New York Life (MNYL), the life insurance company, which is a joint venture between New York Life and Max India Ltd, was repositioned with the tagline, 'Karo Zyaada Ka Iraada'. There was a mass campaign on television, OOH, Internet and direct marketing. afaqs! had reported that of the Rs 100 crore budget earmarked for this campaign, 40 per cent was for below-the-line (BTL) marketing.
MYNL recently concluded a BTL activity in New Delhi and its suburbs in a tieup with Spencer's, a national retail chain. The activity was executed by the agency, CS Direkt, in 21 Spencer's outlets daily for three months starting September.
Speaking to afaqs!, Vinit Chawla, general manager, promotions, CS Direkt, says, "The key objectives of the campaign were lead generation among the TG, brand visibility inside the retail chain frequented by the TG and brand recall by engaging them in a relevant activity and giving out prizes." The target group is defined as people in the age group of 28-45 years, from the upper and upper middle class.
A Wheel of Fortune game was set up at each outlet, and certain pictures on the wheel indicated a higher aspiration, such as a car. Players, who could swing the wheel and get the needle to stop at one of these, won a prize.
Anisha Motwani, executive vice-president, marketing, MNYL, says, "Through this game, customers are roped in to identify their desire, or 'Zyaada ka Iraada', from the options available on the spin wheel, and then rotate the wheel. Lucky winners received on-the-spot gratification and were entitled to answer a simple question, which if correct, would make them eligible to win bumper gifts based on a monthly lucky draw. This activity allowed us to understand the customers better and will help us offer solutions that help them meet their needs."
Explaining the future initiatives planned by the company, Motwani says, "We want to build a financially secure nation, which can only be achieved by creating awareness about financial literacy. Initiatives such as these are small, yet effective, steps in that direction. Today, we have 14 alliances, which are serviced through our 24 employed sales force offices across the country."