“A time to serve, not a time to sell”

By Sashell Williams

“When people are vulnerable, it’s easy to sell them things,” said Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar,  “[But] this crisis is not a time to sell, it is a time to serve.” 

Rajamannar was speaking at the 2020 staging of the Mastercard Latin America and the Caribbean (LAC) Innovation Forum.

The two-day conference, which ended on Thursday, saw a record of more than 2000 participants across the world.

The ninth edition of the annual event was forced to go digital in response to the COVID-19 pandemic.

Hosted under the theme “Reignite”, the conference focused on critical issues to help Latin America and the Caribbean (LAC) recover after the pandemic.

Rajamannar said that brand trust is just as important as cybersecurity during this period of increased online transactions.

The world is in the middle of a series of unprecedented crises – a health crisis, an economic crisis, a human rights crisis, and a crisis of confidence – which has led to increased uncertainty and vulnerability in consumers, he said, stressing that business must use these events as a long-term trust-building opportunity.

“When we approach them with an attitude to serve, they will remember so that after the crisis is over, they will stick with you,” he added.

He also noted that there is a fine line between adjusting prices so that a business can stay afloat and price gouging. According to Rajamannar, while price gouging may result in an influx of cash, the effect will only be short-term and lead to distrust among consumers.

He also noted that companies must develop a risk management framework that will provide guidelines on how to manage during crises.

“This confluence of crises is not the first, and it will not be the last one. We will be carrying waves and waves of different crises that will be coming,” Rajamannar said.

Meanwhile, President of Mastercard LAC, Carlo Enrico, said that the swift move towards global digital transformation has accelerated the region’s own digital transformation.

“Digital is now twice as big as it was supposed to be last year. Digital is growing even in a region such as Latin America, which is an emerging market that is still working on infrastructure. The region is still working on financial inclusion, while digital is growing at 30-40% year on year, three times faster than in the rest of the world,” he said.

In addition, President of Cyber and Intelligence at Mastercard, Ajay Bhalla said companies must first understand the risks associated with conducting business online.

“Companies and businesses now need to look at their cyber risk exposure,” he said.

“Look at the way consumers interact with them in their businesses, look at even the risk profiles of their suppliers and digital partners. Companies should do this, so they have a comprehensive view of the entire cyber risk their organisations face,” he added.

Panellists from both days of the conference agreed that a lot of work will need to be done to get the region back on its feet.

The common thread was that businesses will have to find innovative ways to attract and keep consumers and ensure that their digital presence is strong and secure.

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