Raja Rajamannar, chief marketing and communications officer for Mastercard speaks to Communicate about several hot-button issues.
Experiences are becoming the new “luxury” as opposed to ownership of expensive items. How can events and experiences be used by businesses and marketers to fuel business growth?
Spending is no longer transactional — it’s transformational. Whether family vacations, concerts, sporting events or group adventures, people are prioritizing experiences that deliver personal fulfillment and create lasting memories. This shift presents an extraordinary opportunity for brands to forge deeper, more meaningful connections with consumers by aligning with what matters to them.
For over 25 years, Mastercard has been synonymous with unforgettable moments. We have a concerted strategy, and a long history, of connecting cardholders to their passions. We take pride in curating authentic, once-in-a-lifetime experiences that resonate emotionally and inspire action. By connecting with people through the things they love most, we can effectively cut through the clutter and resonate with consumers on a much deeper level.
Now more than ever, individuals are shifting their focus towards their passions. In fact, according to a Mastercard global study, 60% of people are actively saving to indulge in what they love. We call this movement ‘Passionomics’ -- the study of how individuals allocate their time, money and attention to their passions, and how that, in turn, drives economic impact. For marketeers, Passionomics underscores the need to connect with consumers through universal passion areas -- and the communities that form around them. By leveraging data-driven analytics, brand can uncover new opportunities to meet consumers where they are, creating transformative experiences that fuel trust and business growth.
How do you define “quantum marketing”, in your book and how does it resonate with today’s executives?
The world is changing at an unprecedented pace, and traditional marketing strategies are struggling to keep up. In my book, I define quantum marketing as a transformative approach that recognizes marketing as an ever-evolving discipline rather than a fixed process. It’s about harnessing the convergence of cutting-edge technologies, with a deep understanding of human psychology and behavior, to create truly meaningful and memorable experiences. As marketers enter this new era, we will need to reframe and reprogram to more modern methods to better meet the consumer of today—and tomorrow.
The fact of the matter is that every executive, everywhere, is simultaneously facing an explosion of new technologies — like AI, blockchain, 5G, VR — a deluge of data, and significant cultural shifts. Quantum marketing provides a roadmap to not only keep pace but to lead responsibly in this new era.
It is incredibly gratifying that my book has become a Wall Street Journal bestseller and is now available in roughly a dozen languages worldwide. We’re at an inflection point for marketing, and for broader business, and it’s critical that we take the right steps forward.
Under your leadership, Mastercard has received numerous accolades, and you have earned countless awards and honors. If we are to ask about the achievement you are most proud of, what would it be?
There are many indeed! And they are a testament to the compassion, creativity and ingenuity of our team, of which I am immeasurably proud. Importantly, though, it’s not just about what we do but the impact we make. Purpose is at the heart of our brand.
Initiatives like Where to Settle are perfect examples of this philosophy in action. By leveraging data and insights, we’ve helped hundreds of thousands of Ukrainian refugees and provided them with actionable resources to help them rebuild their lives.
Similarly, our Touch Card innovation enables people who are low sighted and blind to distinguish their payment cards from one another using touch alone. Touch Card has already been launched by several banks across the EEMEA region.
These initiatives underscore that when innovation is rooted in purpose, it drives not just business success but meaningful change.
We’re excited to have you here in Abu Dhabi to mark one of Mastercard’s new global sponsorships. What is the link between Mastercard and McLaren that enables these two giants, each a leader in its field, to collaborate effectively? How can this partnership inspire passion in the end consumer?
It’s fantastic to be at Abu Dhabi Grand Prix! This partnership is a rich and multifaceted one, driven by the natural synergy between Mastercard and McLaren. We share a commitment to innovation and precision and are constantly pushing boundaries. This alignment makes it easy for us to come together and create something truly special for our customers, partners and cardholders.
Our partnership with McLaren Racing is about fostering meaningful connections and curating incredible experiences that bring fans closer to their passion for racing. Our goal is to make every McLaren Racing fan feel like part of the journey, whether they're at the track or watching from home.
Formula 1 is one of the fastest-growing sports globally, with a fan base in the hundreds of millions. Interestingly, research shows that 1 in 3 fans joined the sport in the last four years. Formula 1 is more than just a race – it’s a global lifestyle that reflects Mastercard's broader vision of uniting people through shared passions.
This is such an exciting time to be part of this sport!
You received your bachelor’s degree in chemical engineering from Osmania University and an MBA from the Indian Institute of Management in Bangalore. Do you feel knowledge can be transferred from one field to another, especially in today’s porous world?
Absolutely! Marketing is a fascinating field that requires both right- and left-brain thinking. My chemical engineering background has equipped me with a very helpful toolkit for marketing success. Both fields require strong analytical skills – whether it’s understanding complex chemical reactions or analyzing consumer behavior to identify trends. The solution-oriented mindset is another commonality. And then, there’s creative thinking. Just as a spark can turn an experiment into a breakthrough, the same spark can ignite a groundbreaking marketing campaign.
