Mumbai: Wealth management is a comprehensive approach to managing and growing one's financial resources effectively. It involves a combination of investment strategies, financial planning, and personalised advice to help individuals and families achieve their financial goals and secure their future. With a focus on personalised guidance, wealth management aims to provide peace of mind, financial security, and the ability to make informed decisions about wealth preservation, growth, and legacy planning.
Indiantelevision.com caught up with Nuvama Group chief marketing officer Sujay Rachh to know about the brand’s "Let's Do It Right" campaign and much more.
Sujay Rachh has over 15 years of experience in marcom and brand strategy for multiple industries and geographical locations. He has extensive expertise in strategic marketing and brand management. With a strong track record of driving business growth, he leads impactful marketing campaigns and initiatives to enhance the company's market presence and customer engagement.
Nuvama Group (formerly Edelweiss Wealth Management) is backed by the trust and reputation earned through over 25 years in the Indian market and strengthened by a global partnership with PAG, a firm that has been advancing the world of private equity, real assets, and credit & markets, in the APAC region for over two decades now. Built on a client-first foundation, Nuvama is here to present a fresh perspective on wealth management.
On the inspiration behind launching the "Let's Do It Right" campaign, specifically focusing on wealth management
We are dedicated to understanding our customers better through primary qualitative research groups and interviews. Additionally, our relationship managers (RMs), who interact with clients daily, serve as a valuable source of data. By combining insights from these sources, we identify areas of improvement and future strategies. Our current campaign, "Let's Do It Right," has emerged from this comprehensive process.
During our recent study, we discovered several trends in the market. One significant outcome was the perception that financial partners primarily offer advice on a transactional basis and do not prioritise the best interests of their clients. This finding highlighted a trust deficit within the wealth management industry. Pursuant to this, our campaign was designed to establish a compelling narrative about our client centric conduct and underline the paramount importance of prioritising our customers' well-being. It was also designed to distinguish itself from the conventional communication in the BFSI industry.
On the key marketing goals that Nuvama Group aims to achieve through this campaign in the coming years
We have outlined our goals and objectives, categorising them into three broad areas that shape our vision. These three pillars are: becoming the wealth manager of choice, becoming the employer of choice, and being a responsible corporate citizen. All our initiatives and efforts align with these overarching goals, as they form the foundation of our strategic direction.
As we strive to become the employer of choice, we recognise the significance of cultivating a culture that promotes excellence, collaboration, and integrity. An important initiative in this regard is the establishment of a "Doing-It-Right" culture within the organisation. This entails fostering an environment where ethical conduct, transparency, and the client's best interests are paramount. By nurturing such a culture, we aim to attract and retain top talent who share our values and are committed to provide exceptional services to our clients.
Furthermore, we aspire to be a good social corporate citizen, contributing positively to the communities we operate in. In pursuit of this goal, we are taking small but meaningful steps towards financial inclusion.
Through our holistic approach, we strive to create long-term value for our clients, employees, and the communities we serve.
On the campaign’s marketing strategy being only digital or a 360-degree campaign
To facilitate this internal engagement, we designed an immersive and interactive two-month program for our employees. This initiative provided them with an opportunity to fully comprehend the reasons behind the change in identity, interact with key stakeholders, ask questions, and seek clarifications. By involving our employees in this process, we aimed to foster a sense of ownership, understanding, and commitment to the new brand, ensuring that each and everyone is empowered to deliver the organisation's value proposition effectively.
Simultaneously, on the external communication front, we have launched a national multi-media campaign that highlights our purpose and communicates the transition from Edelweiss Wealth Management to Nuvama. Leveraging all available channels and platforms, we have strategically deployed a range of assets. These assets include three impactful videos, multiple press advertisements, a strong social media outreach, and compelling digital video and static content. Each element of the campaign delivers a persuasive point of view about Nuvama while generating awareness about our transition. By employing a highly focused national media plan, we ensure that these assets reach our target audience with precision and impact.
Through this integrated approach, we aim to create a strong and consistent narrative about Nuvama, both internally and externally. By engaging our employees as advocates and utilising various communication channels effectively, we are establishing a powerful brand presence and fostering awareness and understanding among our customers and stakeholders. This campaign is designed to drive a successful transition and propel Nuvama towards achieving its strategic goals.
On the trends in terms of wealth management in India and globally
The wealth management landscape in India is undergoing significant shifts and presenting both opportunities and challenges for wealth managers.
. Understanding and effectively managing the transfer of wealth from one generation to the next is one such challenge. Movement of wealth from first gen to second gen and second gen to third gen, the transference is clear, and the attitudes of this generation are different. A paradox which will lead to its logical conclusion with wealth managers at the fore.
. Another noteworthy trend is the rise of tier II, III, IV markets as a source of economic prosperity and thus rising affluence, this entails a whole ecosystem of wealth managers being created specifically for such clientele. Thus, larger firms are trying to capture the opportunity either by providing platforms to such Indigenous wealth managers or by having their own wealth managers partner with independent financial advisors who are currently serving these customers.
. The entrepreneurial ecosystem in India is also generating significant wealth, as the country moves towards becoming a five trillion dollar economy. Wealth management thus has a long runway with significant tailwinds to grow in India like it did in the 80’s in the developed markets like the US and Europe.
