Almost all of our campaigns are led by digital: Rajat Mehta, Yes Bank
The Senior President & Head-Retail Marketing & Brand Management shares the insights on their latest campaign, their digital strategy and more.
Private sector lender Yes Bank has launched a 360-degree campaign focusing on the evolving needs of its consumers, especially youth who believe in settling for nothing but the best in life. The campaign, which has been kicked off with a TVC, includes print, out-of-home and digital advertising as well.
In an interview with exchange4media, Rajat Mehta, Senior President & Head-Retail Marketing & Brand Management, shares the insights on the campaign, their digital media strategy and more.
Here are the edited excerpts of the conversation:
What message is Yes Bank trying to convey to the customers through the campaign?
Taking our ideology forward, in our current campaign, we are talking about our savings bank account facility that offers a superior rate of return than other major banks in India. We have tried to embed the ethos of the brand in this communication through simple slice-of-life scenarios. We have showcased people from different walks of life and how they take charge of their lives by adopting simple practices and in turn reap rich rewards. We have juxtaposed this to a tangible benefit of getting 6 per cent interest on our savings account as opposed to lesser rates that other major banks offer. We are giving a subtle nudge to Indians towards taking a simple step for a better financial future.
What were the insights behind the launch? What will be the marketing mix for the promotion?
Our simple insight was this inertia of people not doing evidently simple things or taking decisions, and so missing out on big benefits.
The marketing mix for the campaign consists of targeted ATL, including news channels on TV. We have also used innovative media execution for outdoor advertising. Further, we would use print media, along with a holistic digital and social media marketing mix.
Being a financial brand, how do you define your target audience on digital and how do you strategise to reach out to them?
Our approach to defining our audience on digital is completely data driven. Our customers are present across a multitude of digital platforms. Depending upon the product or service, we optimise the target to reach the right customer on the right medium and at the right time. For instance, for our existing customers, we adopt a highly personalised communication approach led by e-mails, mobile app notifications, custom audience on social media, etc. However, for prospective customers, we look at behaviour, affinity, geography and surrogate data for their banking preferences.
How does Yes Bank strategise to leverage digital media in today's online-dependent age?
As a digital-first brand, the idea is to tap into the new-age consumer who wants to progress in life. This new-age Indians are always on digital, and so it becomes a key medium to communicate. Almost all campaigns of the brand are led by digital. Relevance is a key for the brand. Apart from the regular targeting options which are available on digital platforms, we overlay surrogate data as well to identify the correct TG. For e.g., we look at data on the brands the customer has engaged with to arrive at an understanding of the affluence.
Social media is another key channel to build a continuous conversation with customers. We are continuously monitoring what our customers are sharing about the brand, about their lives across all public domains and are leveraging that to not just create content, but also identify insights for our product and services, to understand pain points and plough that back into delivering better products and customer experience.
Also, we are using easy-to-remember digital search keywords as a call to action in all our ATL creatives.
How is creating a content plan for social media different from traditional mediums like TV and print? What are the challenges?
Social media, unlike traditional media, is constantly evolving. There is always some new trend that is driving conversations across social media platforms. Also, social is largely driven by consumers. The challenge for a brand is to find that sweet spot where branded content and communication fits into what the customer is consuming – trends, news, updates from friends/family etc.
Also, today consumers are expecting a huge amount of personalisation and relevance in content. And the challenge is to deliver the same, especially in a country like ours where there are multitudes of cultures.
What are the plans for OOH advertising? How did OOH complement the 360-degree campaign?
For outdoor advertising, we have selected key markets of Delhi and Mumbai to create a sustained impact. We have employed a mix of hoardings, unipoles and bus shelters. We have visually enhanced our creatives through simple innovations that emphasize on 6 per cent interest for our savings account and the Yes Bank tick as a mark of trust.
We have also used innovative backlit media to highlight key portions of our message. OOH is a key pillar of the campaign and its role is to act as a strong reminder through very direct messaging.
Please shed some light on the execution of the campaign. Is any agency involved?
The campaign was conceptualized and implemented within really short timelines. We took less than 15 days to move from scripting to shoot and being live on TV. Triton Communication was the lead agency in creative and media. Raju Desai was the producer/director of the film under Aum Sai Productions.
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