American Express Serve ®Presented by Margot Smirniotopoulos

Agenda• Introduction

• Goals

• Brand

• Audience

• Content Strategy

• Recommendations

Introduction

American Express• Ranked as the 22nd most

valuable brand in the world

• 165 years old, worth $14.97B

• High-end clientele

American Express Serve®• New division with a single product

• Five years old with 2013 revamp

• Brand new audience

Jason Hogg, CEO Jenn Eldin, Director of Marketing

Senior Leadership

Partners Competitors

Goals

Business GoalSecure new subscribers by expanding into new markets.

Communications GoalPosition American Express Serve® as a trusted partner in personal financing.

Audience Engagement Strategies1) Inform them of the new product. 2) Build a relationship by providing useful, practical content.3) Educate them on how the product can help their personal finances.4) Partner with current users to validate and amplify the brand.

Brand

THE BRANDMaking personal finance management possible for everyone.

BRAND PROMISEServe® will help you manage your own personal finances by providing professional tools and guidance.

BRAND PLATFORM*Designed for you.

#GetServed

CAMPAIGNS

#ServeSomeGood #MomentsLikeThis

Audience

Research MethodologySecondary Research Pulled From…• FDIC’s 2012 National Survey of Unbanked and Underbanked Households:

provides in-depth understanding of Serve®’s target audience demographics, psychographics and lifestyle habits.

• News items specific to the product and engagement campaigns via Factiva and Advanced Google Search.

• Owned digital content including social media, web and mobile platforms.• Simmons OneView: cross tabbed household incomes with credit card usage and

American Express affiliation to identify relationship patterns.• Netbase: “brand passion” index measuring the amount of buzz (volume) and

sentiment (qualitative assessment).• Moat.com to qualitatively assess marketing suites.

OverviewUnbanked and underbanked citizens…• Have little to no history with, or access to, American banks and

credit unions. They use, or have used, alternative means of financing.

• Account for one in four U.S. households: 28.3%

• Roughly 43 million adults and 21 million households.

• Include low to middle income individuals and families.

• Span across nearly every age and ethnic demographic,

• Majority are White (33.7%, 56%), then either Black (34.7%, 22.5%) or Hispanic (28%, 16.2%)

• Strongest theme: low-middle household incomes,

• Between $15,000 - $30,000

Demographic Group % Unbanked % Underbanked % Fully Banked

All households 8.2% 20.1% 68.8%

Blacks 21.4% 33.9% 41.6%

Foreign-born citizens 22.2% 28.9% 45.8%

Households experiencingunemployment

22.5% 28.0% 47.5%

Lower-incomehouseholds 28.2% 21.6% 47.6%

Unmarried femalefamily households

19.1% 29.5% 48.4%

Hispanics 20.1% 28.6% 48.7%

Households withthose under age 24

17.4% 31.0% 49.7%

OverviewCommon Challenges• “I don’t trust random people seeing or handling my

money.”

• “People in my community don’t use credit cards.”

• “I don’t have to think about financial planning because my parents take care of it.”

• “I don’t make enough money to have a bank account.”

• “Financial management is a scary idea, where would I even start?”

• “Visiting banks makes me uncomfortable – they’re too sterile and people judge me.”

Unbanked and Underbanked Americans

Carefree College Student Blue Collar Breadwinner Self Employed Single

Meet Kate, a Carefree College StudentKatherine Engels, 23 years oldStudent, University of Arizona, 2017

Status update (3h): “Heading home for summer break, can’t wait for free meals and clean clothes!”

Persona OverviewKate earns $2.16/hour waiting tables at a local off-campus restaurant and still receives money from her parents; they pay for part of her tuition and rent. She is on a scholarship for woman’s filed hockey but is more interested in joining a start up where she can contribute to making the world a better place. Kate doesn’t have a car, and doesn’t use (or need) public transportation.

Her and her friends self-identify as millennials. They never go a day without using their smartphones and understand social media provides the opportunity to create their own personal brands. Kate and her friends love their tight-knit group but want to showcase their individuality and jockey to find the coolest trends in the fashion, health and tech industries. More likely than not, Kate and her friends will move back home after graduation while they search for jobs and internships.

