Chase’s multi-year partnership with home nations football teams will drive up customer acquisitions in the UK if marketed on loyalty rewards. The next step for the provider should be to introduce lending products.
GlobalData’s Consumer Profile Analytics suggests that 32% of UK customers are driven to current accounts if the provider offers loyalty rewards, whereas only 9% of UK customers are driven to providers who support ESG causes. This indicates that Chase should be advertising matchday and training ground visit rewards that come with the new marketing partnership.
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Four year deal will boost the Chase brand
Chase has partnered with the English, Scottish, Northern Irish, and Welsh national football teams, making it the official banking partner of the home nations football bodies. The partnership will put the bank on a nationwide platform over a four-year period, boosting its exposure.
The Men’s Euro 2020 tournament attracted millions of spectators, especially in the UK, where a record-breaking 42 million people watched England lose to Italy in the final. Chase’s logo will be branded on all the home nations’ training kits over the multi-year period. This shows the great acquisition potential, especially if Chase markets its intentions and products right.
As part of the partnership, Chase wants to provide support to individuals from low-income backgrounds by offering access to fully funded coaching qualifications, learning tools, as well as opportunities to see the national teams during training and at matches.
While this is morally impressive, it unfortunately will not be a key driver for customer acquisition. As more details of the partnership continue to be released, it will benefit Chase greatly if it emphasises its ability to offer fan experiences as a wider customer reward for loyalty.
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By GlobalDataChase has form for supporting football in the US
This is demonstrated by JPMorgan Chase’s recent stadium naming rights deal with US football team Inter Miami, through which the bank will give US credit and debit card customers access to a handful of special experiences, promotions, and discounts surrounding the team’s matchdays and merchandise. Here, Chase is heavily marketing its reward schemes, and this should be relayed into the UK marketing approach, especially if it releases credit cards to UK customers.
Currently, Chase only provides current and savings accounts to UK customers, and indeed the bank has to be planning a release of lending products soon. Chase UK wants to be profitable by the end of 2025, and it will not be able to achieve this without offering products that generate interest income for the bank. Coverage from a high-profile partnership with football associations can be the final step in boosting customer numbers, pre-empting a release of more products.
Overall, Chase’s new partnership is exciting for the bank considering the national exposure it will be given, and it will also be lifechanging for the individuals accepted onto the fully funded coaching programmes. However, if customer acquisition is really at the forefront of Chase’s mind, then placing emphasis on loyalty rewards in its marketing would be a highly beneficial move for the bank.
Phoebe Hodgson is an associate analyst, GlobalData plc
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