America Express Co. (AmEx) has for a long time been the luxury card issuer of choice for the most affluent and influential investors in the United States and beyond. Entrepreneur Christopher Burch, for example, has been an AmEx cardholder for almost four decades now. As expected, a majority of high profile entrepreneurs demands the best quality of services. However, AmEx has shown incompetence over the recent past, with investors such as Chris Burch feeling that the services offered to them are substandard. It got to a point where the AmEx caretakers could not manage to even set tables for Chris in New York City’s hotels. Disappointed with their services, Chris is said to have shifted his loyalty to Sapphire Reserve Card from J.P. Morgan Chase & Co.
With loyalists like Chris Burch leaving, AmEx has a lot to do regarding strategizing and restructuring. Whereas some could argue that there are understandable reasons for the decline of service such as natural disasters that have rocked different parts of the world over the recent past, AmEx will still have to come up with ways of stopping the mass exodus to its main rivals. Statistics show that of all the luxury credit cards purchased in the US this year, AmEx got less than 23% of them. Comparing this figure to 26% of 2014, then it becomes evident that the management at AmEx must come up with ways of halting this decline.
To share his disappointments with the management, Chris Burch sent an email to AmEx outgoing CEO Mr. Chenault. The CEO tried to address some of the issues raised by digitizing its services to optimally serve the company’s customers as well as employing digital marketing tools. Even though the efforts might not have yielded the desired results, the incoming CEO Mr. Squeri will have something to build on. his job is well cut out, with American Express Platinum Card reinvention as well as staging a spirited competition strategy against its main rivals such as PayPal being top of his to-do list. Another important thing that Squeri will have to do is get ways of impressing the millennials and tapping into the massive potential that they are. Read about his views on business related matters on entrepreneur.com.
Chris Burch is one of the most celebrated startup investors in the United States. The CEO of Burch Creative Capital has contributed, either directly or indirectly, in the creation of more than 50 companies throughout his four decades investment career. Check on burchcretivecapital.com for a close look at the diversity of his business investment.
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Some of the industries that Chris has excelled in include fashion, hospitality, and technology. His creativity and incubation skills makes him stand out among other investors of his generation.
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