Marketing Plan 12/04/2019 Peiqi Li And Manvi Talwar
Marketing Objectives • To develop and reinforce the brand • To connect and highlight the brand image of being an everyday with a convenient, efficient, essential luxurious, and successful lifestyle • To attract customers who are not • To increase business coverage in price-sensitive and engage more customer-merchant engagement people in branding communications 2
Who are we talking ? small to midsize millennial professionals industrial elites business entrepreneurs want quality and convenience along with a good brand that depicts ▪ their status ▪ brand conscious, quality-conscious, and want to be differentiated and status-oriented love shopping, travel a lot for work, take international trips with ▪ family care about the concepts of sustainability and social issues ▪ 3
Audience Profile ▪ Age 25-40 high net worth individuals and companies across diversified industries ▪ 4
Marketing Mix Pr Product duct Pl Place ce Charge Cards The largest integrated global platform • • Credit Cards US, India, Singapore, Dubai, etc. • • Traveller’s Cheque In the US market, the vast majority of • • Make My Trip credit card in India businesses accept the American Express card • AeroplanPlus reserve card in Canada However, there are still many merchants that • • Corporate cards, e.g. Corporate Meeting card are not willing to accept it • Pr Price Pr Promotion otion Amex charges 3% of the sale to the retailers Annual fee waive-off for the first year • • Competitors on an average charge of around 2 % Brand image promotion instead of price-cuts • • Amex’s annual fee: $50 - $500 Secret services • • Competitors: no annual fee at all for some cards E.g. Small Business Saturday • • 5
Main Competitors Main Competitors Banking for wealthy people General financial services providers ▪ ▪ 6
Unique Selling Proposition >> It’s NOT for EVERYONE >> It’s for Everyday 7
Marketing Strategies ➢ Improve Branding and Public Relations ➢ connect brand image with the lifestyle of a luxurious, sustainability-conscious, and responsible leader. ➢ Active on Digital Marketing ➢ Increase Offline Events ➢ Expand Partnership and Merchant Coverage 8
Communication Tactics & Plans 9
Marketing Campaign
DECODING THE BRIEF Develop communications Increase span of influence & activities around customer participation in key events benefits and premium-ness of (music, lifestyle, travel) the AmEx card targeting millennials Improve perception of coverage by creating campaigns around customer- merchant engagement 11
What does American Express stand for? As the credit cards market becomes more competitive e and cluttere ered , the customer is spoilt for choice. . • Reinforce our brand attributes and set ourselves apart from competition • Capitalize on a central campaign idea to drive home core values This means, that the audience needs a propositi sition n that stands s out, resona nates s and adds value . This is sector agnostic when it comes to luxury. High end luxury Unparalleled relationship care and services Expensive, niche
Disbalanced asset and liquid Strong free cash flow ration Strong brand portfolio Weak forecasting of demand Loyalty programs/rewards Lack of R&D SWOT Rising pay level Invest in different segments New developed technology Constant changing trend in Consumer’s purchasing consumer behavior behavior
LUXURY & PREMIUM SEGMENT 14
Experience-based luxury is the new driver for growth The current luxury-spending boom signifies the growth of luxury consumption among the consumers of different ages A clear and comprehended definition of luxury is the connotation of the following four aspects- Enjoy high brand Retain sales levels, Have a well-known Evoke exclusivity awareness and and customer loyalty brand identity perceived quality 15 Source: ASSOCHAM Nov, 2017
THE LUXURY MARKET IS GROWING>>> HNIs will comprise of 6% of all billionaires in the next 5 years Market size of the luxury sector in India is estimated to hit $100 billion in 8 years (currently at $7-$8 billion) They will be the large gest gener erat atio ional al segmen gment in the luxury market Millennials emphasize more on custome omer r experien erience ce offered by the product, its brand and design Major Growth drivers for expenditure include luxu xury ry travel vel, , high end livin ving, g, fine e dining and fas ashion ion 16 Source: Deloitte Feb, 2018
