Financial Daily from THE HINDU group of publications
Wednesday, Oct 01, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 01, 2003 |
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Marketing
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Strategy New dimensions in marketing strategy Dhimant Bhatt
Mumbai , Sept.30 THE race to adopt unconventional modes of marketing has acquired new dimensions. Companies are no longer looking at direct sales vis-a-vis cross brand associations but are keener on acquiring databases of high networth clientele of lifestyle products with an eye on strategic sales pitches over a period of time. Right from credit card companies such as Citibank, which recently tapped the high networth clientele (First Citizen shoppers) list of Shoppers' Stop to issue complimentary credit cards as virtual new year's gift to them, down to astrology portals such as Ganeshaspeaks.com which in a tie-up with Hutchison India offered astrological services to all its subscribers. In the above cases, the companies managed to tap the database of an audience which will not only be "customised" for its services but in the long run reward them with loyalty. Leading financial institutions and bankers such as ICICI have also begun to adopt similar marketing strategy. When India's leading customised jewellery designer, Ms Poonam Soni, decided to host a major show in Mumbai for unveiling her new collection called "Woven Hues" for a select audience, she found the ICICI Bank team more than eager to be associated with her brand Signature Line. The ICICI Bank's target was the high networth individuals who attended the show in Mumbai on July 10. Ms Poonam Soni said, "ICICI definitely got their share of branding without interfering with our logistics. Apart from the fact that my clientele is very niche, the presence of former Miss Universe Lara Dutta and lots of celebrities aptly met their marketing requirement." "For the bank, the mere recall value created amongst its target audience vis-a-vis the invitation and the venue backdrop and the opportunity to network served its marketing agenda," she added.
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