Consumers do not actively think of a banking brand: Manisha Lath Gupta
Entertainment has its own mindshare and the consumer is much more receptive when brands talk entertainment, says the CMO of Axis Bank
Banking is not a category that we look for in everyday lives compared to the other elements like music or fashion that form a part of our daily lives. Consumers might not actively think about a banking brand but entertainment has its own mindshare. The consumer is much more receptive when brands undertake the entertainment route to reach out to them.
Axis Bank’s association with entertainment hubs for product promotion and the launch of its My Zone credit cards is an example of marketing through entertainment. The bank’s campaign ‘Kyunki badhti ka naam zindagi’ is also an attempt to woo customers by taking the entertainment route.
Elaborating on key elements that are instrumental in making brands seem more interesting, Manisha Lath Gupta, Chief Marketing Officer, Axis Bank stated, “There are three key aspects that we follow. The first is to create advertising which is entertaining. The second is to create 360-degree content which is entertaining for consumers and also increases enagagement with the brand. The third is to integrate with existing content and create partnerships that deliver the brand communication in a truely innovative manner.”
Gupta believes that it is essential to make communication much more rewarding and focus on the consumers rather than talking about one’s own self. Also, it is important to start from a single proposition to creating multiple propositions in order to create a multiplier effect, which Axis Bank did with its campaign ‘Badhti ka naam zindagi’ and ‘Zindagi ke highway pe koi akele nai badhta’.
“Quality of engagement is more important than just impressions,” said Gupta. She talked about the bank’s ‘ProgressTogether’ initiative, which is an online forum wherein people from all walks of life can come and thank people who have helped them progress in their lives – be it the first boss, a teacher, parents, etc.
One cannot talk about entertainment and not talk about digital games that have today’s youth hooked. Axis Bank has ‘banked’ (pun intended) on this trend and launched various product games to engage customers. It has introduced product games such as ‘Ladies first card’, ‘What is the role of EMI in happy homes’, ‘Axis Direct’ and ‘You decide’ that explain the thought behind the products in a fun and engaging manner.
Commenting on the third element, Gupta stated. “We have undertaken branding in shows such as ‘KBC’ on Sony Entertainment Television and ‘Satyamev Jayate’ on Star Plus as a part of collaborative activities with channels”. She further explained that these associations are much beyond brand endorsements and are intricately linked with the format of the shows and this is what has worked for them.
Gupta concluded by saying that it is important for brands to undertake and associate with experential communication in order to enage better with the consumers, thus blurring the highway axis for the collective progress.
Manisha Lath Gupta was speaking on the topic ‘Blurring the Highway Axis for Collective Progress’ at the Mumbai leg of Pitch CMO Summit 2013, held on March 6, 2013. The session was chaired by Suresh Balakrishna, CEO, Brand Programming Network.
The Summit was presented by Colors and partnered by MEC India.
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