turnaround brand - re-luanch of hiflyer with a new brand name (cool cash)
TRANSCRIPT
IN YEAR 2002….
HI FLYER CAME IN TO THE MARKET
TARGETING THE URBAN YOUTH (THE AGE CATEGORY OF 18-25)
MAIN REASONS WHY WE BROUGHT IN THIS PRODUCT TO THE MARKET
• TO RETAIN TIKIRI ACCOUNTS BALANCES WHEN THEY REACH MATURITY
• TO INCRESE THE CUSTOMER LIFETIME VALUE OF SEYLAN BANK
BENEFITS TO THE BANK BY HAVING A YOUTH CUSTOMER BASE
• TO CROSS SELL
• TO INCREASE PUBLIC RELATIONS
• TO ENHANCE THE IMAGE OF THE BANK
HI FLYER COULD NOT ACHIEVE THE GOALS SET AT ITS
INCEPTION
THE ACCUMULATED DEPOSIT BASE FROM 2002 TO 2005(3 years) WAS RS 58 MIO AND NUMBER OF ACCOUNTS FOR HI FLYER WAS
4847
“THE PROCESS” OF REVITALIZING THE BRAND STARTED…
WE LOOKED AT THE COMPETITORS AND CARRIED
OUT A SWOT ANALYSIS
WE FOUND OUT THAT FEATURES OF HIFLYER WERE
SAME AS ITS COMPETITOR PRODUCTS IN THE MARKET
• HIGHER INTEREST RATE
• ATM CARD
• TRADITIONAL DRAW SCHEMES
What is a brand ?
A BRAND IS A PERSON’S GUT FEELING OF A
PRODUCT,SERVICE OR AN ORGANIZATION
IT’S A GUT FEELING BECAUSE PEOPLE ARE;
EMOTIONAL INTUITIVE BEINGS
There are so many savings accounts in the market. How do you decide which
one to open?
LEAP
Double SS
Jayasri
Kapruka
YES18 plus
Ranliya
Vanitha vasana
Pathum VmanaDana ayojana
Merit Rewards
“TRUST”
T=r +d Trust Reliability Delight
WE PLANNED ALL INTERNAL AND EXTERNAL MARKETING ACTIVITIES BASED ON THAT
EQUATION
4 DISCIPLINES
1. DIFFERENCIATE
2. INNOVATE
3. COLLABORATE
4. CULTIVATE
Brand Values
Brand Reflection
PODs
1. Differ enciate
Normally People are hardwired to notice only what's different
Core Product
Basic Product
Expected Product
Augmented product
Savings
Youth savings
Interest
Initial Deposit
High Interest
ATM CardATM Card
1. Giving exclusivity
to the expected
product by branding the ATM
card
2. Adding a
quarterly
draw scheme
to the
augmented
product by
Giving an
option to the
customer to
chose a
prize.
Draw Scheme
Loyalty Scheme
2. Adding a loyalty
scheme to the
potential product by
giving an additional
monetary benefit on
the customer’s
B’day.
2.COLLABORATE
Ranjini
Gurisinghe mahaththaya
Thilaka nona
Sanath
Lokka mahaththaya
Rohini
Matilda akka
Music
Lighting
Make up
Camera
Sound
Back ground music
Angle camera
Editing
Art director
Assistant art director
Script
Creative director
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Fkf
Kf
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Malani Fonsekai
Ravindra Randeniya
Anoja Weerasinghe
Fredi Silva
Gamini Fonseka
Sanoja Bibile
Ranjini dalukotuwea
Premasiri Kemadasa
Kumara rathnayake
Ani Perera
Sanjaya mendis
Techo Sounds
Sunil Edirisinghe
Uday De Zoysa
Priyantha Rathnayake
Ruwan Jayasooriya
Kamal Rajapakse
Udaya Kumara
Bandula Silva
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Just think of making a film …. How many people got involved in it ???
