Want loyalty? Give people somewhere to belong.
Luxury used to be defined by what you owned. Increasingly, it’s also being defined by where you can go, what you can experience, and whether you can get access when everyone else is on the outside looking in.
This shift explains why American Express has built one of the broadest sports portfolios in business, with relationships spanning tennis, Formula 1, the NBA, WNBA, and NFL. But CMO Elizabeth Rutledge doesn’t view those investments primarily through the traditional sponsorship lens.
“We’re in the business of membership,” Rutledge said. “Sports is such an integral part of that membership strategy.”
Nearly 80 percent of Amex’s U.S
Nearly 80 percent of Amex’s U.S. card members identify as sports fans sports gives the company something increasingly valuable — an opportunity to turn a financial product into a lifestyle relationship
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Membership should mean something
Many companies offer loyalty programs. Few have figured out how to make membership feel distinct.
Consumers are accustomed to subscriptions, rewards programs, credit cards, and memberships competing for a place in their lives. Points and discounts are easily replicated. Knowing that a membership gets you somewhere you otherwise couldn’t go is harder to copy.
Rutledge believes the experience has to feel personal.
Source: www.inc.com
