Kotak Mahindra Bank, which turned 25 last year, is targeting its new ‘Money Ka Matlab' campaign to reach out to the ‘moderately affluent male' to garner more recall for its banking brand. Increasing competition amongst private banks has led Kotak, the first NBFC to become a bank, to reach out to its potential consumers not only by peddling its various banking products but also by bringing in people to share real life experiences on turning 25 and, more recently, about what money means to them (money ka matlab ).
In fact, in the past, Kotak has targeted both men and women in the ‘mass affluent' category; but today, it has narrowed down its target audience to the ‘moderately affluent male' and is catering to his perception of money.
Speaking to Business Line , Mr Karthi Marshan, Group Head, Marketing, said, “We want to consolidate our position on the platform of having turned 25 last year and build on it in terms of creating credibility and awareness for the bank. Through the new campaign, we want to engage in conversations with real people to understand their evolving perception about money. After all, what my father considered a salary, has become pocket money for my son today.''
Organising a road trip with two bikers across seven States and 11 cities, Kotak Bank would update consumers on what the aam aadmi has to say about money through interactions and conversations with the two bikers.
It would also be using the digital media whereby these interactions would be uploaded on video, with the bikers constantly tweeting and blogging about their interviews.
This interaction would be available through a dedicated Facebook page to discover what money means to the average Indian. This 15-day motorcycle road trip was recently kicked off in Chandigarh.
Conservative with its ad spends, Kotak Bank has never believed in splurging heavily — but, at the same time, it believes it can reach out to its target audience with real life experiences and anecdotes. In fact, instead of taking the services of its existing agency JWT, it has appointed a relatively smaller creative agency, Cart Wheel, floated by an ex-NCD of JWT (D. Ramakrishna), to reach out to the aam aadmi with its Money Ka Matlab campaign.
Besides, it has decided to allocate an equal amount of money from its ad budget to television and outdoor with digital, radio and cinema forming the rest.