Alok Arya, Chief Marketing Officer (CMO), Equentis Wealth Advisory, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
2023 witnessed pivotal shifts in the marketing landscape, particularly in the regulatory and technology spheres.
The introduction of Advertising and content guidelines in May 2023 was an important landmark event for the RIA industry. The increased scrutiny fostered a more structured and accountable environment, setting the necessary marketing content sanitization process. It ensures transparency and reliability in the information distributed to consumers, creating a healthier/trustworthy relationship.
The various technological trends had a significant impact on reshaping marketing strategies. Generative AI revolutionized content creation and dissemination. Its capability to generate high-quality, tailored content at lightning speed and scale elevated marketing campaigns.
Another significant trend was the rise of conversational commerce. It altered how brands engaged with consumers. Marketing has now evolved into a dialogue-driven approach fostering meaningful customer conversations. The BFSI sector leveraged WhatsApp as the primary point of contact, rewriting how consumption is driven through dialogue and engagement.
Success stories from 2023: At Equentis Wealth Advisory, the unexpected opportunities, and achievements in 2023 expanded our vision beyond mere figures. Here are two events that shaped a significant part of 2023 for us.
The successful implementation of precision marketing has been a game-changer in our outreach strategy. This approach has propelled our bottom-funnel growth, allowing us to reach audiences like our existing customer base, resulting in tangible growth outcomes.
The unexpected opportunity was establishing RIA as a category and bringing it to the forefront amid tightened regulations. There is a prevalent resistance towards paid advisory services in India. It is not as mature as other markets like the USA.
We focussed on What’s in it for you? in all our BAU communication. We used it efficiently to position/establish ourselves as the preferred choice in the Equity Advisory Space.
Learnings and realizations from 2023: We found a large portion of our clients was male when we analyzed data. Despite women’s significant influence on financial decisions, the investment landscape predominantly comprises men, with women representing a significantly lower proportion—only 24% of retail investors in the stock market*. We used this insight in our Diwali campaign #HarGharLakshmi, shedding light on disparity and encouraging inclusivity within the category.
Another insight that intrigued us was the growing trend of early retirement planning. We crafted performance campaigns to align our messaging with this trend, emphasizing long-term investments and goals-based strategies.
Looking at 2024: A trend that is here to stay is the integration of generative AI. At Equentis Wealth Advisory, we were the early adopters in RIA to launch financial mentors for financial education. Through this initiative, we focussed on generating content in an engaging and snackable format.
We capitalized on this trend by pioneering the launch of Vidya and Vasu, our AI-based financial mentors who engaged the audience with a broad spectrum of finance-based topics from economy to personal finance.
The second most important trend is Personalization, which will continue to evolve. As an industry, we are moving away from a templatized approach and embracing personalized engagement with our audience, enhancing trust indicators for the brand.
As people become more conscious of data privacy, the rules and requirements are getting stricter. It makes handling data and complying with privacy regulations even more essential. However, it is vital to maintain personalized experiences. Navigating through these regulations and providing personalized experiences is a challenge we and the industry must prioritize.
Conversational commerce, which is dialogue-driven communication and moment marketing, will continue to gain prominence. This year, we saw how brands jumped on the wagon with the World Cup fever and the Chandrayaan Landing. Moment marketing is now talking about the event with innovative brand placements. Engaging consumers in real-time conversations increases the effectiveness of any campaign.
Some advice: To my peers and those venturing into our dynamic industry, Start with Why. Throughout my career, I’ve lived by the mantra of questioning and understanding the purpose behind our actions. Continuously probing until conviction will provide clarity for making decisions.
Be customer-obsessed. Let this principle be your north star. Marketers must prioritize understanding customer needs and aligning strategies to create value and forge lasting connections.
Humanize the brand. Beyond products and services, people connect with stories and emotions. Developing a humanized brand can resonate with your target audience, leading to loyalty and trust through authenticity and relatability.
Fail fast, fail forward. Embrace failure as a stepping stone to success. Experiment boldly, learn from setbacks, and pivot swiftly. This iterative process propels growth, fostering innovation and resilience.
My Mantra for 2024: ‘Let’s go!’ is my attitude to everything coming in 2024.
My personal favorites from 2023
Campaign I liked in 2023: My favorite advertising campaign from 2023 is Licious. They have creatively and smartly cracked the veg-eating Indian market.
A book I liked in 2023: The book The Checklist Manifesto by Atul Gawande is a must-read. It helps you channel and bring things into perspective, emphasizing the importance of checklists to enhance efficiency, organization, and managing multiple tasks amidst distractions.
A show/movie that I liked in 2023: I loved “Aspirants” on Amazon Prime. It is a brilliant series that beautifully portrays the delicate balance between work life and our diverse relationships.
My 2023 hobby-career connection: I am passionate about working out and running. They help me gain clarity.
