Head – Marketing, Dhanlaxmi Bank in Conversation With B&E’s Mona Mehta
B&E: How critical is marketing for the regional private banks? How is Dhanlaxmi Bank dealing with it?
SM: For a bank, which is a new entrant it is imperative that the consumers know about the bank and what it has to offer. In a cluttered and non-differentiated market capturing a share of mind is difficult. And it is even more challenging to build an imagery of a modern and a contemporary bank (where people had a perception that it is a co-operative bank). Every initiative has been a combat to the perception that the market had about the bank. The colour (purple) that the brand sports, differentiates itself from the blue and red colour palette in the market place. Meanwhile, Dhanlaxmi Bank has recently launched its signature branch at Prabhadevi in Mumbai. The branch has a new bright contemporary design. The customer journey in the branch gives an experience of openness to the consumers. Every message in the branch talk to the consumer, listen to their story and give them a solution. In fact, now we have decided to use the same design, look and feel in all the new branches that will be added to the existing network.
B&E: Over the past year or so the bank has become really aggressive in increasing its customer base. What are your plans to support the cause?
SM: In the past 18 months the effort has been to build the brand imagery. Various on-ground initiatives have been taken for the same. To take the bank from one region, where it is a household name to the other parts of the country, where it is almost unknown – the challenges are multiple and varied. On one hand the task is to re-assure the customers that while the brand has changed, the core remains unchanged; on the other hand the objective is to create awareness about the brand and get consumers to the bank. So, various micro-marketing initiatives have been rolled out for the 275 branches across 16 states. Every branch has been given a calendar of events to be implemented. The effort is to link the marketing initiative to generate leads and get a better return on every rupee spent. In its 83-year history, the bank has started implementing marketing initiatives only during the past 18 months. The marketing strategy for every region varies as per the business objective. On a larger scale there will be a national advertising campaign.
B&E: You are currently expanding in a jiffy. How are you ensuring your brand visibility in those parts of the country where the bank has just arrived?
SM: We are investing aggressively for the on-ground activation programs in catchment area of our 275 branches and educate consumers on the new brand, products and services that the bank has to offer. The 100 plus new branches that we will launch in the next financial year will be as per the new look and feel. All the branches that we re-furbish will also be as per the new branch design.
B&E: How critical is marketing for the regional private banks? How is Dhanlaxmi Bank dealing with it?
SM: For a bank, which is a new entrant it is imperative that the consumers know about the bank and what it has to offer. In a cluttered and non-differentiated market capturing a share of mind is difficult. And it is even more challenging to build an imagery of a modern and a contemporary bank (where people had a perception that it is a co-operative bank). Every initiative has been a combat to the perception that the market had about the bank. The colour (purple) that the brand sports, differentiates itself from the blue and red colour palette in the market place. Meanwhile, Dhanlaxmi Bank has recently launched its signature branch at Prabhadevi in Mumbai. The branch has a new bright contemporary design. The customer journey in the branch gives an experience of openness to the consumers. Every message in the branch talk to the consumer, listen to their story and give them a solution. In fact, now we have decided to use the same design, look and feel in all the new branches that will be added to the existing network.
B&E: Over the past year or so the bank has become really aggressive in increasing its customer base. What are your plans to support the cause?
SM: In the past 18 months the effort has been to build the brand imagery. Various on-ground initiatives have been taken for the same. To take the bank from one region, where it is a household name to the other parts of the country, where it is almost unknown – the challenges are multiple and varied. On one hand the task is to re-assure the customers that while the brand has changed, the core remains unchanged; on the other hand the objective is to create awareness about the brand and get consumers to the bank. So, various micro-marketing initiatives have been rolled out for the 275 branches across 16 states. Every branch has been given a calendar of events to be implemented. The effort is to link the marketing initiative to generate leads and get a better return on every rupee spent. In its 83-year history, the bank has started implementing marketing initiatives only during the past 18 months. The marketing strategy for every region varies as per the business objective. On a larger scale there will be a national advertising campaign.
B&E: You are currently expanding in a jiffy. How are you ensuring your brand visibility in those parts of the country where the bank has just arrived?
SM: We are investing aggressively for the on-ground activation programs in catchment area of our 275 branches and educate consumers on the new brand, products and services that the bank has to offer. The 100 plus new branches that we will launch in the next financial year will be as per the new look and feel. All the branches that we re-furbish will also be as per the new branch design.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles
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