Why This Shark Tank Company is Partnering With Chase

Why This Shark Tank Company is Partnering With Chase
May 09 06:34 2017 Print This Article

For every small business owner, ‘cash flow’ can prove to be their greatest challenge and one that induces countless sleepless nights.  No matter how proficient your business model is or how profitable you are, it is impossible to continuing growing your business if you are unable to manage your company’s cash flow.

Chase for Business offers an incredible variety of innovative business banking solutions that can help small business owners focus on doing what they do best while leaving the financial burden to the experts.  In an upcoming marketing campaign, Chase for Business is celebrating small business owners by showcasing their extraordinary vision and innovation.

 One such company being highlighted is Pipcorn, a business featured on Shark Tank that was started by a brother-sister duo that is revolutionizing the popcorn industry as we know it. (We will be featuring Pipcorn in an upcoming edition).  Brent Reinhard, head of marketing and product for Chase Business Banking, talks with us about partnering with Pipcorn and why Chase for Business is the perfect business partner for any small business owner.

Jay:  What is the mission behind Chase partnering with a company like Pipcorn for this upcoming campaign?

Brent:   We are incredibly excited about this partnership.  At Chase, we pride ourselves on being an innovative brand and we saw that in Pipcorn as well with their approach the popcorn snack industry and their small kernel sizes. The genesis of it is: we are always looking for really innovative, wonderful companies to showcase in our messaging and advertising, because at Chase, we have the very fun job of serving these incredibly energetic and energizing small businesses owners. What we hope to showcase through this partnership is how we provide services, tools, features and functionality that help these small business owners grow their businesses.  The reality is that any small business owner is the star of their show; they have the passion, the drive, the energy – they bring all of that to their small business, every day.  Our job is not to get in the way of that, our job is to help give them a platform that makes it easier to focus on their business so they don’t have to focus on their finances. That’s the reason why we partner with our small business owners when we tell our story, because you get to hear, not just from us, but from them how the services and products that we offer actually work for a business owner.
Jay: How do you determine what services and products a small business owner may need and how does this campaign highlight that initiative?

Brent:  This campaign and our messaging platform for the year is really based on listening to our small business owners.  As any major financial institution or any major business does, we spend a lot of time listening to our customers, whether it be in focus group research, customer satisfaction surveys, customer service phone calls, or through our branches and our relationship bankers who get to meet with them one-on-one, we get a ton of great information about what our clients’ needs are and what our clients’ pain points are in running their business. And so, this campaign hit on such a great idea because as we were talking with Pipcorn,  they expressed their desire to get out of their factory and think about new and innovative ways to think about their product.

Jay:  What are the top 3 practical and useful examples of what your app will allow business owners to do — with the convenience of just simply using an app?

Brent: First and foremost, basic functionality.  It allows you to stay on top of your balances, cash flow, money in, money out, on the go, wherever you are.  Additionally, you can initiate payments to suppliers and vendors from the mobile app and you can do a wire transfer if you need to get money ‘real time’ to someone.  Within the app as well, if you’ve set up delegated access, you can view and control what employees are spending on what.  You’ll be able to see if someone tries to make a large purchase or authorize a particular transaction, so there’s a lot of functionality that allow business owners to get out of the office but stay in control of their business.

Jay: The ability to provide small business owners with that re-assurance and sense of security is a fundamental component in securing a relationship that will grow with the business.  How does a large company like Chase make that connection with a small business?

Brent:  What’s really wonderful about Chase is we serve 4 million small businesses across the firm, so we have a tremendous understanding of our clients. But additionally, because we offer all the products and services from a financial standpoint that a small business needs to run their business, we can really be a one-stop shop for them.  For example, our business checking account provides that foundation and that hub that any smart small business financial plan is built on.  That hub account allows you to watch the money in, the money out and allows you to see how your business is doing from a cash flow perspective – and cash flow, as you know, is the number one concern of every small business owner.

That’s the reason why we have really focused on how we make our products work better together for small business owners so that we can serve them.  If you take it up the spectrum  – why come to Chase – we want our business owners to be successful and grow with us and you can’t outgrow Chase.  We take you up to our middle market banking, Or if you want to take your business public, we have businesses that serve you all the way through and you’ve kept one bank relationship that understands you.

Jay: Entrepreneurs know so well, the value of relationships  — the value of relationships is everything. How is Chase able to connect with small business owners and convince them know they won’t outgrow your company and that they’ll get that personalized service that will make them feel comfortable and secure?

Brent:  The beauty of working with a bank like Chase is we’ve got 5,200 branches nationwide and so there’s a misconception that we’re not a local business, but the reality is we’re also on “Main Street”, and one thing we know about small business owners is they love to support the community in which they operate.Small business is inherently local and inherently personal to the person who runs that business; they love it if they can source their supplies from down the street and that’s incredibly important for us.  Also, we have 10,000 specially trained bankers who serve small businesses.  They’re trained in what make a business different than a consumer and they’re trained in how businesses financial needs are different so they’re always ready to serve our customers.

Jay:  So many people have an idea or are not sure about an idea and think they must be the next Facebook or Twitter — but to take something as simple as popcorn and turn it into a multimillion dollar business, how inspiring is it to see Pipcorn’s growth and work with them to come up with innovative ways to continue that growth?

Brent:  I come from a family of small business owners.  On a very personal level,, I don’t have the courage to put my family on my back and say that I’m going to go out and make my own money. So, I am in awe of small business owners every day. It’s one of the reasons why I gush and love what I do because we hear every day fantastic business owners that have these amazing companies that you may not have ever realized were a business.  It’s popcorn through our Pipcorn folks, and then we have businesses that make things from dental chairs to huge shipping containers. We have businesses all across the spectrum, and they all got into business because they had passion for their idea or they believed they could do something better.  If we can support that in some way by having really solid financial products for business owners, then that is really the reward at the end of the day for me.

Jay:  What is the best advice you’ve ever given to a small entrepreneur?

Brent: The best advice I’ve ever given to a small business owner is to surround yourself with a really good team.  They don’t have to be employees, but it should be people willing to tell you the truth.  Sometimes passion can be blinding and the reality is you need truth-sayers around you who are willing to say, ‘you need to take a step back and think about how that idea is really going to play out.’  I think it’s imperative to have a really solid team of trusted people who will tell you the truth around you.  You see that sometimes on Shark Tank when people don’t have truth-tellers around them and they go on Shark Tank and suddenly their dreams are dashed because no one said you should have thought about your idea this way. Having that team of trusted advisers is really critical for small business owners, in particular.  Small business owners don’t sit in a giant office where they can knock on the door next to them – they run it through their passion and what they believe is correct and so you need someone you can bounce ideas off.

Brent ReinhardBrent Reinhard is the Chief Marketing Officer and Product executive for Chase’s Business Banking organization, JPMorgan Chase & Co.’s products targeted specifically at the Small Business population.  Brent leads a diverse organization of Marketing and Product professionals managing Branding and Advertising, Product Development and Management, Client Communications, Digital Strategy, Social Media and Innovations efforts.

Brent has been with Chase since 2003 and has held a variety of roles including several roles on the Chase Ink team, Chase Sapphire team, as well as roles in eCustomer marketing, operations, and product development areas.

In 2011 Brent was named to the Advocate’s 40 under 40 for his work with the LGBT community as well in driving change within JPMorgan Chase, specifically championing the first ever marketing campaign for Chase targeted to LGBT customers.

Brent holds a bachelor’s degree in business administration from Delaware Valley College and an MBA from Penn State University.  He and his husband of 20 years live with their two dogs in Lansdale Pa, a suburb of Philadelphia.