Mudit Bhatnagar, Head - Marketing, Direct Channels & International Business at DHFL Ltd., talks about his new marketing initiative, which he feels can be a game-changer in the home loan sector, as it will ease customer connect.
With increasing number of players entering into the lucrative home loan segment, what it needs for a player to emerge as a winner is some clutter breaking innovation. And that’s what DHFL intended to do, when they launched their ‘loan on wheel’ drive recently in the Delhi and NCR region. To know more about the campaign and DHFL’s strategies to establish itself among the home loan providers, 4Ps B&M catches up with the man behind the campaign Mudit Bhatnagar, Head – Marketing, Direct Channels & International Business, DHFL.
You have recently launched a new initiative “loan on wheels”, which sounds more of a mobile office to disburse loan? Can you please share more details about this initiative?
This is a 60-day program for Delhi and NCR region. Under this, a moving vehicle acts like an office, where a consumer can come up, sit comfortably and enquire about our loan offerings. We will have 2 sales people inside, and 3-4 people outside who will distribute literature and prospect to potential consumers. This idea was conceptualised nearly four months ago. To have a broder reach we intend to go real estate construction sites on weekends, as consumer enquiry footfalls is maximum in such localities on these days. After NCR, we plan to move to various markets in Punjab, UP and Uttarakhand. So after we spend 60 days in NCR, we will cover the remaining markets in North India over the next 30 days.
Was this campaign backed by some market research? What was the basis for such an initiative, especially timed around the festive season?
The whole basis for this campaign has been, how do I make the whole process of home buying simple for my prospect? DHFL’s focus area is the low-middle income segment, which is consumers with average ticket size of Rs.16 lakh in Delhi-NCR, and sub-9 lakh in other markets. I want to cut short some of the processes. The biggest problem is prospecting: whom to go to? Or who are the players in the market? Today every bank, be it HDFC or SBI, is offering home loans, but it’s a matter of convenience. With this initiative we want to communicate and educate the customers that home loan is not a cumbersome process any more as it used to be 10 years ago. Our initiative is not to do hard sale, but to educate more people about home loan processes. I feel I am doing something good for the industry at large and customer as well. Simplifying the process is the main focus. Moreover, satisfying prospects queries is a big plus. Because if I have clarified your doubts, treated you well, I am sure you will come back to me. As you mentioned this is the festival season, our effort is to be part of customers’ celebrations. We want to tell people, let’s do some happy things around this festive season.
Brand DHFL is still not as high on consumer recall as some other banks and home loan players are. Do you think this initiative help you on this front?
As I said, every problem is an opportunity for us. Over the last 27 years, we have grown step-by-step. We are not in the acquisition game or topline game. We want to grow on fair terms. I want to get more customers on board and serve them well, because then only he will spread our name by word of mouth.
With increasing number of players entering into the lucrative home loan segment, what it needs for a player to emerge as a winner is some clutter breaking innovation. And that’s what DHFL intended to do, when they launched their ‘loan on wheel’ drive recently in the Delhi and NCR region. To know more about the campaign and DHFL’s strategies to establish itself among the home loan providers, 4Ps B&M catches up with the man behind the campaign Mudit Bhatnagar, Head – Marketing, Direct Channels & International Business, DHFL.
You have recently launched a new initiative “loan on wheels”, which sounds more of a mobile office to disburse loan? Can you please share more details about this initiative?
This is a 60-day program for Delhi and NCR region. Under this, a moving vehicle acts like an office, where a consumer can come up, sit comfortably and enquire about our loan offerings. We will have 2 sales people inside, and 3-4 people outside who will distribute literature and prospect to potential consumers. This idea was conceptualised nearly four months ago. To have a broder reach we intend to go real estate construction sites on weekends, as consumer enquiry footfalls is maximum in such localities on these days. After NCR, we plan to move to various markets in Punjab, UP and Uttarakhand. So after we spend 60 days in NCR, we will cover the remaining markets in North India over the next 30 days.
Was this campaign backed by some market research? What was the basis for such an initiative, especially timed around the festive season?
The whole basis for this campaign has been, how do I make the whole process of home buying simple for my prospect? DHFL’s focus area is the low-middle income segment, which is consumers with average ticket size of Rs.16 lakh in Delhi-NCR, and sub-9 lakh in other markets. I want to cut short some of the processes. The biggest problem is prospecting: whom to go to? Or who are the players in the market? Today every bank, be it HDFC or SBI, is offering home loans, but it’s a matter of convenience. With this initiative we want to communicate and educate the customers that home loan is not a cumbersome process any more as it used to be 10 years ago. Our initiative is not to do hard sale, but to educate more people about home loan processes. I feel I am doing something good for the industry at large and customer as well. Simplifying the process is the main focus. Moreover, satisfying prospects queries is a big plus. Because if I have clarified your doubts, treated you well, I am sure you will come back to me. As you mentioned this is the festival season, our effort is to be part of customers’ celebrations. We want to tell people, let’s do some happy things around this festive season.
Brand DHFL is still not as high on consumer recall as some other banks and home loan players are. Do you think this initiative help you on this front?
As I said, every problem is an opportunity for us. Over the last 27 years, we have grown step-by-step. We are not in the acquisition game or topline game. We want to grow on fair terms. I want to get more customers on board and serve them well, because then only he will spread our name by word of mouth.
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Source : IIPM Editorial, 2011.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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