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Marketing Lessons from Demonetization

While everybody was expecting the vote count news on American elections, we sure as hell, did not expect our Prime Minister announcing the demonetization of 500 and 1000 rupee notes. The impact was real BIG. It set the Twitteratis in hysteria with endless opinions and constant tweets. While very one was trying to understand the move; the media, in fact, talked of it non-stop.

Not just this, in fact, a lot of brands capitalized on the BIG NEWS because big news means a BIG IMPACT. And if this could help you convert your audience into customers then this is called a successful real-time marketing.

Can it work for you as well? Well, this is what we are going to discuss here,

#1

Customer Service

Such a news can create confusion for masses leaving them wondering about “is everybody including your brand adopting the change too? Can you still do it the old way? What is next?”

It turns out to be your responsibility to set their expectation straight.

uber

Short and simple; Uber successfully put its stance and also ensured that there is no unhappy consumer complaints. In fact, the consumer is informed well before in advance and there’s no room for confusion –which turned out into a direct win for customer service.

Now could also be the time to win customer loyalty – by going the extra mile to provide great customer service.

To quote an example here’s the message that I got from my bank the very next day:

icici2

It made me feel like thanking them no end. It surely might have cost employee hours; an employee who probably didn’t get the best employer award but it surely won us, customers.

Befitting the scenario, it tells you to instigate a differentiating factor in your advertisements so that they can get you noticed.

#2

Be Quick to Respond and Monetize via Demonetization

News too becomes old quite fast. And we have a little window of opportunity; if it’s no longer interesting then your customers won’t be interested in that too.

The moment when demonetization was announced, the first response I noticed was by Paytm

paytm

Image source: Paytm

Cool right?

It was witty, quick and Twitteratis loved it.

They didn’t choose to wait to come up with an analysis or offer. They got the news and reacted and had the attention of their audience by totally nailing it!

Oh! Don’t get me wrong, a lot of people gave a lot of offers also. “Better late than never” is good but with news jacking the later you deliver the lesser your chances are for converting.

#3

Educate your Customers (A Complete Conversion Package)

The big announcement did open a slew of offers being heaped over the public. However, here’s the one copy that caught my attention; the ola ad.

They didn’t just advertise but also educate the audience on how they should start using Ola Money. It offered a complete conversion package by offering an incentive to join and further highlighting the other advantages along.

toi

This ad directly speaks to the average masses that are deeply affected by the demonetization announcement. They hence scored high!

#4

Don’t forget to be relevant

If you have noticed the above examples, I am sure you would have noticed a common thread in them. Yes, they have addressed a common problem right. It’s just that they put their ads and messages across in a way that audience can immediately connect to as how the product can help you solve the problem of “Cash”; a common theme which reader could instantly identify with. It was pretty clear that they all were referring to the demonetization in hand.

And I am sure that we have got an obvious catch as well that the real- time effects are geographically limited. It may have global consequences but the lick of sense is limited.

 

9 Comments

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  4. Very nice and effective marketing lesson !!

  5. Great article; Appreciate the insight!

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