✨mastercard
A Michelin-star dinner hosted by Mastercard for the 78th Venice Film Festival
My friends have been rightfully bemused about my enthusiasm for the Mastercard brand for several years now. Having grown up with a father who was very passionate about his career in banking, financial institutions and payment providers were household names. My sister and I were frequently included in his decision making process for all things branding. Naturally, my love for a compelling marketing strategy (especially for “boring” things like credit cards) started early. Mastercard has always stood out to me.
My Dad recently had Mastercard’s Chief Marketing Officer, Raja Rajamannar, on his podcast (yes, my Dad is a podcaster now). Regardless of whether you’re professionally involved in marketing, this episode is definitely worth a listen. Here’s why: it’s all about the power of centering the human experience.
Within the twelve years that Raja Rajamannar has held that title, he has cut his team’s advertising budget by more than 75%. Simultaneously, Mastercard has climbed the ranks to be the ninth most valuable brand in the world. The math isn’t math-ing. Or is it?
Rajamannar believes that “advertising as we know it is dead”. He doesn’t believe in spending premiums for generic media placements or television ads anymore. Mastercard’s reprioritized marketing budget allows for a robust experiential marketing philosophy. Walking the red carpet at the Cannes Film Festival? Priceless. Sitting court-side at the Australian Open? Priceless. Being treated to a Michelin-star dining experience inside a cave in Cappadocia? Priceless. Get the gist?
Mastercard has sponsored the Cannes Film Festival for the past 25 years and was named its Official Partner 3 years ago.
What is the human experience if not the coalescence of all five senses and the feeling that leaves us with in a specific space and time? Nowadays, to truly make a lasting impression, brands must stimulate all five senses. Not just one or two. Effective ads of the past left us with a catchy jingle or perhaps some powerful imagery. This type of advertising is story-telling. Presenting a brand in the context of a multi-sensory experience that leaves us with something extraordinary to write home about — that’s story-making.
Brands of the future are quickly doing the same. It’s not enough to just have a visually appealing ad with the same four supermodels anymore. Pop-up experiences are on the rise for this very reason. The global pop-up retail market was valued at $50 billion in 2019, with a projected growth to $80 billion by 2024. Miu Miu just took over the Liwan Lake Park in Guangzhou (a historical celebration site) for a stunning activation to welcome the Lunar New Year. You’ll probably stay loyal to a brand that invites you to bucket-list experiences that aren’t available for purchase.
Fun fact: Ever paid attention to the Mastercard logo? The yellow circle represents the sunrise a symbol of optimism. While the red circle represents the sunset, a symbol of passion.
Although it may seem like one, this is unfortunately NOT a sponsored post.
