WhatsApp: The digital marketing tool of choice for now. Puneet and Edelweiss Wealth Management

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WhatsApp is the new tool of digital marketing: Puneet Gupta, Edelweiss Wealth Management

Wealth management platform Edelweiss Wealth Management (EWM) is owned 61.5% by PAG, one of the world’s largest Asia-focused investment groups, and 38.5% by Edelweiss Group.

EWM’s clientele includes CEOs, high-net-worth individuals and other executives. EWM is outperforming the market. The company’s customer assets under advice amount to Rs 1.45 trillion and is growing with a 43% CAGR from just Rs 185 billion around 6 years ago in 2015.

The company reported revenues of Rs 880 crore and profit after taxes of Rs 180 crore for 9MFY21

Puneet Gupta, Digital Business & Marketing Head – Personal Wealth, the wealth management arm of EWM, spoke to exchange4media at length on topics ranging from emerging marketing trends in the BFSI sector to his own marketing strategy.

You have launched a new digital campaign – ‘Don’t waste. Invest’. Consumer market companies must be outraged. Do you worry that your advertising campaign could distract customers from special discounts or offers?

When we launched the campaign, FMCG business was not our target. These firms are far more important than financial institutions. Our target was the common people who are often scared of investments, primarily for two reasons – they think it’s risky and often cite excuses that they don’t have enough money. This was evident when we examined the data. The majority of people purchase more clothing than they need. If a market offers is available, a man can buy 5 shirts and not 2. With offers and discounts, many people tend to spend more and hence they don’t have money to invest. This message was repeated in our campaign to encourage Indians investing.

Your campaigns can now be launched via digital platforms, even OTT. This is a remarkable shift away from traditional wealth management and towards digital platforms. Is your goal to reach more youth? Is this to increase the impact of your ROI and/or both?

Both. Both. The preferred media in the early days was pink paper. The advent of digital media has made it easier for people to use them. Social media can be used for as little as two to three hours. Digital marketing allows you reach different consumer segments.

The television ads are not specific. You can reach specific people with digital ads.

In the most recent IPL media rights auction, digital rights and TV rights sold almost at equal prices. Do you believe that digital growth will continue at the expense of TV?

Digital platforms will grow faster than traditional media due to the increasing penetration of internet and lower data costs. In Tier 2 and Tier 3, the average viewer can view television for between two to three hours each evening. Mobile internet access can be accessed while they are working, shopping, or at home during the day. Mobile internet access is available even after hours.

IPL’s appeal is unique. Many people watch IPL games at home, then go to the restaurant to view it on big screens. You can watch the match in stores or at work. Digital media is the best medium for marketing targeting.

These are some of the most recent marketing trends that have emerged for BFSI. Marketing and selling is more challenging than marketing to consumers.

Most financial services are about education. It is easy to persuade someone to buy a shirt, or to invest in a financial product. But it can be difficult to convince them that they should do the same for a financial service. Earlier, we used to organize a lot of events but didn’t know whether people would attend or not. COVID allows us to host webinars that anyone can attend. An invitation can be made for a group up to 10,000 with specific requirements in wealth management.

Another great digital marketing tool is WhatsApp. WhatsApp bots are great for helping customers to be informed, provided services and assisted. Calling customers and angering them won’t work now. WhatsApp, webinars and other messaging applications are very popular.

An alternative tool to email is automated mobile pages (AMP), which are also now available. The AMP functions exactly the same as an email. The AMP can save long email messages as well as your individual interests. It’s possible to interact with customers without being intrusive thanks to numerous innovations.

We offer omnichannel communication, which includes WhatsApp notifications and WhatsApp mobile apps services. Instead of spamming or annoying people, we make use of data to connect with them via the platforms they prefer. Every day, digital marketing is becoming more advanced.

Which strategies do you have for using these tools to aid HNI consumers

We believe in the power of digital platforms and hybrid services, as well as personal assistance. This is becoming more evident. HNIs recommend that WhatsApp be used only during weekends. Ultra HNIs and wealthy people are very specific about platform and time.

How do you build your brand in women’s circles?

We launched a ‘Blue Bindi’ program for women three years ago. This program is designed to empower women in the management of their wealth. COVID-19 slowed the media attention to this program. We will still be focusing more attention on the program.

EWM strongly believes in putting customer needs first when branding. When portfolios perform well, customers need to communicate with them.

The digital world is expanding. Digital content is a major investment to assist individuals in managing their wealth.

We also use influential people to market our products.

What is the best way to mix media?

We are proud to be digital because we can reach targeted individuals and create content that appeals to those groups. There’s very little leakage.

Which platform is digitally most popular?

We are moving from email to WhatsApp because WhatsApp is the preferred messaging app by customers. New product launches are best done on Instagram. Instagram encourages youth-friendly insurance products, while LinkedIn and Twitter spotlight education courses about structured products. The product type of the media we choose is influenced by how people behave on each platform. 

Keep reading to learn more about (India advertising on the Internet, Internet advertising,
India advertising, digital advertising India, India media advertising)

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