Building Beyond Legacy: Insights From Godrej Capital's Marketing Playbook

Building trust is an art form that requires more than just regulatory compliance and competitive rates. For a relatively new entrant like Godrej Capital, this challenge is both a burden and an opportunity wherein there is a blend of leveraging legacy, embracing customer-centricity and innovative marketing approaches.

BW Marketing World gets into an exclusive conversation with Nalin Jain, Chief Marketing Officer of Godrej Capital who brings a nuanced understanding of how a 127-year-old parent brand can be both an advantage and a responsibility. "There is an inherent responsibility that lies with us. We can't overlook the already built trust and reputation management becomes an even bigger task," Jain explains. This translates into a laser-focused approach to customer-centricity, with processes, systems and products designed around customer needs.

Bridging Legacy & Building Trust
With Godrej Capital entering the market for about only four and a half years, the Godrej name carries immense credibility – a sentiment Jain acknowledges with the popular phrase "Godrej Ka Hai". However, the company isn't resting on its laurels. Instead, they've made customer experience the cornerstone of their strategy.

The customer-first approach is more than just a marketing slogan. It's reflected in tangible metrics. "We genuinely kept the customer at the heart of everything," Jain states, highlighting that their Net Promoter Score (NPS) stands at an impressive +60, which he notes is highly competitive in the BFSI (Banking, Financial Services, and Insurance) space globally.

Democratising Financial Literacy
As Godrej Capital expands its footprint from 40 to potentially 100 markets, financial literacy has become a critical focus. Jain's approach is multi-faceted, breaking down complex financial concepts into digestible communication strategies.

"We make all details available on our websites. Our contact centre supports seven languages, ensuring customers can understand financial products in their preferred tongue," he explains. The multilingual approach is particularly crucial as the company penetrates deeper into India's diverse market.

The company has integrated literacy efforts within its product communication strategies. From offering contact centre support in seven languages to creating transparent communication channels, they're breaking down complex financial barriers. They've also released initiatives like 'Godrej Nirman', a platform where customers can gain unbiased insights into business growth and financial understanding, demonstrating the company's commitment to education beyond direct marketing.

Recognising India's linguistic diversity, Godrej Capital has developed an approach to regional marketing as well. "You cannot go to South India and communicate in English beyond a point," Jain emphasises. Their campaigns are designed with linguistic nuance, ensuring that creative ideas can be authentically communicated across different language ecosystems.

Personalisation Paradox
In times of data-driven marketing, Godrej Capital treads a careful line between personalisation and privacy. Jain articulates this balance with clarity stating, "Personalisation is done within a cohort. We stay in the line and do not want to cross privacy boundaries."

The company's marketing strategy focuses on cohort-based personalisation, using only publicly available demographic data. "We would rather have a billboard in a mall than try to acquire personal contact information unethically," Jain states, underlining the brand's commitment to customer trust.

Festive Season's 'Badho Behisaab' Strategy
During festive seasons, the company's media mix is split 50-50 per cent between digital and offline channels, ensuring a broad yet targeted reach, Jain reveals. Their recent 'Badho Behisaab' campaign, targeting MSMEs, exemplifies this approach, understanding the nuanced needs of businesses preparing for peak seasons. By releasing campaigns in mid-September, the campaign addresses the critical cash flow challenges faced by MSMEs.

"SMEs are looking for growth, more orders and ultimately, business expansion. We want to show that we understand their needs and are available at the right time," Jain explains. The campaign showcases passionate entrepreneurs working tirelessly, with Godrej Capital positioned as an enabler of their dreams.

A key differentiator for Godrej Capital's offerings is its flexible loan products. Their 'Flexi loans' allow businesses to draw and repay money based on their cash flow, with no interest charged on excess payments. "It helps customers save money by managing cash flows better," Jain notes.

This flexibility is particularly crucial for underserved market segments. By looking beyond traditional income tax returns and considering multiple income sources, they're providing financial solutions to businesses often overlooked by conventional lenders.

Two principles remain paramount for Godrej Capital - speed and flexibility. "Cash flow is the need of the hour for businesses. Our products and communication are designed to provide that adaptability," Jain says.

Embracing AI and Data
Looking ahead, Jain sees significant potential in AI and data analytics. Currently, the focus is on "embedded AI", leveraging AI tools from major tech companies to enhance marketing efforts. He sees two primary use cases - content creation and performance marketing analysis.

"With generative AI, we can create more personalised content for larger customer cohorts and potentially improve conversion rates," he concludes. The vision is to create real-time, adaptive marketing strategies that can instantaneously modify content based on performance metrics, creating more targeted, engaging communication.

Reema Bhaduri

BW Reporters The author is the Editorial Lead at BW Businessworld. Majorly writes on marketing, advertising, experiential marketing and retail. She closely looks upon the vertical of BW Marketing World and BW Retail World.