Yes Bank launches 'India bole YES' campaign, plans to foray in Social Banking
Rajat Mehta, President & Country Head- Brand, Digital & Retail Marketing, Yes Bank talks about the recently launched ‘India bole YES’ campaign and how it associates with the spirit of
Published - Sep 11, 2015 8:24 AM Updated: Sep 11, 2015 8:24 AM
Yes Bank, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, recently announced the launch of its brand campaign ‘INDIA bole YES’ on the completion of its 11th year of institutional excellence in India.
The brand will be spending around Rs. 10-12 crore in the first burst of communication for ‘INDIA bole YES’ campaign for a 2-3 month period, with 40% of the spends going to Print, 40% to TV, and around 20% to outdoor. The campaign is released at the onset of the festive season. According to Rajat Mehta, President & Country Head- Brand, Digital & Retail Marketing, Yes Bank , “We tend to start early with the festive season. Most brands start it just before Dusshera but we like to start early in September, ideally just after Independence Day and running upto Diwali, that will be one burst. Take a little bit of a break and then from Christmas to March we tend to do the second burst. The current spends that I am talking about is more the first burst which we want to do over the next 10 weeks broadly. And then gauging how the overall markets are, how the campaign has taken off, it has to be an outcome based campaign as well, and then we go to our board and present a case for either deepening this campaign or evaluating if we need to divert this in any fashion etc. Essentially it about being logical about the way you structure the campaign. But the first thrust is about Rs. 10-12 crores.”
The creative agency behind the first leg of the campaign is Triton Communications, who also handle the conventional media planning for the brand. The digital agency is iProspect Communicate2 for digital implementation and Windchimes is the social media agency. Outdoor agency partners for the campaign are Star OOH.
The genesis of the campaign is from the very ethos of Yes Bank. The big insight that the campaign is based on the fact that Indians as a race and as a country, are extremely positive about their future, which was reflected in the Consumer Confidence Index released by Nielsen which tracks consumer confidence across 100 countries and India has been ranked number one on it consistently. “That was one very big insight, the emotion about growth, development, positivity that really all Indians associate with. It is very important for the brand to have the same ethos because as a bank our objective, our endeavour, our mission is to partner our consumers in their growth and development, and we are an Indian bank, we are a new age bank, we are a digital bank, we are that which was created for the India of tomorrow, the India of today, which believes in growth and prosperity and taking on the world and leading it,” adds Mehta.
To add to the overall awareness Yes Bank also associates with larger properties like the 5 year partner of BCCI for IPL which has played a big role over the last 2-3 years and helped Yes Bank in becoming a household name with awareness scores rising significantly from mid 60s to late 80s and a lot of that growth has come from these smaller towns which the bank is now targeting. Emphasising on the growth plans for the coming year or so, Mehta says, “NCR and MMR are the most important markets for us. 50-55% of our 700 branches would be in these regions. We want to rapidly increase our branch network and the board approved numbers that we have of almost doubling it in the year to year and a half, and a lot of these new branches will be in these tier two towns or the emerging towns of India. And hence even if you see the campaigns, only a year back 95% of our spends used to be only focussed on Bombay and Delhi, but now we are going to state capitals, and it makes sense because we are going to invest there and we are seeing consumers being receptive to our brand.”
The bank is also focussing a lot on digital, for engagement and acquisition. “We do a lot of our acquisition now on digital, about a year back we were at about 2-3% and now about 10-12% of our acquisitions are happening on digital platforms, and we are growing on a 100% rate on acquisitions. So the base in a sense is growing and we have grown that 5 times.” says Mehta. Yes Bank is the world’s highest followed bank of Twitter with 5.5 lakh followers and on Facebook it is the second fastest growing bank in the world with 2.2 million followers according the Simplify 360 report. The report also says that not only the numbers but engagement rates on twitter are the best in the industry, which is 40%, when typically most other banks have 2-3%.
Rajat Mehta, President & Country Head- Brand, Digital & Retail Marketing, Yes Bank shares his views on the business landscape in India, how the campaign was built and the bank’s foray into social banking.
What were the insights that led to the ‘India Bole YES’ campaign?
Let’s take a step back to where we are as a brand and the genesis of our brand. We are an 11-year old brand, just 11 years of commercial operations and the whole genesis of a brand name like Yes, which was very different in the banking space. In fact in the first few years people did not take us seriously because it was a contemporary, almost FMCG-like brand name. The thought process then (and it only got reinforced) is that we wanted to create a bank which is optimistic, which is positive and is there for the consumers, essentially a partner in the life cycle of the consumers.
