Muthoot Pappachan allocates Rs 50 cr for Blue Soch; eyes emerging youth TG
The Muthoot Pappachan Group, often referred to as the Blue Muthoot by its customers, recently launched its new campaign – #KahaaniBlueSochki – with its new brand ambassador Vidya Balan. The campaign follows the ‘Muthoot Blue League of Dreams’ initiative launched in May this year.
As the Blue Muthoot, it introduces a new theme – Blue Soch – that is dedicated to the progressive thinking of its customers who demonstrate hard work and determination, along with firm self-belief in the face of adversity. The key message that the campaign aims to drive is that the Muthoot Pappachan Group supports people with the Blue Soch and thus, empowers human ambition.
Conceptualised by L&K Saatchi and Saatchi, the campaign comprises two films for MSME Loans – ‘Puncture Shop’ and ‘Chai Shop’, and two films for Gold Loans – ‘Mother-Son’ and ‘Tailor’.
Watch the ad films:
Commenting the creative thought behind the campaign, Anil S Nair, CEO and Managing Partner of L&K Saatchi and Saatchi, said, “Unlike most financial services brands, who want to project themselves as the messiah of the underprivileged, Muthoot Pappachan Group respects the spirit and determination of the customers in their pursuit of success against all odds. The communication focuses on this belief that their customers are determined people with bigger dreams and we are happy to partner them in that journey. Interestingly, all the 4 TV scripts are inspired by true Muthoot Pappachan Group customers’ stories, which is what makes it so endearing and our job so meaningful.”
L&K Saatchi and Saatchi also worked towards brand re-positioning, from ‘Believe in Blue’ to ‘Blue is Belief, which got accepted by Muthoot Pappachan Group in the first go. Expressing his delight on the same, Nair said, “It’s not many times that we have clients so thoughtful and open to have advertising partners co-create marketing strategy. The Group is indeed a cool blend of 131 years of value driven legacy and a young open mind for new thinking and ideas.”
On the choice of Vidya Balan as the brand ambassador, Sanjeev Shukla, Chief Marketing Officer, Muthoot Pappachan Group, elaborated, “By offering easily accessible and simple financial products and services to people who are not so well-off, but have the grit and gumption to achieve their aspirations, Muthoot Blue acts as a catalyst to their Blue Soch. Helping them to rise above their circumstances and build a brighter tomorrow for themselves. To talk to this audience, we found the perfect match in Vidya Balan. The National Award-winning actor is a well-known humanitarian who has a genuine interest in driving societal change and has time and again demonstrated the same.”
He added, “We believe our customers identify with her and she will further help us cement our philosophy of empowering human ambitions by propagating the power of Blue Soch. Vidya will help us drive greater awareness around our offerings and our aim to empower human ambitions. She epitomises strength of character and distinct individuality, often seen chartering the unconventional route to success.”
The films have been directed by Nikhil Rao of Jamic Films and were shot on location in the interiors of Gujarat to give them a real, gritty feel.
The media approach is to maximise reach and at the same time create an impact in order to differentiate the brand. The TV campaign will spread the message across the country and will be supported by a cross-media blitz that will use a wide spread presence online and on-mobile.
In conversation with Adgully, Sanjeev Shukla, Chief Marketing Officer, Muthoot Pappachan Group, speaks at length about the strategy behind Blue Soch, growth plans, company vision & goals and much more. Excerpts:
What is the genesis of the Blue Soch campaign?
The Blue Soch campaign is dedicated to the common man, the quintessential Muthoot Pappachan Group customer, who despite all odds, continues to dream big and thrives through life’s challenges. Our new campaign is dedicated to define the progressive thinking of this set of customers who demonstrate hard work and determination along with firm self-belief in the face of adversity.
This self-belief also comes alive in the new brand philosophy - “Blue is Belief”. The new logo aims to drive greater awareness around brand’s offerings that are focused on empowering human ambitions, by way of meeting the lifecycle needs of this customer segment. The colour blue signifies the ocean of opportunities, trust and a forward thinking, which resembles the way, we Muthoot Pappachan Group, define ourselves.
This new campaign will bring us closer to our customers, define us and help us stand out from the competition.
First the Muthoot Blue League of Dreams and now Blue Soch, what is the strategy behind the colour Blue? How will this thought permeate through the length and breadth of the Group?
