3 Ways AMEX Adapted to COVID-19

 
“If there’s one thing that’s certain in business, it’s uncertainty.” – Stephen Covey

This unprecedented pandemic has forced the entire world to adjust to many changes, including businesses all over the world. But when it comes to uncertainty, although we may be fearful, we shouldn’t shy away from embracing change. American Express exemplified how businesses should adapt to changes through these top three tips: 

Pivot

Whether change occurs as a result of a major pandemic crisis or changes in the financial market, having the ability to quickly adapt and make the necessary changes is crucial to ensuring success. Instead of being resistant or panicked, think of creative ways to work through the difficulties. One of the ways American Express pivoted rapidly was by supplying more than two-thirds of the company with laptops in order to seamlessly fulfill business needs by providing them the option to work from home while also ensuring consumers were being serviced efficiently. Furthermore, when product benefits were no longer applicable as a result of social distancing regulations, they shifted the benefits to make them useful for their consumers. For example, if a customer held a product that was heavy in travel rewards, the company made the necessary adjustments to allow the customer to receive benefits in streaming services or online shopping to add value to their membership. 

Reprioritize

This next step is fundamental to the process as it is vital to reorganize and reprioritize what matters most during times of uncertainty. Revisit your company’s key mission and hold on to it as a reminder during difficult times. American Express’s mission is to back its customers, so when consumers expressed hardship they quickly reprioritized to make their customers feel supported by creating a program that allowed relief for those who may not have the financial means to make payments or for small businesses who may have needed financial support. They teamed up with their partners such as Hilton to provide up to 1 million free rooms to medical workers and created a marketing campaign to support small businesses. 

Resilience

What does it mean to be resilient? It is having the capacity to recover from or adjust easily to difficulties or change. As difficult as it may sound, having a positive mindset even while facing adversities is what will help get through uncertain times. From a business standpoint, American Express consistently communicated with both their staff and consumers through weekly updates and also positive messages to keep the morale high. It is imperative for businesses to understand the power of humanity as it has shown to be the driving factor in what is setting brands apart from their competition.  

At the end of the day, we are all human and it is normal to go through a variety of emotions, especially in times of uncertainty, however, as a business it is important to demonstrate the ability to pivot, reprioritize, and show resilience as these steps will lead to success within the company and also for the consumers. Be positive, be open, and don’t give up!