American Express Case Study: Rewarding loyalty through social media

  • OVERVIEW
    • Catalyst
    • Summary
  • ANALYSIS
    • American Express has introduced a comprehensive social media strategy to boost customer loyalty
    • AmEx's social media strategy aligns with its overall aim to engage consumers and build loyalty
      • AmEx distinguishes its brand through superior service and community engagement
      • AmEx's social media strategy is based on four major pillars
      • AmEx covers all the major platforms in order to engage with consumers and small businesses
      • AmEx has developed personalized solutions to engage small businesses
      • AmEx is successfully using social media to gain user feedback and two-way communication
      • Gamification techniques and a rewards system are used to boost loyalty among AmEx card holders
    • AmEx aligns with the Individualism, Convenience, and Connectivity Consumer Megatrends
      • AmEx uses social media to cater to the needs of the individual
      • Connectivity means helping people to engage with their friends and families
      • Convenience means satisfying various competing consumer demands with efficiency
      • Consumer needs and preferences are still underserved by their FS providers
    • FS providers can learn from AmEx's social media efforts
      • Social commerce behavior is driven by trust in family and friends' recommendations above all
      • AmEx has aligned its social media strategy with its wider business aims
      • Businesses need to offer tangible benefits on social media in order to get regular visits and active consumer feedback
      • A Twitter overloaded with ads could represent its transformation into a business tool
      • Local culture and different consumption habits have to be incorporated in a good social media strategy
      • There is room for innovation in the way offers are being distributed to consumers
      • There are important lessons to be learnt from AmEx's consumer-centric social media strategy
  • APPENDIX
    • Definitions
      • The Datamonitor Financial Services Consumer Insight Megatrend Framework
    • Methodology
    • Secondary sources
    • Further reading
    • Ask the analyst
    • Disclaimer
  • TABLES
    • Table: Aims and Features of OPEN platform packages
  • FIGURES
    • Figure: AmEx's general strategy focuses on bringing superior service to premium customers
    • Figure: There is a clear overlap of all four pillars of AmEx's social media strategy
    • Figure: The AmEx OPEN platform page on Facebook has nine active sub-sections and over 245,000 fans
    • Figure: The OPEN platform offers many "how to" tips for small businesses
    • Figure: AmEx receives extensive feedback and comments from card holders on Facebook
    • Figure: @AskAmex has over 18,000 followers, who can receive personalized advise
    • Figure: Nextpedition on Facebook offers customers badges and a quiz
    • Figure: AmEx points and special offers can be won on a wide variety of goods and services
    • Figure: Globally, FS consumers' behaviors and preferences converge toward social media and customized offers
    • Figure: Card providers still have work to do in order to make their communications easier to understand

Brief

Published by
Datamonitor
Published on
07 Jun 2012
Product code
CM00205-008
Pages
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