In our sector, trust and credentials are key: Shriram Finance’s Venkatraman #IndiaFinance

Rahul Dravid starred in memorable ads for CRED and MAK Lubricant, showing very different sides to his personality. Your campaign seems more subdued. Was this intentional?

While they both were very nice ads, they highlighted one aspect of Dravid’s personality at a time—his temperament or dependability. Our approach was different. We focused on our strengths and the similarities we share with him. Our campaign shows all facets of his persona: resilience, strength in partnership, team spirit, determination and the ability to keep going.

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We also brought in a slice of his real life, and he was comfortable with that. We set it in a stadium because it represents India in many ways. A stadium brings together people from all walks of life, uniting them for a shared purpose. That was the metaphor we aimed for, and since cricket, much like films, truly unites India, it seemed fitting to use this setting.

What’s your core target audience, and what is your marketing strategy for them?

Our products cater to diverse consumer segments. For instance, commercial vehicle loans target truck drivers, while gold loans appeal to a different demographic. Fixed deposits attract savers and investors, and two-wheeler loans are popular among younger consumers. Each segment varies in demographics and mindset, but one unifying factor across India is an aspiring mindset. Whether it’s the common person or the affluent, the shared sentiment of aspiration drives behaviour, fuelling trends like the gig economy.

This aspiration is central to our approach, captured in our ‘So What’ philosophy—embracing challenges with resilience. For us, it’s about providing dignity and enabling people to turn dreams into reality through financial support, especially at the grassroots level.

To communicate this, we’ve built a unified narrative. By leveraging unifying elements like cricket, the inspiration of Rahul Dravid, and the ‘So What’ philosophy, we’ve created a cohesive message that resonates across all our segments. This was crucial for the brand, as historically, we were perceived differently by different audiences, despite our strengths. Establishing this unified narrative allows us to connect more effectively with a broad audience while reinforcing our brand identity.

Marketers today often feel that without a demonstrable return on investment (RoI), they’re not part of key decisions. Is that true in your sector, and how do you define RoI?

I don’t see it as a debate. Spontaneous awareness often reflects market share. A strong brand brings business. We put customers first—employees and customers—and everything else follows. My job is to tell our existing story. I believe fame drives profits. For a strong brand, as fame grows, so does profitability. We measure key brand metrics. RoI will come as long as we keep building and communicating our brand story.

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What about the debate between brand building and performance marketing?

You can’t get to the bottom of the funnel without filling the top. The brand building creates awareness and trust, allowing performance marketing to convert. In financial services, trust and credentials are critical. People won’t buy financial products without knowing the brand. Unlike a T-shirt, financial services aren’t an impulse buy. Brand building is foundational.

The BFSI (banking, financial services and insurance) sector is heavily regulated. Do regulations help or hinder?

Regulations aren’t a hindrance if your goal is serving customers. We believe in strong relationships and helping customers make the right choices. With that mindset, regulations are supportive. Yes, fraud is on the rise, and everyone is educating customers to be careful. In the future, trust matters even more.

What sets you apart from other players?

Products are important, and we’re competitive there. But our brand equity comes from relationships. In financial services, the top segment usually gets attention. We focus on the common man, giving them the same level of relationship attention. That’s special, and we’ll continue nurturing it.

Gen Z are entering the workforce and seeking their first loans. How do you approach them?

Gen Z trust digital brands and demand seamless experiences. They’re impatient and want everything at a tap. They trust brands with strong technology and user experience. We have the Shriram One super app and a website designed around the customer. The super app lets them pick what they need, and we supplement digital with offline support. We have 12.3 million downloads and keep improving the user experience with more features.

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What percentage of your budget goes to digital?

Print and outdoor are for announcements and reminders. TV and digital give us reach. We serve the mass segment, so TV works through properties like kabaddi (Pro Kabaddi League) and selective cricket with Dravid. Kabaddi is the second-most followed sport, resonating with the heartland.

Digital is crucial and makes up around 10–20% of our marketing spend, depending on the product.

Do you have a fixed percentage of your topline for marketing?

This is our first major brand-building initiative. I think this is just our first outing. Over time, science and data will guide us, but for now, the focus is on ensuring a strong start. We want to achieve our initial goals and begin tracking our metrics effectively.