Mastercard is on a mission to curate and create priceless experiences that money cannot buy, says Raja Rajamannar, CMO of the company, on the latest episode of the Innovators podcast.
While credit cards have historically been about giving consumers speed and convenience, over the past couple of decades they have made strides into becoming an integral part of how consumers live their lives.
“We are a lifestyle brand. Lifestyle doesn’t mean it’s lifestyle for the rich and famous -lifestyle for everyone,” explains Rajamannar. “Everyone deserves to lead a beautiful life and to grow.”
On the one hand there’s the fact the technology is more seamless – gone is the swiping and signing, and in is the tapping and dipping. And if you’re shopping online, digital wallets mean you don’t even need to remember your password.
But on top of that today are perks focusing on giving consumers exclusive access to events, services and treats that help create an even deeper emotional connection between brand and participant.
A few years ago, Mastercard noticed a change in consumer behavior and strategically shifted its advertising spend into experiences. It now hosts over 750 experiences on any given day globally, from recreating the iconic The Rock restaurant from Zanzibar in NYC’s Tribeca, to enabling card holders to shadow Cirque du Soleil cast members in Canada. This strategy is based on addressing key consumer passion points, ranging from music and sports to the environment and philanthropy.
During this episode, Rajamannar explores creating emotional connections, gives advice to brands on how to drive loyalty through having a clear purpose, and reveals an industry first: why the brand is launching a sonic identity.
Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.