From the consumer insights, what was coming out was a clear positioning that people perceived and wanted the bank to enforce was the ‘Indianness’. But also a bulk of our consumers are the young go-getters, people between the age of 25-40 who are really the next-gen, who are achieving newer heights everyday, who are benefiting from the boom of the new economy, and people who believe that tomorrow will be better than today. As the Nielsen Consumer survey on consumer confidence indicates that India is the number one country in the world on consumer perception and consumer confidence. So essentially the generation that we are talking about has the highest amount of faith in the country and in their future and with that as a backdrop, the insight was to talk to a generation which is saying yes to opportunities, and hence India Bole Yes.
What is the Media Mix at play for the campaign?
We launched this campaign on the cusp of Independence Day, we launched it on Twitter with a digital first strategy and had an amazing run there.
Before launching it on any of the offline conventional mediums we broke the campaign on Twitter with something called ‘Raise the Flag’. We encouraged Indians to raise the Indian flag and this campaign reached out to a lot of people. It garnered 8 million impressions and reached out to about 4.5 million Indians across the world and it was a huge success. We ran this campaign for close to a week on Twitter and digital, because given that we are a new age bank, a lot of consumption is happening digitally and the beauty of the campaign on Twitter is that unlike a conventional medium it is a two way campaign so we also heard back from a lot of our consumers, a lot of our prospects, people all across the world, Indians, who said how they loved this campaign and how it is such a positive thought, especially on the eve of Independence day.
We have launched it on print, television, and now on outdoor, across 18 cities, including Delhi, Mumbai and 16 state capitals. And we are now going to take it BTL in a big way through our flagship property called Yes Community, where we reach out to consumers through our branches and brand serving areas. ‘India Bole Yes’ as a tagline is so powerful that I can do a lot of positive campaigns, so whether it is with media houses or govt agencies or NGOs, essentially use our partnerships to see how can we do campaigns that build in the confidence in the neighbourhood, in the larger community, and then has a positive resonating effect on the brand. That is more at the BTL level, but overall digital is big, so whether it is NRIs, or young professionals, business owners, SMEs, we want to drive the whole point of being a partner in the success that each individual is driving for.
How does the campaign live up to the innovative work done by Yes Bank in the past?
The way we launched it was unique, we launched it on Twitter, that was different, it was first for us and was well in line with the digital first strategy. You are going to see a lot of innovation play out over the next few weeks and months, so there are lots of things that we would do, possibly in schools, and we could talk about that as it pans out.
Under this gamut we also have a lot of digital and social platform products. In the next couple of weeks we will be launching our social networks product which will run across 10 social platforms. That is a differentiated piece.
The whole idea is not only do you create the brand pull but also at the ground level, at the last mile you also have products, that support the positive ‘India Bole Yes’ theme.
What are the bank’s plans with respect to the foray into Social Banking?
We would like to believe that what we are launching what has never been done before. In a nutshell, it is not going to be restricted to one, two or three platforms. It is going to run across multiple platforms, and going to be seamless. It is going to have an overlay, so you won’t have to switch multiple applications but the banking service will integrate with all social media platforms and that is a big differentiator.
We felt a few banks pushed the social media products just for the sake of it, our insight was clear that if we want to have a product, which is a banking product, it is going to overlay a social media universe for the consumer, which is the personal space. A lot of people don’t like the interference there and then we want to ensure that it works seamlessly.
What is the media strategy at play at Yes Bank for the coming few months?
We will obviously deepen the ‘India Bole Yes’ theme. We don’t run short term campaigns, if we believe in a theme we want to run this deep and in fact we did a very big internal launch before we launched the campaign externally, because we want our people, 12,000 Yes Bankers to internalise this. What you will see is greater outlays on this campaign itself, so right now there is more overarching theme, over the next few weeks you will see a product rendition to the India Bole Yes campaign where the emotional connect will be balanced with the rational benefit of the product and this we will do across 5 or 6 products. You will see a lot of digital innovation, so basically when we launch our social platforms we will ensure that the social banking platforms are beautifully placed in the digital space innovatively talking about the benefits, and then you are going to see a lot of BTL, both in our branches and across high impact properties that we associate with.
October to march is a very heavy event season in a sense and Yes Bank does a lot of these flagship properties. Whether it is sporting properties such a Polo, or art, culture, theatre, literature, we are associated with big publication houses or big event properties, or we curate some of our properties and all of these would be run under the ‘India Bole Yes’ umbrella.
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