WhatsApp is the new tool of digital marketing

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PAG, one of the world’s largest Asia-focused investment organizations, owns 61.5 percent of Edelweiss Wealth Management (EWM), while Edelweiss Group owns 38.5 percent. 

EWM has routinely outperformed the market, with clients including CEOs and high-net-worth people. The company’s customer assets under advisory now total Rs 1.45 trillion, up 43 percent from Rs 185 billion in 2015. 

For the 9MFY21 fiscal year, the company recorded revenues of Rs 880 crore and profit after tax of Rs 180 crore. 

Puneet Gupta, Digital Business & Marketing Head – Personal Wealth, EWM’s wealth management branch, spoke with exchange4media about everything from rising BFSI marketing trends to his own marketing strategy. 

You’ve started a new digital campaign called ‘Don’t waste. Invest.’ Consumer goods firms must be irritated. Do you believe your advertising will be able to divert people’s attention away from special deals and discounts? 

We didn’t create this campaign with FMCG firms in mind. In comparison to financial institutions, they are colossal. Our target audience was ordinary individuals who are typically afraid of investing for two reasons: they believe it is risky, and they frequently use the excuse that they don’t have enough money. When we examined this insight, we discovered that most consumers purchase more than they require. For example, thanks to market offers, a man will buy five shirts instead of two. Many people tend to spend more when there are deals and discounts, and as a result, they do not have money to invest. Our campaign emphasized this in order to encourage Indians to invest. 

Your campaigns have been launched on digital channels, including over-the-top (OTT). This transition from traditional to digital platforms in wealth management is significant. Is this targeted at increasing reach among the youthful demographic, or is it focused on maximizing the impact and return on investment that digital provides, or both? 

It’s a little bit of both. We must consider how the consumer market is changing. Pink papers were used in the past. People began to rely on digital media after that. People now spend two to three hours every day on social media. Digital marketing allows you to communicate with a variety of consumer groups. 

What is the composition of your media mix

Digital is a big part of our strength because it allows us to talk to specific people and tailor information to reach out to cohorts. There is less seepage. 

Which digital platform has the most clout? 

We’re switching from email to WhatsApp because customers prefer it. Instagram is becoming the go-to platform for new product debuts. Instagram is also used to advertise general insurance products for young people, while LinkedIn and Twitter are used to promote organized product education programs. As a result, the media we utilize is determined by the type of product and consumer behavior on that platform.  

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