It comes from the observation that the colour blue does not discriminate. The blue sky and the blue ocean encourage everyone to soar high or discover endless opportunities, which portray the vast bounties of nature, unconstrained and unfettered by any limitations. In the TVC films, a blue outline also frames and highlights the people with Blue Soch. Our new campaign is strongly dedicated to the people with Blue Soch.
The new branding signifies the company’s unchanging values of excellence, collaboration and integrity all focused on gaining and maintaining the trust of its stakeholders especially its customers. These values signify the group’s undeterred focus on ensuring serving the common man and his needs while reinforcing its commitment to growth through new ventures and new services/ products.
The new logo also aims to drive greater awareness around brand’s offerings that are focused on empowering human ambitions, by way of meeting the lifecycle needs of this customer segment.
What was the brief shared with L&K Saatchi and Saatchi?
L&K Saatchi & Saatchi has simply been taken through our DNA, our Values and our Mission. Just to reiterate, the Mission says: To be the most trusted financial service provider, at the doorstep of the common man, satisfying him immediately with easy and simple product.
What all does the brand transformation of Muthoot Pappachan encapsulate?
Our business has been centred on helping the common man achieve his dreams. We have been able to successfully cater to more than 1.5 million women entrepreneurs.
We want to strengthen our equity with existing customer base and tap into new markets, especially the non-Southern states and cities. Expansion is a key focus area for us and we have already started on a positive note. We recently announced the launch of Muthoot Housing Finance Corporation Limited in Bangalore to help common man easily afford home loans and build their perfect home. Similarly, across our businesses, we are aggressively tapping into new markets.
Our focus is to help the common man in all his lifecycle needs and help them lead a better life. The new identity is built to help us further gain the trust of our customers and help them build a “new soch”.
We have undergone a complete transformation and are training our employees, making the right acquisitions, investing in the right places to build our expertise further.
Muthoot Blue League of Dreams, for example, was an initiative which made a huge impact on the lives of the common man, their ambitions and you will see us do more such on ground activities in the future.
Along with this brand transformation, how has the Group positioning, vision and business focus changed?
We have always been a company with strong foothold in the Southern part of the country, but in the past decade, we have expanded our products and offerings across the country. Today, we have over 3,500 Muthoot Fincorp Ltd branches across the country and we are still expanding aggressively. While we have witnessed a significant shift in perception, we need to educate people further on the nature of our offerings and how it can help them achieve their ambitions.
From focusing on traditional needs, the brand now is focused on the needs of the emerging youth within their audience group and is increasing its spend on digital marketing and technology. Through technology, we want to be better able to map onto the consumer’s lifecycle needs, build customised products and solutions, and move beyond transactional approach to build relationships.
Digital transformation is one of our stated visions for the company. What is happening now-a-days is that brands are not directly researching the customer; they are researching them through their social behaviours. This helps brands to understand the needs and desires of a person, which are not expressed directly or explicitly but through his/her interactions with friends and family on digital platforms and helps us to create customised products and services to cater to the lifecycle needs of the customers.
What kind of growth is Muthoot Pappachan Group targeting in FY2018-19? What are the areas that will drive this growth?
Our growth is determined simply by the number of people we have been able to empower. The areas that we are betting on for growth is increased focus on technology, we believe that technology today is a major advantage and by investing in technology, we hope to be better able to service our customers, disburse loans quicker, build more tailor made solutions etc. Secondly, the NBFC segment itself is growing steadily. The industry has the lowest NPA rate and we believe with our diversified range of offerings, our growth will come across segments like gold, auto, affordable housing, etc.
What are the marketing spends for the current fiscal?
We are having an overall marketing spend of over Rs 50 crore for this campaign. More than the amount, the investment is on training our people, skilling them and empowering them to be better able to service the common man. We are looking at the entire year in an integrated manner.
Agency: L&K Saatchi & Saatchi
Delna Sethna - Chief Creative officer (COO)
Rohit Malkani - Executive Creative Director (National)
Mayuresh Wagle - Creative Director (Copy)
Ravi Ananthan- Associate Creative Director (Copy)
Saurabh Sankpal - Creative Director (Art)
Anand Vyas - Group Head (Art)
Snehasis Bose - Sr. Vice President-Planning
Alpa Dedhia - Associate Vice President
Harish Shetty - Brand Services Director
Pulin Parekh- Brand Service Manager
Vijay Vigamal - Sr. Manager Films
Director: Nikhil Rao
Producer: Akshay Uchil
Production house: Jamic Films