Brand building ‘good karma’; performance marketing reaps its benefits: Sandeep Walunj

New Delhi: In a world obsessed with clicks, conversions, and quick wins, it’s easy to forget that brand building is the real showstopper behind long-term success. Performance metrics may garner attention, but the quieter, steady work of creating a brand that resonates cultivates true brand loyalty. 

Resonating with this thought, Sandeep Walunj, Group Chief Marketing Officer at Motilal Oswal Financial Services, said, “Brand building is like collecting punya—doing the right things and accumulating good karma. Performance marketing, on the other hand, is like spending that karma to reap benefits.” 

Walunj highlighted that every BFSI CMO should recognise the value of brand building and adopt a karma philosophy—work first, then spend. Spending too much without earning can lead to negative karma. Balancing brand building with performance marketing ensures long-term trust and success, he said. 

Emphasising the need to balance between performance marketing and brand building, Walunj said, “In financial services, trust and brand love are paramount. Humans are more emotional than rational, so establishing a reputation and trust is crucial before expecting people to trust you with their money. Over the past decade, there has been a shift towards performance marketing due to its ROI friendliness, but this is like spending from your savings without replenishing them, which can lead to bankruptcy.”

Moving further into the conversation with BestMediaInfo.com, Walunj mentioned that MOSFL plans to divide its marketing fund in the 60:40 ratio, where the majority of the budget will be spent on performance marketing and the rest on brand building. 

CMOs are often caught in a thrilling tug-of-war with CFOs, who seem to have a sixth sense for scrutinising every penny spent. It’s like a game of chess, where the CMO must strategically justify each marketing initiative as if it were a precious gem in a treasure chest. “Brand building? Oh, that’s just an abstract art form,” the CFO might say, raising an eyebrow as they pore over spreadsheets. The challenge? Explaining that while performance metrics and immediate sales are the shiny trophies everyone loves, true brand building is more akin to planting a garden—requiring time, care, and a little bit of faith.  

Presenting a take on the issue, Walunj said, “Explaining the need for brand building can be challenging, especially when there are no immediate, concrete results to show. It’s similar to a doctor explaining why an injection or antibiotic isn’t necessary; it requires patience and clear communication. Our company believes in doing what’s right, even if it means resisting shortcuts that might compromise integrity. This approach can be tough to justify and educate others about, but it’s essential for long-term success.

CMOs often face criticism when educating their organisation about the importance of brand building, a professional hazard that comes with the role. A good CMO understands the value of investing in brand building and takes on the challenge of justifying these expenditures for the brand’s benefit. While CFOs do intervene, marketers need to earn their stripes.”

Building trust in the brand

If you are one of those retail investors who opened a demat account during the pandemic listening to a ‘finfluencer’ giving unsolicited investing tips, then you are not alone. Constantly enveloped by misleading information on the internet, the BFSI sector is standing at a critical juncture where 90% of retail investors are losing money left, right, and centre.

At the core of this issue is the lack of financial literacy and the presence of misleading tips shared on social media without any thorough research. Taking a hard look at the situation, Motilal Oswal Financial Services (MOFSL) came up with a campaign named ‘The Man From Motilal Oswal’ that features a man—all suited up, and he does not give tips but “solid advice” based on research.

Sharing his thoughts on the genesis of the campaign, Sandeep Walunj, Group Chief Marketing Officer at Motilal Oswal Financial Services, said, “Motilal Oswal stands out due to the unique choices the brand has made. They were pioneers in the broking industry, offering personalised calls, sharing research, and advising clients. This approach allowed us to rely on quality rather than aggressive communication. However, while Motilal Oswal focused on substance, many competitors have prioritised sleek apps and social personas, often lacking in-depth research and advice. This trend has misled new investors into equating app aesthetics with investment success.

The “Man from Motilal Oswal” campaign emphasises the brand’s commitment to research and advice as the keys to success. The sophisticated imagery of a man in a suit, tie, overcoat, and hat is designed to convey authority, expertise, and professionalism, reinforcing the brand’s core values against the superficial narratives promoted by other brands.”

When asked about the campaign's impact, Walunj said, “The campaign included a phone number where customers could seek limited investment advice for free, resulting in a high volume of calls and numerous investments. The call centre has proven profitable, essentially paying for itself. This initiative has generated significant positivity, with many organic leads and increased traffic. Both distributors and customers are pleased to see the brand gaining media visibility.”

A unique aspect where MOFSL stands out is its influencer marketing strategy. The company is working hard to ensure that some of its well-trained and researched employees become influencers doing organic PR for the brand and countering the misleading information about investing that often takes centre stage on Instagram and Facebook. MOSFL frequently collaborates with the top 50 influencers in the domain to maintain a connection with the youth.

Deviating from the rat race

While most brokerage platforms are targeting new-age investors by making it extremely convenient for them, MOFSL has a different plan. From the horse’s lips himself, Walunj said, “Motilal Oswal began as a refreshing change in the traditional broking industry of India in 1987, and they have introduced transparency and a customer-centric approach, establishing a strong reputation as change-makers. Serious investors often choose Motilal Oswal for their commitment to quality advice and research. Unlike many competitors, Motilal opted out of the discount brokerage race, believing in charging for the value they provide through their expertise.

If I don’t provide you with advice and research, I’m not doing right by you. Typically, 70-80% of the 45 lakh demat accounts opened monthly in India remain dormant. Motilal Oswal opens about 65-70,000 of these, meaning many people opt for low-cost or no-cost brokerage accounts elsewhere. These accounts often remain unused due to a lack of confidence and knowledge. SEBI reports indicate that many who trade independently, especially in F&O, incur losses. Our model focuses on providing valuable advice and research rather than competing in the discount brokerage race.”

