Marketing Strategy of American Express – American Express Marketing Strategy: The first as well as one of several companies that are revolutionizing the system of digital payments are attempting to capture the emerging nations. It was founded in 1850 as a joint-stock corporation, it was incorporated in the year 1965 under the name of New York Corporation. Today, it operates within four business segments, which include international cards, U.S cards, global Merchant services, and global Commercial services.
As of December 15, the net profit of American express is $ 5.16 billion. The annual revenue of $32.8 billion. 32.8 billion.
- 1 American Express At A Glance – Marketing Strategy of American Express
- 2 American Express Competitors
- 3 Marketing Strategy of American Express
- 4 Segmentation, Targeting, Positioning – American Express Marketing Strategy
- 5 American Express Mission Statement
- 6 American Express Vision Statement
- 7 American Express Tagline
- 8 Competitive Advantage – Marketing Strategy of American Express
- 9 BCG Matrix – American Express Marketing Strategy
- 10 Distribution Strategy – Marketing Strategy of American Express
- 11 Brand equity – American Express Marketing Strategy
- 12 Market Analysis – Marketing Strategy of American Express
- 13 Customer Analysis – American Express Marketing Strategy
American Express At A Glance – Marketing Strategy of American Express
Company: American Financial Corporation
CEO: Stephen Squeri
Founder: William Fargo | Henry Wells | John Butterfield
Year founded: 18 March 1850, Buffalo, New York, United States
Headquarters: New York, New York, United States
Annual Revenue: US$36.09 Billion
Profit | Net income: US$3.14 Billion
Number of employees: 63,700
Products & Services: Savings accounts | Money market funds | Mutual funds | Money + and Money + personal accounts | Tax-advantaged investments | Multi-currency accounts | ATM cards | Investment management accounts
American Express Competitors
American Express Fun Facts: In 1995. Gardiner, an Australian costume designer, used real, American Express expired cards to create her dress. At the award ceremony, she won the Best Costume Design, Oscar.
Marketing Strategy of American Express
American Express’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of American Express? Let us discuss.
Segmentation, Targeting, Positioning – American Express Marketing Strategy
These Digital services are segmented according to the number of customers who reside in similar geographic regions. In addition to geographical location, psychographics and demographics are also taken into consideration. Psychographics are analyzed in relation to the social class of the individual and the VALS. Demographics include education level, income level, marital status, and occupation. Because of the superior quality of products as well as the particularly targeted targeting, the vast majority of factors are taken into consideration during the segmentation.
These segments identified on the basis of diverse factors are then targeted using different strategies for targeting. In the first place, cards and offers are created according to diverse demographics, which are then categorized according to their psychographics. People with higher education and experiences will have different psychography. people who have higher education and higher income levels will have greater self-worth, and their values will differ. The combination of these elements can be used to be a determining factor in deciding the best people.
American Express stands out as a brand that is simple to use, convenient as well as secure, and reliable. Moreover, it employs the premium position method since people who have American Express cards are regarded as being wealthy.
American Express Mission Statement
“provide the world’s best customer experience every day.”
American Express Vision Statement
“Work hard every day to make American express the World’s most respected service Brand”
American Express Tagline
Competitive Advantage – Marketing Strategy of American Express
The broad product portfolio of American express is available in many related products and services aids the business in offering an array of goods and products and services for its clients, resulting in a significant proportion of wallets of customers.
Closed-Loop Network: working in tandem in establishing relationships with card-issuing businesses that aid the business to control the two crucial aspects of transaction of the system for digital payments which not only helps retain customers but also regulates the costs per unit for it.
Premium position: Due to the numerous schemes available and the meticulous filtering method, American Express is known as the credit card that caters to the super-wealthy. Thanks to the many additional services that it offers, American Express has a top position in a sector that is a battleground.
BCG Matrix – American Express Marketing Strategy
The Global card segment, as well as merchant acquiring companies, are highlighted within BCG’s matrix. BCG’s BCG’s Matrix while its commercial services segments, which include various financial services and businesses are in doubt because of the presence of several international and national corporations in different economies.
Distribution Strategy – Marketing Strategy of American Express
The company’s vast portfolio of services and products in the field of digital payments and also being the largest financial service aids the business in distributing its products and services, with the help of the distribution partners. It offers its diverse products throughout the world through agreements for distribution with financial service companies.
Brand equity – American Express Marketing Strategy
The name American Express is an established name in the digital payments industry. It was placed at 88 1st on the Fortune Top 500 list of brands valued at around $160 billion (May 2015 data).
Analyzing competitive factors within the marketing strategies that are employed by American ExpressBecause the marketplace is still in the emerging phase in most emerging economies and is competitive in developed nations, American Express is facing opposition from international and national sectors of its operations.
To expand its product offerings, it creates custom products for different types of customers.
Market Analysis – Marketing Strategy of American Express
With the increasing per capita incomes of customers, a rising literacy rate and changing digital dynamics of emerging economies, and the increasing use of automation in the financial sector customers across the globe are becoming better acquainted with the digital and interconnected services and products like cards, travel and leisure, merchants purchasing services like M-Pos/POS machines, and many more. Because of the growing economies that are growing, there is a significant opportunity for growth in this sector.
Customer Analysis – American Express Marketing Strategy
The customers who use American Express are among the most sophisticated and tech-savvy customers who seek ease of use and accessibility to payments. The majority of customers of the company are 25-40 years in the retail sector, whereas, for the B2B ( business to business) segment, its customers are high net worth corporations and individuals from diverse sectors.
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