While most brands would use experiential as an accessory to its larger marketing arsenal, IDBI Federal Life Insurance, a private life insurer, has on the contrary made experiential the epicenter of its marketing strategy and has built its brand premise by engaging its TG in sport related on ground properties.
The finance brand claims to have two Bowling Foundations, one with Mumbai Cricket Association (MCA) and the other with Karnataka State Cricket Association (KSCA) and has also associated itself with ‘Young Heroes’, a 15 city inter-school football talent hunt. Additionally, IDBI Federal sponsors two marathons, one in Kochi and the other in Kolkata.
Also to boost the overall cricket landscape in Bengal, the brand supports the endeavors of The Cricket Association of Bengal (CAB) and most recently has launched a cricket property called the IDBI Federal Life Insurance 12th D Y Patil T20 Cricket tournament.
In conversation with Vighnesh Shahane, CEO & Whole Time Director, IDBI Federal, we explore the brand’s objectives behind its alternate marketing strategy and how it is working for them.
Shahane says, “We tried doing the conventional ATL marketing like others in the market but that did not lead to any significant results for us. And hence, BTL and experiential marketing seemed like the next best alternative to us. We experimented by launching a few initial campaigns that scored a better response for our brand and hence decided to follow the strategy all through. We always wanted to take a contrary route to connect with our audiences and considering the concept of insurance is interrelated with health, fitness and sports, experiential engagements were the way to go.”
Shahane reveals that the brand’s marketing strategy is actually inspired from another prominent brand in the country. He added, “MRF has been a pioneer in its field. It was and continues to be known for its on-ground engagements and drawing inspiration from it we too decided to move towards this direction.”
In yet another endeavor, IDBI Federal Life Insurance recently concluded the IDBI Federal Life Insurance Spice Coast Marathon. Certified by USA Track & Field (USTAF), the marathon gave runners a chance to participate and qualify for the prestigious Boston and London Marathons. Over 2,300 spirited runners participated for this destination Marathon and the race also saw more than 19 blade runners led by Kargil war hero, Major D P Singh and his group, The Challenging Ones (TCO).
Commenting further on the brand’s tie-ups, Shahane says, “As an organization we wish to bring about a positive change that helps us shape a better future. Sports have always empowered people to develop into disciplined, responsible and mature winners who make a real difference around them. What can be a better opportunity for us than to partner with a wide variety of sports and fitness events – events that range from discovery and nurturing of talent to running as a community that add to the well-being of the society at large. Being a sportsman myself, I understand the pivotal that sports and fitness initiatives can play in an individual’s life. Many of our employees also participate for various long distance running events. It gives us immense pleasure to contribute to India’s sports and fitness culture.”
So how much does the brand invest annually towards these experiential associations? Shahane responds, “Our marketing budget is not restricted by any numbers. If we see an on-ground initiative worth supporting we join hands with it and that becomes the crux of all our marketing endeavors. Overall 60%-70% of our marketing budget is what we spend on BTL initiatives and the rest goes to ATL and Digital.”
He commented on the execution of the partnerships and stated, “Many of these properties are managed by sport associations and for many of them we take help of different event agencies as well. However, before giving an agency the mandate to execute our campaigns we look for past works of the agency and their experience in managing sports properties.”
