The agency made the woman the hero of this campaign toÂ help Federal Bank break into the consideration set of gold loan customers
Ananya Saha | Delhi | April 27, 2012
Gold loan is one of the fastest growing retail loan segments in India. However, market research points to the fact that the category is dominated by NBFCs and consumers do not consider banks for gold loans. Hence, the task of the campaign was to get Federal Bank to break into the consideration set of the customer.
There are two kinds of situations that call for a gold loan; an emergency loan (hospital bills) and a loan for progress (buying a house, expanding business). In times of emergencies, these consumers prefer an NBFC for speed of transaction but when it is a loan for progress, they prefer a bank as interest rates and terms of repayment matter.
Ranji Cherian, President and Head of DDB Mudra South, said, âThis campaign magnifies âloans-for-progressâ in a very strong manner. What is interesting is that when it comes to loans-for-progress, customers prefer a bank as interest rates and terms of repayment matter.â
Anand Chugh, Chief Manger - Marketing, Federal Bank, said, âThis campaign was conceived well and the execution is also as intended. The faith in advertising has gone up post the campaign as tangible results in terms of portfolio growth are visible. The campaign has strengthened the position of Federal Bank in the retail gold loan market.â
To break through the clutter in the market, the agency made the woman the hero of this campaign. âBringing the woman to the centre of decision-making adds meaning and strengthens the case for Federal Bank,â added Cherian.Â The television commercials show the lady of the house coming forward to help her family out of a tough situation. Federal Bank is hence showcased as the consumerâs trustworthy partner in progress.
âIn times of need due to undue financial pressure, a person usually gets confused and forgets where to go for help, be it for business, education or a family wedding. This campaign is aimed at easing his tension and reminding him of the safest, most reliable and trusted partner - Federal Bank Gold Loan, and unlike many unscrupulous gold loan companies, it does not charge a hefty interest rate. The simplicity of this campaign drives home this point quite precisely, easing the tension of anyone in need of financial help,â said Vipul Thakkar, Executive Creative Director, DDB Mudra South.
A study of consumersâ lives showed that people who are forced to support their families at a very early stage in their lives constantly fight against challenges life throws at them and yet try and progress one step at a time. The campaign was based on the insight that âcircumstances do not dictate my destiny, I doâ.
ECD: Vipul Thakkar
Vice-President:Â Dominic Savio
Account Planning:Â V Sundernarayan
Account Management:Â Anjo Jose Kandathil,Â Shihab Akbar
Production house:Â 316 Films
Director:Â SendilÂ Kumar