Ideal for BFSI companies

BY IMPACT Staff

Q] How important is Radio as a communication tool for you?

Brands across categories struggle to differentiate themselves in the cluttered market. So Radio becomes an important medium for advertisers as it allows brands to have a two way communication and engage with consumers. In the Financial Services industry, Radio has become an important medium to connect with consumers. Financial Brand Managers look at not just FCT buys, but also content integration and consumer engagement opportunities in this space.

Q] How does Radio score over other media formats?

Apart from cost efficiency and reach, Radio scores above most media formats when it comes to creating localized impact through interaction with the audience. The medium offers greater play for campaigns to be integrated with other media like Activation and Digital, thus increasing its popularity. It allows us to carry out some tactical campaigns in specific locations with greater efficiency as compared to other media.

Q] What is the share of Radio currently in your media mix?

Radio enjoys a share of 8 to 15% in large 360-degree campaigns. However, in the case of our Mutual Fund, it does go up to 30 to 40%. We have been using Radio a lot for our Investor Education Series across cities.

Q] Tell us about an innovative campaign by your brand on Radio.

‘Proud To Pledge’ was a memorable campaign for Birla Sun Life Insurance - Protection Solutions. The campaign urged people to share their experiences of surviving life-threatening incidents. RJs also got celebrities to share their stories. These experiences were aired across eight cities and uploaded on the BSLI Proud To Pledge microsite, where we urged everyone to take the pledge of protecting their families. An anthem was created by composer Abhishek Ray and Singer Kavita Krishnamurthy which reemphasised the campaign message, ‘Don’t’ leave your dreams to fate’.

Q] How can Radio be utilized better as a marketing tool?

Phase III of licensing should throw open challenges to the radio networks to make good programmes and invest in talent/content, thus increasing the attractiveness of Radio as a medium. Radio solutions when integrated with other media like Digital, Mobile and Activation, help advertisers to amplify as well as measure their campaigns.

Q] How effective is Radio for targeting small towns?

Radio is more specific in targeting due to low spillover as compared to TV and it’s more cost effective than Print. However in smaller towns the reach becomes an issue along with lack of choice among stations. At the same time, educating using Radio is a good option as issues like illiteracy and electricity cuts can be surpassed.

Q] How do you rate innovation and customization on Radio versus other media?

Customization is a great plus point for Radio. Content integration by most radio stations is better than other media but quality can be improved. Radio is much more approachable for innovations than Print and TV and more importantly the cost of these integrations/innovations is much less expensive.

Q] Does Radio help connect with not just the masses but also the classes?

In top metros, there are multiple stations with some targeting mass and some the elite class. Thus, on the basis of the product and target audience, we use a judicial mix of radio stations to connect with the right audience.

Q] How do you see Radio’s future as a media for marketing campaigns?

Radio’s future in India looks very interesting with the impending Phase III and increasing competition  among stations to offer differentiated content. Radio consumption will also be boosted by the increased travel time, especially in major cities, the medium will be preferred for engagement, driving responses, reminders and local reach. Increased mobile phone penetration will drive consumption of Radio.

Tags : Spotlight