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At a time when consumer confidence is in free fall, Visa has launched its new global campaign, which does not urge consumers to go out & spend more
At a time when the global economy is in a downturn and companies are curbing their marketing and advertising spends, global financial services brand, Visa Inc. has unveiled its first unified global campaign on March 4, 2009. The newly launched $140 million campaign by Visa comes with a new tagline – ‘More people go with Visa’. In the process, the company has dumped its three-year-old slogan – ‘Life Takes Visa’. Taking into account the discretionary spending pattern during recession, the new campaign does not talk about going out and spending more but about less ostentatious spending and encourages more usage of a Visa debit card, instead of cash or cheque in a bid to take advantage of the schemes provided by Visa. Asserts Antonio Lucio, Chief Marketing Officer, Visa Inc., “The ‘More people go with Visa’ campaign is an invitation to make the most out of life every day, a powerful message. It’s not about spending more, it’s about using Visa for those things that are important to you everyday.”
By launching a consolidated global marketing campaign, Visa can achieve cost efficiencies, as now the company will not have to come up with different communication strategies for different countries. In the international markets, Visa will launch a TVC titled ‘Gofesto’, that will be customised according to each Visa region. Saurav Bhattacharya, Marketing Director, South Asia, Visa told 4Ps B&M, “With a journey across the globe, the ad will show people enjoying simpler things in life. The idea is to showcase that life is not about collecting possessions but collecting memories & experiences.”
After the US credit card bubble burst, consumers were sucked deep into the credit vortex. The public perception about credit cards plummeted. A ripple effect of all this was also felt by Visa & MasterCard in the debit card segment, even though here they primarily work as card processors and not lenders. As per BrandIndex (a daily measure of public perception of more than 1,100 consumer brands across 32 sectors), in the first two months of 2009, Visa’s overall buzz score fell 5.7%, while MasterCard dropped nearly 10%.
As a result Visa and its newly roped in advertising agency TBWA have embarked on this global repositioning journey to improve the public’s perception of credit and debit cards. The TBWA team has been advised to tread cautiously and not overwhelm consumers with a deluge of advertisements that showcase expensive and ostentatious purchases beyond the means of the common man. After all there is little hope of any gain from pain!
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Source : IIPM Editorial, 2009
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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