Diversification: Increasing Brand Awareness in Unexpected Ways
A case study on Mastercard's Priceless Surprises marketing strategy, which has gained them brand recognition beyond financial services.
As a company you tend to stick to the industry you have products or services on offer, but did you know that by doing so you are actually limiting your potential revenues and growth opportunities? After all, you will only ever reach customers that are already familiar with the sector, your brand or what you can offer them.
If you enter a new market you can not only expand your company and increase brand awareness, but you also open up the opportunity for substantial customer growth. You can delight and surprise your existing customer base with the new offering, increasing the possibilities of them valuing the relationship they have with you while at the same time reaching customers you perhaps hadn't considered targeting before.
Diversification is not a new marketing strategy, but is increasingly used in inventive ways. One example is MasterCard's "Priceless Surprises", which sees the financial services company entering fields such as music and sports.
The attached case-study delves into Priceless Surprises and the brand awareness it has gained Mastercard.
The social media piece is part of a larger report covering what's trending in customer experience right now, which also includes:
- Big data - Finding your customer in a sea of data
- Digital marketing - Evolving your marketing strategy for the digital era
- Loyalty - Building brand loyalty through rewards and engagement
- Omni-channel - Creating a consistent customer experience
- Personalisation - Adding a personal touch to the customer's journey
- Social media - Forming a social relationship with your customers & What social media channel is right for you
And to read a preview - Diversification: Increasing Brand Awareness in Unexpected Ways - download the case study below.