• Collaborate
We dealt with a research company to find out customer expectations of a youth savings product and to identyfy a suitable logo.
Research was carried out at three geographical areas
COLOMBO (Urban) KURUNEGALA (Semi Urban) POLONNARUWA( Rural)
Worked with the advertising agency to develop
publicity materials/ execute proper scheduling
Dealt with Radio stations( Specially Y fm) /TV in order to have special youth programs .
Had a close relationship with the brand ambassador
“IRAJ”
3. INNOVATECREATIVITY IS WHAT GIVES COOL CASH
IT’S TRACTION IN BOTH EXTERNAL AND
INTERNAL MARKET PLACES.
We never tried to separate creativity from the strategies
Creativity Strategy
We never did strategic thinking like
A B C D
We did it as..
Z
X
V
T
WE ZIG
WHEN OTHERS
ZAG
CAME OUT WITH A STAND-OUT NAME AND GRAPHICS
Likeability
Distinctiveness
ProtectabilityEasy Spelling & Pronunciation
Brevity
CAME OUT WITH A STAND OUT NAME AND GRAPHICS
CAME OUT WITH A STAND OUT NAME AND GRAPHICS
CAME OUT WITH A STAND OUT NAME AND GRAPHICS
Distinctiveness Brevity
Easy Spelling & Pronunciation Likeability Protectability
Unfamiliar HI FLYER
New brand name
urban Rural
Familiar
INTERNAL AWARENESS CAMPAIGNS
• SURPRISED THE STAFF MEMBERS
• MADE STAFF MEMBERS TO KNOW (Awareness) OUTSTANDING ACCOUNT CANVASSERS
• SENT OUT CREATIVE EMAILS
On the first working day of year 2006 we decorated all lift corridors of all floors with gas filled balloons and kept a cool cash mug on the table of each staff member along with a cool cash leaflet . We executed same at all our branches too.
Staff members were surprised with what we have done and all red the leaflet since it was something new to them. That's how we created the initial awareness for cool cash among our staff members.
EXTERNAL AWARENESS CAMPAIGNS
• Emotional and Information based advertisements were executed.
We paid more attention on back ground colours/ music in order to get in to the mind-set of youth.
Emotional - MUSIC
Information-FACTUAL
4.CULTIVATE
• We always tried to make people to feel the character of the brand.
4.CULTIVATEBrand Is Like a Human Being ….. IF people could change their outer look without changing their values , Why a brand can do the same?
“IRAJ” played a major role in taking brand personality of “ Being Cool” to the target audience by endorsing / attending special radio/ Tv programs.
We also created the other brand personalities (Fun /Easy going/Sporty) of cool cash by sponsoring Musical Shows and some sports events.
Reliability+ Delight
Internal External
1. Staff get an Incentive by canvassing Cool Cash accounts (D)
2. They get an incentive on an on going basis (R)
1. Additional Monetary Benefit (D)
2. Get Birthday cash as long as he/she maintains the account (R)
PUSH PU
LL
competitors
Customer
SituationAnalysis
MarketingStrategies
Market Development
Product Differentiation
Implementation of MarketingStrategies
CommunicationStrategies
Implementation of Communication Mix
Customer Service
Internal Marketing
SatisfiedEmployee
DELIGHTING THE CUSTOMER
THIS IS WHAT WE SAY ABOUT THE
PRODUCT….
IT should Not be What we Say….
IT should be what they say …………
PERFORMANCE (Deposit Base)
56,685,00029,248,025
38,584,920
247,000,000
356,000,000
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
2003 2004 2005 2006 2007
46%
335%
31%
HI Flyer
CO
OL
CA
SH
PERFORMANCE (Number of Accounts)
4793
32500
18890
2613 3345
0
5000
10000
15000
20000
25000
30000
35000
2003 2004 2005 2006 2007
28% 43%
293%
HI Flyer
COO
L CASH
THANK YOU