The Mutual Fund (MF) industry has seen a growth of 35% in the last two years, owing to category deepening efforts undertaken by Association of Mutual Funds of India (AMFI).
Yet, it stays way behind traditional ways of investment – life insurance, fixed deposits, and gold to name a few.
The category being nascent, most of the players talk only to the seasoned investors. They elude talking to the millennials, which in fact, are going to be the future investors.
This communication gap is further widened by:
1. The jargon-heavy nature of the category – More than 58% of the purchases of mutual funds are done with the help of IFAs (Independent Financial Advisors; Source: Nielsen U&A report 2017).
2. Indians' unwillingness towards planning – 77% Indians don't save for retirement and depend on children for support (Source: Business Standard)
3. Different priorities of different audience – the Generation X (35-44 years) have goal based priorities for their family and own selves. Whereas, the millennials (25-34 years) have the motive of fulfilling dreams and improving standard of living.
Considering the above, our objectives were:
1. To simplify the way the category talked to the consumers and hence increase acceptability, clarity and consideration score primarily among the millennial audience by 20%,
2. Increase brand conversions among the generation X Audience by 30%
3. Make people realize the importance of financial planning
Insight: How many times have we heard someone say "…see how lucky the neighbour is. They always go to somewhere new on their yearly vacation"; or even said something like "Damn, how lucky of him to live a great life, so unexpected" and "Superstars are either born with a silver spoon or they have sheer luck playing by their side".
This proves our reliance on luck when it comes to making efforts to realise our own dreams. Based on this insight, we asked our audience to "Plan your luck" with Aditya Birla Sun Life Mutual Fund's Systematic Investment Plan.
Right creatives on right platforms: Through a series of myth busting & real life inspired films, luck calculator innovation, and precise media targeting and retargeting, the campaign tickled the audience's brain and made them start realizing the importance of planning.
The campaign utilized the strengths of all the digital platforms – Facebook, YouTube, Twitter and Digital media to engage with the audience and reinforce the message in different ways.
Facebook & Twitter
The films were converted into 1:1 ratio with animated supers for everyone to understand even when on mute
Engagement led content was populated on social media with highly consumable content such as – memes, parallax posters, and contests
Leveraging on topical and trending days to garner maximum reach and relevance
The films were targeted basis the interests of the audience
A set of shorter edits were kept in place to reinforce the message
The films introduced the brad right into the first few seconds of the video and ended with a strong call to action with visual aid
A simple microsite plugin helped people calculate their luck percentage and broke the myth around luck
With the help of digital footprints, people were retargeted with shorter edits of the films and benefit led communication banners, directed to the blog section for a wholesome knowledge
All in all, the campaign delivered its message relevant to each set of audience in a very friendly, consumable and engaging way.
To increase brand awareness & consideration, primarily among the millennial audience
Result 1.1: Awareness
a. View through rate: achieved industry's best VTR of 54%.
Reinforced the brand imagery and communication. (Source: YouTube)
b. Recall value: achieved 16% brand recall (11% higher than major digital competitors) This proved the retention of brand and communication (Source: Nepa Research)
c. Website traffic: an increase of 97% in overall traffic to SIPNOW landing page & 111% increase in Organic Traffic (Source: Google Analytics)
Result 1.2: Consideration
d. Growth in enquiries: 20% growth in inquiries, which stood at 15.224. (Source: Client MIS report)
e. Perception change: 47% actively believed that the ads talks about "Offering me investment options that will help me achieve my goals" (showing a 17% growth) (Source: Nepa Research)
Increase brand conversions among the In-Market/generation X Audience:
Result 2.1: Total growth in sales
a. 73% growth in SIP transactions as compared to the same period last financial year. (Source: Client MIS report)
Result 2.2: Revenue growth from both the segments
b. 59% increase in revenue from the age group 25-34 as an outcome of millennial targeted films in June (Source: Client MIS report)
c. 82% increase in revenue from the age group 35-44 as a result of Gen-X films that went live in July (Source: Client MIS report)