DDB Mudra creates a new gold loan campaign for Federal Bank

26 Apr,2012

By A Correspondent

 

Mother & Son
Husband & Wife

Gold loan is one of the fastest growing categories amongst retail loans inIndia. Research shows that a lot of customers who take gold loans are small businessmen, small storeowners, painters, mechanics, carpenters and others. It was found that the category is dominated by NBFCs and consumers do not consider going to banks for gold loans. Hence, the task was to get Federal Bank to break into the consideration of the customer.

 

The new Gold Loan Campaign of Federal bank is based on the premise that there are two kinds of situations that call for a gold loan; an emergency loan (hospital bills) and a loan for progress (buying a house, expanding business). In times of emergencies, these consumers prefer an NBFC for speed of transaction but when it is a loan for progress, they prefer a bank as interest rates and terms of repayment matter.

 

Ranji Cherian President and Head of DDB Mudra Group, South said: “This campaign magnifies the loans-for-progress in a very strong manner. What is interesting is that when it comes to Loans-for-progress, customers prefer a bank as interest rates and terms of repayment matter”.

 

“In times of need due to undue financial pressure, a person usually gets confused and forgets where to go for help, be it for business, education, or a family wedding. This campaign is aimed at easing his tension and reminding him of the safest, most reliable and trusted partner – Federal Bank Gold Loan, giving instant loan on gold besides safeguarding the gold, and unlike many unscrupulous gold loan companies, not charging a hefty interest rate. The simplicity of this campaign drives home this point quite precisely, easing the tension of any one in need of financial help,” said Vipul Thakkar, Executive Creative Director, DDB Mudra South.

 

A deep dive into the consumers’ lives revealed that people who are forced to support their families at a very early stage in their lives constantly fight against all the challenges life throws at them and yet try and progress one step at a time. The campaign was based on an insight from the consumer’s life that ‘Circumstances do not dictate my destiny, I do’.

 

Mr. Anand Chugh, the Chief Manger Marketing at Federal Bank said: “This campaign was conceived well and the execution is also as intended. The faith in advertising has gone up post the campaign as tangible results in terms of portfolio growth are visible. The campaign has strengthened the position of Federal Bank in the retail gold loan market.”

 

To break through the clutter in the market, the agency made the woman the hero of this campaign. The television commercials show the lady of the house coming forward to help her family out of a tough situation. Federal Bank is hence showcased as the consumer’s trustworthy partner in progress. “Bringing the woman to the centre of the decision adds meaning and strengthens the case for Federal Bank,” said Mr Ranji.

 

Post a Comment 

One response to “DDB Mudra creates a new gold loan campaign for Federal Bank”

  1. Israel Brown says:

    Not a bad idea, it would be good as long as people could avail a good service when need arises. Gold loan in exchange for money has always help ordinary people.

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