"A real brand represents a rational and emotional connection between a company, its products, and its customer," American Express Company Chairman and Chief Executive Officer Kenneth Chenault told the March 31 meeting of the Boston College Chief Executives Club. “This is a lesson we learned the hard way at American Express in the late ’80s and ’90s,” Chenault acknowledged.
A brand is not what I, as CEO, believe it to be. A brand is what the customer believes it is….Over the years, we’ve learned [that our brand] has flexibility and depth, but only if we listen to our customers, because they are the ones who ultimately control it.
While, at the end of the day, I value our partnerships [with Costco, for example], here’s what I don’t value—I don’t like to get into deals where I don’t think they are sustainable as far as the economics are concerned.…It's very, very important to have aligned partnerships and relationships, and I think it's why American Express has been one of the most successful companies relative to our co-brand relationships.
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