Google+ Consumer Psyche: Cost cutting @ ICICI Bank

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Tuesday, February 3, 2009

Cost cutting @ ICICI Bank

I was at ICICI Bank today and had to write a letter for the cancellation of a DD taken long ago. What happened would surprise you. I asked for a white sheet to write the letter on and was given a half sheet, an A4 sheet was cut into 2 pieces. They were giving all the customers the same sheet. The reason was that they were cutting costs! 

The pens were use and throw pens, the AC was off and so on. It is shocking but true. I think every firm is in scared mode? But the brand must also understand that it is not just enough to tell me that they are scared but that they do have back up systems in place which will ensure its longevity. Brand communications in slump periods like this one should be more careful, calculated and clear. Customers should be assured that the brand knows where to cut the flab and reduce its costs, how to improve its processes, innovate and cut costs on its functioning and then translate them as a cost benefit to the final consumer. 

Obviously this needs much more than saving half a paper. If this piece of paper is a part of the communication that the brand wants to give its customer then there is a problem. The performance and the imagery should be consistent with the brand's personality which would result in better brand equity and trust.
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