“The Power of Brand”

"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. “We assumed a brand name, particularly our brand name, mattered more than the product itself. But our customers’ expectations had changed. They wanted value, not just image. Because of their historical relationship with our brand, our customers gave us time. And instead of being damaged by all of this, our brand actually strengthened.” Roger Berkowitz, president and chief executive officer of Legal Sea Foods, introduced Chenault.