You Swiped My Heart
You Swiped My Heart
Sapphire Card is a premium credit card that mainly contains dining and travel rewards. It was established in 2016, and its location is situated in Middle Ohio (Grobart and Steverman, 2016) The customers of the Sapphire card always assign meaning and values to this brand by looking at the price and the benefits of this card. The values communicated by the customers of these brands are the rewards and the annual fee of this card. The card is quite expensive. Its current annual fee is 550 dollars. A 22 percent rise of its fee in this year alone. Before 2020, the card’s fee was 450 dollars annually. Even though the annual fee for a Sapphire card is quite high, it is still favorable considering the benefits the card holders get in return.
Chase, the producer of Sapphire cards, has introduced several features and benefits to the card after increasing its price in 2020. The first feature is points earned by card holders. The points earned by the card holders for purchasing traveling tickets have increased from three to ten points in 2020. The holder will always earn ten points for every one dollar they use on Lyft rides. The card also has a corresponding Lyft pink annually on Lyft front (Kheel, 2020). A Lyft pink offers a discount of fifteen percent on every Lyft rides, together with pickups to the airport. Similarly, currently, the card has an additional two profits on the DoorDash services for food delivery. The possessors of the card get a DoorDash credit of sixty dollars per year. The credit offered is accompanied by Dashpass, which provides a free distribution fee and decreases charges at any preferred restaurant. Furthermore, the holders receive five points for each dollar they use to purchase gas, five points for every single dollar they spend on purchasing groceries on Instagram and their delivery, and ten points for every dollar used on preferred service for video streaming (Kheel, 2020). The Sapphire card brand does deliver the values assigned to them. They provide numerous benefits to the customers even though the card is quite expensive.
The Sapphire brand’s intangible attributes that promote storytelling is the sign-up benefit for new card possessors. The new holders are awarded with fifty thousand extra points after spending four thousand dollars in the initial three months after account opening. These points can be redeemed at a 1.5 cent coin rate for every point via Ultimate Rewards. Or the points can be transferred to any of the thirteen hotel and airline partners of the chase, which provides considerably higher value. The points are worth seven hundred and fifty dollars if redeemed at a rate of 1.5 cents for every point. This alone balances the five hundred- and fifty-dollars yearly fee for the starting year (Kheel, 2020). The bonus is only provided for the first year. For the subsequent years, the card will only be beneficial to those who can fully exploit the features of these brands. The brand becomes uneconomical to those who could not make use of all the features of the card. The tangible attributes of the Sapphire brand include the high-class airlines and restaurants it has partnered with. Sapphire has partnered with the thirteen best airlines and restaurants, which offer affordable and reasonable prices for their services and products. Furthermore, Sapphire has many other beneficial services such as free delivery for their products, pickups to the airport, etc. attracting customers, promoting loyalty and storytelling.
Chase has employed social media platforms like Instagram to reach his customers. He is mainly using Instagram as a means of reaching his targeted group of people. Chase achieved this by taking advantage of Instagram influencers with high marketing power. He partnered with great Instagram influencers like the travel and food designer (No Leftovers), Alice Gao, the photographer, and many others. He also chose to partner with a superstar Teigan Chrissy for the campaign of the valued Sapphire reserve card. This highlighted specials rewards that were present to high-ranked card holders. With the premium and wide approach of these influencers, JPMorgan influenced a hashtag #SopphireOnLocation to stage the available travel and meal experiences obtained from using their credit cards. The promotion was fruitful as it obtained thousands of views and assisted in creating awareness concerning the advantages of Sapphire credit cards.
There are several risks associated with the quest to be a lifestyle brand. A study stated an investigational proof that the bombardment of lifestyle brands may lead to consumer satisfaction and self-expression need (Shoates, 2016). Basically, the investigation portrayed that range of several brands that encourage self-expression, the desire of the customer to connect with them can reduce as they will start viewing these brands as less distinct, less applicable, and less amiable (Shoates, 2016). Furthermore, these lifestyle products in an undeviating competition among themselves. This is mainly because lifestyle products fight for the share of the identity of the consumer. The competition in the traditional set up was mainly concerned with the category of the product. This greatly affects the marketing style of these brands.
Grobart, S., & Steverman, B. (2016). You Swiped My Heart. (cover story). Bloomberg Businessweek, 4492, 52–56. http://search.ebscohost.com.ezproxy.library.berke
Kheel, J. (July 17, 2020). Is the Chase Sapphire worth the Annual Fee? CNN Underscored. Retrieved https://www.cnn.com/2020/07/17/cnn-underscored/chase-sapphire-reserve-annual-fee/index.html
Shoates, K (July 28, 2016). Part 1: What is a Lifestyle Brand? Retrieved from https://www.agroup.com/blog/what-is-a-lifestyle-brand