Raja Rajamannar, CMO of Mastercard and Keynote Speaker at the 2017 Customer Insights Conference recently took a moment to talk with the CCI about social media, technology, and cutting through the noise in the digital era.
CCI: How has the advent of social media changed the way companies make emotional connections with their customers?
Raja: Consumers are connected 24/7 and brands are operating in an expectation economy. The velocity of technology’s evolution has created huge opportunities for brands to build more meaningful connections with consumers. With social media, brands now have the ability to connect one-to-one. Through social listening, we can learn what matters to consumers and create more meaningful content that connects with them in real time.
CCI: Mastercard defines itself as a technology company, not a credit card company. How does this distinction change how Mastercard interacts with consumers?
Raja: Mastercard is not a credit card company, as we do not issue cards or lend money. Mastercard operates the world’s fastest payment processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Every day, everywhere, we use our technology and expertise to make payments safe, simple and smart. As a technology company we are providing innovative, secure and easy ways to pay, 24 hours a day, 7 days a week. From the comfort of your home or on the go. We are making connections as we go. At the end of the day, we are about connecting people to priceless possibilities.
CCI: As the advertising and marketing space gets more and more cluttered, what strategies are you using to cut through the noise?
Raja: Research shows that consumers value experiences more than material goods, and that shared experiences connect us deeper to other people than shared consumption. As the world becomes more experiential, it’s not enough to tell stories. At Mastercard, we are about story making by helping consumers create their own experiences. We have reengineered our efforts internally so we can provide more value to the connected consumer. We accomplish this in 4 ways: understand what matters most to consumers; positioning our brand so it aligns with what consumers are passionate about; integrate every part of our business around connecting with consumers; and build a platform that translates the brand into personal experiences.
Learn more about the 2017 Yale Customer Insights Conference, May 12-13, 2017.