VCW for Mastercard: Increasing Cardholder Awareness and Engagement
Strategies to increase cardholder awareness and engagement with Mastercard in Portugal.
This project addresses the challenge of increasing cardholder awareness and engagement with Mastercard in Portugal, utilizing the Value Creation Wheel (VCW) framework.
This project addresses the challenge of increasing cardholder awareness and engagement with Mastercard in Portugal, utilizing the Value Creation Wheel (VCW) framework.
Overview:
Mastercard aimed to increase cardholder engagement and preference for its payment solutions in Portugal. The team used the VCW framework to develop a comprehensive marketing plan, focusing on strategic partnerships and leveraging existing technologies.
Application and Process:
The process began with a diagnostic phase, analyzing the payment industry in Portugal and the challenges faced by Mastercard. The core challenge was defined: increasing cardholder awareness and engagement. The team then generated ideas and filters through brainstorming and stakeholder interviews. The POCR method was used to refine these ideas and filters. Through VCF, the team narrowed down potential solutions, focusing on three key initiatives: a partnership with Mercado de Ribeira, a partnership with ML (Lisbon's Transport Authority), and the implementation of Masterpass.
Key Takeaways:
Strategic Partnerships: Partnering with Mercado de Ribeira and ML allows Mastercard to reach a wider audience and promote its contactless payment technology.
Contactless Payment Promotion: Incentivizing contactless payments through bonuses and rewards can encourage cardholder adoption.
Masterpass Implementation: Piloting Masterpass with a major retailer like Sonai can facilitate the adoption of this digital wallet solution.
Value Creation Funnel: The VCW funnel effectively narrowed down a large number of ideas to the most feasible and impactful solutions.
Stakeholder Involvement: Continuous engagement with Mastercard's decision-makers ensured alignment and facilitated buy-in for the proposed solutions.
Conclusion:
The VCW framework effectively guided Mastercard in developing a marketing plan to increase cardholder awareness and engagement, demonstrating the methodology's effectiveness in helping companies address market challenges and leverage opportunities.