IPL makes for a great association with a brand: Muthoot Fincorp Marketing Head

“IPL, a sports event that transcends elitism and appeals to a diverse audience, aligns seamlessly with our brand,” states Sreechaitanya Garimella, Head of Marketing at Muthoot Fincorp Ltd. Continuing as the title sponsor for the Royal Challengers Bangalore for the third consecutive year, Muthoot Fincorp leverages the massive viewership of over 550 million people that the tournament commands.

Garimella emphasizes the broad appeal of cricket, especially IPL, breaking barriers such as age, geography, language, and background. The extensive engagement over the two-month tournament provides Muthoot Fincorp with an opportunity to achieve various marketing objectives, ranging from building brand awareness to enhancing reach and recall. The brand utilizes TVCs for widespread visibility and employs multiple media channels for effective messaging.

The campaign unfolds in two phases. The initial phase focuses on brand differentiation, highlighting Muthoot Fincorp as the ‘Blue Muthoot’ as part of the BlueSoch campaign, featuring Vidya Balan as the brand ambassador. The second phase delves into the core proposition of gold loans, strategically aligning with the brand’s offerings.

As part of the sponsorship, the Muthoot Fincorp logo prominently features during Royal Challengers Bangalore’s matches and on the team’s training jerseys. The collaboration extends to social media integrations, along with TV commercials featuring RCB players, including cricket icon Virat Kohli.

In the ‘Mera Gold Loan, Mera Interest’ campaign, Virat Kohli appears in three avatars alongside other RCB players, conveying the message that customers have the freedom to choose their interest rates. Garimella emphasizes Kohli’s widespread appeal, both in India and globally, making him a sought-after figure not only in cricket but also in the advertising world.

Citing GroupM ESP’s recent annual report, Garimella notes the significant growth in sports-related media spending and endorsements in India. The sports endorsement industry witnessed an 11% year-on-year growth in 2021, amounting to INR 625 crores. Total media spending in sports surpassed INR 6018 crores, contributing to 65% of the growth revenue in 2020-21, as per the report.