Mastercard’s Raja Rajamannar on Why We Need to Rethink Traditional Marketing
Update: 2023-11-19
Description
Max speaks with Raja Rajamannar, Chief Marketing & Communications Officer; President, Healthcare Business at Mastercard. They discuss how marketers today should rethink traditional approaches like the purchase funnel and loyalty programs and start focusing on "preference management" instead. They also talk about what technology is shaping marketing, how new tech stacks will develop, and why augmented reality is the next game changer.
Topics discussed:
- Why we need to challenge the classical principles of marketing and reimagine them for today's customer behaviors and technology — as outlined in Raja's book Quantum Marketing: Mastering the New Marketing Mindset for Tomorrow's Consumers.
- Why traditional approaches like the purchase funnel and loyalty programs are no longer working, and what to do instead.
- How to create stickiness by taking a "preference management" approach to tracking and engaging customers.
- Why we'll see a new breed of marketing tech stacks developed by up-in-coming companies — not run by the tech giants.
- Why augmented reality will be the next big tech game changer in marketing in its ability to deliver value to customers.
- How Raja made the shift from being an engineer to marketing when overhearing a cosmetic advertising campaign and stepping in to suggest a better one.
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