With a marketing budget of over Rs 100 crore in FY 2018-19, Policybazaar is set to increase the same by 20-30% for FY 19-20. The brand keeps television and digital, as the two primary activation mediums.
“Television is something through which you present your brand. Through TV and digital, it’s easy to track the mindsets of the people while impact measurement is difficult in print. We go for the mediums where we can measure the ROI,” said Sai Narayan, Associate Director and Head of Marketing, PolicyBazaar.
Unlike other BFSI companies, Narayan said that the brand believes in advertising throughout the year, not only during peak season. The brand is targeting the top 10 metro cities, and individuals aged between 25-45 years.
Talking about the challenge of consumer inertia, Narayan said that there has to be a development of new concepts that can change consumer behaviour, for which the brand is active on its advertising front. Not just the concepts, citing term insurance policy of the brand, Narayan said that the brands should also offer products of consumers’ choices that are good for them.
Term insurance and health insurance policies add most to the revenue of the brand.
Talking about how open consumers are to buy policies online, he said consumer nowadays want power in their hands. He added, “We want to give that power of comparison and to choose what to buy to customers. Now, offering consumers end to end process, we encourage them to buy insurance through us as well.”
The brand has recently announced investment in sports to widen its reach. Commenting on the move, he said, “Sports in this country is the largest reach. If you want to grow as a company, investing in sports is important. It reaches to all kind of TG.”
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