Creating human-centric tales with an intention to unfold positivity, HDFC Life’s advertising and marketing technique has been to create affiliation for the model. Pankaj Gupta divulges extra particulars.
HDFC Life noticed a better diploma of client want for time period plans and launched a marketing campaign highlighting time period choices and different key strengths like excessive declare settlement ratio. The previous few months noticed the Banking model has seen an evolution of their advertising and marketing method owing to the altering client wants and habits. Pankaj Gupta – Senior Govt Vice President (gross sales) and Chief Advertising Officer, HDFC LIFE speaks at size in regards to the firm’s social media technique, advertising and marketing efforts, the affect of influencer-led campaigns, and extra.
The BFSI sector witnessed a brand new wave of communication patterns in the course of the pandemic final yr. What was it for HDFC Life?
Life insurance coverage has sometimes been thought-about a push product. This additionally displays within the low penetration of insurance coverage in our nation. The occasions of the final yr have, although, made us all rethink and understand the significance of efficient monetary planning. Extra people now understand the necessity for an sufficient life and medical insurance.
At HDFC Life, we have now been recalibrating our method dynamically to adapt to the altering setting. Initially, our advertising and marketing technique was to make sure that we remained related by merely participating with our customers and discovering methods to allow them to make their monetary choices in an knowledgeable method.
Our analysis confirmed the emergence of human tales of resilience with individuals throughout the globe overcoming challenges throughout this pandemic. We constructed this perception into our newest marketing campaign on how it’s simpler to bounce again and chart a brand new path to success if one is proactive in a single monetary planning.
What are your views on altering client behaviour in direction of on-line insurance coverage in India?
Covid-19 has caused a part of fast evolution that impacts not solely client habits however every little thing from buyer, class, financial system, to the best way of doing enterprise. The pandemic made the adoption of digital options a necessity. Therefore, digital and on-line transactions have accelerated like by no means earlier than. They’ve helped companies keep related, develop, or, in some circumstances, survive the powerful interval.
Personalization is the important thing to the way forward for insurance coverage advertising and marketing – Your remark and the way do you strategize to implement the components within the advertising and marketing blueprint?
As we speak the client lives in a hyper-personalized world the place he/she is obtainable services and products proper at his/her doorstep. The ability of knowledge and digital assist construct an environment friendly chain of customized choices for each buyer phase. We’re already engaged on numerous initiatives that assist us nudge the client foundation their life stage wants and we proceed to foray deeper into this by strengthening our tech capabilities. There’s the aspect of personalizing the expertise each on the necessity in addition to the suitability of the product, channel, communication, language, and so on.
What has been the affect of #Decision2Protect marketing campaign executed in December 2020 by way of model attain and rating in recent customers?
We launched the #Decision2Protect testimonial marketing campaign to showcase the necessity for time period plans via the tales and experiences of our very personal clients. With the pandemic impacting hundreds of thousands of lives, each particular person with duty wanted some sort of assurance for themself and their household.
Whereas there’s a better diploma of realization of the necessity to shield the monetary way forward for family members, not everybody acts on that, attributable to a wide range of elements. We took it as our duty to create consciousness and shield lives in order that extra individuals take the choice to guard on the proper time.
The marketing campaign had a constructive affect on our key model metrics and helped develop them considerably. We additionally noticed a 200% raise in HDFC Life Time period Plan search queries in the course of the marketing campaign interval.
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What’s the thought/ thought course of behind the brand new marketing campaign and the way it has been obtained on all of the platforms?
Prior to now yr, the pandemic has examined us all in an environment of uncertainty the place human confidence was low and monetary insecurity was endemic.
The significance of Life Insurance coverage to guard oneself from monetary setbacks was bolstered throughout this era of human historical past. Our newest model marketing campaign celebrates the indomitable human spirit and the way monetary resilience helps one to beat challenges.
The marketing campaign is being promoted throughout multi-media platforms with a give attention to Tv, Digital, DTH, OOH and has been effectively obtained with constructive responses from the viewers.
How did digital experiences and social media enable you preserve individuals hooked and hopeful? May you inform us about among the key campaigns in final one yr?
Final yr has been precarious for many people and the overall sentiment has been of concern, uncertainty, and loss. We thus created content material that put the viewers relaxed, bringing extra positivity, and showcased a model that the audiences would need to affiliate with.
In relation to COVID, in the course of the begin of the lockdown, we launched a sequence of movies on remaining secure. Then we spoke on ‘spending time in a constructive method in the course of the lockdown, which included content material from the well being, studying, and monetary well being perspective. As well as, to encourage individuals to get again to a extra regular life, we launched ‘Phir ek nayi shuruat‘, a sequence of brief movies, with easy messages of hope.
On the product entrance, we dropped at life fairly a number of campaigns, together with the one on our Sanchay merchandise, the place we drove conversations across the certainty/assure that the product introduced to at least one’s funding plans, in these unsure instances.
Content material and Influencer advertising and marketing have discovered a outstanding presence in each marketer’s information. How has HDFC Life leveraged the traits?
With the rise of social media and word-of-mouth advertising and marketing, it’s a good way to attach with clients, improve model consciousness, and enhance relevance. Nevertheless, it basically depends upon whether or not the story has an inherent join with the influencer.
Usually, if you watch a celeb talking about what they confronted in life, you join with them, you begin noticing what is going on in your individual life. By way of one other’s expertise you begin making modifications or enhancements that resonate with you.
For our ‘Ye Sahi Toh Life Insurance coverage On-line Kyun Nahi?’ marketing campaign, Manjot Singh broke the marketing campaign on his web page, main followers again to our web page. The engagement leg of the marketing campaign noticed followers sending in video snippets of themselves utilizing poetry, music, or any artistic creative means to finish a sentence with “ye sahi, toh life insurance coverage on-line kyu nahi?“. The competition organically drew over 200 movies, which spoke of the ability of the influencer platform and an enticing content material piece for manufacturers.
One other attention-grabbing collaboration with influencers was for the Fathers Day marketing campaign, which drew on the real-life father-daughter relationship of Yashaswini and Ramakant Dayama. The marketing campaign was video-based, which drew on the all too actual perception of fathers worrying over their daughters as soon as they depart house. These emotions often spillover into monetary planning, which is the place this video picks up. The actors drew of their followers with this brief and relatable narrative.
What does the advertising and marketing combine for 2021 appear like for the model and the finances allotted?
Media shopping for and total technique wanted a re-look, given the modifications in client habits and traits. Tv and a number of digital platforms have seen a spike in viewership and we imagine them to be the best-suited touch-points for our present marketing campaign communication, together with reminder media like OOH.
How would you outline the ‘Marketer of As we speak’? How a lot of your advertising and marketing expertise have advanced with the altering instances?
The ‘Marketer of As we speak’ is somebody who can thrive in a dynamic, fast-moving setting, by being agile and open to studying from all these modifications. The advertising and marketing playbook is ever-changing and a profitable marketer not solely retains tempo with the brand new traits but in addition is aware of what the patron and model wants at that time, evolving the advertising and marketing combine to go well with the identical. As we speak, it’s not simply in regards to the data you possess but in addition the fervour with which one can drive innovation and experiment with new channels on an ongoing foundation.
I imagine in being a learner for all times. Additionally for me, the core of promoting is the patron. For all our initiatives, we give attention to the patron with our finger on their pulse to remain related and encourage belief, even with the altering instances.
One other vital success issue is the flexibility of the marketer to collaborate throughout organizational silos to ship on the enterprise targets throughout the constraints, by leveraging the ability and data that exists throughout the group.