Imagine a world where financial literacy isn’t just for the boardroom, but for every woman’s living room. DSP Mutual Fund aims to make this a reality with their short film series.
The company explains that these aren’t just short films – they’re educational tools and aim to reshape how women approach investing and financial decision-making. DSP MF aims to bridge the gender gap and future of women investing.
Medianews4u.com caught up with the creative force behind this initiative Abhik Sanyal, head of marketing DSP Mutual Fund
DSP Mutual Fund has an over 25-year track record of investment excellence. Today, they manage money for over 35 lakh investors from all walks of life: hard-working salaried individuals, high-net-worth individuals, NRIs, small and mid-sized business owners, large private and public corporations, trusts and foreign institutions. They take great pride in knowing that they play a key role in the creation of wealth for all their investors and will always continue to be an organisation with a purpose – it is their responsibility to make a real difference to the lives of their investors.
DSP Mutual Fund is backed by the 160+ year old DSP Group. Over the past one and a half centuries, the family behind the Group has been influential in the growth and professionalisation of capital markets and money management business in India. DSP Group is currently headed by Hemendra Kothari.
Their investors’ interests will always remain at the core of their business, and they will continue to maintain a relentless focus on doing what’s best for them, as they #InvestForGood.
1. Could you shed light on the thought process behind DSP Mutual Fund’s new financial literacy for women initiative?
As an asset management company, it’s our fiduciary responsibility to help people make money while inspiring them to make better, more rational decisions. And data and research tell us that women are behind on this dimension.
Our new campaign is therefore an extension of DSP’s over-a-decade-old focus on empowering and educating women.
Over the years, we have seen a clear disparity in how men and women approach investing. We want to bridge this gap and encourage and motivate women to make better decisions with the right tools. Our recent research told us that the different way daughters are being taught about investing vs how sons are being taught, the lateness of when women were introduced to investing and often patriarchal ways of thinking in Indian families can hinder the way women grow up to become often underconfident investors. Our films are a way to talk about the findings from our research more openly via an emotional story telling format and aim to move those who may be able to influence change, to do so.
In releasing these films, we invite everyone to join the conversation and help make women in India get more involved in investment decision making, so they can be more confident in life too.
2. What are the components of the campaign?
Our storytelling approach needed for Digital to become our primary medium. YouTube and LinkedIn are our centrepiece of our communication strategy- since these are two leading platforms where deeper conversations are happening nowadays. Further, our on-ground initiatives via our corporate workshops and our talks in schools and colleges will also help take our message forward. We might also extend the campaign to other mediums and introduce more films over the next few months.
3. Will on-ground marketing play a role?
On-ground marketing will indeed play a crucial role in the success of our large initiative that aims to bring about a major behavioural shift. More than just being another medium that helps in amplifying engagement, on ground initiatives enable direct engagement, which allows for face-to-face interactions and conversations like these build personal connections, increasing the impact of our messages. Workshops for a programme like these encourage discussions about financial literacy more openly.
Further, we also find that personal interactions build trust and increase receptivity for our empowerment message. These videos are already a part of our conversations during our extensive corporate financial wellness programs, which are helping take our message deeper and wider.
4. What are the KPIs that have been set for the campaign? How do you define ROI for it?
Campaign KPIs for messaging like these are simple enough to measure- via engagement ratios, sentiment analysis, reach, impressions etc but over time, we will also measure and tangible shift in behaviors in the space we’re trying to make a change in via formal research.
Moreover, for an initiative such as this, real ROI means capturing some critical emotional aspects, via qualitative feedback from our audience. Are parents, especially fathers acknowledging that they need to do more, to discuss investments with their daughters? Are daughters feeling inspired to engage in financial discussions? Real anecdotes from viewers will provide us valuable insights into the emotional impact of our films.
Our approach isn’t just about the effectiveness of our storytelling but about reinforcing our commitment to fostering meaningful conversations around financial empowerment for young women in India.
