Note to new Chase Bank CMO Claire Huang: You came from Bank of America, but do not copy your former employer when you plan Chase’s future.
Chase is among the market leaders in the banking industry and one of the few with equity markers. Its logo is recognizable and its recent advertising has featured the Chase blue standing out within black and white TV spots.
Yet in the minds of consumers, Chase is just another big bank offering the same services as the others. All banks tend to look and sound alike and customers are angry with all of them.
We at Stealing Share know the banking industry well because we’ve conducted extensive research in the industry for last few years. From experience we know that all banks follow the leader in terms of brand and message. Unfortunately, it’s ignored by customers.
The big banks, with the exception of Bank of America, need to rebrand. That includes Chase. It’s been stuck in a quagmire because few – if any – banks present a unique and emotionally meaningful choice.
My advice to Ms. Huang: Use your Bank of America experience. Think about what it is that customers want that your former company did not offer.
Take it from there.
