Millennials are the new drivers of growth: OK Kaul, Bank of Baroda
The General Manager - Chief Coordination ( Marketing, PR, WWS) Bank Of Baroda, Kaul takes us through the brand’s comprehensive media plan since Dena Bank & Vijaya Bank amalgamated with it
Last year, the Reserve Bank of India announced the amalgamation of Dena Bank and Vijaya Bank with the Bank of Baroda (BOB). Since then, BOB has been crafting a comprehensive media plan devised to streamline its communications across India. In a chat with exchange4media, OK Kaul, the General Manager - Chief Coordination ( Marketing, PR, WWS) Bank Of Baroda took us through brand’s outreach and initiative in the year since the amalgamation. He also spoke in length about their recent marketing, advertising initiatives and more.
Tell us about Bank of Baroda’s outreach and initiative in the year since the amalgamation.
On the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda, a comprehensive media plan was devised pan-India. The plan was aligned to the vision for the amalgamated entity: “To be a pan-India universal financial services conglomerate, dominating key economic clusters and leveraging cutting edge technology & operations platforms”. The creative and advertising campaign was devised to strongly position the themes ‘”Behtar Se Behtareen” and “Power of Three” so that we can showcase the amalgamated bank with a fresh perspective.
A digital campaign, #HappyLifeFestival, was launched around the festive season in October 2019 to extensively promote various products of the Bank, which resulted over 100 per cent increase in the hits generated online for products like Home Loan, Car Loan and Cards. In order to showcase the success of the amalgamation, we partnered with a leading broadcast business media for an exclusive media property, wherein officials from the government, external experts and from the bank discussed on a range of topics relevant for an amalgamation.
Tell us about your recent marketing and advertising initiatives.
Hunnarbaaz- Mission Skill India was a show in storytelling format we sponsored on Doordarshan National with inspiring content for grassroot entrepreneurs. The programme popularized the Bank’s BSVS, MSME / Start-up/ Stand-up, MUDRA schemes and we were also associated with the PM's Skill India Project.
Our show Hum Hain Hunnarbaaz – Koshish Hamari Saflata Aapki showcased various beneficiaries receiving assistance and support from the Bank in their growth journey.
Bank of Baroda also entered into a strategic alliance with one of the media houses for advertisements through its series titled Regiment Diaries, dedicated to defence personnel, featuring savings account especially curated for the military.
Various creative’s were developed for the launch of the Baroda Kisan App and Kisan Pakhwada & Diwas, to celebrate the farmer and his contribution to India’s growth.
BOB also participates and sponsors various events as a part of our Brand / Business Strategy keeping in view the target audience, expected publicity mileage and relationships for future business.
How important are millennials from a marketing point of view for Bank of Baroda?
Millennials are the new drivers of growth. They are tech-savvy and information-hungry, and they also believe in instant gratification. That said, given their short attention span, it is imperative for a marketer to understand their psyche, speak their language and create campaigns that are specifically designed for them.
Print, Radio, Digital, TV or OOH -- What media works best for your brand? What kind of advertising budget do you put in?
During September 2019, we promoted Home Loan, Car Loan, Baroda Advantage Deposit account and Yatha Shakti JamaYojana (YSJY) at a large number of hired outdoor sites in Mumbai, Delhi, Ahmedabad, Baroda, Bengaluru, Chennai, Coimbatore, Trichy, and Lucknow.
Recently, we wrapped the Kochi metro in our own colours. We have been utilizing the OOH medium in the past for brand promotion. BOB has been covering branding and advertising for 90 per cent of the total commuters at Delhi Metro, through the combined advertising at Line III / IV (Blue line from Dwarka to Noida Electronic City/ Vaishali) and the already hired OOH Media - Line II (Yellow Line, from SamaypurBadli to Hudda City Centre) for Branding and Advertising. We have also done branding in Chennai International Airport (domestic terminal), through internal hoardings, “Quad Core” at Mumbai International Airport, (Terminal-2); Modern Internal train Panels on Rajdhani Express Train; Delhi – Dehradun – Una Jan Shatabdi Train and Gantries at Mumbai-Pune Express Highway.
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