‘Again this year, we will place emphasis on performance marketing for digital products’
Purshotam, CGM– Marketing at Bank of Baroda, speaks about the bank's newly-launched campaign, marketing mix post-Covid and the brand's marketing strategy for 2021
Bank of Baroda (BoB) has recently unveiled a digital lending platform to enable prospective retail clients to get loans digitally through a paperless process. Moreover, it also announced the launch of banking services on WhatsApp. Furthermore, it recently launched its ad campaign titled ‘Ek Forever Rishta’, comprising a series of 15-second ad films targeted towards retail customers for home/auto/education loans. Through this campaign, the brand wants to convey a message of hope and optimism to fulfil one’s dreams.
In conversation with exchange4media, Purshotam, Chief General Manager – Retail Liabilities, Wealth Management Services, Marketing, Demat & NRI Business, Bank of Baroda spoke about the newly-launched campaign, brand’s marketing mix post-Covid and marketing strategy for 2021.
What was the genesis of the current campaign?
A: We have been active in the digital space for the last few years and has observed that the attention span of users across the digital medium is extremely less -- somewhere around 10-15 seconds. This is primarily due to the shift in consumer behaviour, the impact of social platforms and also too much content availability. We utilized this as the background to communicate our Brand’s philosophy of keeping customers and their convenience as a primary objective in the shortest possible time frame.
This is the genesis of the EkForeverRishta Campaign, which ties together short brand stopper stories showcasing our products through slice of life moments for establishing the connect with the audience in 15 seconds.
What is the insight tapped?
A: EkForeverRishta is built on the thought that every individual’s life is surrounded by multiple relationships and each has a different role to play. Each relationship has beautiful and emotional moments that define happiness, progress, hope & optimism.
Similarly, the Bank also has a unique relationship with each customer which we have cherished since its existence of over a century. EkForeverRishta defines these perennial relationships and the 15-second brand stoppers have those slice of life moments that binds all of us.
Tell us about the marketing mix that will be leveraged to give this campaign the canvas of visibility?
A: Being 15 second Brand stoppers, the campaign shall be primarily led digitally and on Social Media Channels. The second phase of the campaign shall include other mediums to leverage the recall build by digital and social media channels.
How has your marketing mix changed post-Covid?
A: To a very large extent and significantly, we leverage digital and social media for communicating with customers. Since the beginning of the festive season, we have also utilized other mediums such as OOH, Radio and TV. Moreover, for our retail loan segment viz Home, Car and Personal Loans, the journeys have been digitized and we are focusing on increasing conversion through these channels.
While the BFSI category has been advertising heavily even through Covid, how has Bank of Baroda ensured that it doesn't echo others in the category?
A: We have constantly tried to innovate and brainstorm around ideas that would build brand recall. Few such concepts were a rap song titled ‘Tera Kaam Ho Jayega’ promoting digital products, ‘Hum Karein Mumkin – Restart Happiness’ which were TVCs for promoting Home and Car Loans. A song titled ‘India Together’ for establishing the brand philosophy of sticking together as a Nation during these challenging trying times.
Tell us about your marketing plans and strategy for 2021?
A: We have launched campaigns for our core products viz loans and deposits, post-Diwali. Going forward, we have a focused approach on leveraging digital + vernacular content for establishing deep connect and outreach customers Pan India. Again, we shall place greater emphasis on performance marketing for our digital products and digital-led journey for loans.
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