What IT resources would be absHow do you pay for books, clothing, groceries, or travel? For many consumers, the answer is Mastercard, which has more than 200 million cards in circulation. Yet despite the credit card's popularity, it lags behind its major competitor, Visa, by over 100 million cards. It is also outstripped by Visa and American Express for both monthly and annual purchases and spending volume. Because Mastercard's primary function is to process transactions between each customer's bank and each merchant's bank, the company must appeal to two customer bases to build market share: the merchants who accept Mastercard for payment and the purchasers who use the card. These audiences are closely related, which implies that a single campaign can target both, likely even for an extended period. However, even the most successful campaigns can grow stale.

In 1997,MastercardInternational and the advertising agency McCann Erickson Worldwide launched the emotion-based "Priceless" campaign, which celebrated life's most precious moments with the tagline, "There are some things money can't buy. For everything else, there's Mastercard." The campaign was hugely successful, saving Mastercard from disaster, even in direct competition with the more widely accepted Visa card. However,as consumer values and needs changed and the marketplace evolved,Mastercard faced a new challenge: how to retain customer loyalty and brand identification while reinvigorating its advertising.

In 1966, a group of California banks created a member-owned association called the Interbank Card Association. This association grew its services, changing its name to Mastercard in 1979 to reflect a commitment to international growth. As it reached new markets across the globe, Mastercard also focused on technology innovation to help make economic transactions faster, more convenient, and more secure. The company acquired an interest in the international credit card EuroCard (known today as Europay International), as well as Cirrus, a worldwide interbank network that links Mastercard, Maestro, and Diner's Club credit, debit, and prepaid cards to an international network of ATMs. The company also added fraud/risk management providers to its network of services.

Today Mastercard's technology platform can handle more than 160 million transactions every hour with a 99.9 percent reliability rate, and the company has issued a contact-less, or smart, card that communicates with terminals via radio waves. This payment method does not require a signature and can be a card or key fob that is tapped rather than swiped; it also appears as a smartphone app. To provide even more value to customers, the company has added sophisticated consulting and information services that help merchants gain in-sight into consumer spending, according to their transaction data and in-depth analyses. These efforts have dovetailed with changes in consumer behavior as shoppers have begun relying more on electronic payment options and less on the paper-based currency. In 2006, the company transitioned to new corporate governance and ownership structure and began trading on the New York Stock Exchange.

Mastercard began its "Priceless" campaign by identifying its target audience, which in this case focused on consumers. Hoping to persuade shoppers to keep their Mastercard at the top of their wallets, the campaign stressed the relationship between the card and experiences, as opposed to possessions. In early television ads, the narration linked the price of beauty products and new outfits to the "priceless" expression on an ex-boyfriend's face at areunion,to create positive self-assessment feelings. In another, the cost of tickets, refreshments, and souvenirs at a game was tied to the "priceless" opportunity for meaningful conversation between father and son, to invoke both happiness and love. The "Priceless" campaign included various promotions and competitions in addition to these television spots.

In 2004, "Priceless" print ads took a new tack, weaving well-known retailers into the ads, together with Mastercard's theme. These retailerswhich represented another of Mastercard's target audiencesreceived value from the prominent placement of their names and product images in the ads. Messaging moved from the general to the specific; an ad showing a teenaged rock band playing in a garage that might once have said, "extra-long extension cord, $11; moving them out of the living room: priceless," was modified to indicate that the extension cord was fromRadioShack.The result was aform of symbiotic marketing in which well-known brand names helped attract consumer attention to Mastercard ads, and each brand appeared to be endorsing the other.

InJuly2011,Mastercardlaunchedan expanded campaign, called "Priceless Cities." This campaign kicked off initially in New York, offered cardholders special experiences in major cities that could be shared with family and friends. Designed to provide busy consumers with memorable opportunities in the realms of sports, music, entertainment,shopping,travel,arts,culture,and dining out,the campaign touted early opening times at the toy storeFAO Schwarz, a safari sleepover at the Bronx Zoo, prime tickets to aYankees game with an ex-Yankee,andVIPdining experiences designed by a famed chef. The idea, says Mastercard's chief marketing officer, was to transform consumers' perceptions of the card from simply part of a priceless moment to be the force that enables such experiences. In competitive markets,when most competitors focus on deals and discounts,theMastercard campaign attracted attention by appealing to emotions rather than to wallets and stressing unforgettable experiences rather than cost savings. The campaign forged an additional bond with card users because it placedMastercard at the center of these memorable social activities.

The ads ran in more than100countries and aired in more than 50 languages, and the overall campaign used print, radio, transit, outdoor advertising, and television. It also included digital platforms to drive home its message,with a new section of the Mastercard website created specifically for the campaign,as well as social media channels such as Facebook and Twitter. Cardholders registered at the site to access special offers; World Elite Mastercard holders got special offers as well as preferred access to the events.

With its continued efforts to keep the campaign fresh and interesting, Mastercard followed up on the Cities function with "Priceless Surprises," an initiative in which famous company endorsers surprised their fans. The resulting advertising, especially a spot in which Justin Timberlake knocked on the door of a woman who claimed to be his biggest fan, led others to believe that using Mastercard could someday lead to a similar surprise.

In 2018, Mastercard is pulling from the social climate to innovate the "Priceless" campaign with "Start Something Priceless." This new spin on the campaign focuses on people believing they can fuel change, and that actions small or large can improve the world. Thus, these ads encourage customers to do the things they've been meaning to do, such as reading or exercising more. The new campaign premiered at the Grammys with a music video in which the artists sing about the struggles they've overcome and ended with the words "Let nothing stop you" across the screen. "Start Something Priceless" is more than an ad campaign; it is a call to action for its customers. As such Mastercard is using the hashtag #StartSomethingPriceless on various social media sites to encourage people to share the passion or purpose they are committed to pursuing. As part of the campaign, Mastercard is also taking the call to action with its initiatives that include charities such as the World Food Programme and Stand Up to Cancer. For example, in ParisMastercard unveiled an interactive billboard that allowed customers to donate meals to hungry children.

Marketers must continuously evaluate their advertising campaigns and update them to ensure they are effectively communicating with their customers. New channels like social marketing can change shopping behaviors, creating opportunities that must be considered as part of any marketing strategy. Thus, as Mastercard continues to demonstrate, even the best ideas need new infusions and innovations to keep appealing to their targets.

What is the primary objective of the "Priceless" campaign?

Does the "Priceless" campaign use an informational or an emotional appeal?

Given its various target markets, which media are most appropriate for each market?

How can Mastercard integrate the "Priceless" campaign into a public relations program?

Which sales promotion tactics could Mastercard employ?oultley essential in your business?