Choice. Collaboration. Authenticity.
Those are the key words that came to mind as I learned about American Express’s latest card offering called ZYNC. Peter Vaughn’s presentation called “How New and How Normal?” at Card Forum was the keynote highlight of the 2010 conference. As Peter, the Senior Vice President of Global Brand Management for American Express, described their recent brand “re-launch,” the ZYNC product embodies those key words they hope consumers will associate with their brand in a most tangible way.
The new ZYNC product is aimed squarely at the GenY crowd. And, it embodies several of the trends that the leaders in the loyalty field have been racing to embrace.
Choice. While providing control and choice isn’t new (Garanti Bank was the first to throw down that gauntlet, after all), American Express has heeded the call for customer control in a manner that is distinct to their brand. And, they’ve done it in a manner that is distinct to the emerging charge cardholders they hope to acquire. They allow customers to choose the “Packs” that fit their lifestyle. Some are free – like the ECO Pack that allows cardholders to earn double points at green merchants. Some add to the base annual fee of $25/year – like the Restaurant Pack that will accelerate earnings at restaurants.
Collaboration. American Express has already built in a community for customers to contribute ideas to the evolution of the card’s features, too. Called the ZYNC Tank, this online community allows cardholders to provide ideas about how to make the product better and connect with other members about how to get the most out of their benefits.
Authenticity. Whether you look at the ZYNC card or the reinvigoration of the Member’s Project initiative, American Express continues to evolve their card products and their efforts to build lifelong loyalty with their customers in their way. As Peter Vaughn said in his keynote address, “You can debate whether these ideas are new. But, we are fully embracing the need for a reassuring, hopeful voice in the market right now.”
It’s clear that this approach by American Express is here to stay. And, we at COLLOQUY applaud their efforts to build loyalty with the next generation in such an innovative manner.
