Why Muthoot adopted a conversational tone for its latest campaign

Gold loans have long been viewed as a financial fallback during difficult times. But Muthoot Finance is attempting to reshape that perception through its umbrella campaign ‘Sona Kya Nahi Kar Sakta’, positioning gold as an enabler of aspirations rather than just emergency liquidity.

The latest initiative too, ‘Sunheri Soch’, builds on real-life customer stories to highlight how gold loans are helping individuals unlock opportunities ranging from entrepreneurship to education.

According to Abhinav Iyer, the idea for the campaign stemmed from insights gathered while analysing hundreds of customer experiences.

From dormant asset to opportunity enabler

“‘Sona Kya Nahi Kar Sakta’ is essentially a thought-provoking campaign,” Iyer said. “The idea is to make people pause and think about what household gold jewellery, which is already lying with them, can actually help them achieve.”

The campaign deliberately adopts a conversational tone rather than a polished advertising slogan.

“When campaign themes are built around colloquial phrases that people use in everyday conversations, they become extremely relatable,” he explained. “That is why we kept the line simple and reflective.”

The campaign film featuring Amitabh Bachchan reinforces this message by prompting viewers to reconsider the potential of the gold they already own.

“When Mr Bachchan says that you already possess something that can change your life and then reveals it is your own gold, it makes people rethink the value of that asset,” Iyer said.

The film illustrates everyday possibilities such as funding a child’s education, buying a home or expanding a business.

“The idea is to give a few examples but leave enough room for people to imagine what their gold could do for them,” he added.

Sunheri Soch: Stories that shaped the campaign

The ‘Sunheri Soch’ initiative sits within the broader campaign and draws directly from customer experiences.

“We invited our gold loan customers to share the various reasons for which they took loans from us and how it helped them realise their dreams and transform their lives,” Iyer said.

The response was significant. More than 5,000 testimonials were collected through the company’s network of 2,500 branches across North, East and West India alone, as well as through digital channels.

“When we started reading those stories we were quite spellbound by the variety of reasons for which people take gold loans,” he said.

The stories revealed that gold loans were being used not only for urgent needs but also for entrepreneurial ventures, education, pursuing a passion or business expansion.

“If those stories could amaze even us, who work in this domain every day, we believed consumers too should reflect on the true potential of gold,” Iyer noted.

A storytelling platform that keeps evolving

The ‘Sunheri Soch’ platform is currently in its fourth season and has expanded significantly in format and scale.

In earlier editions, the campaign ran for about five to six weeks with one story released each week. The current season has been designed as a longer engagement platform.

“This time we launched it in September and it will run until May,” Iyer said. “Every fifteen days we are launching a new real-life customer testimonial – stories of people who took a gold loan from us and transformed their lives .”

The latest season will feature around 18 such stories narrated by well-known radio voices and personalities.

Several stories have been voiced by popular RJs including Malishka and Anu Kapoor, while others feature prominent national radio voices such as RJ Archana from Radio City and RJ Kartik from MyFM.

The initiative is being amplified across three major radio networks including Red FM, Radio City and MyFM.

“More than 50 radio jockeys are promoting the initiative,” he said.

Spotlight on rural entrepreneurship

One of the “Sona Kya Nahi Kar Sakta” campaign films highlights rural women and self-help groups, underscoring how gold loans can support micro-enterprises in semi-urban and rural markets.

“A large number of self-help groups operate across sectors such as food processing and handicrafts,” Iyer said.

Many of these ventures are led by women who contribute both labour and capital.

“They invest their time and effort, but they also contribute capital and earn a share in the profits,” he explained.

Gold Loans can potentially become the enabling financial resource.

“Gold is typically owned by the women in every Indian household, so there is a direct correlation there,” Iyer said.

The opportunity remains large because a significant share of India’s gold is still held in smaller towns and villages.

“Even today more than 70 percent of the gold is in semi-urban and rural areas,” he noted.

A wide media mix to reach the hinterland

To ensure the campaign reaches these audiences, Muthoot Finance has deployed a multi-platform media strategy.

The campaign is currently running across television, print, outdoor and digital platforms.

“We are also investing in cable, BTL activities and rural activations,” Iyer said.

The brand has partnered with media organisations such as Amar Ujala and India Today Group for on-ground activations in semi-urban markets.

In addition, a network of regional marketing teams drives local outreach initiatives.

A decade-long association with Amitabh Bachchan

A key element of the brand’s communication has been its long-standing partnership with Amitabh Bachchan.

“Our association with Mr Bachchan will complete a decade in 2028,” Iyer said.

The actor’s persona, he believes, mirrors the values the company seeks to represent.

“We have seven fundamental principles that we swear by. Ethics, values, reliability, dependability, trustworthiness, integrity and goodwill,” he said.

“These are not just words. They translate into how we deal with customers and employees.”

According to Iyer, Mr. Bachchan embodies those attributes.

“The trust he brings through his personality and credibility are invaluable for a financial services brand like ours which has trust as the bedrock of its business.”

Measuring campaign impact

Despite the wide storytelling format, the brand ultimately evaluates campaigns through one key metric.

“For us the most important metric is contribution to new customer acquisition,” Iyer said.

“Any campaign that we launch is measured by the number of new customers acquired during that period.”

Influencers add regional reach

Alongside radio, the brand has also experimented with influencer collaborations to amplify stories.

Narrations for regional audiences included artists such as Sudesh Bhosale, Manoj Joshi and Jisshu Sengupta, while creator Raunac covered Hindi-speaking markets.

The brand also collaborated with celebrity chef Vikas Khanna after he came across a Sunheri Soch testimonial about a young woman from Haryana who launched a successful cloud kitchen enterprise enabled by Muthoot Finance Gold Loan.

In addition, a recent initiative with Radio Mirchi also involved leveraging the power of nearly 50 digital influencers.

“Our exposure to influencer marketing has been modest but it has been gradually increasing,” Iyer said.

Category growth amid rising competition

The gold loan category itself has expanded rapidly in recent years, with banks and fintech platforms entering the space.

Iyer believes the shift reflects a broader change in consumer perception.

“There was a time when gold loans were viewed as a distress product,” he said.

“Today people have realised that gold lying idle in lockers can actually work for them.”

India’s gold reserves among households remain enormous. Estimates suggest households hold between 25,000 and 35,000 tonnes of gold, yet less than five percent is currently monetised through gold loans.

Competing through convenience and security

To differentiate itself, Muthoot Finance has focused on convenience and security.

One such offering is the “Gold Loan at Home” service, where representatives visit customers’ homes to appraise jewellery and disburse gold loans.

Security is another focus area.

“The gold pledged with us is protected through a seven-layer security infrastructure and is fully insured,” Iyer said.

The company has also introduced a loyalty initiative called the Gold Milligram Rewards programme, where customers earn points that can be redeemed for 24-carat gold coins.

Flexible repayment options and digital servicing through the company’s iMuthoot mobile app further strengthens the offering.

“These kinds of benefits form a strong value proposition for customers,” Iyer said.

Marketing investments set to rise

Looking ahead, the company expects marketing investments to grow alongside its financial performance.

The company has already crossed ₹7,000 crore in net profit during the first nine months of the financial year.

While the exact media mix for the next financial year is still being finalised, Iyer indicated that digital channels will see increased investment.

“Digital, omnichannel platforms, connected TV and handheld devices will see a gradual increase in our exposure,” he said.

For Muthoot Finance, the broader objective remains clear. Encourage consumers to rethink the role of gold in their financial lives and position it as an asset capable of powering ambitions rather than merely sitting idle in lockers.