Online capability has transformed our day-to-day activities from buying to banking and, in turn, opened new pathways for brands to connect with people. As digital media continues to evolve, a new generation of media owner is emerging.
Earlier this month, Chase bank launched Chase Media Solutions, the only bank-led media platform of its kind. We spoke to Managing Director, Head of Offers & e-Commerce, President Chase Media Solutions, Rich Muhlstock, on what customers and brands can expect.
AdForum: Congratulations on the launch of Chase Media Solutions!
When did Chase first recognize the potential of a media platform? What was the timeline from inception to launch?
RM: Chase has long been committed to innovation and providing value to our customers. When we launched Chase Offers, our customer-facing platform about five years ago, we saw tremendous opportunity in creating better personalization around the offers that were being provided to customers. Customers could see the value, but we could make their experience even richer by providing offers that would better reflect their interests and needs. In addition to having customers that craved these offers, we also saw great potential in providing the connection to our 80 million customers to merchants and brands.
Chase Media Solutions follows the integration of Figg, a leading card-linked marketing platform, which JPMorgan Chase acquired in 2022, to enhance our expertise in-house and to build out our owned, two-sided commerce platform—with Chase Offers on one side, and Chase Media Solutions supporting brands and merchants, on the other.
What are you offering to brands and agencies that is unique?
RM: Chase Media Solutions is the only bank-led media platform of its kind. It combines the scale and audience of a retail media network with the exclusive advantages of Chase’s first-party financial data, institutional credibility, and precise targeting capabilities.
As a career marketer, I know firsthand the power of a platform like this. Chase Media Solutions is the type of platform we wish existed when I was on the agency and brand side. Specifically, the ROI and ability to provide attribution is a game changer. With our cost-per-transaction pricing model, brands only pay when a customer makes an eligible purchase. By providing clear attribution for every media dollar spent, Chase Media Solutions provides better ROI than other digital marketing channels—and we’ve seen this first-hand from some of our pilot campaigns. Coupled with Chase’s privacy, security, and depth of insights, we feel we’ve created a best-in-class entity to deliver what brands need and what consumers are looking for.
In your launch press release you talk about working with Air Canada, Solo Stove, Blue Bottle and Whataburger to test the offering. Can you share any detail on what kind of strategy your team put together for the airline and what results came back?
When Air Canada partnered with Chase Media Solutions, they experienced incredible growth, not just in sales, but also in audience growth. Understanding the brand’s priorities, Chase Media Solutions designed a cash back offer with a minimum spending requirement that encouraged shoppers to spend on tickets rather than smaller items like upgrades and baggage fees. Across the 30-day campaign, Air Canada saw 80% new customer transactions and over $2.3M+ in incremental sales. To further build on this momentum, Air Canada leveraged a second campaign to test and optimize the offer while continuing to engage both new and existing customers. This subsequent campaign netted the brand a 40% incremental lift for new customers, 75% incremental lift for loyal customers, and over $2.2M+ in incremental sales.