Muthoot Fincorp ups marketing spends by 50-60%
Muthoot Fincorp has gone pan-India with its new campaign as the finance company goes national with its Express 3-Minute Gold Loan offering.
Muthoot Fincorp, the flagship company of the Kerala-based Muthoot Pappachan Group, has increased its marketing/ advertising spends by 50-60 per cent from last year.
George Muthoot, Director, Muthoot Pappachan Group, elaborated, “Considering that this is the first time that we are doing a pan-India campaign, a decent part of the yearly budgets was set aside for this campaign.”
In mid-November, the NBFC launched an ad campaign to promote its ‘Express 3 minute Gold Loan’, an offering targeted mainly at small and medium retailers, giving them the solution of quick and easy liquidity. “We have done ad campaigns earlier, but this is the first time that we have done a campaign to promote the Express 3-Minute Gold Loan. Also, the scale this time is much larger as compared to our previous campaigns,” he added.
The campaign, titled ‘Jab zindagi badalni ho’, captures the transformational power of the three-minute gold loan. The TVCs produced by Lowe Bangalore went on air on November 16, 2011. GV Krishnan, Executive Director, Lowe Lintas, remarked, “The focus was to clearly differentiate Muthoot Fincorp from other companies in the same business, and to appropriate the Express 3-Minute Gold Loan as the key differentiator. The idea stemmed from a somewhat ironical contradiction – the fact that a gold loan (say, for a new house, a new business, college admission) could be got in just three minutes, whereas the fulfilment of that purpose could encounter ‘happy problems’ that delay a much-awaited event. The films were shot in Mumbai. The cast was handpicked, in order to bring out the realism and charm that were so essential to the treatment of the films.”
Last week, the OOH promotions, executed by MOMS and Percept Out of Home, took off in more than 100 cities. The multimedia campaign will run for a duration of 4-5 weeks and will involve TV, radio, outdoor, print, and online platforms. A spokesperson from Lodestar outlined the campaign plans. “The TVCs went on air on November 16 across markets – HSM, Kerala, TN, AP, and Karnataka. As part of the campaign, two creatives each - for HSM and South - are being aired. In the South, the ‘Reluctant Cow’ and ‘Granny’ films are on air, while in HSM (north & west), ‘Happy Lassi corner’ and ‘Granny’ films are active. The plan has total 53 channels – 24 national and 29 regional south channels. Television has the highest spends followed by print.”
When asked whether Muthoot Fincorp was planning to come out with any new offerings in the next fiscal, George said, “Muthoot Fincorp has always aimed at constantly innovating products and services basis the needs of consumers. This is an ongoing exercise.”
Creative: Arun Iyer, Rajesh Ramaswamy, Sooraj Pillai, Hari Vedala
Business: GV Krishnan, Sudhir Nayak, Anisha Chandrasekar, G S Shridhar
Production: Soda Films
Director: Rajesh Krishnan
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