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MARKETING STRATEGIES

TO PROMOTE
KOTAK JUNIOR ACCOUNT
OF
KOTAK MAHINDRA BANK

BY
ADITYA MAHAJAN
(16BSP0144)
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TABLE OF CONTENT

1. INTRODUCTION TO KOTAK MAHINDRA BANK....3

2. KOTAK JUNIOR ACCOUNT INTRODUCTION, USP

AND FEATURES........4

3. MARKETING STRATEGIES IMPLEMENTED BY KOTAK


MAHINDRA BANK...6

4. HOW DIFFERENTLY CAN KOTAK JUNIOR ACCOUNT BE


MARKETED...9

5. CONCLUSION10

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INTRODUCTION TO KOTAK MAHINDRA BANK

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai,


Maharashtra, India. The vision is- To be the most trusted Global Indian Financial
Services brand and the most preferred financial services employer with focus on
creating value.
In February 2003, Reserve Bank of India (RBI) gave the licence to Kotak
Mahindra Finance Ltd., the group's flagship company, to carry on banking
business

It was founded in 2003 by Mr. Uday Kotak. It offers a wide range of banking
products and financial services for corporate and retail customers through a
variety of delivery channels and specialized subsidiaries in the areas of personal
finance, investment banking, life insurance, and wealth management.
Kotak Mahindra Bank has a network of 1,369 branches across 689 locations and
2,163 ATMs in the country as of 31 March, 2017. In 2016, it was the fourth largest
private bank in India by market capitalization.
In 2014, Kotak Bank acquired ING Vysya Bank in a deal valued at 15,000
crore (US$2.3 billion). With the merger, total employment will jump to almost
40,000, and the count of branches reached 1261.[8] Post the merger, ING Group,
which controlled ING Vysya Bank, will own a 7% share in Kotak Mahindra
Bank.
Kotak Mahindra Bank offers a range of products like Accounts & Deposits,
Loans, Cards, Investments & Insurance and many more. It has separate provision
for NRIs.

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KOTAK JUNIOR ACCCOUNT

INTRODUCTION, USP AND FEATURES:

Kotak Junior account is a unique saving account financial product of Kotak


Mahindra Bank. Very few banks have attempted to penetrate in the segment of
opening savings account for children. Kotak Junior Account is designed to
inculcate the habit of savings in children from an early age and help parents build
a corpus for their child's future. It comes with a first of its kind personalized Junior
ID card for children, bundled with a host of exclusive privileges across dining,
edutainment and shopping on kids' brands.

Kotak Mahindra Bank launched this product in June 2013 isbeen designed to
encourage the child (and their parents) to save smartly from an early age. It not
only offers you up to 6% interest p.a. on the account which is their USP, but also
a 10-year Recurring Deposit and linked Systematic Investment Plans intended to
provide long term savings for a child. We are providing parents a platform to
channels their habit of saving money for their children, "KVS Manian, President-
Consumer Banking, Kotak Mahindra Bank said.

Eligibility: Parents can open the account in their child's name, while they will be
the guardian managing the account. A minimum balance of Rs 5,000 is to be
maintained, but if parents make regular RD or SIP investments, the bank will
waive off the minimum balance requirement. After the child reaches the age of
4
10, he/she will be able to use a debit card. However, parents will be able to set
the limit on the card.

With opening of the junior saving account comes many perks such as discounts
on dining, edutainment and shopping. Parents can avail this offers on the Kotak
Mahindra bank official website. Theres also a standalone junior account without
the separate Guardian Account and investment options (RD or Mutual fund SIP).

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MARKETING STRATEGIES IMPLEMENTED BY
KOTAK MAHINDRA BANK

The Bank is promoting Kotak Junior account on Social Media to their target
audience (Parents) with regular updates about the benefits of the account for their
Kids. The Twitter handle of Kotak Bank advertises with the help of Twitter Cards
in order to lure their Twitter followers. The Twitter card link then takes to a lead
gen form which needs to be filled based on your personal information. The tweets
are also being promoted with usage of hashtags such as #KotakJunior. The
following tweet by bank was made during the initial days of launch

Help your kids build a brighter future with their very own #KotakJunior Account.
Sign up today! https://t.co/uybpabYilW

Kotak Mahindra Bank (@KotakBankLtd) July 27, 2013


Kotak on their Facebook page which boasts of more than 7.3 lakhs fans created a
dedicated application for the new offering where basically they are giving their
fans a chance to showcase their childs adventure and the best ones to be chosen
by Kotak would be featured on the page to be celebrated by others. The app is
being promoted on their Twitter handle as well urging their followers to
participate in this Facebook contest. The link shared on social networks for the
application to participate has been clicked more than 130 times on Facebook and
35 times on Twitter. The contest tells people to message Kotak Mahindra Bank
(Private Message feature) describing the adventure of your child supported by
any photo/video. The Bank will then feature your story on their Facebook page
for other fans to view.

