New Chase CMO can put her Bank of America experience to good use
Tom Dougherty, CEO – Stealing Share
30 August 2012
Don’t be like everybody else
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.
“From that experience, we know that all banks follow the leader in terms of brand and message. Unfortunately, they are ignored by customers.”
We at Stealing Share know the banking industry well because we’ve conducted extensive research in the industry for last few years. From that experience, we know that all banks follow the leader in terms of brand and message. Unfortunately, they are 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.
Whole Foods 365 Tom Dougherty, CEO - Stealing Share 15 January 2019 The reasons why Whole Foods 365 died If nothing else, you have to give it up to Whole Foods for seeing its mistake and not making it worse. The grocery chain announces it's discontinuing Whole...
Capital One TV ad Tom Dougherty, CEO - Stealing Share 14 January 2018 Capital One TV ad highlights banks’ misguided thinking You needn’t go any further to understand the poor state of banking today than watching the most recent Capital One TV ad. In it, a...
Sears company Tom Dougherty, CEO - Stealing Share 10 January 2018 The Sears company should just let it go Sears receives a last minute reprieve from liquidation from chairman Edward Lampert and a hedge fund. Lampert submitted a revised bid of nearly $5 billion to...