The Executive Lounge
Featuring
Raja Rajamannar
Chief Marketing & Communications Officer, Mastercard

Hosted by

Michael Seidler
Founder & CEO, Madison Alley Global Ventures

January 19, 2022 @ 6 – 7 pm ET

EXECUTIVE HIGHLIGHTS

Introduction

MadisonAlley.tv virtually hosted an exclusive conversation with Raja Rajamannar, Chief Marketing & Communications Officer of Mastercard, in The Executive Lounge.

Overview of Raja Rajamannar
• Mastercard Chief Marketing & Communications Officer and President, Healthcare Business
• Author of The Wall Street Journal bestselling book, Quantum Marketing
• President of the World Federation of Advertisers
• Top 5 of Forbes’ World’s Most Influential CMOs, Adweek’s Grand Brand Genius, Business Insider’s Top 25 World’s Most Innovative CMOs, and recognized as the Association of National Advertisers Educational Foundation’s Marketer of the Year

– Interview –

Disruptive Forces in Marketing

Throughout history, there have been four eras of marketing. The first revolved around product. The second era centered on the innovation of radio and TV, which allowed marketers to tell stories and tap into consumer emotion, moving beyond rational thought. The third era came with the dawn of the Internet and the democratization of ideas. Finally, the fourth era began in 2007, with the introduction of the iPhone, making data ubiquitous.

We are now on the verge of the fifth paradigm of marketing driven by three primary forces: the tech tsunami including, but not limited to, AI, AR, the metaverse, blockchain, wearables, and drone deliveries; the deluge of data available from different devices, along with the ability to move that data back and forth in real time through 5G; and cultural tectonic shifts, ignited by public and social awareness. Together, these three forces are causing a huge disruption in the marketing world at an unprecedented scale.

Quantum Marketing

In the fifth paradigm, the classical methods of marketing will not work. We need to reimagine marketing as we know it. We need Quantum Marketing.

Quantum Marketing leverages AI infusion, metaverse stacks, behavioral economics real-time actions, neuropower, and multisensory marketing to launch us into the fifth paradigm. These concepts, and how they should be approached by marketers, are fleshed out in Raja’s book, Quantum Marketing. To receive a complimentary copy, please email hannah.cranston@madisonalley.com.

Multisensory Marketing

Traditionally, marketers have only focused on sight and sound in their campaigns, largely ignoring the other three senses when targeting consumers. Even today, they still have not explored how to fully and comprehensively leverage these two senses while also moving into taste, smell and touch.

Consumers gain a lot of information subconsciously. Neurological studies help us understand the impact of colors, fonts, and audio. While jingles have been a huge part of audio branding for many decades, mnemonics and sonic DNA are new forefronts in marketing strategy. Mastercard has not only created its own sonic DNA that is recognizable around the world, it has charted into the other sensory modalities of taste, touch, and smell. From culinary adventures, branded collaborations with chefs and food brands, the Priceless fragrance, to tactile cards for the blind, Mastercard is reaching all five senses of the consumer for a 360-degree approach to marketing.

Raja’s Role as CMO of Mastercard

As CMO, Raja relies a lot on Mastercard’s agency partners (i.e., McCann, Octagon, and others). It is critical that these partners become part of the team and are included at every stage of the strategy process. This ensures that they understand the mission beyond the brief and provides cohesiveness in all initiatives, regardless of how frequently team members communicate.

Success and effectiveness of these initiatives is measured by three primary metrics: how the brand is doing and how it’s perceived; if the campaign is good for business; and if it gives the company a direct competitive advantage in the marketplace.

Agency Opportunities

Mastercard is open and excited to work with independent agencies with creative and innovative ideas. The best way to approach Raja is through email and LinkedIn. Raja asks that agencies do not reveal any confidential information.

– Q&A –

Submitted by Ronan Shields, Digiday:
How has or will Mastercard operate in the metaverse — does the company plan to become a currency in that environment?

Mastercard does not need to become a currency in the metaverse, but rather an enabler of currency exchange. The company is already enabling gamers in Asia to convert their credit card miles and points to purchase games through their Gamer Exchange.

Submitted by Michael Burgi, Digiday:
Agencies are eager to change compensation structures from FTE/retainer or buying fees to more flexible options that reward them for success on your behalf. How open are you to new models of compensating your agencies, particularly on the media side?

Compensation has to be motivating and inspiring for an agency. Raja does not believe in a “straitjacket” model of compensation—he is flexible—but insists on cocreation and teamwork to ideate the best campaigns.

Submitted by Rajan Sethuraman, CEO, LatentView Analytics:
Attribution has always been a tricky issue when it comes to impact of Marketing. Any approaches that have worked well for you?

Raja acknowledges that Mastercard has an unfair advantage when it comes to attribution, in that the company can analyze results almost instantly. The company has multiple hybrids, proprietary algorithms, as well as ownership of multiple data analytics companies. While Mastercard has a robust attribution model, there is still some gray area and details to figure out.

Submitted by Mikhel Jäätma, CEO, Real Eyes:
What does the future of marketing measurement look like?

Marketing measurement used to be based solely on money. Now, partnering with sophisticated data companies allows you to see how campaigns are doing in real life.

Submitted by Eric Karlovic, CEO, HLK Agency:
The fifth paradigm shift will require organizations to adapt with unprecedented speed. How do you build a team with that mindset within an organization that is not known for transformational speed? What does it mean for relationships with third parties like advertising agencies?

If you operate at a casual, non-quantitative pace, you will get left behind. It is critical that marketers sell their ideas and strategies to the C-suite to ensure that organizations are moving at the speed necessary for the market. To enable this speed, it is important to keep all things that are core to IP and strategy, internal, but to outsource all other components of the campaign and initiative to third parties.