Modern Marketing

Chase to reach business owners through ‘business advice center on wheels’

  • Chase is deploying a mobile business advice center called BizMobile across the U.S. to build relationships with business owners
  • Beyond the ability to convert customers, BizMobile is an important brand-awareness play
close

Email a Friend

Chase to reach business owners through ‘business advice center on wheels’
JPMorgan Chase is taking a new twist on meeting customers "where they are:" A 27-foot trailer at business events across the U.S., offering free one-on-one advice sessions on marketing, business insights and small-business financing. The trailer, which is called Chase BizMobile, is the latest iteration of the bank's plans to grow face-to-face connections with business owners, alongside conferences and seminars it has organized for the last two years. The objective is to connect with clients and prospects who may consider taking up service offerings from the bank in the future. "Our strategy is to have a human presence everywhere we do business," said Brent Reinhard, chief marketing officer for Chase Business Banking. After the recession, large U.S. banks pulled back on most of their small-business lending activities, creating fertile ground for startups like OnDeck or Bond Street to grow market share. But now, banks, including Chase, Wells Fargo, and Bank of America are looking to the small-business market as a growth area, adding pressure on institutions to find new ways to reach customers. Chase has modernized its small-business product tech stack and is using OnDeck's technology to make the approval process simpler and faster. But in a competitive field of banks offering small-business products and services, face-to-face relationships are big differentiators. Chase is the fourth-largest lender of Small Business Administration loans; as of March 31, 2018, the bank approved 1,307 loans valued at $323 million. The emphasis on face-to-face connections with business owners is a way to build trust among clients who know they're entering a long-term relationship with a financial institution. Aite senior analyst David O’Connell said surveys he conducted of small-business owners seeking credit showed that while interest rates and repayment terms were important, relationships also figured prominently among their considerations, including the ability to turn to someone when problems arise. chase_trailer "Chase is smartly setting itself up as a trusted adviser among its small-business borrowers," he said. "They want to take advantage of their ability to deliver on that relationship as a way to acquire more customers." BizMobile is being rolled out in conjunction with business events in target cities; it will debut at the Women's Business Enterprise National Council Conference Detroit next week and will make stops in Miami, Orlando, Boca Raton, Sarasota, New Orleans and Jacksonville. It will include interactive digital content, and its covered outdoor space will feature refreshments, games and local client products. While business owners can visit one of Chase's more than 5,000 branches across the country, Reinhard said traditional branches aren't always set up to deal with bigger questions on the minds of business owners. Rather than a hard sell, the trailer won't have account set up or loan application capabilities; instead, owners can book free 2o-minute coaching sessions on marketing, social media and finding financing. Bankers will be on hand for consultations, but the thematic sessions will be led by external experts, including Zen Media, Jay Baer and Intuit. Chase isn't measuring the BizMobile's success by how many prospects it can turn into customers; instead, it's going to survey visitors on whether the BizMobile session yielded at least one piece of actionable advice. If the answer is yes, the visit will be considered a success, Reinhard said. While return on investment from pop-ups is sometimes difficult to assess, beyond the client relationship element, the mobile advice centers are important opportunities to raise the brand's visibility, said Forrester senior analyst Ananda Chakravarty. "It's a brand-awareness play," he said. "Small-business owners are [already] going to these events, they're reaching them there and that's the real value added -- you may get some leads and engagements with BizMobile, but having [Chase's] presence there is more about marketing than the ability to convert customers."  

0 comments on “Chase to reach business owners through ‘business advice center on wheels’”

The Customer Effect

The White House is proposing an increase in the capital gains tax. What will non-white groups gain?

  • The White House is proposing a hike in capital gains tax as part of a deficit reduction plan.
  • The taxation system in America needs another look, so far the balance has been tipped in the favor of investors and white households. Will the capital gains tax rebalance the scales?
Rabab Ahsan | March 15, 2023
The Customer Effect

Americans think financial literacy can help them cope with the cost of living

  • Consumer prices are rising and the cost of everyday goods is expected to remain volatile.
  • With the frequent ups and downs in the economy, consumers are starting to bank on financial literacy to help them weather the storm.
Rabab Ahsan | March 02, 2023
Modern Marketing

Wise rebrands, looks a lot like a global neobank

  • Wise has launched a bold new look.
  • The international money transfer firm is homing in on communicating its value proposition to international customers.
Zachary Miller | March 01, 2023
The Customer Effect

Consumers are relying more on credit in this bad economy

  • Due to economic headwinds, people are turning to credit to make ends meet.
  • What will this upswing mean for issuers in the future?
Rabab Ahsan | February 24, 2023
The Customer Effect

How are Americans coping with their financial burnout?

  • Americans are feeling financially overwhelmed due to sustained inflation and slow economic growth.
  • Many consumers are now putting a greater emphasis on financial well-being, and have increased their reliance on digital banking tools.
Sara Khairi | February 13, 2023
More Articles