The Art of Marketing — for Good | Raja Rajamannar | TED

Summary

Raja Rajamannar, CMO of Mastercard, shares his unique approach to marketing, focusing on purpose-driven strategies that benefit both society and business. He introduces the concept of 'quantum marketing,' challenging traditional marketing principles to adapt to modern technology. Examples from Mastercard, such as the 'True Name' card for the transgender community and an innovative card for the blind, highlight how the company blends innovation with social good. Raja emphasizes the importance of authenticity, decency, and market differentiation for both companies and individuals, offering valuable insights on building meaningful brands and personal identities.

Takeaways

• 😀 Marketing is essential for three reasons: to embody a company's values, advance the business, and differentiate the brand in a competitive market.
• 😀 Marketing should not just be about growing the business but also doing good for society—'doing well by doing good.'
• 😀 The concept of 'Quantum Marketing' challenges traditional marketing principles that are over 60 years old, aiming to adapt them to modern technologies and consumer needs.
• 😀 Purpose-driven marketing focuses on doing good for society, which, in turn, builds trust and drives profitability for companies.
• 😀 Companies should align their purpose with societal good rather than focusing solely on profit, as profits will follow when consumers trust the brand's intention.
• 😀 Mastercard’s 'True Name' card allows transgender individuals to use a payment card with their preferred name, solving the problem of misidentification and discrimination.
• 😀 Mastercard’s innovation for blind people involved adding a tactile notch to cards, helping users distinguish between different card types and orient them correctly, enhancing independence.
• 😀 Mastercard’s AI-powered app helped Ukrainian refugees in Poland find jobs and housing, simplifying their settlement process and making a significant social impact.
• 😀 Marketing is not just a corporate function; it can be a force for societal change, with companies using their platforms to address real-world issues.
• 😀 For personal branding, authenticity, self-improvement, and decency are crucial. A person’s 'decency quotient'—being a decent, respectful individual—can offer long-term success over ruthless competition.

Q & A

What is the primary philosophy behind Raja Rajamannar's approach to marketing?

Raja's approach to marketing revolves around three main pillars: brand-building, advancing business objectives, and differentiating the company in a competitive market. Additionally, he believes marketing should not only be a force for growth but also a force for good, benefiting both the company and society.

What does Raja Rajamannar mean by 'Quantum Marketing'?

'Quantum Marketing' is Raja's concept of challenging traditional marketing principles that were formed over six decades ago. He believes that the context of marketing has changed drastically due to technological advancements, such as social media and AI. Quantum Marketing seeks to re-imagine marketing foundations to align with current and future needs, rather than relying on outdated practices.

How does Raja Rajamannar view the role of 'purpose' in marketing?

Raja emphasizes that the purpose of a company should go beyond profit-making. While profits are essential, a larger societal purpose should drive the company's marketing efforts. This purpose helps build trust with consumers, making it a key differentiator and ultimately leading to profitability.

Can you provide an example of how Mastercard has implemented purpose-driven marketing?

One example is Mastercard's 'True Name' card, which allows transgender individuals to have their preferred name on their payment cards, regardless of whether their legal name has been changed. This solution addresses a real issue faced by the transgender community, helping them avoid uncomfortable situations, such as being denied service due to mismatched names.

How did Mastercard's True Name card come about?

The True Name card was conceived when Mastercard recognized the challenge faced by transgender individuals whose names on their cards didn't align with their new identities. Initially, banks were hesitant to support the card, but after one Canadian bank adopted it, the initiative gained global traction, with the card now available in over 28 countries.

What is the 'Decency Quotient' and how does it apply to both individuals and companies?

The 'Decency Quotient' is a concept at Mastercard that emphasizes the importance of being a decent person rather than ruthlessly competitive. For individuals, it means balancing personal success with authenticity and kindness. For companies, it suggests that long-term success comes from prioritizing decency and integrity, rather than short-term cutthroat tactics.

What innovative solution did Mastercard develop for blind individuals using payment cards?

Mastercard introduced a small innovation—a tactile notch on payment cards—enabling blind individuals to distinguish between different types of cards. The notch shape varies based on the card type (e.g., credit, debit, gift card) and its position indicates the correct orientation. This innovation provides greater independence to blind users when using payment cards.

How did Mastercard's efforts help Ukrainian refugees during the migration crisis in Poland?

In response to the Ukraine war and resulting refugee crisis, Mastercard developed an AI-powered app to help refugees find jobs and housing in Poland. The app matches their qualifications and needs with available opportunities, helping more than one in five Ukrainian refugees settle in Poland through the platform.

What role did public-private partnerships play in Mastercard's response to the Ukrainian refugee crisis?

Mastercard's app for Ukrainian refugees became so successful that the Polish government adopted it as a national tool. Furthermore, the United Nations Security Council invited Mastercard to discuss how public-private partnerships could address migration crises globally.

How can the principles of marketing Raja discusses be applied to individual branding?

Raja suggests that individuals should market themselves based on authenticity, aiming to outperform others by continuously improving and differentiating themselves. He stresses the importance of decency and integrity, similar to company branding, where long-term success comes from staying true to one's values rather than resorting to shortcuts or deceit.