The brand consciously avoided the trend of offering free brokerage and account opening, focusing instead on delivering substantial advice and research. Through research, they recognised that many low-cost brokerage accounts remain dormant due to a lack of confidence and knowledge among users. Motilal Oswal’s approach tries to ensure that their clients receive the necessary support to make informed investment decisions, rather than just providing a sleek app without research-based advice. This strategy has helped them maintain a dedicated and serious investor base.

It’s a serious business

Investing requires patience, research, and hard work. However, Walunj alleges that recently, trading platforms have shifted towards charging no fees, misleading customers into believing they are the best for investment advice due to their strong social media personas.

In the words of Walunj, “Zero brokerage firms are putting out the wrong narrative in the market that a sleek-looking UI is equal to investment expertise. So, as leaders in the space, we want to correct this by demonstrating the right way to invest, regardless of whether people choose us or not. We aim to provide the correct narrative and emphasise the importance of proper investment practices.

Second, we want to capture a larger share of the market by educating new investors from the start. Instead of letting them go to discount brokers and potentially making losses due to a lack of advice and research, we offer comprehensive support from their first trade itself. We charge a fee for our services, but in return, we provide valuable advice and research. This way, we ensure that investors make informed decisions, and we maintain visibility and credibility in the market.”

Wealthline initiative

Motilal Oswal’s Wealthline initiative provides a dedicated helpline for investors across India. By calling 9234592345, investors can get their queries resolved and receive guidance before starting their investment journeys, ensuring they make informed decisions backed by Motilal Oswal’s expertise. 

Giving us a piece of his mind on the subject, Walunj said, “The Wealthline initiative was launched to demonstrate Motilal Oswal’s commitment to solid relationships and quality advice. We trained our best advisors to provide general personal finance advice without any sales targets, ensuring no pressure on callers. The campaign prominently featured a call to action, encouraging potential investors to call for advice before investing.

This approach allowed advisors to focus solely on answering questions and providing valuable guidance. As a result, many callers opened accounts and moved their assets to Motilal Oswal, appreciating the quality of advice and the absence of commercial pressure. This initiative has successfully built trust and satisfaction among new and existing clients.”

Consumer convenience-led communication 

As heavy as the term may sound, it is really simple to understand the way Walunj puts it.

From the man himself, “Choosing a brand for its convenience is common, like using Ola or Uber to avoid the hassle of hailing a cab. Many brands emphasise ease of use, but in financial services, this approach can be misleading. Investing requires knowledge, research, and the right advice, not just a sleek app. 

Convenience-based communication in this sector does a disservice to customers by equating ease of use with investment success. A convenient app interface doesn’t guarantee better investment outcomes; what truly matters is the quality of advice and research provided.”

Complementing his comments, Walunj amusingly said, “Platforms with a good app and a great social persona—I do not see them not as competitors but as lead generators. They produce dissatisfied customers because of their lack of guidance and their customers eventually come to us. We’re happy they’re spending their investors’ money, as it ultimately benefits us. Far from being worried, we welcome the opportunity to gain new clients through their efforts.”

Motilal Oswal AMC’s #MeriTarafSe Diwali campaign 

Motilal Oswal Asset Management Company (AMC) has launched a Diwali campaign, #MeriTarafSe, a tribute to the legacy of passing on traditions across generations. With #MeriTarafSe, Motilal Oswal AMC aims to reinforce its connection to the core values of Indian households—support, tradition, and giving a little extra help to near and dear ones to achieve their goals. 

Set in a quintessential Indian household, the digital film captures the touching relationship between a father and son, showcasing how parents support their children at every stage of life—offering not just emotional support but also monetary support as the "extra little something" when needed.

Walunj said, “SIPs have played a pivotal role in the positive evolution of the mutual fund industry as a whole. This Diwali, we take a nostalgic journey through the years, where one simple phrase brought dreams closer and families together—"Baki"Ke Meri Taraf Se." From helping a child buy phuljhadi, a young man his first smartphone and a new couple their first car, our protagonist’s resourcefulness built many positive memories. Do watch him pass on his endearing legacy with a thoughtful gift this Diwali!” 

The campaign is built on three key pillars: relatable insight, quality product association, and detailed visual storytelling. Spanning nearly two decades, the film brings out nostalgic elements such as box TVs and landlines from the '90s to desktops and old currency notes from the 2010s, creating a rich, lived-in universe that feels familiar and heartwarming. 

“The more things change, the more they stay the same” 

“The more things change, the more they stay the same,” this is what Walunj had to say when he was asked about his marketing plans for the next five years.  

Elaborating upon his comment, he said, “In investing, the more things change, the more they remain the same. This philosophy is exemplified by Warren Buffet, who started investing at 11 and continues at 93. His success stems from a consistent approach: buy good stocks and hold them. Buffet believes good investing should be boring; if it’s entertaining, you’re likely in the wrong product. He famously said, If you want entertainment, take 500 rupees and go to Las Vegas. Investing is not for entertainment but for steady, disciplined growth.”

Adding further to the pool of thoughts, Walunj said, “In the retail field, our goal for the next 10 years is straightforward: make the right way of investing the popular way. We aim to educate customers individually, focusing on personalised portfolio advice and building tomorrow’s investors. As the world moves towards more personalisation, we are investing in technology and AI to provide individualised portfolio advice. 

Our strategy includes popularising the right investment practices, ensuring the right mix of products, and offering cross-selling and up-selling opportunities. We will continue strong brand building, digital marketing, and customer hand-holding to ensure satisfaction and financial growth for each client.”

Finally wrapping it up, Walunj concluded by saying, “We want to make the right way of investing as the ‘cool’ way of investing.”