. Growing affluent investors leading to sophistication of products and innovation a theme largely being played out now across the country and need for specialised advisory. Democratisation of financial assets has led to a lot of money flowing in products apart from traditional assets like gold, real estate, savings and now MFs since the last decade. We are now seeing an emergence of investors looking at specialised structured products and a mix of debt and equity with REITs and InVITs finding flavor along with private equity.
On choosing specific vertebrates in the three themed videos that Nuvama Group recently released and the specific strategies or tactics used to make the campaign engaging and memorable for the audience
Crafting the message of "Let's Do It Right" was crucial, but equally important was finding a distinctive execution to effectively deliver our message to consumers. In the BFSI category, the share of voice is dominated by the usual suspects such as banks, mutual funds, insurance companies, and regulatory bodies. They often communicate within the realm of highly emotional contexts and have substantial budgets to drive their messages through extensive media plans. To stand out amidst this crowded landscape, we recognised the need to punch above our weight and employ a truly unique execution method that would leave a lasting impression on viewers.
We understood the significance of not only crafting a compelling message but also delivering it in a distinctive manner.
The campaign is captured in three videos, print executions, digital innovations, etc. that are themed - "No Yes Men," "We don’t change color," and "We act at the right pace".
The ad, themed "No Yes Men," shows a parrot nodding his head to everything he is being asked, but then he turns to the camera and says, "It’s okay for me to nod for everything." because I am a parrot. But your wealth manager shouldn’t do the same. "Are you aware of that?" Now, say yes. The ad ends with "Choose Nuvama." We are not yes-men. We only do what’s right for you and your money. Nuvama: Let’s Do It Right.
"We don't change color," says a chameleon sitting on a branch in a video. The chameleon's eyes are moving frantically as it notices something. As he changes colour, the chameleon says, "Red." Blue. The chameleon spots a fly, quickly grabs it by the tongue, and eats it. He finishes saying his sentence as he eats the fly. "...Purple." The chameleon continues, "I am a chameleon." "It's my job to change colour." But what about your wealth manager? They shouldn’t be copying me. The chameleon looks into the camera and says, "You know that, right?" The ad ends with "Choose Nuvama." We never change colour. We only do what’s right for you and your money.
The third video, themed "We act at the right pace," opens with a tortoise slowly walking into the camera frame. "Let’s move it." Move it. "Let's move it." Tortoise faces the camera and says, "What?" You think I am slow? I am! "What did you expect from a tortoise?" But your wealth manager shouldn’t be like me. "You know that, right?" "Let's move it." "Let's move it." The tortoise continues his walk. The ad ends with "Choose Nuvama." We move at the right pace. We only do what’s right for you and your money. Nuvama: Let’s Do It Right.
On response been from the audience so far and their notable reactions or feedback
The initial phase of our campaign has received an overwhelmingly positive response from industry leaders and experts. Our communication strategy focused on two key objectives:
. Creating brand ambassadors within our organisation: We recognised that any transition or change within the company could lead to uncertainties among our employees about the future. To address this, we developed a comprehensive communication program to ensure our employees were comfortable with the transition. Our efforts successfully generated excitement, confidence, and pride amongst our entire workforce.
. Building mass-level awareness for the Nuvama brand: Our campaign reassured existing customers that the change had not impacted our unwavering commitment to prioritising their needs. For potential customers, we presented Nuvama as a wealth management partner that prioritises doing right by the client, standing out from typical, uninspiring brands. We infused a dose of intelligence, wit, and transparency in our actions. We are unafraid to uphold our principles and values, even if it means saying no when it is in the best interests of our clients.
The campaign's impact has been remarkable. We have garnered over two million views on our social media channels (and still counting), including YouTube and LinkedIn, with an average view-through rate (VTR) of 45 per cent, significantly surpassing industry benchmarks of 20 per cent. Our efforts to amplify the campaign through PR activities resulted in reaching over 60 crore readers. When combined with our multimedia campaign, our overall reach extended to approximately 100 crore readers and viewers.
It would be safe to say that the campaign has successfully generated internal enthusiasm, reassured existing clients, and attracted potential customers with our unique approach and values.
On fostering innovation and creativity within the marketing team at Nuvama Group
Nurturing innovation and fostering creativity in a marketing team is crucial for staying competitive and driving success. There are a couple of things we do.
. We experiment a lot. We don’t dismiss any idea on the table which has led to discovery of breakthrough initiatives, such as our teaser LinkedIn campaign, which generated significant attention even before the official launch of our larger campaign.
. In addition to experimentation, we collaborate cross functionally. This helps us get perspectives that would be inaccessible otherwise and helps enrich our strategies and fuel creativity.
. Finally, we plan well in advance to avoid time pressure. For a great strategy, we realise that it is essential to set away some time for exploration and ideation. This has led to creation of the most engaging internal communication program that stands out from the conventional and mundane mailer-based approaches commonly found in other organisations.
On Nuvama Group measuring the success and impact of its marketing efforts
To gauge the effectiveness of our marketing efforts, we utilise a range of industry-standard measures that provide valuable insights. Specifically, for the current campaign, we will focus on assessing brand awareness and perception through a comprehensive brand track analysis. The analysis helps understand the perception of our brand amongst the target audience and measures the extent to which it has penetrated their consciousness.
We also deploy web and social media analytics to measure reach, engagement, and sentiment of our campaigns. Metrics such as followers, likes, comments, shares, and mentions, give us valuable insights into the growth and impact of our online presence.