Aarti tipped me that today’s edition of Mint had an article on financial advertising [When it comes to investing, advertising plays a limited role, 7th December 2007] where I was quoted.
“With more players entering the market, and new schemes and policies being launched every day, it is important for companies to advertise so as to build awareness about themselves and their offerings. It’s a big differentiator in a crowded space,” says Kapil Bhatia, brand manager for LIC at ad agency Mudra Communications Pvt. Ltd.
Take the case of LIC, clearly the king of the hill when it comes to Indian life insurance market in terms of brand recognition and trust. It continues to invest in advertising to keep its brand recall intact. “LIC is constantly adding new products to its portfolio,” says Bhatia. “While they (LIC) can rely on agents for selling, advertisements are important to inform consumers on what is on offer.”