Instagram: Upload PhotoInstagram: KylieJennerBuzzfeed: This duet will give you all the feelsFacebook: Barbara Engels MessageBlackboard – Login ErrorGoogle Drive: Shift ScheduleInstagram: Upload Photo

Meet JP, a Blue Collar BreadwinnerJuan Burgos, 34 years oldBuilding and Grounds, LuciteTech

Status update (2w): “Proud papa today – watched my girl get a ribbon for her swim meet! Asked for a trip to the beach to celebrate…good luck to her future boyfriends, this girl’s got standards!”

Persona OverviewJP earns $28,000 a year for a tech company near his town in Southern California. He is the sole-earner for his household including his wife, their two children and his father-in-law (who pays for small expenses from time to time). He sometimes gets a ride from a coworker, but mainly uses public transportation.

JP went to community college after moving to the States in 1992. He is a savvy spender and rarely spends for pleasure. His main priority right now is his children who want to participate in various camps and after school programs. His wife recently suggested that she should pick up a few odd jobs through connections in their community.

Facebook Upload Photo AlbumsSearch: You don’t have to save for college yetSearch: Why you should save for college NOW!PayPal – Thank you for your purchase!County News HomepageCounty News: Upcoming Community EventsGoogle Maps: E.L. Lawrence Natatorium

Meet Andrew, a Self-Employed SingleAndrew Copeland, 29 years oldSelf-Employed Designer

Status update (12h): “Whiskey and Inspiration: an upcoming doodle by A. Copeland…”

Persona OverviewAndrew’s design skills have recently made him a hot commodity on Elance. For the last two years he has made due on a project to project basis, not always design-related. Last year he accrued right around $20,000 and he recently entered into a longer term contract through an Elance contact that is sure to make him at least as much in 2015. Him and his girlfriend both live with roommates in Austin and often talk about moving in together and “becoming adults”. He either takes public transportation to work, or borrows his girlfriend’s car.

He is considering pursuing a higher degree or maybe taking time off to explore the world and build his portfolio. He understands that now is the time to pursue his dreams before settling down – he’s more interested in adopting a dog than having K-I-D-S.

InstagramKodak – 16.2 Megapixel ReviewBest Cross-Country RoadTripsFacebook: Lisa PetreyAlly Bank HomepageElance DashboardUX DesignBuzzfeed: 10 Beautiful Watercolor Tattoos

Engagement StrategiesCollege Students Like KateCreate interactive opportunities and content that make them think about “what’s next”; begin building the relationship before the need for financial planning and management presents itself in full. Once the need becomes apparent – Serve® will be an existing connection and obvious, trusted choice.

Blue Collar Workers Like JPThere is already a desire to access financial tools and expertise. This audience might not have grown up around people who use banks or credit cards, but challenges in making the most of their paycheck are very real. They’ll need simple information about what Serve® can do for them, and why they should trust the brand.

Self-Employed Workers Like Andrew

Young adults who are self-employed are just beginning to experience “adulthood” and the financial burdens that come with it. They’re in a limbo where they just started to earn enough money to do or buy things they want, but not enough to feel they have the means (or desire) to begin saving or budgeting. Serve® has an opportunity to educate self-employed workers on the benefits of saving now, and what freedoms that can open up for their business, and their adventures, in the near future.

Content Strategy

Mobile Friendly

Social MediaFACEBOOKTWITTER

Social MediaINSTAGRAM TUMBLR

AdvertisingTELEVISION ONLINE BANNERS

#GetServed Brand Ambassador Campaign

Get Served• 16 college campuses

• Partner with Greek organizations and clubs

• Education via popular TV show and movie scenarios

• Prime audience for swag and incentives

#ServeSomeGood CampaignServe Some Good• Partnership with SXSW 2014

• $1 donation per Tweet to United Way’s financial stability program

• Tent giving away “some good” each day

Partner CampaignsLeague of Legends TurboTax & IRS Tax Filing

• Integrated reward system: RP+

• Customized plastic

• Earn points by using Serve® IRL

• Discounts with Serve®

• Seamless deposits/refunds

• Earn free edition of TurboTax

Research CampaignPilot Program• Launched in 2014

• Partnering with trusted not-for-profit third-party

• Promote consumer saving behavior

• Provide tangible best practices anyone can implement

Recommendations

1) Create a blog (add value to the website)

