BENGALURU: As the race hots up to capture the consumer market that is ready to go digital post demonetisation, digital wallets are untying the purse strings and are deploying a big part of their budgets for marketing this month. MobiKwik launched a marketing campaign called MobiKwik Hai Na over the weekend with front-page newspaper ads in five cities, radio campaigns as well as a company 'anthem'. The company is set to spend Rs 25 crore on marketing and branding by December, said cofounder Upasana Taku.
We usually don't spend more than Rs 2-3 crore a month on brand marketing, but this month we have increased the spend by 10x. There are brands that have been spending a lot on marketing in the last few weeks and we don't want users to get polarised towards a brand," Taku said. "Also, the winds are blowing in the direction of digital payments and it is the right time to help people on board. We are working very hard on the ground, but it is also important to create a buzz and consumer confidence through branding." Taku's cofounder and MobiKwik CEO Bipin Preet Singh said the company was pulling all stops to emerge a winner in the digital-payment space. "This is a once-in-a-lifetime opportunity for us to capture the market and we will not let it go."
Paytm, which put out front-page advertisements in leading newspapers and also brought out several commercials since the ban on old higher value currency notes, said its marketing budget has expanded by 300% this month from the average monthly allocation, a spokesperson said.
The company had announced an advertisement and marketing budget of Rs 600 crore for this financial year. Paytm is doing a 360-degree campaign across radio, print, television and social media. Shankar Nath, senior vice president at Paytm said the recent media campaign was meant to educate consumers and retailers about how Paytm can help them make digital payments
A certain part of marketing budgets are allocated for topical and contextual developments, and we will continue to use it to buy substantial media-space across print, broadcast and online media in the coming days. Immediately after the demonetisation announcement around 8 pm or so on November 8, our marketing team went on an overdrive given how important and topical the situation was to us.We designed our media creatives for print and online media and booked the media space within two hours.
In many instances, we had to request publications to take ad material way beyond their normal printing hours, and they obliged," Nath said. Snapdeal-owned digital wallet FreeCharge, which has also increased its visibility through marketing channels in the last two weeks, said it did not wish to comment on its marketing and advertising spend.
FreeCharge recently started an offline drive, asking its entire team to help retail merchants in their proximity to sign up as merchants on the platform and start accepting digital payments. The marketing blitzkrieg along with the companies' on-the-ground initiatives has led to a heady growth in numbers in terms of transactions and adoption.