In the current trends scenario the shopping mall trolley has become a symbol of consumerism and a lifestyle. It is unique to the buying power of the disposable income consumer in the 25 – 40 age groups.
UTI Mutual Fund (UTIMF) the oldest fund house in the country is strongly positive about the above and has enough reasons to launch their new offering. UTIMF, which manages over Rs 40,000 crore ($10 billion) of other peopleâ€™s money has built a whole advertisement campaign on retail mall trolleys to sell their latest mutual fund offering the Lifestyle Fund.
In todayâ€™s India, in metros and big cities a trolley is a symbol of consumerism, says chief marketing officer, UTIMF, pointing to a poster of the campaign for the Lifestyle Fund in his office. And the fund house has used mall activation (tie ups with various shopping malls around the country) as one of the main strategies to sell a scheme to a segment that is already conscious about their new found lifestyle status.
UTIMF has tied up with retail chains like Big Bazaar, Pantaloon, Infinity, City Center and a host of other localized malls to distribute the form to all those who shop above Rs 500.
As the consumer pushes his way across the aisle, he canâ€™t help but get the message, in a subtle way. Barely a month since the scheme was launched the firm expects to mobilize about Rs 1,000 crore. The main target are consumers with a have money will spend attitude.
UTIMF tried to play on the psychology of the spender as India is a country of savers and spending money still instills a feeling of guilt among spenders. So by offering them a chance to invest which is just the opposite of spending UTIMF believes in offering the consumers an option to balance their guilt.
The marketing and sales team too was perplexed. Enlarging on the bigger picture, they were told how a large portion of the working population is into high paying jobs and for these consumers how lifestyle has been emerging as a category.
While talking about lifestyle as a category, the firm used modern communication technology extensively, mainly because its target investors were expected to be tech-savvy. From search-engine optimization strategies to creating a micro site for the fund, from mobile-based marketing initiatives to toll free call centers, from print to television the firm used all. In a short while, the returns will speak for itself.