The true value of getting to know your customer
How American Express successfully marketed an inferior product and what today’s marketers can learn from the tale.
In 1974, American Express had a problem.
Despite an illustrious history, they’d somehow fallen a fair way behind their rivals.
The glory days of their express delivery service were over and their hesitance to launch their charge card early had cost them dearly.
Now here they were with a card that was almost identical to all others. But unlike the others, their card came with a monthly premium.
Was there really any way they could compete successfully?