Of all the events and occasions that Yes Bank capitalises on to increase brand awareness, the Indian Premier League (IPL) is “the single largest marketing enabler”, says Rajat Mehta, Senior President and Country Head, Brand, Retail Marketing and Communications, Yes Bank. “IPL is an opportunity to maximise outreach to get mindshare. It is our philosophy to first gain mindshare, and then convert that mindshare into market share,” he states.
This is the fifth year that Yes Bank is associated with the IPL. Over the years, Yes Bank has grown and evolved and become a full-service bank offering more and more services. The bank had a mindshare of around 70 per cent in 2013, and that has grown over the years to approximately 90 per cent, says Mehta. While this growth in customer mindshare cannot be completely attributed to the association with IPL alone, the IPL brand association plays a significant role in increasing brand awareness during the IPL season, which the bank tries to convert into business.
Speaking about the association that Yes Bank has with the IPL and how the bank tries to cash in on the three-month IPL season, Mehta says that the bank tries to maximise outreach during this period. As part of the bank’s outreach initiative, Yes Bank has launched an internal campaign titled Touch-20 or T20. As part of this campaign, every sales executive of the bank is expected to reach out to 20 potential customers every day. This internal campaign drives up engagement with potential customers by 2.5 times, reveals Mehta.
Every six scored is branded YesBankMaximum6, a reiteration that the bank’s savings account interest rate is set at 6 per cent. The bank, which does not have an IPL-themed TVC, has put all its money on live mentions of YesBankMaximum and YesBankMaximum6 every time a 4 or a 6 is scored. Mehta says he and his team wanted to take advantage of the clutter-free live environment to create brand awareness rather than run a TVC during the breaks, which viewers tend to avoid. “This strategy gets us nearly 3,000 brand mentions and exposure during a live match,” he adds.
The bank’s aim is not to push a product during the IPL season, it is to create a relationship and engage with the audience, clarifies Mehta. “We cannot dilute the cricketing experience by trying to sell a product. We want to keep it clean, and offer customers a nice experience that helps us form new relationships,” he states.
The bank’s sponsorship deal includes exclusive access to match footage, which the bank shares on its social media accounts. These videos have garnered more than 2 million views on Facebook. Thanks to these videos and IPL-related content on the social media, the Yes Bank website has seen a spike in visitors. “The traffic on our website has increased by 64 per cent on the back of IPL. Our strategy is to generate views on the basis of IPL and re-target these visitors on a later date,” explains Mehta.