During a talk at Stanford GSB, American Express Chairman and CEO Ken Chenault explains how brands have to continually reinvent themselves to stay relevant.
“What are the attributes of the most powerful brands? Brands are really about bringing a rational and emotional connection because the best brands have a personal engagement. The best brands and the brands that are really long-term, are those brands that in fact have what I call a ‘higher purpose’. That it’s more than just selling a product. You’re changing people’s lives, you’re impacting people’s lives. You’re allowing people to have fun. When you have a brand that combines that rational value proposition with an emotional connection, it’s really powerful.”
“To create a brand you need a core mission."
“If you want to be a leading brand, you have to innovate in the marketplace all the time.”
“You always want to create the company that will put yourself out of business - that’s the way you constantly need to think. If you believe that you’re successful and you get arrogant about that success, that success becomes a rut.”