MasterCard in #140charactersorless

In Newsday’s piece on MasterCard’s social media efforts, Seth Eisen, a Senior Business Leader at MasterCard and communications manager in the U.S. was quoted as saying, “We’re not a credit card company. We’re a technology company in the payments area.” Though it would seem more like something out of spy-thriller, MasterCard’s command center analyzes social media from “43 countries, in 26 languages, 24 hours a day.” Your postings, conversations, and mentions through Facebook and Twitter are posted on screens and scrutinized.

Based on MasterCard’s number of social media mentions, Eisen is right. MasterCard is in a tight race with its competition which includes Visa, PayPal, Discover and American Express. In the lead with 27% of social mentions, MasterCard’s efforts are paying off.

Historically, MasterCard has been a company focused on servicing the banks that issue their cards. Recently, the company has shifted their attention towards engaging with their cardholders directly since in an increasingly competitive payments market, customer service has become a premium. Issues, concerns, or general feedback can be resolved immediately. It is perhaps this dedication to consumer engagement and active social monitoring which has helped MasterCard gain a lead over its competition.

However, MasterCard isn’t the only company dedicated to social media. A growing number of companies in the payments industry are finding social media to be vital, and with good reason. It is estimated that an average social media listening post, featuring software, screens, computers, and staffing, would cost more than half a million dollars. Though it may seem like a hefty investment, even for a large company, the value of using social media effectively is worth the cost. Social media is the new standard. It can identify influencers that can raise brand awareness and create an image and culture of a company that puts customers first.