Faisal KhanAnswered Mar 7, 2015Card schemes are very rarely designed by bank executives for VISA. VISA does however have a very active network for feedback and charting a product line for 3-5-7-10 years down the line. The reason VISA spends this kind of money is purely for brand recognition. They want everyone on the planet, regardless from which country, etc. to be able to recognize the VISA brand. Brand recognition makes customer acquisition easier.
In addition, when VISA spends money on a global event like the FIFA World Cup, the branding power is equally pushed out to all the countries/territories involved. Bank Executives come and go. So spending money on them does not yield a return on investment (if it could be measured) like say FIFA World Cup.
With over 25,000+ Banks worldwide, how do you choose which bank to invest with?
Spending money on the event for brand promotion served it well.
In addition, when VISA spends money on a global event like the FIFA World Cup, the branding power is equally pushed out to all the countries/territories involved. Bank Executives come and go. So spending money on them does not yield a return on investment (if it could be measured) like say FIFA World Cup.
With over 25,000+ Banks worldwide, how do you choose which bank to invest with?
Spending money on the event for brand promotion served it well.