Following the Puck, with Claire Bennett of American Express

By Melissa Connerton

Claire Bennett, SVP of American Express, began by sharing some lessons that she has learned: it’s more fun to be at a growing company; you can learn more in tougher times; and no one has a crystal ball. Referring to the second point, she stressed that marketers have a unique opportunity to influence consumers and help them get over their fears. According to Bennett, “marketing when done well defines the future of the company.”

As a company with a 158 year history, American Express has weathered several world events (including six “Rocky” movies, as Bennett noted). Since its beginning, the company has kept world-class customer service as its focus; knowing what the brand stands for and staying true to this has helped American Express expand and grow. According to Chairman and CEO Kenneth Chenault, “when you know your brand well, your customers feel it.”

Bennett’s recommendations for growing a brand revolve around three themes:

1. Clarity (“define the brand and stay true to it”)

American Express is a “lifestyle services” company, not just a credit card company. The broader focus brings greater opportunity.  By focusing on giving customers security and assistance when they travel or when they make a purchase, the brand has deepened the trust factor - and this concept translates globally.

2. “Adjust your lens” so that you are constantly looking for opportunities

Along with keeping a clear focus on what the brand stands for comes an opportunity to cater to customers’ passions and to inspire them through these avenues. The “Members Project” lets card members suggest and vote for a charity they want the company to support. Also, rather than just putting a logo on sponsorship opportunities, American Express give members something more, such as special access to fashion shows or perks at the U.S. Open.  Understanding that their customers like to try new things and then tell others, and because the company can literally see what kinds of things its customers spend money on, American Express can jump on these moments.

3. Persevere, even if an idea is unpopular at first (“rarely are you greeted with open arms when you have a gutsy idea”)

Working for Keebler earlier in her career, Bennett talked about the agonizing decision to take the elves out of the tree – an idea that ultimately proved successful.  Applying risk-taking to her current company, she noted that two of the major shifts at American Express – into the global travel business and into the credit card business – came from internal ideas that were first met with negativity.

She also reminded marketers to “skate to where the puck is going.” So where is the puck going next, in Bennett’s view?

• marketing to women (by 2010, 60 percent of our country's wealth will be controlled by women)
• the continued proliferation of media
• globalization

In closing, Bennett echoed some of the other speakers in encouraging marketers to take risks and acknowledge opportunities – “now is the time to persevere.”

Comments

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