Chase for Business has announced the expansion of its Customer Insights tool, a powerful business intelligence platform designed to support small business growth. Previously available only to Chase Payment Solutions clients, the platform is now accessible to nearly five million small business owners with Chase business checking accounts, providing valuable data insights at no additional cost.
The Customer Insights tool leverages anonymized card transaction data and third-party benchmarking to provide business owners with a comprehensive analysis of customer behavior. These insights empower small business owners to make smarter decisions, optimize marketing strategies, and enhance operational efficiency while maintaining customer privacy.
“Customer Insights is an innovative solution to help businesses operate more efficiently and reach customers in ways they could not before,” said Ben Walter, CEO of Chase for Business. “Our goal is to deliver value and expertise to our small business clients that goes beyond our industry-leading, core banking services.”
Key Features of Customer Insights
The Customer Insights platform offers robust analytics across several key areas:
- Sales Tracking: Allows business owners to monitor daily card sales and view historical trends over the past six months or year-over-year, including new versus repeat customer metrics.
- Customer Demographics: Provides demographic information, such as age, gender, and income in top-performing markets, enabling businesses to better understand their potential customer base.
- Purchasing Behavior: Offers insights into customer purchasing habits, including spending patterns, purchase times, and preferred channels (online versus in-store).
- Top Markets Analysis: Delivers data on the geographic concentration of top customers and their purchasing preferences, helping business owners refine marketing strategies and choose optimal site locations.
By using these insights, business owners can tailor marketing campaigns to attract new customers, optimize customer retention strategies, and make more informed business decisions. For instance, the platform might suggest launching a new customer campaign for businesses with a high rate of repeat visitors or recommend targeted marketing efforts in areas where industry peers are active.
For more details on how Customer Insights can support strategic decision-making for small businesses, visit Chase’s website.