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Riding on its central theme of “Responsive
Innovation” and superior customer-centric approach, IndusInd Bank has been unveiling
a string of services for its existing customers. These services reinforce its commitment
to identify and bridge need-gaps for its customers.
Latest feather in its ‘responsive innovation’ service-cap is the – ‘My Account, My Number’ scheme. Just like other services introduces earlier this year like – ‘Direct connect’, ‘Quick redeem’ and ‘Cash on Mobile”, MAMN too is a result of extensive consumer and market research undertaken by the bank and it seems that the bank has gotten it right this time too.
My Account, My Number – This service allows
a customer to choose 10 of the 12 digits of his or her bank account number. The
other 2 digits are fixed to identify the type of bank account. The move is a
unique one and will benefit the bank in multiple ways.
This proposition specifically aligns with
the preference and sometimes obsession Indians have with numbers due to
emotional, rational and even superstitious reasons. Preferred vehicles registration
numbers and mobile phones number commanding exorbitant premium in this country
justifies the assumption and research results.
A well-planned (Business approach), extensively researched (Consumer preference), efficiently implemented (Operationally) and effectively communicated (Business proposition or offering) marketing approach has given the
IndusInd bank the credibility in the eyes of its customers (existing and
prospective) in terms of it customer-centric culture. This will help IndusInd
bank in attracting new customers not just due to existing unique services but also
because it will keep the customers anticipating further propositions due to a
well-managed marketing offering and communication plan in the past. It also
helps in retaining existing customers by reducing the cognitive dissonance as
the customers feel that the bank care about their needs and comes out with
consumer-centric propositions regularly.
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The bank’s earlier service offerings were also
based upon extensive research and were meant to solve some specific pain points
which customers pointed out during the research. Direct connect is one service
which is longed by almost all the consumers. It is a well-known fact that in
the era of ‘customer-service’, reaching actually to a customer service
executive through your phone is nothing less than solving a jigsaw puzzle. This
maze of selections on phone before reaching to the executive was cut short by ‘Direct
connect’.
Other services like Quick Redeem and Cash
on Mobile too were launched in response to pain points, ‘must-haves’ and ‘good-to-haves’
identified through consumer research.
The campaigns to communicate these services
adopted a 360-degree integrated marketing approach to propagate the service message.
Print, Television, OOH, Radio and Digital mediums have been brought to use.
The ad campaigns have a subtle humor which
manages to draw in customers’ attention and ensure higher brand recall. Message
clarity is the key in all the campaigns as the service message is the central
character of all the ads. Be it the ‘calling web or kabaddi’ for Direct connect
or the number-obsession for the MAMN offering. An intelligent choice of the
celebrity does the trick as well. The celebrities (Sharman Joshi, Jimmy Shergil
and Neetu Singh) though are well-known but not that big of stars which may risk
taking the attention away from the central message and the value offering. Also,
you don’t see these celebrities endorsing too many products which avoid the risk
of the product and message getting lost in too many endorsements undertaken by
the celebrity hence diluting the credibility.
Overall, IndusInd bank has used extensive
consumer research and put across its innovative service offerings effectively
to its customers. How this approximately 20 crores marketing expenditure pays
back in terms of top-line and bottom-line addition? We have to wait to see
that.
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