Traditional media creates brand awareness
Marketer’s plan targeted traditional marketing strategies & they are continuously engage with their customers during off peak period:
Fino Payment Bank is actively present in the traditional media channels print and television for the last 3 months, which has helped the bank to enhance awareness. Anand shares the benefits of traditional marketing campaign: “Traditional media does a very good job in creating mass awareness and accelerating the tipping point and i ncreasing the adoption of apps. Traditional media is slow reactive as compared to the digital.”
He says that the bank we will be focusing on the visibility of the brand in its future campaigns and wants the customer to recognize the bank when they walk into the outlets. “We have made a big investment in it and we are promoting, ‘ Sara India bole hatho hath Fino account khole’ in our campaigns.’ We are also promoting our subscription bank account product by understanding the customer behavior and challenges.
Digit Insurance has brand campaigns for its health insurance products. Tanya says: “Traditional channels, depending on which ones, offer quick reach and impact, but are also costly and cluttered. It is, therefore, important to firm up the objective, choose the traditional media that will deliver and then plan a simultaneous surround plan to build domino effect. Here, it is also important to go to the basics of communication and keep the messaging sharp, especially with traditional media, to have a quicker impact. It’s vital that you don’t fall into the trap of say-it-all-at-once.”
Mastercard uses digital and TV channels to create awareness, comprehension, and then behavioural change. Television has the best track record of behavior change, salience, and brand recall. Digital is also part of the mix especially seeing its growth and reach during the lockdown. In 2020 Mastercard collaborated with millennial icons for the HDFC Millennia Card to cater to the millennial audience.
Manasi shares t he detail s : “We
identified influencers based on their passion points who conveyed how the card has been an enabler to follow their passion. This ended up resulting in a higher engagement rate, above the benchmark. Apart from traditional media, we are exploring new ways of engaging with the audience with snackable content like podcasts, listicles, videos and webinars.”
In 2020, Mastercard used a combination of TV (Star network HD feeds), streaming service (Hotstar) and TV-to-Mobile targeting apps to engage with people during the much-awaited Indian Premier League.
OFF PEAK MARKETING
CMOs believes that if their brands are integrated with the customer regularly, there is less impact of seasonal and off-peak period sales. Consequently, marketers need to make its products habitual to their customers.
Ishan shares: “The fundamentals of campaign optimization remain the same across the periods. The only deviation is to experiment more with respect to communication and creatives during the peak periods because there’s a larger opportunity cost at stake.”
Multiple products give Digit Insurance the flexibility to change the focus depending on the product seasonality. Tanya said: “For a complete and all category low period, we focus on relevant educational communication. We do our service calls, better our data base, focus on launching need-based sachet products if relevant with the product team, and increase our partnerships, among other things. From a brand point of view, we focus on channels like PR, social media engagement, etc, to retain salience across the year.”
Hitarth commented: “Any tipping points can be tied to 2 factors - desired conversion metric for the campaign and relevance of the campaign to the target group. It does not matter if it’s during an off period or during peak periods.”
OFF-BEAT MARKETING
The pandemic forced people across the globe to cancel their plans as physical travel was temporarily put on hold. Owing to this, last year, Mastercard launched its flagship ‘Priceless’ program in India with the proposition of offering domestic and global travellers’ exclusive access to several unparalleled experiences in the country. For this initiative, Mastercard partnered with the world’s top travel researchers, historians, art curators, and more to bring the choicest benefits to cardholders who place a premium on experiences, be it untold stories, history, food, etc, people, culture and more. Mastercard also collaborated with Rajkumar Hirani and ICICI Bank campaign offered an opportunity for the affluent cardholders to experience an exclusive meet and greet session.