5. Disrupting the traditional style of communication in the finance category is a focus area of DSP Mutual Fund. In 2024 what activities will the company do to ensure this?
Just more of the same. Bold, differentiated messaging, emotional storytelling and powerful, moving campaigns.
6. Does most marketing activity happen in the January-March quarter when people think about tax saving investments?
This used to be the case a decade or so ago. As the investor mindset has evolved to become much wider than thinking about investing mostly when tax saving reminders used to be sent during the JFM season, the industry has also evolved to be an all-weather communicator, and campaigns are now run across the year.
7. The focus of marketing efforts is to make complex financial products look simple. How difficult is that to achieve when content is created?
It can be a significant challenge, due to the inherent complexity of financial products, which, when coupled with a lack of financial literacy among potential investors, creates a barrier to understanding. We must distil intricate concepts into relatable narratives without oversimplifying or misrepresenting products.
Also, cultural perceptions around personal finance can often lead to skepticism, making it essential to build trust through transparent and empathetic communication- which requires a deep understanding of our audience’s concerns and aspirations. Regulatory constraints add another layer of difficulty, as navigating compliance requirements while crafting compelling messages isn’t that easy.
The way I see it, a blend of emotional storytelling with clear, straightforward language is necessary, so our marketing efforts resonate with the audience while effectively demystifying financial products.
8. For 2024 is the key marketing vehicle going to be digital and the mobile which offers a one-to-one dialogue? Kindly elaborate.
Undoubtedly, digital and mobile marketing will be the key vehicles for engaging with consumers in India, as they have been, over the last many years.
The rapid growth of smartphone usage and internet penetration has created a vast, connected audience that craves personalised interactions so there is simply no way around this.
This also means that the pressure is on us marketers to create & deliver targeted, relevant content that resonates with specific consumer segments and not just throw a single message at everyone. Mobile apps and social media offer opportunities for one-to-one dialogues, allowing brands like ours to build relationships and gather valuable insights. At the same time, striking the right balance between personalization and privacy will remain key as privacy concerns continue to grow.
I must add though, while digital will continue to strengthen its presence, traditional mediums like television and print will continue to play a key role in reaching mass audiences. Therefore, integrating digital and traditional touchpoints into a cohesive, consumer-centric strategy will be the key to effective marketing in 2024 and beyond.
9. Is misrepresentation of products in marketing an issue in the BFSI sector?
I feel it is. Many advertisements often exaggerate the benefits and don’t clearly state risks associated with a product, eventually leading to consumer confusion and mistrust. For instance, from our mutual funds industry, any claims that hint at high returns based on the last 1-year data, without highlighting potential risks can mislead investors, particularly those lacking experience.
Having said that, BFSI brands in India are becoming better at not putting out misleading stuff. However, as the marketing world evolves, so do the avenues of misrepresentation- there needs to be better control over communication from unregulated entities and content creators who may not have done their research and could be driven by personal gain. And investors really need to always double check for any claims being made, especially if they seem too good to be true. In the world of scams via social media groups such as those on Telegram, ‘caveat emptor’ must always be kept in mind.
10. What steps has DSP Mutual Fund taken to attract Gen Z? Is the tactic very different compared to other TGs?
Our logic remains the same, no matter what the audience- personalisation, authenticity, relatability and differentiated messaging.
We try to craft creatives and content that resonate with Gen Z needs and aspirations and go to them where they spend most time- social media. This helps us not only observe and understand them better, but also in identifying pulse points that help us craft messages that speak directly to their challenges and interests.
We utilise engaging formats of communication on YouTube, Instagram, X and LinkedIn extensively, attempting to make complex information digestible, shareable and fit-for-platform. It helps foster two-way communication to build trust and community with the Gen Z audience, which almost demands relatability and authenticity.
Of course, we also keep track of evolving media touch points and see where it would make sense for us to be present and take media decisions accordingly.
