Tra­di­tional Me­dia and BFSI

CMOs of BFSI com­pa­nies dis­cuss the role of tra­di­tional mar­ket­ing in the dig­i­tal era:

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Are­cent study by Ra­dio­cen­tre and Ebiq­uity shows that mar­keters are over­es­ti­mat­ing the ef­fec­tive­ness and value of on­line me­dia com­pared to tra­di­tional chan­nels like ra­dio, TV, etc. True, one of the big­gest sell­ing points of the dig­i­tal medium is its ac­count­abil­ity. You can in­vest, mea­sure and un­der­stand who ex­actly you reached out to. Yet, tra­di­tional me­dia still pro­vides bet­ter per­sonal con­nect, longevity and re­call.

BFSI in­sti­tu­tions con­sider print, ra­dio, TV, Out of Home, or OOH, PR and sem­i­nars as the top tra­di­tional mar­ket­ing chan­nels. They use dif­fer­ent chan­nels to reach dif­fer­ent cus­tomer seg­ments.

Anand Bha­tia, CMO, Fino Pay­ments Bank, says the bank uses print, PR and Face­book chan­nels pre­dom­i­nantly. “We have re­ceived good cus­tomer re­sponse from print me­dia in states like UP, Bi­har and MP. We are also us­ing PR and Face­book. We have 3 types of cus­tomers - cus­tomers who want to open their sav­ings ac­counts or a cur­rent ac­count with us, mer­chants and in­flu­encers. The print medium is ef­fec­tive for us in en­gag­ing with the mer­chants and the dig­i­tal medium is good to tar­get the cus­tomers who wants to open new bank ac­counts.”

HDFC Credila finds par­tic­i­pat­ing in sem­i­nars at col­leges, hold­ing loan desks and in­volv­ing in in­ter­na­tional ed­u­ca­tion fairs ben­e­fi­cial in its mar­ket­ing ef­forts. The com­pany is, how­ever, more fo­cused on dig­i­tal me­dia than tra­di­tional me­dia for mar­ket­ing and it uses ra­dio, TV and OOH chan­nels very spar­ingly.

The com­pany has done cus­tomer seg­men­ta­tion based on the desti­na­tion coun­try of the stu­dents and the 3 key seg­ments for higher ed­u­ca­tion are the US, other coun­tries abroad and In­dia. Ajay Bo­hora, co-founder, MD and CEO, says the mar­ket­ing ef­forts of the com­pany fo­cus on the core phi­los­o­phy of adding value to the stu­dents from the time they plan their higher ed­u­ca­tion un­til they join their course of choice.”

TRA­DI­TIONAL TOO

Prab­hakar Ti­wari, CMO, An­gel Broking, says while the com­pany is a highly dig­i­tal first or­ga­ni­za­tion, tra­di­tional chan­nels too be­come part of the cam­paigns. “TV busi­ness news chan­nels give us reach to mul­ti­ple cus­tomer seg­ments. We also have ex­per­i­mented with the print me­dia and will test OOH and ra­dio chan­nels too in our fu­ture cam­paigns. Tra­di­tional me­dia chan­nels like TV and print too have given us reach and fre­quency.”

OOH, ra­dio and print chan­nels are the top 3 tra­di­tional mar­ket­ing chan­nels used by Utkarsh Small Fi­nance Bank. The bank is get­ting good re­sponse from ra­dio and OOH, which help it in reach­ing out to the re­gional mar­kets. Sachin Vasan Nair, head - Brand­ing and Mar­ket­ing at the bank, says: “We use re­gional con­tent, which gives us strong con­nect with the cus­tomer seg­ments. Ra­dio helps us in cre­at­ing buzz about our prod­ucts and out­door acts a re­minder me­dia and en­hances brand vis­i­bil­ity.”

He adds that print me­dia helps the bank to cre­ate aware­ness about the brand and bank­ing solutions. Print cam­paigns cre­ates brand aware­ness, which in turn helps it in build­ing cred­i­bil­ity re­quired for a grow­ing bank. “We have used print me­dia in while launch­ing branches and pro­mot­ing prod­ucts such as sav­ings ac­counts and fixed de­posits. We use a good mix of dig­i­tal and tra­di­tional me­dia to en­sure that our bank­ing so­lu­tion of­fer­ings are pre­sented to wide range of au­di­ence,” he adds.

NEW TRA­DI­TIONAL CHAN­NELS

Even in dig­i­tal me­dia there are tra­di­tional and new age chan­nels. Face­book has now be­come a tra­di­tional chan­nel, while the new age ones are Tik­tok and Share Chat.

Anand Bha­tia of Fino Pay­ments Bank says tra­di­tional chan­nels like TV and new age chan­nels like YouTube are mor­ph­ing into one. “From the last one year, we are us­ing the print chan­nel to ac­quire cus­tomers as we find that print has more longevity com­pared to dig­i­tal chan­nels. Twit­ter has longevity for 1 hour and com­pared to Twit­ter, Face­book has longevity for few more hours. We are fo­cus­ing on PR too as cov­er­age about the bank in the news­pa­pers and mag­a­zines cre­ates good im­pact. Around 15% of our to­tal mar­ket­ing bud­get is al­lo­cated to the tra­di­tional me­dia,” says he.

