GenZ values ‘vibes’ and ‘feels,’ so brands should exude warmth: Anoop Manohar, Axis Bank

GenZ and late millennials are evolving and so are their demands and expectations. Their needs now are reshaping the financial services industry, necessitating a re-evaluation of traditional approaches.

In a presentation on how to market to GenZ at the Pitch BFSI Marketing Summit 2024, Anoop Manohar, Chief Marketing Officer, Axis Bank, provides his insights on how they have been attracting a large young audience, aka the cohorts of Late Millennials and GenZ. To explain why GenZ's have been attracting so many marketers,  he said that these demographics have seen the rise of the mobile internet era, social media and now AI. They are truly the digital natives, as they live online, work online and potentially do most of their activities online. They are an extremely rich market to tap into as they are easier to reach, have a higher propensity to spend, are heavy content consumers, and seek instant gratification. They are extremely brand loyal when there's a connect and reliability established. 

Manohar talked about the marketer's dilemmas,  including questions about connecting with the audience? Do they find my products relevant? Do I only do digital ads? He said most marketers struggle with the thought that they don't have anything in common with this generation and they have fear of going irrelevant, the pressure of doing a complete brand overhaul to attract the new audience and how they can garner the attention of GenZ. To understand the GenZ audience, he takes us back in time and shows the distinction between all the generations starting with Baby Boomers (1950-1965) to GenX (1965-1980) then to Millennials (1981-1996) and finally the GenZ (1996-2010). He explains that the behavioral characteristics of every generation are shaped by the macro and micro environmental factors prevailing during their formative years. 

There are various brands like Nestle, Coca-Cola, Nike, Mercedes, Rolex, Royal Enfield, and McDonalds, etc, who have cracked the code to attract audiences across the generations as they thrive in the market with their brilliant strategies catering to all kinds of consumers. What's their secret then? How do you build a brand that can last for generations? There have been some foundational elements that are common in all these enduring brands. They are Core Values, Brand Purpose and Proposition.

He then explains this in the context of Axis Bank by highlighting its brand purpose of ‘Being open delivers lasting value’, which they claim is the reason they exist. They are providers of a safe space to grow and create memories. They believe that the core value of a company and how they behave decide the kind of status the company receives in terms of trust and loyalty. 

A consumer from this GenZ generation goes for feels and vibes more than the name, so the company has to make sure that they are full of warmth, kindness, empathy and most importantly openness. As this generation craves a sense of belonging and the need to be part of a community, it is vital for the company to incorporate that in their core values. Then he talks about the proposition of the company and what they are offering to the customers, with campaigns and taglines like #Dilseopen, they come forth with their true purpose. 

To build a deeper connection with GenZs, Axis Bank as a brand, followed four strategies: Being Authentic, leveraging consumer-centric technology, offering curated product propositions, and sharing the spotlight.

Authenticity is a core part of their strategy as the GenZ is a big fan of unique, individualistic ideas and creative approaches to subjects of importance. Manohar said that their authentic tone and voice reflect their values and their purpose. That they are an extremely positive brand that has built credibility and reliability through decades.

They have come up with schemes and ads like #Financewithoutbais and #GirlMath, the latter which catered to the recent Girl Math trend on social media. In their campaign they highlighted how women stand should-to-shoulder or even surppass men in their respective fields, highlight the 15 million Indian female entreprenuers.

In their republic day campaign about sign language awareness, the bank's initiative encouraged people to learn and educate themselves on sign language, they even came up with a tagline ‘Taaki bhasha ka har zariya rahe open’. He also claimed that they were the first to launch the policy for joint accounts for the LGBTQIA+ community, even though many were hesitant.

Next he talked about how their products have evolved with their customer's evolving needs, like credit cards with different limits, student loans etc. He highlighted the importance for the brands to go full digital and the older employees and traditional methods to go completely tech-friendly. They are also aware of bigger brands like ICICI, who are also doing constant strides to provide the GenZ with what they want and how Axis bank believes in sharing the spotlight and being open to newer vision and direction. He said that they feel it's key to build a timeless and resilient brand on strong foundations for Axis to shine through in the hearts of GenZ.