MasterCard makes headway in social media monitoring

MasterCard makes headway in social media monitoring

MasterCard is reporting positive results from a year-long global social media monitoring campaign, tapping into conversations across 43 markets worldwide to gain insights and drive its business strategy.

A year ago MasterCard contracted NY media agency Prime Research to develop a real-time 'social listening' and analysis tool. This was to be used by cross-functional teams across the group to monitor social media chatter related to its brand and products. The centrepiece of this initiative is a giant 40-foot LED 'Conversation Suite' screen that's housed in its New York headquarters

Marcy Cohen, MasterCard's communications head says that: "Over the past six months, 125,000 people created unique content or commentary about MasterCard, stimulating 520,000 social media conversations, with a potential reach of 1.3 billion people. We're doing this everyday across 43 markets and 26 languages in real time."

She says that Conversation Suite data and insights aid in execution of real-time communications, "whether in identifying and responding to an issue via @AskMasterCard or leveraging insights to help inform new product launches like MasterPass".

For the MasterPass launch at Mobile World Congress in Barcleona in February, Cohen and her team tuned in to Conversation Suite to get a real-time view of reactions from the show floor and beyond.

"We quickly realized there was some confusion around what this product was going to be and how it would differ from Google Wallet. People also were concerned about safety and security," Cohen told marketing site ClickZ. "We fed this feedback to the team that was demonstrating the product on the show floor and changed the messaging around the product. We also quickly figured out who was driving the conversation around the announcement and fed them some of our key points....We quickly turned the conversation"

Comments: (2)

A Finextra member
A Finextra member 05 May, 2013, 05:05Be the first to give this comment the thumbs up 0 likes

This is an intelligent business initiative by MasterCard. I think that all of the rest of the credit and charge card market should be doing something similar things such as what MasterCard is doing, if they are not already doing so currently but are not making this activity public.  It can be a way of generating thought and discussion, based on what social media throws up via the WWW. I believe that this, apart from safe and convenient cashless products and services, will be a part of what will drive us towards a cashless future. 

If I can direct my comments to the team at 'Finextra' for potential feedback. You have a Twitter icon but no Facebook icon on your homepage, which would be handy for people to click in order to find out about Finextra, as well as 'Like' you. This would be handy for Facebook users of 'Interests' which is located under 'Favourites'. Because if they have an interest associated with any topic associated with Finextra, they can quickly add your Facebook page to their 'Interests' page on Facebook, providing you have a Facebook icon on your homepage, and you have a Facebook page. Having a look at your Facebook page, it needs more work and commentary on it. You might have a look at posting all of your feature articles and all comments under all of your articles on  to your Facebook page. It simply makes sense to do so in future.    

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 05 May, 2013, 17:13Be the first to give this comment the thumbs up 0 likes

Banks have been doing Online Reputation Management (ORM) for a while now, with the focus being on spotting disgruntled customers and connecting with them before things spiral out of control and cause reputation damage. Props to MasterCard for demonstrating that there's a lot more - product design, identifying brand advocates, tracking competitors' actions, for example - to social media listening than just ORM. Hopefully, this spurs other banks and FIs to leverage social media intelligence more fully and translate the buzz into tangible business results.