As the emergence of the new breed of private banks transformed the banking scenario, SBI realised its communication strategy needed a change. The following extract from the book “Grit, Guts and Gumption: Driving Change in a State-owned Giant” by Rajesh Chakrabarti lays down how SBI met the challenges of the new environment with a series of ad campaigns that sent a strong message of inclusion without sacrificing its identity.
SBI has developed and maintained a very strong brand presence in India. Its blue keyhole insignia probably ranks among the most recognised corporate symbols in India. Like all established brands, it needed maintenance. More importantly, as the banking topography changed, the public perception of SBI also changed, and not always for the best. SBI was traditionally known as the flagship government bank in India, almost an extension of the Government of India. It stood for solidity and reliability. In an era when the government was at its pinnacle of glory and private enterprise was viewed, at best, with suspicion, SBI was the symbol of the common man, an emblem of national pride.
All that changed significantly with economic reforms. The emergence of the new breed of private banks—particularly ICICI Bank—transformed the banking scenario, especially for the urban affluent class. ICICI Bank and, to a slightly lesser degree, HDFC Bank went in for sustained, aggressive media campaigns to create valuable brand presence in the mindspace of clients, much of which came at the expense of public sector banks. Private bank advertisements projecting young and fashionable employees, trendy and urban upper-to-middle- class customers and retail products caught the public imagination. Along with other communication strategies—branch appearance, employee conduct, etc.—this gave the new banks a virtual monopoly over the ‘modern, stylish, trendy, fun’ part of the branding space.
Clearly, SBI’s communication strategy needed a change. SBI’s communication challenges, however, were rather complex. At its heart, it wanted to remain a bank for the masses. It saw itself, indeed the country saw it, as the national bank. There was no way it could project an exclusive upper-class image, as that could alienate millions of its ‘common’ customers. In any event, as with individuals, an image that does not reflect an organisation’s true self ultimately causes more problems than it solves. In a pure communications sense, SBI had a market segmentation problem. It needed to appeal to the rich, who wanted to distance themselves from the average, and yet not lose out on the average customer.
In 2006, SBI undertook its first major corporate campaign— ‘Pure Banking Nothing Else’. The message was simple. It was a response to the bells and whistles the new banks were offering. SBI would remind people what banks were about and help them focus on “what mattered”. The campaign was quite a success according to a countrywide AC Nielsen survey, and 2007 saw an educational campaign informing the public about various banking products.
Then, in late 2008, SBI launched its hugely successful ‘Banker to Every Indian’ campaign. The idea was simple but extremely forceful. In print advertisements, it depicted a series of situations where people crossed economic barriers to come together—a customer buying fish from a fisherwoman, a trekker asking a local villager for directions, a postman delivering letters to a well-off home. A small label adjacent to both individuals would say: ‘An SBI customer’. The message seemed to solve SBI’s complex positioning problem. It was now a bank that served both clienteles, without seeking to mix them in one melting pot. SBI understood the needs of both and served them equally well—a strong message of inclusion without sacrificing identity.
Close on the heels of this campaign came its sequel—‘Banker to This Indian’. This would draw upon SBI’s amazing tradition and depict individuals like Rabindranath Tagore and Dr Rajendra Prasad and other key figures in Indian history who had also been SBI (or IBI) account holders. It underscored and reinforced SBI’s heritage and history. The campaign connected with India at multiple levels and is likely to have strengthened SBI’s corporate image significantly in the public eye.
More From This Section
The third leg of the campaign—’Banker to These Indians’—went back largely to the original theme with less of a contrast between two individuals depicted. The characters in the advertisement were identified by name and a specific product was mentioned against each. It underlined SBI’s diversity of banking products and the ability to serve myriad financial needs, and provided product-level publicity as well.
SBI’s corporate centre media budget changed dramatically over the years. Between 2006-07 and 2008-09, it rose by about 80 per cent. The thrust areas were press advertising, which rose by 270 per cent in terms of actual spends. Outdoor (hoardings) and rural publicity rose by 80-90 per cent. Clearly, SBI took its corporate image very seriously.
Not advertising alone
All SBI communication with the media had been reactive. There was very little proactive projection of the bank. This was because the PR agency had no designated spokespersons to liaise with. The media was practically barred from SBI’s top management, a problem stemming from SBI’s rigid hierarchy. Officials were extremely reluctant to speak openly to the media or even media handlers for fear of adverse reactions within the bank. Consequently, SBI always went unrepresented in these important forums, where it could actually build a strong reputation in industry circles.
This was simply unacceptable to the new regime. The remedy was a complete break from tradition. Some top management executives (DMDs, CGMs) were entitled to talk to the media about their operations. The PR agency had access to them and prepared quarterly media plans for each area. Prior to the launch of a new product or service, the agency arranged for free interviews and pitched for relevant stories, saving on media spend but facilitating exposure for the bank. The top team met major editors and show hosts to develop a relationship and indicate availability. SBI was ready to tango with the media.
The result was almost immediate. Media stories on and featuring SBI shot up. Dailies and weeklies ran stories on SBI initiatives ranging from housing loans to Core Banking and included it in their coverage of major issues. The media had discovered SBI and evidently liked what it found.
Excerpted with permission from
Penguin Books India from Grit, Guts and Gumption:
Driving Change in a State-owned Giant
by Rajesh Chakrabarti;
Viking Rs 499