WhatsApp is the new tool of digital marketing: Puneet Gupta, Edelweiss Wealth Management

Wealth management platform Edelweiss Wealth Management (EWM) is owned 61.5% by PAG, one of the world’s largest Asia-focused investment groups, and 38.5% by Edelweiss Group.

EWM, whose clientele includes corporate leaders and high-net-worth individuals, has consistently outpaced the market. The company’s customer assets under advice amount to Rs 1.45 trillion and is growing with a 43% CAGR from just Rs 185 billion around 6 years ago in 2015.

The company reported revenues of Rs 880 crore and Profit after Tax of Rs 180 crore for 9MFY21.

Puneet Gupta, Digital Business & Marketing Head – Personal Wealth, the wealth management arm of EWM, spoke to exchange4media at length on topics ranging from emerging marketing trends in the BFSI sector to his own marketing strategy.

You have launched a new digital campaign - ‘Don’t waste. Invest’. Consumer market companies must be upset. Do you think your campaign will be able to distract people from offers and discounts?

When we made this campaign, our target was not FMCG companies. They are giant figures in comparison with finance companies. Our target was the common people who are often scared of investments, primarily for two reasons - they think it's risky and often cite excuses that they don’t have enough money. When we are looking at this insight, we realized that most people end up buying more than what they need. For instance, a man will buy five shirts instead of two, thanks to market offers. With offers and discounts, many people tend to spend more and hence they don’t have money to invest. Our campaign highlighted the same to promote investing habits among Indians.

You have launched your campaigns on digital platforms, including OTT. This shift of wealth management from traditional to digital platforms is remarkable. Is this aimed at expanding the reach among the young population or is it for creating a better impact and ROI that digital offers, or both?

Partially, it is both. We have to look at the ways the consumer market is evolving. Earlier, pink papers were the medium. Then people started relying on digital media. Now, people are spending two-three hours on social media. Digital marketing helps to talk to different cohorts of consumers.

While TV ads would be generic, in digital, we can have a targeted approach and can build those cohorts offering on one-on-one basis.

In the recently concluded auction of the IPL media rights, we have seen that TV and digital rights are sold at almost the same cost. Do you think digital will grow further at the expense of TV?

Digital platforms will grow faster than other mediums due to rising internet penetration and cheaper data. In tier 2 and Tier 3 cities, people usually get two-three hours in the evening to watch TV. However, they are connected with the internet through mobile throughout the day while on job or working in a shop or anywhere. They will be connected with mobile phones even in the evening.

IPL still has its own attraction, people watch matches on TV at home, go to restaurants to watch the matches on a large screen and watch in the shops and offices. For targeted marketing, digital media would still be better than TV.

What are the new marketing trends in the BFSI space, which is supposedly tough from a sales and marketing perspective compared to consumer marketing?

Financial services are largely about educating people. It is easy to prompt someone to buy a shirt, but not a financial product. Earlier, we used to organize a lot of events but didn’t know whether people would attend or not. Thanks to COVID, which has pushed the digital transformation, we can now organize webinars which people can attend easily. We can invite a cohort of 10,000 people with specific wealth management needs.

Another great trend is WhatsApp, which is becoming a new tool for digital marketing. WhatsApp bots are being used to educate customers, offer them services and help them avail services. Calling customers and angering them won’t work now. Webinars and WhatsApp are the new trends.

Moreover, a new tool Automated Mobile Pages (AMP) is here. It works like email and can encapsulate long emails and record your interests. Lots of innovations are helping us reach out to customers without invading privacy.

We are offering an omni-channel experience ranging from WhatsApp services, notifications, the mobile app and email communication. Instead of spamming and irking people, we communicate with them through their choice of platform selected with the help of data. Digital marketing is becoming sharper day by day.

How are you leveraging these tools for HNI consumers?

We believe in hybrid services, digital platforms and promise to assist through personal meetings. It keeps becoming sharper and sharper. Many HNIs tell us to contact them through WhatsApp on weekends only. Ultra HNIs and wealthy people are very specific about timing and platform.

What is your strategy for further brand building, especially among women?

We launched a ‘Blue Bindi’ program for women three years ago. It aimed at giving women the confidence about personal wealth management. Due to COVID-19, the program was low profile but we will focus on the program more.

With regards to brand building, EWM believes in customer interest first. There is lot of communication with customers, especially when a portfolio is doing good or not.

We are increasing our presence on digital. A lot of investment is happening in creating digital content to make people understand how to manage their wealth in an easy way.

We are also using influencers with a large follower base to market some products.

What is your media mix?

A large part of our strength is digital - only because we are able to talk to specific people, and curate the content to approach the cohorts. Seepage is less.

Within digital, which platform gets prominence?

We are moving from email to WhatsApp as consumers prefer WhatsApp. New product launches are moving to Instagram. General insurance products for young people are also promoted on Instagram while education series on structured products are promoted on LinkedIn and Twitter. So, our media selection depends on the type of product and user behaviour on that particular platform.