Federal Bank, one of the country’s fastest growing banks, is now up to reaching out to the millennials. It has designed and developed several products targeting at this group and now to back these products up, the lender has come up with a 360 degree brand campaign strategy to lure in the GenY.
“At intervals, the bank steps in with various marketing strategies and campaigns, which focus primarily on a new product launch or an exclusive event. The last big budget marketing initiative was done by the bank in the year 2014. Three years down the road, the current campaign, an unprecedented one, themed as ‘Why Settle for Less’ aims at ensuring optimal mix of impact and frequency estimated to reach 70 per cent of its target group- the millennials,” said Rajanarayanan N, deputy vice president (marketing & investor relations), Federal Bank, adding that the current communication campaign would further popularise the brand – its reach and recall by talking about the flagship products of the bank in a creative and contemporary manner, so as to create desire among the target group.
Federal Bank had commissioned Ogilvy & Mather for development of the theme and story board for the advertisment videos. “After discussing in detail with them and after poring over several of their ideas, we finally struck upon the theme ‘Why Settle for Less?’, which we decided we will adopt. The agency then came up with storylines to fit the USPs of each product that we wanted to highlight. Several more rounds of brainstorming and ideation followed, at the end of which we zeroed in on the story line that we thought would best suit our needs,” said Rajanarayanan.
Subsequent to this, the bank hired Jamic Films and five ad films were shot and they, according to bank officials, were sharply conveying the core selling points of the chosen products. The next challenge was to ensure that the films exude a national character while remaining relatable to people from all geographies. The mood and spirit of the films are light hearted, funny and youthful to appeal to the bank’s target group.
Rajanarayanan said that the “Why Settle for Less?” campaign aims at attaining the broad objectives of strongly establishing the brand proposition ‘Why settle for less?’ and building unprecedented brand awareness of Federal Bank across India.
The campaign focuses on five products and their USPs:
Home Loan (USP – Federal Bank Home Loans come with 30 years repayment means, meaning lower EMIs).
Car Loan (USP – Federal Bank Car Loans come with 100 per cent funding and lower EMIs)
Salary Account (USP – 80 per cent overdraft facility)
SME Business Loan (USP – Get hassle free SME loans for Small Businesses)
FedBook Selfie (USP – Enjoy instant transactions on opening account)
Federal Bank has lined up plans to run the campaign across television, radio, print, OOH, cinema and digital media.
“While our communication campaign will be pan India, our focus geographies will be Maharashtra, Karnataka, Tamil Nadu, Kerala, Punjab, Gujarat, Delhi, Kolkata and our target audience will be adults in the age group 20 years to 45 years,” said Rajanarayanan. The campaign will be further spruced up with attractive offers and discounts on these 5 products and attractive engagement activities for employees of the bank.