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Last Updated : Aug 16, 2019 09:25 PM IST | Source: Moneycontrol.com

Here's how brands from the BFSI sector are raising the stakes of their marketing game

Since last few years, the sector has seen a prominent shift in the marketing strategy and evolved with their audience bringing them closer to the brand.

Moneycontrol Contributor @moneycontrolcom
Representative image
Representative image

Out of all the sectors who need marketing to sell their services and products, the BFSI sector needs the most conscious efforts and careful communication scrutiny to put forward the message.

Since last few years, the sector has seen a prominent shift in the marketing strategy and evolved with their audience bringing them closer to the brand.

They have jumped the bandwagon and actively participated in the digital marketing revolution, providing a smarter solution through relevant communication to their audience.

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Be it commercial banks, government and private banks, insurance companies, pension funds, mutual funds, non-banking financial companies, cooperatives or other small financial companies, the wave of new-age marketing and digital advertising has completely transformed the way the BFSI sector used to communicate to their audience.

Earlier, the complete notion was to have extremely serious communication because the sector deals with Money, a delicate yet one of the most crucial parts of a person’s life.

Most BFSI brands just concentrated on educating the audience by scaring them and inducing the fear of ‘What If’ in their mind.

The perception was that the communication has to be stuffy and wordy. But all it did was create an overwhelming semblance in front of the audience. Thus, making less receptive, boring and dull.

In the last 5 years, the game of the marketing strategy in this sector has shattered this common notion, breaking the cognitive barrier between what a bank wants to communicate and what people want to consume.

The communication has become more relevant and comprehensible. Marketers now know that scaring away people won’t help them sell their products and services.

It’s more important to empathise with the situations that the audience goes through and accordingly project their offerings to help them lead a happy life.

Now the communication is all about how the services and the products can help them make finance easier and hassle-free.

Marketers have hit the right note by converting the features into benefits that help people to not only live a smooth life but also enjoy it at the same time.

The major insight for this change is finance being an extremely overwhelming topic to discuss or educate people about. Not to forget, how monotonous and dull it can become at times. So the simple key is to make things easier for them.

For example, mutual funds are thought to be an extremely complicated way of investment. But the campaigns projected in last two to three years have not only educated the audience but also made it simple for them to understand and invest in.

Another good example is how AU Small Finance Bank has creatively aced its ORM game by giving a personalised, Indianised touch to its replies while having a conversation with their customers on their social platforms.

This has helped them in building a trusted relationship with the customers. Not only that, it has projected its motto of making banking simple for everyone in Urban as well as Rural India through their tailor-made communication.

They know what kind of communication the audience will respond to. With the right balance of relatable and straightforward communication, they have cracked the correct way to reach their audience.

The mix of pop culture elements, minimalism and warm tonality is actually helping them educate their audience and live up to their vision of simplifying the banking experience for everyone.

Marketers in the BFSI sector now know the right equation between creative storytelling and digital innovations. Leveraging the growth of the third wave of media has led to revolutionary ways to market the products and services to the right audience.

The inception of e-commerce payment systems and digital wallet companies have a significant role to play in this shift. Now take the instances of Mobikwik’s #NaughtyWallet campaign on social media in association with Durex.

It talked about how going cashless is beneficial while grabbing the attention of its Target Audience towards a relatable conversation and making it simpler as well as engaging at the same time.

Not only this, but the sector has also taken a step towards one of the most trending way of marketing i.e Moment Marketing.

PayTM who was the official sponsors of IPL Umpires leveraged IPL to increase brand awareness on Social Media. At the same time, HDFC Bank has started leveraging moment marketing to promote their offers.

These efforts taken by the BFSI brands have changed the complete way of how this sector used to look at the entire marketing strategy.

With the growth of digital wave, we can only expect greater, effective and smoother ways to bring the audience closer to the sector while making it easier for everyone to not only understand the sector but create innovative disruption in future.

Chirag Gander is the Co-founder of The Minimalist which is a digital marketing and branding agency based out of Mumbai. 

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First Published on Aug 16, 2019 09:25 pm

tags #Marketing

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