As the financial services market burgeons, brands like GE Money play on the trust factor to differentiate themselves from the clutter. The company has just launched a new campaign “Har baat saaf saaf” reiterating responsible lending as the core value proposition of the brand.
Discussing the campaign idea further, Paramdeep Singh, chief marketing officer & VP, pricing & insurance, GE Money – India, explains, “The new TVC is the part of an ongoing campaign and empathises with the target audience by showing real life instances that most of us experience in a non-transparent world. Therefore, the GE Money promise of transparency with a 15-day guarantee comes as a welcome relief. What’s more, our brand ambassador and India’s ODI cricket captain, M.S. Dhoni, put his stamp of trust on this claim.”
The 15 days loan-back guarantee offers customers of GE Money’s loan products the option of returning a loan within 15 days if they find a gap in delivery of key terms and services versus the promise made to them during the process of applying for the loan. The company will not charge any processing fee or penalty in that case. This comes as a result of a nationwide consumer survey done by the company across the top 12 cities in association with Ipsos-Novaction and Vantis.
GE Money – GE Countrywide Consumer Finance till 2004 – has decided to retain the trust plank as its unique selling proposition (USP) across all its offerings henceforth. “Our key to success will be to not only have a clear USP that differentiates us from other competitive offerings but also translate this into a Unique Customer Perception in the minds of the customer,” says Singh. “GE Money’s core competency is in its risk management capabilities, backed by GE’s strong processes. Our business model in India is to focus on growth through partnerships. We have successful partnerships with leading brands like SBI and Wizard.”
GE Money’s latest ad campaign could also be part of its effort at greater and better visibility in the face of strained profitability. Singh says it will launch more “innovative products” in India “that will further build on providing transparency and fair deals to customers.” It is also on the verge of unveiling a new website around financial literacy and education. The website will carry information on the fundamentals of financial planning and related guidelines.
Singh is convinced that the new campaign and USP will help GE Money stand out in the clutter. “With financial products getting more competitive and less differentiated, it has become very important for financial service brands to have a strong value proposition, higher awareness levels and a positive brand perception.”