The financial payments industry has been increasingly competitive with big global companies positioning themselves around being one-stop shops with offerings for everyone. In a market where almost every piece of communication uses the same stock images, the same deals, from the same merchant partners, contributing to a level of sameness unseen in other categories, there is a drastic need for Mastercard to break through the clutter.
At Mastercard, we connect with their hearts as a vital part of connecting with their wallets.
We had to first focus our efforts on identifying the highest value consumer segment to get as much bang for our buck as possible. Through studying Mastercard transaction data, we identified that young, affluent Singaporean mothers aged 25-35 are one of the fastest growing consumer segments due to their high spending power and card usage as household “power matriarchs”. Digging even deeper through their purchasing behaviour, we discovered that their spending on entertainment was a potential goldmine for us: frequent, high-value transactions that were also very high in volume occurring primarily via eCommerce platforms (Mastercard’s high growth focus area).
People in this nation push themselves in pursuit of the traditional “5C’s” Singaporean dream: cash, car, condo, credit card and country club. The constant pressure to achieve these standards have led to many parents in Singapore putting in long hours at work at the expense of precious family time. Mothers, especially, fall into this trap and end up buying material goods for their children to make up for the lack of time spent with them, leading to a growing social problem in Singapore where children are becoming increasingly materialistic with parents trying to fill this void with toys and gifts.
Our communications challenge was thus centered on fighting one core CONVENTION: How can we get mothers to think beyond just shiny, new toys?
Get the attention of our high-value target audience (young, working Singaporean mothers).
Engage them in a conversation about spending more quality time with their children.
Drive brand preference in order to increase their Mastercard usage resulting in more eCommerce transactions.