Ti­wari of An­gel Broking feels tra­di­tional me­dia has its own ad­van­tages. “We have used busi­ness news chan­nels ef­fec­tively and have also ex­per­i­mented with the print

me­dia. How­ever, most of our per­for­mance mar­ket­ing ini­tia­tives are dig­i­tal in na­ture. Our an­nual bud­get for tra­di­tional me­dia is above `20 mil­lion,” says he.

TRA­DI­TIONAL CAM­PAIGNS

BFSI in­sti­tu­tions use Be­low the Line (BTL) and Above the Line (ATL) ac­tiv­i­ties to pro­mote tra­di­tional mar­ket­ing cam­paigns us­ing a com­bi­na­tion of print and dig­i­tal. HDFC Credila con­ducts hun­dreds of sem­i­nars across pres­ti­gious col­leges. Ajay Bo­hora says these ef­forts are more BTL than ATL. “The re­sults of BTL ac­tiv­i­ties are eas­ier to gauge as com­pared to ATL. Given the niche seg­ment that we op­er­ate in, it is more cost ef­fec­tive and im­pact­ful to use BTL medi­ums,” he says.

Utkarsh Small Fi­nance Bank had done a 10th an­niver­sary cam­paign us­ing ra­dio and OOH and it saw huge in­crease in vis­i­tors on its web­site and so­cial me­dia page in a pe­riod of 1 month. It also cre­ated sub­stan­tial aware­ness about the bank in lo­cal ar­eas.

Fino Pay­ments Bank used the print medium when it launched its op­er­a­tions in Ben­gal and As­sam. The cam­paign was tar­geted at mer­chants and avail­abil­ity of bank­ing fa­cil­i­ties in ev­ery lo­ca­tion was the theme of the cam­paign. The as­so­ci­ated mer­chant turns banker as he would pro­vide mi­cro ATMs and other bank­ing ser­vices. Bha­tia says the cam­paign also tar­geted mil­len­ni­als, for which the bank se­lected news­pa­pers that have good read­er­ship among the young gen­er­a­tion.

An­gel Broking had a unique cam­paign called ‘Don’t be A Chomu’ to pro­mote a new mo­bile app. It show­cased the frus­trat­ing ex­pe­ri­ence of in­vest­ing in In­dia and the in­creas­ing sense of fi­nan­cial aware­ness. At the same time it high­lighted the seam­less trad­ing ex­pe­ri­ence and ex­pert ad­vi­sory ser­vice An­gel Broking of­fers through the app. “The cam­paign gen­er­ated good busi­ness for us, and the vol­ume went up by 30%. We have seen 35% in­crease in our web­site traf­fic and there is 80% in­crease in our or­ganic app down­load af­ter the cam­paign.”

RU­RAL AR­EAS

BFSI in­sti­tu­tions gen­er­ally use tra­di­tional me­dia chan­nels like re­gional news­pa­pers, ra­dio, out­door and road shows to reach the ru­ral cus­tomers. Bha­tia fly­ers in news­pa­pers can be the suc­cess­ful tra­di­tional me­dia chan­nel for Fino Pay­ments Bank to con­nect with the ru­ral cus­tomers. “We are adopt­ing an in­te­grated ap­proach as the link be­tween tra­di­tional and dig­i­tal is blur­ring. “The same mar­ket­ing mes­sage gets spread through dif­fer­ent chan­nels. It sur­rounds the cus­tomer, so the cus­tomer gets bet­ter re­call and re­sponse,” says he.

Ti­wari men­tions that in stock broking busi­ness, most of the new cus­tomers come from tier 2 and 3 cen­ters. “The aware­ness and ac­cess are the big­gest chal­lenges that we face in these cen­ters. Our per­for­mance mar­ket­ing cam­paigns have worked in these cen­ters,” says he.

FU­TURE OF TRA­DI­TIONAL ME­DIA

Bha­tia in­sists that Fino Pay­ments Bank will con­tinue to adopt an omni-chan­nel ap­proach in its mar­ket­ing cam­paigns. This will in­volve in­te­gra­tion of print and dig­i­tal. “The medi­ums are the pipeline, what mat­ters is the story, propo­si­tion and ob­jec­tive. The medium will change based on the ob­jec­tive of the cam­paign,” he ex­plains.

A jay Bo­hora says the role of tra­di­tional me­dia in the form of BTL en­gage­ment ac­tiv­i­ties will con­tinue as a part of the mar­ket­ing mix in the fu­ture. Such a propo­si­tion gives an op­por­tu­nity to en­gage di­rectly, to have a per­sonal con­nect with cus­tomers and part­ners etc. How­ever, the per­cent­age of spends on such medi­ums and the de­pen­dence on it has been re­duc­ing with more spends and fo­cus, he adds.

Anand Bha­tia

Prab­hakar Ti­wari

Sachin Vasan

Ajay Bo­hora

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