J.P. Morgan Chase Missed Critical Step to Optimize Digital Marketing | Episode 09
by Christopher Day, on May 26, 2020 5:37:59 PM
In this episode of Consumer Central, Toph takes a look at the questions and searches consumers care about when researching mortgages and uncovers the critical step J.P. Morgan Chase should take to optimize their display advertising campaigns.
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Hello, my name is Toph! Welcome back to Consumer Central - where we are eliminating blind spots for businesses and marketers everywhere by revealing more of the customer journey and competitive landscape than you could ever see before.
Today we are going to look at one of my favorites. We had a request come in to evaluate the financial services sector. A viewer asked, does this apply to this industry? And indeed, it does.
We're going to take a look at one of my favorite banks J.P. Morgan Chase, and we're going to take a look at the phrase "mortgage rates."
J.P. Morgan Chase is the largest bank in the US and definitely a thought leader in the space. But when we take a look at the customer journey data for consumers in the market for mortgage rates, we can see the chases is getting beat by Bank of America and Wells Fargo.
Let's go take a peek at why this is. If you look at the most powerful questions people are asking around mortgage rates, J.P. Morgan only has 5% coverage. In the top 20 most powerful questions, their competitors have well over 50% coverage in these most powerful top 20 questions.
But what should they be writing about? J.P. Morgan should be focused on "what are good mortgage rates?" and "mortgage calculators." That's what everything is showing in the top 20.
Let's pop down and take a look at the most popular searches. Same thing. With Chase, we are seeing that they have 5% coverage of what people are actually conducting searches for.
Their competition's coverage is much, much higher. Again, it's around trends and forecasting calculators. That is what people are searching for.
Okay, one more quick thing we want to show you that we think is really interesting. About two years ago, there was an article in the New York Times detailing how Chase was wastefully running display ads on over 400,000 sites. They woke up one day and said, "Oh my gosh, these ad placements might create a problem for brand safety reasons. So they hired a bunch of interns and hand curated a list of 10,000 sites to run the display ads on.
The interesting thing is in the results. They saw no difference in performance after eliminating all these websites. However, this is because Chase didn't know the most powerful sites that people actually visit along their customer journey.
In 15 minutes, Chase could run this data and know the 11,426 sites that actually matter to their target audience. And they would know the 11,500 sites where they should be running their display ads - when their target market is in awareness, consideration, and buying mode.
And I believe, based on when we've done this for other companies, their results would probably double on half the cost.
So that's it for now in the financial services industry. We're taking a look at Chase today. Hope you enjoyed it. If you want to see something specific, let us know and we will run some data just for you. Until next time, this is Toph.