In terms of Facebook content engagement, the Kotak Junior related posts fare
slightly better (they gain 20% more content likes as compared to an average
content likes per post for Kotak Bank Facebook page) when measured. However,
in terms of overall content engagement, the page scores fairly low with an IPM
value of less than 1 (IPM measures the Interactions per 1,000 Fans metric,
Interactions here includes Likes/Comments/Shares)

Although nothing new has been done as far as YouTube is concerned, with
the Kotak Junior TVC being uploaded on their YouTube Channel which has
already been viewed more than 62k times. Although the video has not generated
any conversations, Kotak Mahindras Google+ page is already boasting of the
same content as on their Facebook page with no significant engagement.

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The TVC Created by Ramki's Cartwheel Creative created the tagline Aaj ki
chillar kal ke note, the film is an endearing visual montage of different situations
in which a little girl collects coins, in an effort to gather just about enough to open
her first bank account. Though the protagonist is quite clearly the little girl, kids
are the target consumers and the product is aimed at mothers - the actual
customers of the account. Kotak believes that children-specific accounts do well
if they are associated with mothers, as opposed to fathers.

On TV, the TVC was visible as an associate sponsor during Indian Idol Junior
(Sony), a popular singing competition for children. Besides TV (where the film
was being aired across GECs, regional GECs, English movie/entertainment
channels and news channels), the campaign is being promoted across digital and
radio platforms. On ground efforts in the form of school activation programmes
were also made by the bank.

Kotak Mahindra Bank also organized Kotak Junior Superstar Contest. The hunt
for Kotak Junior Superstars took the shape of a video based contest where kids
needed to answer simple money related questions. The final 3 winners will
feature in Kotak Mahindra Banks internet commercials.

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The month-long contest that concluded on Feb 1, 2014 had created a
dedicated microsite for Kotak Junior Superstars. And had been spreading the
word through popular social networks. But, whats interesting is that the bank
leveraged popular mobile messaging app, WhatsApp as one of the platform for
entry submissions.

Kids aged between 3 to 10 years could give their answers to any of the given
questions related to money what is money, where does money come from,
what is a bank, what will you do with money that you save, when you grow up,
how will you earn money, etc.

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HOW DIFFERENTLY CAN KOTAK JUNIOR ACCOUNT
BE MARKETED

Social media presence for marketing this product was a strong point in Kotak
Mahindra Banks marketing strategy for Junior Account. They should be on
more social media platforms other than Facebook and Twitter. They dont have
official Instagram account so I would suggest to open an Instagram account as it
is also considered as major social media app and website. Also Snapchat is a
very good platform for promotion. On Facebook they should regularly post
about this product during Childrens day and festivals.
For offline promotion I would suggest tie-up between some recognized schools
and Kotak Mahindra Bank for setting up kiosk inside the school premises. At
the kiosk the parents can get help or will be probed upon the benefit of this
product.
Every year an exhibition called Kidz World Expo is held in Mumbai and Delhi
where parents with their kids can participate in child oriented events and also
browse or shop through various FMCG, Stationery, Media and Educational
Brands. Kotak Mahindra Bank can request them to set up a kiosk at that event.
The bank can pay for promotional ads on android apps which are child-oriented.

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CONCLUSION

Social media marketing strategies worked very well for Kotak Mahindra Bank
in terms of reach. Positioning of the product Kotak Junior Account was well
done by reaching out to the parents and throwing light on the importance of
saving money from the early age and investment plans for their children.
Having Junior account has the following benefits:
A way not only for savings but also for earning interests.
Help to make smart purchases through exclusive debit cards.
Knowledge of operating account at an early age.
Gain knowledge about better investment options from time to time.
This move will guide children into financial sector and will give a clear picture
financially.
With the following marketing strategies Kotak Mahindra has certainly attracted
a mass of people to opt for Junior Account but needs to accelerate and focus on
this product regularly since a few banks have also started the saving accounts
similar to Kotak Junior Account which will result in competition and hence will
require added innovative strategies in a long run.

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