Page 221 - 100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)

SELLING IDEAS AT AMEX $

Sarah M. Nolan, executive vice-president of the In-

surance and Investment Group at American Express

Travel Related Services Co., developed the idea of

Membership Savings, a program that allows cus-

tomers to make contributions to a money-market-

type account when paying their American Express

card bills. According to Nolan, three elements that Z
can turn ideas into products are homework, advice, and con- m
viction. The basis for the Membership Savings idea was a

product called Privileged Assets, which allowed members Z
to save for retirement each month when paying their Ameri- 0z
can Express bill. The success of this product suggested that Z0
people of all ages were interested in saving. The "homework"

for Membership Savings consisted of two waves of focus-

group research that introduced the product and defined the

features desired by card members. The next step was to seek m
advice from senior managers with expertise in marketing to m
American Express card members. The third stage of the

project was the final request for funding. m

Source: "Selling Your Ideas to Management," Working Woman, (September 1990), pp. 85, 87

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CREATIVE
PROBLEM

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TECHNIQUE

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