path, requiring more decisions as you go.
Over 150 years later, the premise of the Game of Life holds as true for the decisions our customers make as it did for the personal decisions outlined in 1860.
In the post-digital world of today, empowered customers have taken control of the relationship they have with the companies they interact with. Your customers now face a maze of media, devices, conversations, and interactions as they make decisions along their path to purchase. As marketers, you must engage customers in the right way across the entirety of what Forrester calls the customer life cycle, from customers initially identifying a need to researching their options, making a purchase, and using the product.
We live in a world filled with technology-empowered consumers who have access to more information on brands than ever before. Armed with this information, they are telling brands where, when, and how they want to engage. This new world has sent marketers and the brand’s they support into a tailspin — they are losing control of their brand message and are losing trust with consumers. My colleagues Tracy Stokes, Chelsea Hammond, and I have developed a framework that helps marketers stop their free fall and chart a new course for their brand to win mindshare and market share in this new world. We call it the TRUE Brand Compass Framework.
In this framework, we take the stance that for marketers to succeed in building a 21st century brand, they need to focus on a new set of metrics that capture brand resonance. Professor Kevin Lane Keller perfectly states what brand resonance is: “where customers feel a connection or sense of community with the brand and they would miss it if it went away.” In our research and advanced analytics on brand resonance, we identified four key dimensions that each significantly influence brand resonance. These four dimensions are TRUE: trusted, remarkable, unmistakable, and essential.