2) Communicate policy changes - consider a press release page

3) Create a YouTube account

4) Better differentiate content on Twitter and Facebook

5) Invest in Out of Home advertising

6) Highlight Savings All Stars

7) Conduct Savings Seminars

SWOTStrengths• Leverages that the product is backed by a trusted parent company which validates its brand philosophy of empowering consumers to take control of their finances.• Stays true to its product (online/mobile banking) by maintaining a strong online presence.• Creates an emotional connection with target audience when hosting experiential events such as the brand ambassador campaign on college campuses. Weaknesses• Campaigns have pushed the product more than the brand philosophy on platforms that should be more conscious of creating relationships with consumers.• The online-dominance of communications outreach doesn’t leave room out of home and print campaigns, potentially missing target audiences that do not have

frequent access to digital media.• There is little cross-over with outside research/findings, which again appears to push the product more than the vision of empowering Serve® customers. Opportunities• The current economic climate has primed audiences to seek savings best practices and more practical, secure ways to save and spend money; potential audiences

will likely seek products like Serve® and trust data/tips provided by the organization.• The platform should build additional partnerships with new third-party organizations that serve low to middle socioeconomic classes; for example, smaller-chain

grocery stores would be a hyper-targeted venue that could see great impact. • Host more opportunities for in-person connections, rather than relying so heavily on online content, will emotionally tie the consumer to the brand. Threats• Competitors, and specifically PayPal, already have a lead in the “personal connection” strategy. Serve® needs to create content that is more authentic and

incorporates real-life commentary, rather than scripted content.• Policy changes from the parent company require a quick to-market response and announcement to customers.

ReferencesGroenfeldt, Tom. "American Express To Research Ways To Encourage Savings." Forbes. Forbes Magazine, 29 Dec. 2014. Web. 20 Feb. 2015. <http://www.forbes.com/sites/tomgroenfeldt/2014/12/29/american-express-to-research-ways-to-encourage-savings/>. "American Express Serve® and Intuit Team Up This Tax Season To Deliver Fast and Convenient IRS Refunds." MarketWatch. MarketWatch News Department, 30 Sept. 2014. Web. 20 Feb. 2015. <http://www.marketwatch.com/story/american-express-serve-and-intuit-team-up-this-tax-season-to-deliver-fast-and-convenient-irs-refunds-2014-09-30>. "Get Your Tax Refund Fast." Tax Refund Prepaid Card. American Express, n.d. Web. 25 Jan. 2015. <https://www.serve.com/tax-refund/>. Frankel, Matthew. "1 More Reason American Express Is a Great Company." 1 More Reason American Express Is a Great Company. The Motley Fool, 20 Nov. 2014. Web. 20 Feb. 2015. <http://www.fool.com/investing/general/2014/11/20/1-more-reason-american-express-is-a-great-company.aspx>. "Serve.com." Reloadable Prepaid Card. American Express, n.d. Web. 25 Jan. 2015. <https://www.serve.com/>. Gerstner, Lisa. "Mobile Wallets: A Smart Way to Pay?" Mobile Wallets: A Smart Way to Pay? Kiplinger's Personal Finance, Jan. 2015. Web. 20 Feb. 2015. <http://m.kiplinger.com/article/credit/T057-C000-S002-mobile-wallets-a-smart-way-to-pay.html>. Perez, Sarah. "American Express Serve Goes After The “Under-Banked” With Prepaid Cards You Load With Cash In Stores." TechCrunch. N.p., 8 Oct. 2013. Web. 22 Feb. 2015. <http://techcrunch.com/2013/10/08/american-express-serve-goes-after-the-under-banked-with-prepaid-cards-you-load-with-cash-in-stores/>. "American Express Serve Review." Credit Card Insider. N.p., n.d. Web. 20 Feb. 2015. <https://www.creditcardinsider.com/credit-cards/american-express/serve/>. Carson, Erin. "Jenn Eldin: Director of Marketing at American Express Serve. Nighttime Photographer. Future Paleo Blogger." TechRepublic. N.p., 2 Feb. 2015. Web. 06 June 2015. "American Express Rewards Point Value." Review. Web log post. Credit Card Forum. N.p., n.d. Web. 15 Feb. 2015. <http://creditcardforum.com/blog/american-express-rewards-point-value/>. Connelly, Leslie. "Unbanked? Underbanked? Is There a Difference?" Unbanked Trends Unbanked Underbanked Is There a Difference Comments. N.p., 29 Sept. 2009. Web. 20 Feb. 2015. <http://www.unbankedtrends.com/index.php/2009/09/unbanked-underbanked-is-there-a-difference/>.

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