HDFC cards hit the dreamy note this quarter
Smart budgeting on media spends from HDFC Bank as they focus on an 'idea' and not discounts and freebies

Shop, match, win; Narial fodo inam pao; Scratch and win; Petrol bharo Malaysia jao. Rings a bell? Well, this in a nutshell is the credit card industry agenda for this season.

With the festival of lights around the corner, most financial institutions have got themselves some new gear to lure those big splurgers on the prowl. Ensuring customers unleash their credit instruments; also this being a topical time to increase subscription of credit cards (CC) with this being one of the high purchase seasons of the year, most banks have tuned in to aggressive media campaigns enticing customers to spend and more importantly to use 'their' credit instrument.

With the credit card market commanding a figure of 10 million across the country, interestingly the number of card holders is restricted to 3.5 million. Therefore, it is essentially this 3.5 million users who possess multiple ownership of credit cards. With such high scale competition and restricted ownership, freebies, contests and discounts seem to be the flavour of the last quarter.

HDFC, in an endeavour to spike their usage and subscription at this timely juncture made its credit card media debut for the season on the 15th of this month. The campaign is scheduled to go on until December end. Commensurate with its philosophy, HDFC being the enabler in the consumer's life helping them achieve their dreams, the theme that this particular campaign revolves around is 'Don't Wait.'

The tenets for this promotion were the following:

• Must be simple
• Must be exciting
• Must be achievable
• Must be aspirational
• Must have an element of fun
• Must create immediacy
• Must be involving
• Must reflect my desires / me

The promotional objective was clear - Driving preference for the HDFC credit card, increase in usage thereby increasing the ticket size (value of a transaction) and the overall portfolio spend of a customer. Thus also ensuring capitalisation on the buzz created to drive new acquisitions.

Interestingly, 2003 offered some interesting learnings for HDFC Bank. Although it began with a good promo idea of Shop & Win, with the big ticket prize being the Ford Ikon with a media spend of Rs 5 million, ICICI shop lifted and went to town and owned it with a larger prize (Mercedes Benz) and a media spend of 25 million. Also, ICICI Bank , the monster in the credit card market was most active on TV during the festive season last year with the entire ICICI Bank festive campaign focused on credit card promotion.

Understanding their limitations was key in the case of HDFC Bank to ensure an effective and sound campaign this year round. Considering HDFC's media spend was incomparable to the media weight or big ticket prize of ICICI's, the crux was to focus on a promo idea, where the idea was bigger than the prize. So, even in the event of ICICI or Citi Bank having bigger prizes, the idea for HDFC bank would stand out as bigger and closer to the consumers heart.

"Understand the Consumer and deliver an idea close to his heart was essentially our task at hand," states Euro RSCG's AVP Vikas Kumar.

Moving on to the target segment, about 90 per cent of the HDFC Bank base constituted silver card members. Analysing the consumer, it was found that he is essentially driven by his need for achieving his dreams. The few pointers being:

• Constant drive for self betterment
• Has multiple needs
• Always looking for just that little bit extra
• Has low loyalty at this stage
• Aspires to be all that he is not

Thus encashing on the pretext that people have dreams but lack the resources to make them happen, the idea of “A Dream Come True” offer took shape.

The Carrot - We will make people’s dreams come true

The mechanics being, transactions over a certain limit every month, makes the member eligible for the sweepstakes. The winner chooses from a list of dreams that people aspire having. Starting with a simultaneous teaser and main campaign, this promotion uniquely unveils itself in the same medium in the given space. For instance, aspirational pictures of people are sprawled across every suppliment of a newspaper with the last suppliment unveiling the brand. The same followed on radio.

Looking at a proposition whereby the acquisition of prizes was possible at the least possible cost, the dreams were categorised into three standardised sections.

1) Lifestyle Enhancing: House, Car, Home PC, Higher education

2) Travel: Holiday Abroad, Adventure Sports

3) Fun/Aspiration Related: Shopping worth Rs 100,000, Home Theatre System, Dream Date

The creative communication being print heavy, a number of aspirational creatives were designed all sending out one clear message - 'Live your dream'.

Focussed on all the six metro's, all top publications as well as suppliments are being used in innovative styles to convey this message. Suppliments, interestingly which is generally not usually see financial ads this time was used by HDFC Cards to lure the young TG. Outdoors includes tie-ups with multiplexes and are now in the process of considering Kiosks and Bus shelters. Also aspirations have been tied into the edit ensuring the message 'Live your dream' makes a direct connect with HDFC credit cards. Radio offers some innovative voice overs with the likes of Amitabh Bachchan and the personification of God saying now you can live your dream - Use the HDFC credit card.

Starcom's general manager investments and new initiatives Manish Porwal says, "What this three month (campaign) hopes to achieve is 'Making an emotional connect with the consumer. Ensuring innovative prizes that are relevant for the consumer.' Also, apart from the big ticket prizes, ensuring every consumer experiences a feel-good by having larger number of assured prizes."

This also ties in with the brand thought of ‘Don’t Wait’, thus helping brand saliency, while meeting the promo objective," points out Kumar.

Touted as a young but fastest growing credit card player in the market, HDFC Bank's Credit card division head Praloy Mandal says, "More than looking at profitability, this campaign is part our loyalty programme for our customers renewing our long term bond. The ROI during this period is always low considering the budget for media spends this season."

Apart from ensuring loyalty for the brand and spiking membership, this campaign primarily has also helped in an image building exercise. Most CC player have positioned themselves like other consumer durables offering discounts and freebies. HDFC Bank's campaign seems to have some sophistication with the way its been treated with the theme being "Dream come true."

In conclusion, one just has to wait and watch to see if this dreamy offer actually translates into attrition, retention and usage in the long run for this financial major.