American Express Wants to Reset Small Business by Offering ‘Business Class’ Treatment

A cascade of dire concerns and questions from small-to-medium sized businesses began flooding American Express Global B2B Marketing evp Clayton Ruebensaal’s email around the middle of last March. While the immediate shock to SMBs at the start of the pandemic in the U.S has abated, along with the volume of messages on everything from health protocols to systemic racism, the fallout from 2020’s long list of crises is still a daily reality for Amex’s “Shop Local” and “Small Business Saturday” merchant partners. Over the past year, Amex has rolled out an ambitious series of initiatives attempting to help its SMB clients—and small businesses in general—grapple with social as well as marketing challenges that continue to overwhelm them. All these efforts have culminated in a B2B campaign to support Amex Business Cards: “Built for business. By American Express.” The campaign, which launched earlier this month and was created by Dentsucmcarrybowen, highlights the capabilities and benefits of an Amex Business Card in a series of vignettes illustrating individual businesses operating through transitions. American Express Kicks Off ‘Let’s Go’ Campaign to Back Small Businesses “Our newest campaign is based on a simple insight: having the right tool for the job makes the work easier,” Ruebensaal said. “While we have a great variety of products, our business cards are built especially for small business owners’ needs with capacity for business spend, business specialists to speak with on the phone, the ability to pay over time, business specific rewards and offers, travel benefits for when you need them again and more.” The campaign is part of a larger effort encompassing all the shifts and learning Amex undertook when the pandemic upended its B2B marketing—and the lives and businesses of its clients. Amex has rolled out an ambitious series of initiatives attempting to help its SMB clients grapple with social as well as marketing challenges that continue to overwhelm them. An Amex education Amex’s Business Class mixes educational content with access to financial support. Billed as the financial services company’s “next chapter” in its support for merchants generally, it is a “brand new, authentic way” to connect small business owners with the resources they need most, said Ruebensaal, who oversees Amex's global B2B marketing. “When Covid-19 first hit, and Amex saw small businesses facing new and unexpected challenges, it created a suite of events and content under the banner of “Business Class” in an attempt to democratize business education, in an easily digestible, relatable and entertaining format,” said Ruebensaal, whose wife runs a small business in Brooklyn. A business-owner cousin of his stayed in Ruebensaal’s home during the height of the pandemic, giving him an upfront focus group to test ideas on. Under the Business Class umbrella, Amex has created almost 500 new resources for the small business community since March 2020. Business Class has published 225-plus articles—and an equal number of e-newsletters—on its Business Trends & Insights site. Amex also hosted 30-plus episodes of its video series, Office Hours, on Instagram live, where it debuted in April 2020. The series showcases well-known entrepreneurs (e.g., Momofuku restauranteur/TV personality David Chang, Drybar’s Alli Webb and Resy’s Ben Leventhal) discussing what they’ve learned over the past few months and how they’ve navigated it all. Last October, as hybrid forms of experiential marketing were coming into their own, the brand created a virtual Amex Campus for its Business Class Live: Summit for Success event, a free event where thousands of small business owners gathered virtually to hear from Shaq, Venus Williams, execs from Slack, Dell, Netflix, members of the U.S. Chamber of Commerce and more. Amex hosted another Business Class Live event this past April featuring a special keynote from Lin-Manuel Miranda. Business Class’s billion dollar session on racism As a marketing matter, Amex’s programs reflect the changing expectations of consumers and businesses who are asking companies to demonstrate a sense of “brand purpose.” Case in point: 2020’s racial justice reckoning, following George Floyd’s murder in police custody, inspired millions of marchers around the world to demand brands to step up in degrees that haven’t been seen before. Last fall, American Express announced a $1 billion “action plan to enhance diverse representation and promote equal opportunities” for colleagues, customers and communities. “While Black-owned businesses have always been at a disadvantage due to systemic racism, the pandemic’s disproportionate impact on their community has created a heightened awareness around their needs,” Ruebensaal said. “This has fueled a re-commitment from American Express to help Black-owned businesses by offering funding, giving resources and fueling spend.” For example, Amex made a commitment to provide financial support and education to at least 250,000 Black-owned small and mid-sized businesses by the end of 2024. As part of this commitment, Amex plans to double the spend with diverse and minority-owned suppliers in the U.S. to $750 million annually. The initiative also includes: The “100 for 100” program to support Black women entrepreneurs. It’s worth noting that the initiative, which launched in 2020, is not yet “officially” confirmed for the next five years; however, Amex has outlined a five year “goal” to support 250,000 Black-owned businesses.The “Coalition to Back Black Businesses" grant program—a $1M+ grant program for “Backing Historic Small Restaurants” with a focus on those owned by underrepresented groups.Working with the 60-year-old non-profit investment and advisory group, Accion Opportunity Fund, to provide loans and other resources to underfunded small business owners. For Amex, it’s not just about brand perception—it also is a sign of where its own marketing opportunities are. Ruebensaal cited the Amex-commissioned 2019 State of Women-Owned Business report, which noted Black women entrepreneurs were founding 763 new businesses every day, "making them the fastest growing entrepreneur group in America,” he said. “The B2B team is continuing to find ways to rally around their brand purpose,” Ruebensaal said. “And that means helping businesses do more business.” Penguin Random House’s Newest Platform Spotlights the Vastness of Black Literature