Mastercard marketing boss Raja Rajamannar argues that while the CEO might be in the driving seat on sustainability programmes, it is the marketing department that makes these ideas a reality.
In addition to launching a Mastercard sound and taste, the brand has now unveiled a Mastercard smell, all of which is helping it to elevate the brand’s status, says Raja Rajamannar.
With a “tsunami” of new technologies incoming, marketing is about to become more important than ever, argues Raja Rajamannar. So how do marketers regain their place at the table?
Mastercard’s Raja Rajamannar set up a risk management function within marketing three years ago, which has enabled the business to better cope with the fallout of the pandemic.
Mastercard’s marketing team is taking both a long- and short-term view as it looks to mitigate the risk of the pandemic on its business.
Has a socially distanced world rendered experiential marketing redundant, or has the lockdown only emphasised the importance of real life events as milestones in consumers’ lives?
From finding the right work/life balance to seeing the positive impact marketing can have beyond driving business growth, there are some questions Raja Rajamannar wishes he had asked earlier in his career.
The ability to anticipate and satisfy consumer needs in a rapidly changing market will be key to success during the pandemic and beyond, as the likes of Mastercard and Budweiser have shown.
Mastercard believes having a head of risk management for marketing allowed it to shift strategy much faster than other businesses when coronavirus emerged.
Maintaining relevance and responding rapidly to consumer demand has helped Microsoft, Coca-Cola, McDonald’s and Disney retain their spot in Interbrand’s top 10 after 20 years.
Having dealt with sight with the launch of its symbol logo and hearing with its brand sound, Mastercard is looking to push its brand positioning still further with the launch of its own taste.
In the late 1990s, Mastercard needed a long-term marketing platform to help reboot the brand, which was on a “burning platform” in the US. But while Mastercard knew it was on to a winner with ‘Priceless’, no one foresaw it still being part of the brand’s DNA 22 years later.
With ad fraud, brand safety and data breaches presenting increasing threats, managing financial risk is now a key responsibility of marketing.
Mastercard’s new sound identity took two years and a “big” investment from the brand, but its CMO Raja Rajamannar believes its development is key as consumers increasingly use devices such as voice assistants and smart speakers where there is no visual real estate.
Mastercard dropping its name from its logo demonstrates branding strength most companies lack – and it’s all down to the sustained and consistent use of highly distinctive assets.