In our last post, we learned about the marketing approach of Bank of Baroda. In this essay, we’ll look through the marketing strategy of American Express Bank.
American Express is a global travel, banking, and network services firm. It was formed in 1850 and has since become a Fortune 500 company. The company offers charge and credit cards, as well as traveller’s checks and other stored-value products. Have you ever thought about the secret of success? Why is this bank dominant in the banking sector?
It is its digital marketing strategies that made the bank achieve the success that it has today. So, as you can see, the world is fully online now, and marketing is the rib of every industry. If you are interested to know more about marketing then do check out our Free Masterclass on Digital Marketing by the CEO and founder of IIDE, Karan Shah.
In this case study, we will go deep into the marketing strategy of American Express Bank like STP, marketing campaigns, social media marketing, influencer marketing, Mobile app, and Content marketing strategy.
About American Express Bank,
American Express is a multinational supplier of travel, financial, and network services. It was established in 1850 and has since become a Fortune 500 firm. Individuals can get charge and credit cards, traveller’s checks, and other stored-value products from the firm. American Express is the world’s biggest charge card provider, as well as the world’s largest travel firm and issuer of travellers’ cheques.
Financial planning, brokerage services, mutual funds, insurance, and other investment goods are also available. It has 2,300 offices worldwide and works in 175 countries. It is the holding company for three primary businesses: American Express Travel Related Services (TRS), The American Express Bank Ltd. (AEBL), and American Express Financial Advisors.
The American Express Bank Ltd. (AEBL) was established in India in 1921. Since its inception, its primary goal has been to provide financial and commercial banking services to India’s largest enterprises. AEBL’s clientele is diverse, spanning numerous industrial categories, product lines, and consumer groups. In 1998, the business expanded its financial services offering by launching a full range of retail banking services in India.
|Industry||Banking, Financial Services|
|Market Share/ Revenue||$2.1 Billion|
|Vision||Provide the world’s best customer experience every day.|
|Tagline||Don’t do business without it.|
Marketing Strategy of American Express Bank
Segmentation, Targeting, and Positioning
STP begins with segmentation, in which organizations break their marketing into distinct categories depending on factors such as those listed below.
- Demographics Segmentation
- Geographical Segmentation
- Location-Based Segmentation
It identifies the group of buyers based on differences in their desires or requirements. From the beginning, the products of American Express bank are segmented based on the customers belonging to similar geographical areas. Besides geography, psychographics and demographics are also considered.
Targeting is a marketing technique that separates a large market into smaller groups to focus on a specific portion of that market. It identifies and caters to a certain client segment based on its unique characteristics. The majority of American express banks’ target audience is individuals with higher income or big business owners.
Positioning shows where your product and goods stand with other company products that sell products that are comparable to yours. American Express positions itself as a bank that is simple to use, convenient, and safe. Because their clients are seen as wealthy, they employ a premium positioning technique.
#greenation project was launched by American Express in partnership with the Times of India, three years ago. Over the period, they help to maintain and replenish vertical gardens across the pillars in Gurugram. These projects helped and supported to increase the greenery in the environment. This campaign got popular among the general public and the quality of air is also improving with the raise of awareness among the community on the need to preserve the environment. #investInOurPlanet.
Plan your trip with #MakeMyTrip and use your American Express Card, and enjoy up to 15% off. This campaign was launched on Nov 27 2021 with the collaboration of making my trip and American express. This campaign validity was till 2021 Dec 25. As per the record, customers put their hand on this offer and the company’s profit went up.
The campaign was launched for international women’s day 2022 with the partnership with Dastkar Delhi. After the huge pandemic wave, the small industries are badly affected American express and Dastkar Delhi collaborated to help and bring inspiring stories to these craftswomen through #hercraft. The campaign was very successful; many women’s stories were out in the air, which inspired the backward women to come forward for their benefit.
Social Media Marketing
American express is active on all the social media pages, all the pages are well maintained and also have a nice amount of audience.
LinkedIn is American Express’s most popular social media network, With over 1.6 million followers. It attracts new clients and retains existing ones, they mostly offer information about credit cards, intriguing promotions, and so on. So do their other social media networks including LinkedIn, Twitter, YouTube, Facebook, and Instagram.
As per SEO ranking, it is said that the number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is amazing. As we can see, The American Express Bank has 1 Million+ organic keywords and it’s out of the box. That means the digital marketing of America Express Bank is gaining an outstanding number of insights.
Also, the traffic per month is around 15million+ which is unbelievable. Hence, American Express Bank has outstanding SEO strategies while working hard enough to keep the brand soaring in the Google organic SERP results.
Farhan Akhtar, an actor, musician, director, and producer has joined American express in a new integrated 360-degree commercial campaign for their metal platinum charge card. The ‘Metal makes it possible’ campaign highlights the American express platinum charge card in an all-new metallic avatar, emphasizing American express tremendous support that allows consumers to enjoy life to the fullest.
Since 2019 Farhan Akhtar has also been appointed as the Platinum Club of American Express’s brand ambassador. He will promote the product with a large marketing effort with the slogan “Membership Changes Everything.”
The company has a mobile app called AMEX India. It helps its users and consumers in the online handling of credit cards and other activities. The app interface or UI is very simple and familiar for the user which enhances the user experience, moreover, the app is fully secured.
Content Marketing Strategies
Content marketing is a sort of digital marketing that focuses on lead generation, marketing publication, and the distribution of relevant content to the target audience. In comparison to their competition, American Express does have a very unique content marketing strategy since they are providing more campaigns where the content is directly linked to the people of society and also to demonstrate their quality and how strong their bank is. Several blogs highlight their future vision.
This ends our elaborative marketing strategy of American Express Bank. Let us conclude our learning below from the marketing strategy of American Express Bank.
American Express Bank Ltd. is a well-known firm with a distinctive marketing approach. They promote their products with a socially meaningful theme, which allows them to outperform their market competition. On the whole, American Express Bank’s marketing approach is excellent, and they employ the most innovative marketing techniques. It employs the most recent marketing strategy, digital marketing, to deliver online campaigns using social media platforms such as Facebook, LinkedIn, and YouTube, among others.
With the increasing importance of digital marketing, learning about the growing field is an important step. If you would like to learn more and develop skills, check out IIDE’s 4 Month Digital Marketing Course to learn more.
We hope this blog on the marketing strategy of American Express Bank has given you a good insight into the company’s marketing strategies.
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