Mastercard’s Raja Rajamannar On Engineering Experiences Money Can’t Buy

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In a conversation with Inc. Arabia, Raja Rajamannar, Chief Marketing and Communications Officer at Mastercard, which is the principal sponsor of McLaren, said that the global payments technology company is trying to curate experiences that money cannot buy, but that customers can only get through Mastercard.

Transcript

00:00موسيقى

00:29I'm Raja Rajabanna, I'm the Chief Marketing and Communications Officer of MasterCard.

00:34What we are trying to do here ourselves is being a principal sponsor of McLaren.

00:40We are trying to bring experiences and engagement of consumers in a way that is unprecedented in the world of F1.

00:49We are trying to curate and create experiences that money cannot buy, but you can get them only through MasterCard.

00:55We are also going and doing some crazy things, but which are fun things.

01:00We are using the data of the tracks, on the track what happens, the sounds of the cars, the throttles, the patterns, and every single thing.

01:09The sounds of the crowd and all that.

01:11We have converted all the data into music.

01:14And we are launching that anthem here today.

01:16We are just about to announce in probably the next week or two weeks' time what we call a team priceless.

01:24And so we are creating so many things out here, leveraging this asset.

01:28And the trade is going to be very exciting.

01:30And we have got special plans if, and we are hoping that it will be when our drivers actually win,

01:37or what other drivers will win the world championship.

01:40And of course, McLaren has already won the constructors for this year.

01:42See, first and foremost, when you say what you need to do,

01:51you have to understand the consumers better than they understand it themselves.

01:57They understand themselves much, you know, you have to be better.

02:00You have to make sure that you get it fully.

02:02When you understand consumers best, you are able to serve them the best.

02:07Number one.

02:08Number two, you have to be crystal clear in your strategy.

02:11Once you understand what are the actionable insights that you are going to use to formulate your strategy

02:18that is superb and crystal clear.

02:21The third thing, once you have great strategy, you need great talent to bring that strategy to life.

02:27So you have to build phenomenal teams.

02:30These are the three to-dos, I would say.

02:33And in terms of not to do, I can sort of, you know, give a huge list of things that you should not do.

02:40But some of the things I would say are number one, don't be too tired of what you are doing,

02:45and don't be too quick to change.

02:47You want change faster than your consumers or customers want,

02:51because they are not as exposed to your campaigns as you are.

02:54So therefore, their fatigue factor doesn't set in there.

02:58So don't be very quick to, you know, change and chase the shiny penny every single day.

03:03That's one part of it, I would say.

03:05Number two.

03:06Technology is evolving so rapidly, so rapidly.

03:10Don't let yourself be left behind.

03:14You have to learn.

03:15You have to test.

03:16and you have to implement in your own context.

03:19People who don't understand technology,

03:21in this era where marketing is technology-driven,

03:24they will get totally left behind.

03:27That's number two.

03:28Now, the third thing I would say in terms of what you should not be doing is,

03:33don't have the fear of missing out and say,

03:35oh, they are doing this, I also must do this,

03:37or they are doing something else.

03:38No, do what is relevant to your strategy,

03:41your objectives, your audience, your business.

03:44You have to be very, very, very clear

03:47on focusing on what you should be doing

03:49than worried about if that guy is doing this,

03:51my competition is doing this.

03:53Yes, you understand what your competition is doing,

03:55what others are doing,

03:56but that should not drive your strategy.

03:59You have to keep validating that you are on the right track,

04:01looking at competition.

04:02Okay, I don't need any tweaks to my strategy.

04:04I have to just keep going.

04:06These are the three things I would say.

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