Marketing of Financial Products & Services - Marketing Cases - Axis bank, Citi bank & American express
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The document discusses marketing strategies employed by Axis Bank to attract youth to their financial products, specifically focusing on the launch of a youth savings account. The campaign successfully exceeded its target by achieving 100,000 sign-ups in just three months through digital engagement and targeted marketing. Additionally, it highlights Citi Bank's digital campaign and American Express's revamped customer service strategy aimed at increasing customer loyalty and satisfaction.
Marketing of Financial Products & Services - Marketing Cases - Axis bank, Citi bank & American express
- 1. 1 Marketing of Financial Products 1 MoFP for TKW’s Lecture – 11 Parveen Sharma
- 3. 3 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s TH The Challenge: Considering that more than half of the country’s population consisted of youth, Axis Bank set its mind to winning them over. But it was no easy task as it wanted to create a desire among youth for a product they did not want, in a category they did not relate to and for a brand they did not care about. Traditionally, banking has never targeted young consumers; it is something which is associated with parents and family. Youngsters have little knowledge and no interest in what a bank has to say. Their view of banks is formed by the numerous sales-calls, trying to sell them loans/ cards/ insurance, which are usually of no interest to them. They are usually detached from banking activities. Whatever little consideration they had, was reserved for brands like HDFC Bank and ICICI Bank. Axis Bank as a brand was nowhere in the reckoning in their minds
- 4. 4 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s TH
- 5. 5 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s TH Objective With YOUTH savings a/c launch, the initial business objective was to achieve 1 lakh new sign- ups for the Axis Bank Youth A/c in 6 months with a limited media investment of INR 60 lakhs (Cost in advertising per acquisition = INR 60). The Big Idea: It’s All about YOU! The idea was to create a product that would interact with youth in their language - Customized Debit Cards. Intuitive Mobile App - Considering the affinity of youth towards mobile, Axis Bank created a special mobile app, which facilitated banking transactions on smart-phones. It also allowed them to check their account balance, recharge mobile phones, transfer money to a friend’s YOUTH account. Pull money from parent’s linked Axis Bank A/c –With the YOUTH A/c, the young customers could pull money from their parent’s linked Axis Bank A/c using the YOUTH Mobile App. Parents could set a monthly limit on the amount of money their kid could pull out from their a/c. Great offers on the YOUTH Debit Card
- 6. 6 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s TH
- 7. 7 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s TH
- 8. 8 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s A look at offers TH
- 9. 9 NN Case 1 – Axis Bank YOU Account MoFP for TKW’s Execution Among all media vehicles, internet is most popular among youth. Given the reach of digital among youth and the limited budgets at hand, Axis Bank decided to structure its entire media strategy on the digital platform. The strategy revolved around the following: Introduce & engage the product on DIGITAL Creating an Information Destination – the YOUTH Account Microsite Even the manner in which features of the account were communicated borrowed from the language of the youth Add on-ground legs to the campaign to strengthen engagement : partnered with Mood Indigo, a popular college festival. Special Wi-Fi enabled YOUTH Account zones were created. The concept was further extended on ground by taking it to Sir JJ School of Arts in Mumbai. Here, students from various disciplines were given the opportunity to showcase their idea of the YOUTH Card. Over 150 students participated. Results: •The campaign reached a total of over 2.2 mn users on Facebook, and generated over 30,000 likes. The sales target was exceeded by 44% and the 100,000 milestone was achieved in just 3 months. TH
- 10. 10 MoFP for TKW’s 10 Marketing Case 2 Citi Bank Agency: SapientNitro
- 11. 11 NN Case 2 – Citi Bank OMG Sale MoFP for TKW’s Objective: Bring Citibank card customers a unique shopping experience during the festive period. Provide a fillip to the Indian e-commerce industry by benefiting partnering e-tailers. Media: Micro blogging Viral videos Citi bank ‘OMG’ sale microsite Facebook
- 12. 12 NN MoFP for TKW’s The Big idea: Citi bank OMG sale The first ever 24 hour mega sale campaign was conceptualized exclusively for the digital platform to reach out to the target audience: digitally active Citibank card users. Facebook was chosen as the primary platform for promotion for two reasons 1. Strong presence of audience base on facebook 2. Facebook lends itself to superior engagement and analytics capabilities A customized event page, teaser images, regular updates and videos were used Receive Share Invite Case 2 – Citi Bank OMG Sale
- 13. 13 NN MoFP for TKW’s Execution: Actively promoted OMG! Sale on the Citibank India Facebook page to benefit existing and potential Citibank card holders The first campaign teaser went live on 30th November, 2012 A pendulum shaped, countdown cover image of the OMG! Sale campaign as a teaser was uploaded on December 3rd and 4th, 2012 A dedicated Citibank OMG! Sale event page was created two days prior to the start of the mega sale The event link was shared on the brands Facebook wall Interesting OMG! Videos were shared on Citibank Indiaᾼs Facebook wall Updates shared about the launch of the OMG! Sale Key Results: Citibank card spends grew 8x over average daily spends at the 17 partner websites & the average ticket size increased by 30% for the partner websites on Citibank cards. Partner merchants reported 50% reduction on cash on delivery. Citibank India Facebook page achieved the highest reach ever in 2012 – 20,95,104 and the highest virality – 7.63% during the OMG! Sale Case 2 – Citi Bank OMG Sale
- 14. 14 NN MoFP for TKW’s Post Sale Case 2 – Citi Bank OMG Sale Agency: SapientNitro
- 16. 16 NN Case 3 – American Express MoFP for TKW’s Amex Brief of case study written by Joseph Handleman Professor of Information Systems and Innovation at the Ross School of Business, University of Michigan. The case study is based on work done with C.K. Prahalad
- 17. 17 NN MoFP for TKW’s Amex worlds leading payment, travel & card issuing company. As the battle for customer loyalty in card industry became increasingly fierce, Amex recognized that its core competitive advantage had to be something that would be difficult to replicate: superior everyday customer service. The challenge When Jim Bush, a company veteran, assumed leadership of Amex World Service organization in 2005, he became concerned that the company was focusing too much on managing service as a cost centre – rather than as an opportunity to build customer relationships. Case 3 – American Express
- 18. 18 NN MoFP for TKW’s The Response Mr Bush reinvented Amex’s approach to service. Amex shed its traditional call-centre approach, which included monitoring whether customer care professionals (CCPs) adhered to a script. Instead it focused on whether customers would recommend Amex to their friends based on each interaction they had with the company. Case 3 – American Express
- 19. 19 NN MoFP for TKW’s The Response It also took its CCPs off the clock – letting customer decide how long to spend on each call. Amex can now link a customer’s satisfaction with a specific call to the CCP who took that call. It provides constant feedback so each CCP can improve. Amex also developed “Relationship Care”, a service ethos based on the idea that company’s most powerful loyalty-builders are CCPs who speak with customers daily. Amex also rewarded staff to get customers more engaged e.g - flexible scheduling, more robust career development path, additional benefits such as on-site health screening and changed compensation structure linked to customer feedback Case 3 – American Express
- 20. 20 NN MoFP for TKW’s The results Customers increased their spending on Amex products by approximately 8-10% as CCPs reinforced product benefits through Relationship Care. Customer satisfaction improved substantially too. The average time of a call also reduced as CCP’s resolved issues more effectively. Key lessons Customer service is not just a cost centre. By focusing on delivering better service, companies can achieve greater customer loyalty and improved profits. Customer service starts with the people who deliver it. Case 3 – American Express
- 21. 21 MoFP for TKW’s NN ? ueriesQ 21 Contact me @ +91-9050050288 or Email to [email protected]