Choice is rapidly multiplying, while attention spans get shorter. The result, greater consumer promiscuity.
It’s the Tinder Effect. Something new, fresh and different always just a swipe away.
According to marketing guru, Bonin Bough, “I’m nervous for traditional businesses. Many were so arrogant that they didn’t learn how to capture data about consumers.”
As executives want to put the horse back in the barn on consumer loyalty, Bough says that’s not going to happen. Instead he suggests something much different. Creating an engagement model for promiscuous consumers.
Mastercard’s rock star CMO Raja Rajamannar takes it a step further. Story telling is dead. In its place are “huge opportunities for brands to build more meaningful connections with consumers.”
Along the way, marketing turns into a force multiplier for Raja’s brand and business.
Priceless: Mastercard’s 4 Step Strategy
1. Understanding What Matters Most to Consumers
2. Positioning the Brand so it Aligns with What Consumers Are Passionate About
3. Integrating Every Part of our Business Around Connecting with Consumers
4. Building a Platform that Translates the Brand into Personnel Experiences
Mastercard’s brand positioning has moved from being transactional to experiential. “The best way to pay” has become “connecting people to priceless possibilities.”
According to Rajamannar, “It’s not enough to tell stories about priceless experiences. We need to align the stars for our consumers and help them create their own.”
Translating it to radio, this robust strategy is another indictment of the Contest Pig mentality or the “Find ‘Em, Fool ‘Em, Forget ‘Em” approach to audience development.
According to Psychology Today, the way to improve the fidelity (loyalty) in a relationship “is to build a greater connection.”
Loyalty, especially when people have other options that are just a swipe away, takes ongoing effort. Manipulation, control and negativity don’t get you very far.
Rather, fidelity is “best accomplished by increasing their motivation and desire to stay with you.”
Where to start? The journey of a thousand miles begins with a single step. Get to know your audience by name.
Each day we partner with stations across formats, markets and ownership groups that leverage the ratings and revenue impact of relationship marketing.
By super serving those employed listeners who matter most with Surprise & Delight opportunities, you increase the passion and loyalty of your P1s by strengthening the relationship each one has with your brand and encouraging them to Amplify the message via Word of Mouth Marketing.
Regardless of where you are on the journey, let’s talk about next steps.
On behalf of everyone here at DMR/Interactive, thanks for working to drive radio forward.
Andrew Curran, President and COO