MasterCard launches ‘Priceless Engine’ social media command centre

Credit card brand MasterCard has announced the launch of a social media command centre called Priceless Engine.

The news emerges a few weeks after Philips unveiled a new regional digital command centre called the Conversation Engine.

The announcement:

Singapore, 25 September 2014 – MasterCard announced the launch of its Priceless Enginean innovative new platform for marketing that allows the brand to provide its bank partners with the deep insights that help them deliver the right offers to their customers at the right time.

The Priceless Engine will see MasterCard leverage its depth of analytic capabilities to help its partner banks understand consumer sentiment and trends based on social conversations; track engagement and transactions on campaigns to translate these findings into meaningful feedback; create and share content across borders to increase scale; and finally analyze data in real-time.

The robustness of the four part process comes from the fact that it allows the team to identify and address barriers, or make adjustments in real-time.

“Innovation is crucial to staying relevant in this swiftly evolving digital age, and the MasterCard Priceless Engine will be the cornerstone in the payments ecosystem, connecting issuers, merchants and consumers. As MasterCard research shows, the transaction is where social and digital engagement happens, and having the right offers, the right data, the right assets, and the right content at the right time will create a behavior change with the consumer,” said Sam Ahmed, senior vice president and group head, Marketing, Asia Pacific, MasterCard.

“Asia is fast exceeding the rest of the world in internet and social media usage, with one out of every two social media users globally residing in the region. Given this exponential growth in social media, digital marketing can no longer just be about communication or engagement. MasterCard’s Priceless Engine now has the ability to drive brand differentiation and significant revenue growth for our partners,” he noted.

To ensure the Priceless Engine has global scale and reach, MasterCard will be working closely with key partners in the social media space, including Facebook. These partnerships will give consumers in the region unprecedented access to the mostrelevant, timely and quality offers.

With the Priceless Engine, MasterCard will utilize its portfolio of world-class marketing and sponsorship assets in a more meaningful and powerful way to engage consumers and drive sustainable and measurable revenue for MasterCard and its partners.

MasterCard plans to triple its investment in digital marketing in Asia Pacific over the next three years. The increased investments by MasterCard is part of its commitment to working with banks and merchants in the region to understand consumer needs and wants and to match it with quality and timely offers.

Source: press release


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