J.P. Morgan Private Bank, the financial-services provider, uses the “4Rs” of “respect”, “relevant”, “recognition” and “results” to help guide its strategy aimed at meeting the needs of affluent consumers.
Benjamin Collier, executive director/head of brand experience and development at J.P. Morgan Private Bank, discussed this subject on a recent webinar held by Brand Innovators.
The first of the “4Rs”, he explained, reflects a principle that is vital in connecting with high-net-worth individuals, a cohort that he described as “incredibly intelligent”, “discerning” and with “the ability to vote with their wallet”.
Said Collier: “We have great respect for this audience and our clients … and gratitude for their business, no matter what the level [of engagement] is.” (For more, read WARC’s in-depth report: J.P. Morgan Private Bank relies on substance of intellectual capital to deliver luxury-marketing message.)
Luxury consumers possess many choices, and also have individual aims that have to be served in holistic ways. “We need to bring highly relevant solutions, insights, and opportunities,” said Collier.
The third “R” within J.P. Morgan Private Bank’s formula, the concept of “recognition”, is “similar to respect” in some ways, Collier noted.
But it takes that acknowledgement of the brand’s clientele a step further “by recognising them in their moments of success,” he added.
“There are lots of different light moments in the world that are happening. But recognising [those moments] and being close to our clients are critical.”
No less important for the brand, and its customers, is making sure that performance reaches the desired level for both parties.
“At the end of the day, we need to deliver results for our clients ... If we do that, we're going to deliver for our clients and deliver for ourselves,” Collier said.
Strategies to reach the high-end audience, he further reported, must be constructed in unique ways. “You have to approach them in a different way,” said Collier.
“The luxury consumer is choosing to engage with a brand because it aligns with their needs, it aligns with their philosophy, it aligns with their culture.”
Sourced from WARC