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Recharging Wallets
July 2017
|Indian Management
How marketers convert even the worst adversity into a competitive advantage.
Marketers are known to cash in on any opportunity, as was evident in the manner in which they utilised the recent demonetisation move. While the whole nation was grappling with issues impacting the life of the common man, some companies astutely took initiatives to fill the gap created by this measure. Mobile wallet companies and financial institutions benefited the most from it. The number of transactions through wallet and downloading [apps] increased exponentially during this phase. As reported in most of the dailies, the promotional expenses of most mobile wallet companies went up and in some cases more than doubled. Many financial institutions too jumped on the bandwagon and pushed their alternate delivery channels (ADC) products.
Strategies adopted by companies can be broadly classified into three categories:
- Positioning/Promotion/Advertising
- Product launch
- Co-branding
Positioning/promotion/advertising
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