Yes Bank is planning to up the ante on marketing and will be spending 30 per cent higher on advertising activities in FY24, a senior official said on Tuesday. Without sharing the amount it will be spending, chief marketing officer Nipun Kaushal said the bank was “tactical” in its spending in the last two years as it got the house in order after being bailed out by peers.
In FY24, its advertising spends will be 30 per cent higher than in the previous year, Kaushal told reporters here on the sidelines of a bank event, adding that the exact spends can vary because the rates can differ at the time of booking properties.
The bank’s retail franchise has achieved a critical scale and it is at an inflection point now, its executive director Rajan Pental said, adding that the profitability will go higher from here.
Kaushal said the marketing campaign which it is embarking on from June 20 and which will last till end of the fiscal year with a “long tail” of digital advertising efforts, is designed keeping in mind the current situation for the bank.
The bank launched a tweak in its logo at an event on Tuesday, and its chief executive and managing director Prashant Kumar said it was the lender’s strong character which helped it overcome multiple challenges in the recent past.
It is time to reinvigorate the brand as the bank feels it has all the right fundamentals in place, Kumar added.
Kaushal said the bank will be advertising across media formats including television and outdoor, and the digital will be a long tail which will outlast others.