Orchard Advertising, Bangalore, has bagged the ‘Manhattan Card’ account of Standard Chartered Bank. Confirming this to exchange4media, Sugato Banerji, Head-Marketing, Consumer Banking, Standard Chartered, said the total marketing and advertising budget for the Manhattan card is upwards of Rs 10 crore.
Said Banerji, “We selected Orchard only for the Manhattan account after a multi-agency pitch. The rest of Stanchart’s advertising business will remain with JWT.”
Orchard Advertising is the second agency of Leo Burnett. Besides Orchard, the other two agencies in the fray were Bates and JWT. The media task will rest with Maxus of the WPP Group.
“Three years ago we bought the rights of the Manhattan credit card in Hong Kong from Chase Manahattan Bank. We have already launched it in Singapore and are now launching it in India. We will be introducing it soon in countries like Malaysia,” Banerji said.
Banerji further said that Orchard was selected on the basis of discreet feedback of consumer experience. “Following the presentation, we did a market survey to get a consumer response on Orchard’s presentation,” he said.
Asked about below-the-line activities, Banerji said the bank had hired the services of Thomson Connect for that. “The advertising and below-the-line spends will be split in a 60:40 ratio,” he disclosed, adding, “For on-ground promotions, we intend to tie up with multiplexes and malls.” Standard Chartered is working on a 360-degree marketing plan to make the Manhattan card successful in India.
The Manhattan card is being targeted at consumers in the 25-35 age group with annual incomes of Rs 2.25 lakh or more. An attractive feature of this card is that the interest rate on it will vary depending on the usage and payment pattern of the cardholder. “The interest rates are directly proportional to the right choices and rational buying decisions by the user. If you understand the logic, the interest rate can be as low as 1.49 per cent per month,” Banerji explained.
He further added, “Credit card holders usually have problems with annual fees. With Manhattan you do not have any annual fee; it is a free card, for life.”