Consumer Psyche

From Business Standard: The campaign is an attempt by Kotak Mahindra Bank to break the clutter by invoking the housewife’s natural instinct to save and curb the profligate ways of the husband. In all their campaigns so far, state-owned as well as private banks have either talked of technology (and hence convenience), branch networks or special offers for target groups. Some have even roped in celebrities in the past. This is the first time a campaign has targeted the good sense of the housewife. It also acknowledges the wife’s important role in planning the finances of the household.

With this in mind, the brief given to the bank’s agency of one year, McCann Erickson, included two things. One was to increase the bank’s top-of-the-mind recall. The second but equally important part stemmed from the research findings, which indicated that while people had begun to take stock of their situation, they weren’t prepared to regress. “Between 2000 and 2007, consumers had extended themselves and now they are taking stock and seeking help,” says Kotak Mahindra Group head of retail liabilities K V S Manian.

The result was the “Let’s make money simple” campaign. Kotak has on its crosshairs the big category called “mass affluent” with an annual household income of above Rs 450,000. The focus, of course, is on urban and semi-urban markets. The television advertisements will be followed by a 360-degree campaign with on-ground, outdoor, radio and internet activities.