Chase revives its Facebook strategy following COVID-19 but what’s next?
Chase was noticeably inactive on Facebook in the weeks leading up to COVID-19, investing minimal amounts on sponsored content and partnerships. As the news continued to shift around the global pandemic, Chase reconsidered its approach to addressing concerns head-on, providing resources to customers.
While Chase was inactive on Facebook, it increased spend on paid Snapchat in March (pre-pandemic) to promote contactless transit payments before ultimately scrapping investment after COVID-19 hit public transportation hard.
Revamping its paid social approach, Chase began investing in COVID-19-specific messaging as news surrounding the pandemic became more serious.
Chase notified customers that it was closely monitoring COVID-19 news to help with their banking needs, informed customers of security concerns related to the pandemic, and encouraged them to look out for potential account scams.
In late April, Chase reached its highest spend year to date, nearly $1M, introducing new ways to earn rewards and drive card usage while customers stayed at home.
Chase’s shift to help customers earn while at home not only helped drive card usage but provided a solution that helped customers earn more rewards on relevant purchases.
Does Chase’s strategy foreshadow another shift?
With the re-emergence of the Black Lives Matter movement, Chase may need to once again reconsider its approach. The company continues to voice its stance on owned channels, communicating its commitment to racial and social justice including Advancing Black Leaders and Advancing Black Pathways, while admitting its part in the problem. However, it’s no longer enough to make a bold statement, and consumers are going to look for legitimate changes to see if the brand continues to back up its claims.
As overall brand communication around the Black Lives Matter movement has surpassed that of COVID-19, how will financial services companies back up their support with legitimate action?
Recommendations for actionable change:
- Look to other industries. We’ve seen beauty retailers like Sephora encourage its customers to turn their rewards into a donation for the National Black Justice Coalition. Financial services companies have an opportunity to follow suit by offering the ability to make a difference.
- Align with small business initiatives. Brands can take this time to highlight support by featuring black-owned businesses on their social channels.
- Ensure that efforts are visible throughout the year. It’s not enough to make bold claims. Brands will continue to be in the spotlight to make sure their initiatives continue to support the movement.
- Take ownership of diversity and inclusion in the workplace. Put an actionable plan together on how to address these issues and work toward change.