Visa’s Matt Story Thinks Madison Avenue is Making Big Strides on Privacy But Has a Ways to Go on Diversity
September 2, 2020
Matt Story, Senior Director of Global Innovation Marketing at Visa discusses how tough it is to reach belt-tightening millennials who are wary of sharing data and think of Visa as a big bad credit card company. He also hits on how brands are dealing with having less sponsorship event opportunities due to Covid-19. Additionally, Matt walks us through his early career in the ad agency business, and how crucial it was to find leaders of color who were dedicated to promoting diversity in hiring.
Mike ( 19s):
Hey guys, this is Mike Shields and this week on Next in Marketing I got to talk to Matt Story, Senior Director of Global Innovation Marketing at Visa. We talked about how his company is wrestling with targeting consumers who are wary of sharing data with a big bad credit card company, how brands are grappling with the shortage of live sponsorship events like the Olympics during the global pandemic plus we had a very frank talk about Matt’s coming up in the agency business as a person of color and what the industry needs to do better to address its diversity shortcomings. Let’sgetstarted.Hi,everybody.WelcometotheNextinMarketing.TodaymyguestisMattS tory. You’re Senior Director of Global Innovation Marketing at Visa – do I have that right, Matt?
Matt (53s): Correct.
Mike ( 53s):
Matt and I actually go way back. We haven’t even talked to each other in a long time, but we used to talk about video game advertising, more than a decade ago a lot, which is kind of funny cause it’s sort of coming around.
Mike ( 1m 2s): When I hear your role, I’m gonna guess you do big global brand stuff – that you’re the guy they go to for the never been done before, try something new things. Is that kind of a way to think about you what your role entails?
Matt (1m 14s):
Yeah, I’m gonna use a very technical term called, sort of. I would say in the most straightforward sense I help our marketing teams across the globe market our payment innovations in innovative ways. And so when we think about innovation, it’s, you know, contactless form factors, the cards, mobile pays, and then also e-commerce payment solutions. So, e-commerce just rolled out a standard click-to-pay. So that’s another one that we’re working on to help, not only with our partners and clients, but also consumers, so that’s one part of my role.
Matt (1m 49s):
And then the other part is I’m actually responsible for leading a lot of our relationships with key sellers and technology partners. So I get to work alongside Apple, Google, Airbnb, Starbucks, Shopify, just to name a few that we’ve, you know, had the chance to partner with, and do some collaborative marketing on. I do get to work with our teams that lead the sponsorship platforms because obviously those are megaphones to not only, you know, reach people in a passion point, but also you get quite a big audience when you have those big events.
Matt (2m 20s):
So we like to tell our innovation stories and our co-marketing opportunities to those as well.
Mike ( 2m 23s):
And I think the reason I say that is whenever I see Global in someone’s title in the ad world, I assume that sponsorships, because I just assume it’s hard to manage an acquisition part of your business globally, but maybe I’m wrong about that. I don’t know – is that still the case?
Matt (2m 36s):
Yeah, I think it’s fair. I mean, you know, I like to think of myself as you know, both a resource to our global marketers that are, you know, within a market across the globe, but then also helping to provide the connective tissue, you know, with a big brand like Visa, we want to show up consistently, but also take advantage of any lessons learned and being able to share those in an efficient manner. So I would say that’s probably the two ways that we show up in a connective way and you know, we’re there to be support, you know, obviously those in market know best what their, you know, local audiences and local partners are looking to fulfill.
Matt (3m 11s):
And so we just try to help them in any way possible.
Mike ( 3m 14s):
Before I get into what’s going on with your recent advertising strategy, what, tell us about your category overall? Matt, you know, you’re <inaudible>, in terms of people are using phones a lot more for payments and the non-traditional credit cards, things are growing, right, but then the pandemic hits it’s like what’s going on with the expansion of your category range thus far?
Matt (3m 33s):
Well, yeah, so I think one thing we all have in common is, you know, COVID-19 pandemic really accelerated what was happening over years into a matter of months and so we were quickly thrown into new behaviors that probably we weren’t expecting back in February and January to start this year. We believe that a lot of those behaviors are here to stay. And as a brand that is recognizable by Visa, we both think it’s not only our role to ensure our products are there and our services are there to help people in this new normal, but also we have to think through what are the things we can do to use our brand for a more of the social good.
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