Social Strategy at American Express
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AMEX is considering broadening or deepening its social media strategy. Broadening would involve building partnerships with additional social platforms to provide unique experiences and offers to customers. Deepening would focus on improving customer and merchant acquisition and retention through existing partnerships with Facebook and Foursquare. Some risks of broadening include negative comments, choosing the wrong platforms, and account hijacking. Deepening risks include not all countries using the key platforms and issues with over-reliance on only a few partners. The document discusses potential benefits, opportunities, and risks of each approach.
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Social Strategy at American Express
- 1. Social Strategy at UKI , SHAN-RU , GHILMAN , INTAN
- 13. STRENGTH Global market leader in payment industry The customer service is very good Customer loyalty Unique product services Good in social media marketing OPPORTUNITY Expand market to another country that have major users in social media Emerging market Many growing social media Many AMEX fans in the social media Users in social media opposites with in the real world The target is only for wealth common people Cyber crime Visa and MasterCard competitors WEAKNESS THREATS
- 15. What social strategy AMEX should choose ? BROAD DEEP
- 16. BROAD Building partnerships with social platforms to provide unique experiences and valuable offers to CardMembers.
- 17. DEEP Deepening the existing partnership with Facebook and Foursquare to improve customer and merchant acquisition and retention
- 19. BROAD Help potential customers find you and your products 35% purchased from social networks 70 – 90% browsed product or services BENEFIT OPPORTUNITY RISK
- 20. BROAD Expand their market to another segment of users BENEFIT OPPORTUNITY RISK
- 21. BROAD Spread their unique promotion and special offering more efficient BENEFIT OPPORTUNITY RISK
- 22. BROAD Uncover what your customers think of you and your products BENEFIT OPPORTUNITY RISK
- 23. BROAD Find out how your customers are using your products BENEFIT OPPORTUNITY RISK
- 24. BROAD Many growing social media which have their own users. BENEFIT OPPORTUNITY RISK
- 25. BROAD AMEX have many fans but less users. and they can become the potential future users. BENEFIT OPPORTUNITY RISK
- 26. BROAD Negative comments in the new target of social media. BENEFIT OPPORTUNITY RISK
- 27. BROAD Choose Wrong Social Media BENEFIT OPPORTUNITY RISK
- 28. BROAD Account Hijacked Social Media become TARGET BENEFIT OPPORTUNITY RISK
- 29. DEEP Customer Loyalty The customers of AMEX can be more LOYAL BENEFIT OPPORTUNITY RISK
- 30. DEEP Reduce time consumption in using product service BENEFIT OPPORTUNITY RISK
- 31. DEEP Already know the number of users and how to manage it BENEFIT OPPORTUNITY RISK
- 32. DEEP API Technology – Make an App BENEFIT OPPORTUNITY RISK
- 35. DEEP Not all countries use FB and 4SQ BENEFIT OPPORTUNITY RISK
- 37. Be bold Make the first move & sure of things.
- 39. BROAD Go for leaders in its segment. or or or
- 40. BROAD How to get new user in new account AMEX wall of fame: each account that join will be printed out and place in headquarters
- 41. BROAD
- 42. BROAD Increase Security Message verification for users Train the staff about the security of social media Always check if there are FAKE accounts
- 43. DEEP iMEX App
- 45. DEEP Tweet your way to savings – pay with (#) I wanna buy a macchiato coffee in Starbucks Taipei 101 #paywithamex #amex