Who are we talking to? Baby Boomers Jordan Lee – 46 years old He is a CEO in an MNC/ business owner with a high disposable income. He is a frequent traveler and he loves spending time with family and loved ones on weekends. On some Sunday, he likes to go for Golf or brunching to socialize with likeminded people. He takes annual luxurious international trips with family and travels often for work. Touchpoints: Social media platforms, Malls, Airports, Bars and Restaurants, Spas, Events and seminars, Apps Media Consumption: Business newspapers, Lifestyle supplements, Magazines, Radio, TV 17
Who are we talking to? Millennials Sarah Oliver – 29 years old She works with a top Ad agency and owns an SME. She is active on social networking sites and often travels with friends and family. She leads a hectic schedule with a lot deadlines. She is a top executive and is fast tracked in terms of career growth. She loves shopping, very conscious about her image and looks out for trends. Touchpoints: Social media platforms, Malls, Airports, Cafes, Bars and Restaurants, Spas, Events, concerts and gigs, Apps, Streaming sites Media Consumption: Business newspapers, Lifestyle supplements, Magazines, Online 18 portals, Radio, TV , Blogs
Communication Priorities Custom stomer r Acquisi sition tion Amplify lify Experi rience ces Impro rove Perception tion Stakeh ehold lder er outrea reach : Create surround sound through increased • engagement for high end living, fashion, luxury travel and fine dining Strength gthen en network ork : Overcome perceptual challenges by building • awareness and demonstrating value Thought ght lead aders ership : Highlight strengths and expertise by sharing opinions • Digital Content Smart creation focus Partnerships 19
Customer Acquisition 20 20
Engaging influencers with the #AmExChallenge Alyssa Bossio Komal Matta Kapoor Adam Gallagher Amanda Stanton Lifestyle•Travel•Food Lifestyle•Travel•Beauty•Fashion Lifestyle•Travel Designer•Travel•Fashion Demonstrate American Express’ Influ luence cers rs across each category of trave vel, l, fas ashion ion & lifestyl estyle e and food od Contes ests to run on the influen encer er commitment to being where our would showcase that they were cashles ess for r a period od of time e only using page e for a customised goodie bag to Cardmembers want us to be with their AmEx Card and only spend in stores where AmEx is accepted. The the followers willing to take the our ever increasing merchant base activity will capture re merchan ants ts acros oss New York, Los Angel eles es and Las #AmExC ExCas ashles essChal alle lenge ge along with through a ‘Cashless Challenge’ Vegas and posts across Facebook, Twitter, Instagram a frien iend who is not an AmEx x member er 21 21 Social media content including videos and stories with engag agin ing g conten ent #AmExC xCashle lessChall llen enge ge to be the hashtag for all communication
Stakeholder Testimonials Video Series- #AmExSpeaks • Give an identity to our most important stakeholders of the brand- Employees, Merchants and Consumers and leverage our owned media as well • Through multiple video series campaigns create dynamic content which captures the strong relationship between the American Express brand and its stakeholders • Create reshaping the workplace videos along with employees • Spread the positive experience shared by merchants, consumers and employees to bring in an added emotional connect Leverage the video with online portals like Quartz, Huffington Post, Scroll etc. 22
Amplify Experiences 23 23
AmExciting Access Tomorr rrowlan wland d (Belgi lgium) m) Coach chella ella (Indio io, , Calif iforn rnia ia) • Coachella and Tomorrowland are the 2 most sought-after events • Premium-ness and exclusivity attached to them that people want to feel and experience • People save up for long to be able to attend these music fests • To add the value of exclusivity we can send a contest winner + 1 to attend one of these festivals • The winner will have to document his/her entire experience including the AmEx amenities • Then the winner will get to exclusively interact with the media. 24
Improve Perception 25 25
Bolstering Relationships with the Media Str Strengt engthe hen existing relationships and engage with new set of journalists in mainline and trade media Ex Expa pand nd media universe and engage with digital platforms including news websites and new media Incre ncreas ase touch points through: Relationship Building Meetings, Exclusive stories, Media round table over breakfast/lunch 26
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