Problem

Axis Bank was facing a problem with its retail segment as it had no recall and minimum awareness in the minds of customers, which meant that it was lacking behind the corporate segment. ICICI and HDFC bank had the maximum recall. Additionally, their customer profile was changing, with a younger demography meaning more young customers who were now earning more and wanted banking solutions.

To address these issues, Axis Bank needed to engage with new-age customers on themes that were important and inherently ingrained in them. They also needed to publicize information about their products across all channels to consumers.

Learn more

Solution

I responded with a ‘Progressive’ theme and carried it across to Axis Bank products as well. This theme and its continuation increased not only spontaneous recall and awareness about the brand but also increased consideration, thereby increasing business metrics. As part of the communication team, I ensured that information about the product was publicized across all channels to consumers.

To measure brand equity for the Axis Bank Forex card product specifically, we followed these steps:

Plotted touchpoints between Axis Bank and its customers
Set objectives
Decided on media mix
Decided on the type of content
Decided length of content and frequency of posting
Identified target revenue to be achieved through campaign
Estimated cost required to reach target group (TG)
Selected KPI parameters to optimize the campaign

Impact

Increased spontaneous recall and awareness about the brand
Increased consideration, thereby increasing business metrics

Credits: MICA Business School, UpGrad

Axis Bank Boosts Recall and Awareness with Progressive Theme