‘Conventional OOH strategy will be helpful to reach masses’
By Bhawana Anand - June 30, 2020
Abhinav Iyer, General Manager – Marketing & Strategy, The Muthoot Group, spells out that conventional outdoor campaigns would be be crucial post lockdown to connect with wider audiences.
“As you know, a large part of our operation is dependent on our physical branches and hence making them 100% operational is critical for us. Recently, as per the revised MHA guidelines, NBFCs have been permitted to open branches with bare minimum staff. Some states like Delhi have still withheld this. Hence, while our branches are largely open across India, still branches in hotspot areas and in states like Delhi aren’t operational.
“We are keen and ready to launch our new marketing campaign. However, we will have to wait until all our branches are operational in their entirety.
“As you know Muthoot Finance has always been eager to help people move ahead in their lives by offering them easy, affordable and hassle-free loans in very little time. Our wide range of products & services (besides gold loans) such as personal loans, housing loans, money transfers, insurance, foreign exchange, investments, gold coins, mutual funds etc. have made us a financial supermarket that serves 2.5+ lakh customers every day through our network of 5,000+ branches across the length and breadth of the country.
“We are sure that once the lockdown is over, there will be a substantial credit demand and we can certainly contribute in meeting this credit demand in a big way by empowering businesses, kick-starting trades, helping SMEs & MSMEs get back on their feet and fuelling back the economy.
“Our marketing approach will be to reach as many new customers as possible and help them unlock the true potential of their emotional currency (gold) and revive their businesses by visiting our branches. Necessary modifications in our communication strategy shall also be incorporated to align our communication to current times; before launch.”
Media consumption patterns & choice of media channels
“Considering the nature of our customers and widespread branch network pan India, traditional mediums such as TV, print, radio and OOH have always been an important part of our media mix. While this shall continue to be so, we will certainly adopt some learnings from the current times. Considering the lockdown has led to a huge growth in digital content consumption, we may consider earmarking an increased share on digital mediums.”
“OOH has always been an integral part of our national and regional marketing spends across marketing campaigns. Like you would know, we have already invested heavily in iconic OOH properties like semi-naming rights at Greater Kailash Metro Station in Delhi and Nandanam Metro Station in Chennai. This has helped not only in building reach and frequency but also in brand and stature building. However, once we launch our marketing campaigns post lockdown, we may also look at more conventional OOH branding opportunities like billboards, unipoles and BQS to reach out to wider geographies and larger audience sets.
“Like I said earlier, the post lockdown period will be crucial for us, bringing back busy times for us and we will ensure our marketing campaigns and communications help us reach maximum people so that we can bring as many people as possible into the fabric of gold financing.”