Muthoot Finance, a part of The Muthoot Group, has recently launched two new ad films under the Bharosa India Ka campaign. These films feature Bollywood actress Madhuri Dixit as the brand ambassador. This extension of the campaign, initially launched in August 2023, emphasizes the brand’s core values of trust and reliability.
The Power of Storytelling in Advertising
Abhinav Iyer, Senior General Manager – Marketing and Strategy at The Muthoot Group, discusses the importance of storytelling in advertising. He believes that sharing real-life stories is the most effective way to connect with audiences. According to Iyer, “storytelling is the best form of advertising because when one shares stories, especially real-life ones, it inspires and emulates people. Thus, storytelling is practical, and the company has leveraged this form of advertising successfully.”
Muthoot Finance- Campaign Overview
The Bharosa India Ka campaign includes two films: a brand film and a product film. The campaign’s tagline, “When in doubt, leave it out,” highlights the trust consumers have placed in Muthoot Finance. Iyer explains that “Gold, especially in the form of jewellery, is not just a piece of metal. It can be a symbol of your family legacy and ancestral identity, resonating deeply with Indian culture.”
Media Mix and Ad Investments
The campaign is a 360-degree effort, leveraging various media platforms such as TV, print, digital, and Below The Line (BTL) mediums. Iyer reveals that Muthoot Finance has allocated nearly 25-30% of its annual media budget for this campaign in the current quarter alone. This significant investment underscores the company’s commitment to reaching a wide audience.
Role of Celebrities in Muthoot Finance Brand Campaigns
Muthoot Finance continues to have Amitabh Bachchan as its brand ambassador. However, the inclusion of Madhuri Dixit as a female protagonist complements the brand’s image. Iyer stresses the importance of choosing celebrities with a clean and controversy-free reputation, as they enhance the brand’s credibility and trustworthiness.
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Regional and Vernacular Reach of “Bharosa India Ka” campaign
Given its pan-India presence, Muthoot Finance has dubbed the films in 11 languages, including Hindi, Marathi, Punjabi, Gujarati, Odia, Assamese, Bengali, Tamil, Telugu, Malayalam, and Kannada. This approach ensures that the campaign reaches a diverse audience across various regions.
BTL Activities and Regional Marketing
BTL marketing activities play a crucial role in Muthoot Finance’s strategy. The company’s regional marketing heads conduct various retail activities, such as automobile and rural activations, to engage local communities. Additionally, the campaign is promoted on daily television soaps and news channels to maximize its reach.
Positive News of the Day
Muthoot Finance has partnered with several regional news channels of News18 to curate Positive News of the Day. Iyer believes that gold loans are no longer associated only with distress. Instead, they are now seen as progressive loans that help customers unlock their assets to achieve their dreams, such as expanding businesses or paying for educational expenses. Iyer shares, “Times have changed and today, the majority of our customers are upgrading gold loans for positive things such as buying raw materials to improve business, trying additional shops to expand their business, pay salary, advance tax, rent, and more. Gold loans nowadays have become synonymous with a progressive loan which helps you unlock a locked asset and move ahead and progress in life to fulfil your dreams.”
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Success of the Sunehri Soch Campaign
One of the successful storytelling campaigns by Muthoot Finance was the Sunehri Soch campaign. Launched in 2021, the campaign featured real-life stories of customers who achieved their dreams with the help of a gold loan. The first season was voiced by Amitabh Bachchan, while the second season was narrated by Madhuri Dixit. The company is now planning the third season, focusing on identifying and sharing more inspiring customer stories.
Future Plans
Muthoot Finance is expanding its branch network and working on new campaigns for its non-gold loan products. The new communication will feature Amitabh Bachchan and highlight the company’s latest offerings. Additionally, Muthoot Finance is adapting to the new self-declaration regulation, which emphasizes transparency in advertisements. Iyer says, “Even if we momentarily forget that we are advertisers, we should always remember that we are consumers who expect transparency in advertisements. Therefore, I think the regulation is welcomed, and we all appreciate it.”
Conclusion
Muthoot Finance’s latest campaign, Bharosa India Ka, underscores the brand’s commitment to trust and reliability. By leveraging storytelling and engaging a diverse audience through various media platforms, the company continues to strengthen its connection with consumers. With plans for expansion and new product campaigns, Muthoot Finance is poised for continued growth and success in the financial sector.
