American Express, also known as Amex, has grown to be one of the biggest financial institutions around. Founded in 1850, this large company is estimated to be worth around 15 billion U.S. dollars today. They provide a wide variety of products and services, from credit cards and charge cards to travel services, financial advise, and even magazines. They have proven to have some great marketing strategies, which has brought them to be as successful as they are today. Let’s review some of the tips we can learn from them.
American Express has taken advantage of the booming social networking phase, where they connect with their consumers and offer them great deals and promotions. The big reason Amex did really good right from the start is they focused on handling customer service needs that were sent to them through these social networking sites. This gave people another option instead of calling the 1-800 number. Once people started to catch on they were able to expand their entire social profile by introducing new promotions for people and giving person deals with other merchants if they use their Amex Cards. They basically took the social networking model, and twisted it to benefit their company as much as possible, while still thinking about their consumer’s needs.
Any business can grow from having a good social networking strategy. It helps with attracting new people, increasing the brand, and give businesses the opportunity to directly connect with their customers. There is a countless amount of different benefits and marketing strategies that come into play, so making sure your business is up to speed with the top social networking platforms, if a great idea.
Keep New Products Coming
It seems like Amex is always trying to come out with the next best credit card that will attract more and more people. They have cards for every aspect of life, from personal to small business to corporate, and many more, also including multiple different card options in between them. It is a fantastic model because they can meet the financial needs for almost anyone, and their customers love them for it. Then they can market all the different types of product, increase their exposure for all of them. Even if a customer isn’t interested in one particular product they were offered, they always can choose a different one.
Any business, including ones that only provides services, can give their customers more options. The more options they have, the more likely they will use your company instead of your competitors. Even if the options have little difference between them, just having a choice makes the customer experience a much better one.
Promote your Brand
The American Express brand is a highly respected and very valuable one. This isn’t because they promote their products, but instead, its because they focus on providing a image to their overall company. They have been promoting the brand for decades, and it has paid off tremendously. There are countless amount of examples of ways they have promoted their brand, but the overall lesson here, is don’t just focus on your products and services, but give your overall company a good name.
By submitting content that is related to your company and not to your products, people will be able to get a better image of what it is your company stands for. It is a great way to get them interested in the company, then have them look at the products or services that you provide.
Present Products/Services Properly
American Express has a way of shining the best light possible on it’s products, making them seem more desirable and interesting. This strategy has been used by most successful business, and continues to work wonders for new companies. The art of making your products more desirable is the foundation of marketing in itself, so having a good design on your product should be a top priority. Even if you company has nothing to do with providing physical stuff, you can still present the service or electronic product as best as you possibly can.
A customer’s first impression is the most important part of any sales process. People can usually determine if they like a product or not within seconds, so if you show them something that just looks mediocre they will most likely move on to your competitor that can keep them interested. Don’t let your potential sales walk away just because you didn’t take enough time to properly present what you have to offer.
Make the Name of Your Products/Services Stand Out
Using a well thought out name for your products and services will give your consumers the chance to easily remember them as well as make them more desirable. Amex uses all types of names with their products that appeal to the target audience the product was meant for.
Catching the attention of a potential customer is going to be the main goal for any business, so having a name that gets it should be very high on the priority list. It might take some time, it might take a few tries, but once you have that perfect name, you will be glad you spent the time it took to get it. If all else fails, there are other companies out there that can provide good names and can make sure it does well in focus groups. Although they might be a bit pricey, it is well worth it in the long run.
While almost all of us won’t have the budget size of American Express to be able to market as well as they do, we can always learn some lessons from what they do successfully. There are plenty of other tips out there that could help any type of business, so if you are still interested in learning more about American Express’s marketing strategy, you won’t have any trouble find more information.
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