Focusing not just on market share but also expanding market: CMO, Aditya Birla Capital
Aditya Birla Sun Life Insurance (ABSLI), the life insurance arm of Aditya Birla Capital Limited (ABCL), recently launched a high-octane campaign across 36 TV channels and social media. The campaign reflects ABCLâ€™s brand values and purpose and is also the very first ad for the life insurance business to be launched post the formation of Aditya Birla Capital. exchange4media spoke to Ajay Kakar, Chief Marketing Officer (CMO), Aditya Birla Capital, about the campaign.
What is the line of thought that you wanted to trigger with the very first ad campaign for the life insurance business?
The insight behind the campaign is simple -- when we are young we are not afraid to face our fears. But as we grow older, our responsibilities overwhelm us and we feel helpless about fears. Therefore, the idea behind the campaign is to ask thought-provoking questions that compel the viewers to think about what is dear to them in their life and self-realize the need to protect it. Instead of following a typical storytelling format, which in the end pitches the category to an emotional vulnerability, the campaign engages with both the heart and the mind at the same time and compels viewers to arrive at their own answers instead of pushing products at them.
Are there any further amplification plans?
The campaignâ€™s reach has been amplified through presence on ground across all our branches and through digital and social platforms.
ABCL as a brand focuses on consumer needs rather than product-based approach. How?
Our brand architecture is derived from an individualâ€™s perspective instead of an organisationâ€™s structure. Moving away from the traditional approach of pushing a product, our brand architecture is simple and intuitive because it is based on an individualâ€™s needs of protecting, investing and financing. Once an individual has identified his/her need related to money, the brand endeavours to provide relevant solutions for all their needs, all at one place, so that it is easy to manage. And it is done in a language that people can easily understand and relate to.
Could you please elaborate on the current marketing strategy for ABCL? How is this new campaign aligned with the groupâ€™s overall marketing approach?
Aditya Birla Capital wants individuals, who donâ€™t participate in financial services, to realize that despite working hard, they are not unable to maximise the true potential of their money. We then create relevance for Aditya Birla Capital as the only brand that enables people to manage their money with ease and confidence by offering and servicing all money solutions on one platform.
Our brand architecture is derived from an individualâ€™s needs and all our 20 solutions are aligned under these three needs:
1. Protecting solutions to secure what is dear to us
2. Investing solutions to make our money grow so we can fulfil our desires
3. Financing solutions to enable us to get the right things at the right time without having to wait
Life insurance is one protecting solution that all families with dependencies must consider. And, therefore, this campaign provokes people to self-realize the need for life insurance to protect what is dear to them.
What are the business plans and focus areas for the next financial year?
A miniscule number of people in our country are using protecting, investing or financing solutions to service their needs. This leaves far too many people who are not realizing the true potential of money, thus living a life full of insecurities and unfulfilled desires. Aditya Birla Capital has been working to change this.
Hence, the focus is to not just increase our market share but to expand the market itself to enable a large number of people to live a life they truly desire, with peace of mind and in good health.
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