4Ps B&M cuts across the honchos within HDFC Standard Life, as well as the whiz kids of Leo Burnett, the creators of their campaign, to understand why a simple, staid, standard message may actually get the numbers running along for the financial behemoth
Given that the earlier campaigns overdosed themselves on older people, the latest campaigns certainly make the company look a lot younger. A significant majority of metro youngsters (a test group of whom 4Ps B&M met to test aided and unaided props of the ads) might find the recent campaigns more in line with their lives, as they are more contemporary.
But Tripathi says there could be another reason for that (apart from the youthful touch, that is), “The right selection of media along with the quality of our communications that have stronger connect with our target audience has helped us reach out to a greater population base. While TV helps us to reach the national audience, the localized media presence has been prioritised on the basis of business targets and potential.” The company has therefore simultaneously focused on some select Out-of-Home (OOH) media to engage potential customers and has also tied up with multiplex chains and focused on experiential marketing. In essence, a broad mix of TV, radio and outdoor advertising has been used by the company to maximise the impact of its campaigns, even the Internet (although a quick analysis on and of Google search shows that HDFC Standard Life’s ads and links are not visible through AdWords, or search; Bajaj Allianz, ICICI Pru, Aviva, Reliance, Kotak, MaxNY, all come up faster even in the search listings – an area surely to work upon). The initial responses seem to be positive but the real impact would be visible through the number of customers that eventually buy insurance products from the company.
In the financial year 2007-08, HDFC Standard Life was sixth across India amongst all life insurers with a 2.88% market share. As on January 2010, aggregating the past ten months premium collection figures, HDFC Standard Life’s market share had grown to 3%. That might seem small in numbers, but it’s a big leap considering the competition. The big test is that with the IPL season ending, HDFC Standard Life will have to find a new jig to keep up the target market’s attention. Will they? Well, we’ll cross that bridge when we come to it!
Gyanendra Kumar Kashyap
Given that the earlier campaigns overdosed themselves on older people, the latest campaigns certainly make the company look a lot younger. A significant majority of metro youngsters (a test group of whom 4Ps B&M met to test aided and unaided props of the ads) might find the recent campaigns more in line with their lives, as they are more contemporary.
But Tripathi says there could be another reason for that (apart from the youthful touch, that is), “The right selection of media along with the quality of our communications that have stronger connect with our target audience has helped us reach out to a greater population base. While TV helps us to reach the national audience, the localized media presence has been prioritised on the basis of business targets and potential.” The company has therefore simultaneously focused on some select Out-of-Home (OOH) media to engage potential customers and has also tied up with multiplex chains and focused on experiential marketing. In essence, a broad mix of TV, radio and outdoor advertising has been used by the company to maximise the impact of its campaigns, even the Internet (although a quick analysis on and of Google search shows that HDFC Standard Life’s ads and links are not visible through AdWords, or search; Bajaj Allianz, ICICI Pru, Aviva, Reliance, Kotak, MaxNY, all come up faster even in the search listings – an area surely to work upon). The initial responses seem to be positive but the real impact would be visible through the number of customers that eventually buy insurance products from the company.
In the financial year 2007-08, HDFC Standard Life was sixth across India amongst all life insurers with a 2.88% market share. As on January 2010, aggregating the past ten months premium collection figures, HDFC Standard Life’s market share had grown to 3%. That might seem small in numbers, but it’s a big leap considering the competition. The big test is that with the IPL season ending, HDFC Standard Life will have to find a new jig to keep up the target market’s attention. Will they? Well, we’ll cross that bridge when we come to it!
Gyanendra Kumar Kashyap
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Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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