Storytelling is at the heart of all our marketing efforts: Nalin Jain, CMO, Godrej Capital

Adgully’s AG Talk brings unfiltered insights and thoughts of CEOs, MDs and CMOs, who have been leading the marketing landscape, and in fact, also laying the ground rules to keep up with the transformative times.

In April this year, The Godrej family announced an ownership realignment of their shareholdings in the Godrej Companies. Godrej Enterprises Group (GEG) comprises of Godrej & Boyce (G&B) and its affiliates will now be controlled by Jamshyd Godrej, Chairperson and Managing Director, Nyrika Holkar, Executive Director, and their immediate families. Godrej Industries Group (GIG), which includes the listed companies, Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have Nadir Godrej as Chairperson and will be controlled by Adi Godrej, Nadir Godrej, and their immediate families.

Godrej Capital is the financial services division of the Godrej Group and is a subsidiary of Godrej Industries. It is also the holding company for Godrej Housing Finance & Godrej Finance. Godrej Capital has a digital-first approach with a keen focus on product innovation driven by customer-centricity. It offers home loans, business loans, and loans against property. The brand has the focus on building a sustainable retail financial services business in India which is long-term, supported by the 126-year-old legacy of excellence and trust of the Godrej Group.

Godrej Capital recently launched the #IssLoanMeinLoadNahi, Design Your EMI, and #GrowthKiUdaan campaigns under the leadership of their CMO, Nalin Jain. In this exclusive Ag Talk interaction with Adgully, Nalin Jain, Chief Marketing Officer, Godrej Capital, spoke at length about these campaigns, the key strategies implemented at Godrej Capital to enhance customer satisfaction, and how to leverage digital assets to drive innovation. He also spoke about how Godrej Capital ensures a cohesive fit between PR and marketing efforts, future marketing initiatives or campaigns planned to further strengthen Godrej Capital’s market position, and more.

How did your previous roles in operations, customer experience, and digital assets prepare you for your current role as Chief Marketing Officer at Godrej Capital?

With nearly 18 years in the Financial Services Industry, my journey has been diverse, encompassing leadership roles in banks, insurance, and non-banking financial companies. I started at Standard Chartered, where I ventured into Asset Sales and later launched distribution channels at ICICI Lombard. At Citibank, I spearheaded Liabilities Acquisition in Mumbai, which gave me valuable insights into customer acquisition and retention.

Joining ING Vysya Bank, I undertook roles in Assets cross-selling, Trade & FX, and pioneered Financial Inclusion initiatives. During the ING Vysya-Kotak Mahindra merger, I managed diverse responsibilities, including launching new products and heading customer experience. This period was instrumental in honing my skills in managing complex transitions and enhancing customer satisfaction.

Transitioning to IDFC FIRST Bank, I steered large-scale customer service delivery and digital transformation projects, further solidifying my expertise in creating seamless digital experiences for customers. These roles collectively equipped me with a comprehensive skill set in operations, customer experience, and digital assets.

Now, at Godrej Capital, as Chief Customer and Marketing Officer, I orchestrate Operations, Customer Experience, Marketing, Service Delivery, and Digital Assets. My extensive industry expertise allows me to drive integrated marketing strategies that align business goals with customer needs, fostering engagement and loyalty. My career in the Financial Services Industry has provided me with the tools to lead customer-centric initiatives and drive excellence and innovation at Godrej Capital.

Could you tell us about the objectives and outcomes of the #IssLoanMeinLoadNahi and #GrowthKiUdaan campaigns? How have these campaigns impacted customer engagement and brand perception?

The #IssLoanMeinLoadNahi campaign aimed to showcase the simplicity and benefits of Godrej Capital’s Business Loans, featuring flexible repayment options, zero collateral, and quick loan sanctions. There’s a common belief that a loan is a burden; we wanted to debunk this myth by showing that loans, with customer-centric solutions, can be tools for business growth. The campaign’s objective was to increase brand awareness, and it received over 1.5 million views on YouTube with significant social media engagement. As a result, our business loans soon crossed the Rs 1,000-crore AUM mark and currently stand at Rs 1,300 crore AUM.

The #GrowthKiUdaan campaign focused on empowering MSMEs through our Nirmaan initiative, connecting them with specialized service partners. This campaign’s success in resonating with our audience has significantly enhanced our brand perception as a key supporter of business growth and success.

Additionally, we also worked on the #LimitlessGrowth campaign that was released around Women’s Day and was designed to celebrate and support women entrepreneurs. The campaign has been instrumental in highlighting our commitment to inclusive growth. By providing tailored financial solutions and recognizing the contributions of women in business, this campaign strengthened our engagement with female entrepreneurs.

Together, these campaigns have not only boosted customer engagement, but also solidified Godrej Capital’s reputation as a customer-focused and socially responsible financial partner.

Given your extensive background in customer experience, what key strategies have you implemented at Godrej Capital to enhance customer satisfaction and loyalty?

At Godrej Capital, customer obsession is one of our core values. We have adopted a customer-centric approach, prioritizing the enhancement of our digital platforms for a seamless user experience. Our service delivery channels are optimized for quick and effective issue resolution, and we maintain proactive communication to keep customers informed and engaged. Our 24x7 chatbot is always available to answer customer queries, further ensuring convenience.

Additionally, we have implemented programs like BizRewards, offering rewards for timely EMI payments. We also focus on employee training to ensure knowledgeable and empowered customer interactions. These strategies have contributed to us achieving an industry-best NPS score, reinforcing our commitment to providing exceptional service and fostering long-term relationships.

How have you leveraged digital assets to drive innovation and improve service delivery at Godrej Capital?

Godrej Capital is a digital-first company. Leveraging digital assets has been central to our strategy for driving innovation and enhancing service delivery. We've made significant strides in integrating technology into our operations to provide seamless and efficient services to our customers.

One of our primary initiatives has been the development and implementation of a robust digital platform that caters to various customer needs. This platform enables customers to effortlessly manage their accounts online, while self-service options streamline the request and resolution process. The convenience and accessibility have significantly reduced the time and effort required for loan processing, resulting in a more satisfying customer experience.

Moreover, our digital initiatives extend to internal processes as well. We have implemented advanced CRM systems and automated workflows to streamline operations and improve efficiency. This has not only reduced operational costs but also enabled our teams to focus more on delivering exceptional customer service.

In conclusion, our commitment to leveraging digital assets has driven significant innovation at Godrej Capital. By continuously evolving our digital capabilities, we aim to provide superior service delivery and maintain our position as a leader in the financial sector. Our focus remains on creating a seamless and personalized experience for our customers, ensuring their financial well-being and satisfaction.

As a storyteller and overseer of PR activities, how do you ensure a cohesive fit between PR and marketing efforts at Godrej Capital?

Storytelling is at the heart of all our marketing efforts. We believe in telling authentic and compelling stories that resonate with our audience. Whether it is through social media posts or marketing content, we ensure that our storytelling is consistent and aligned with our brand’s voice and values. This cohesive storytelling builds trust and strengthens our brand identity. To add to that, a cohesive fit between PR and marketing efforts is crucial for maintaining a consistent brand narrative and maximizing our outreach effectiveness. Our approach mainly centres around alignment, integration, and collaboration.

Firstly, alignment is key. We ensure that our PR and marketing strategies are closely aligned with our overarching business goals and brand values. This alignment is achieved through regular strategy evaluation to define our messaging, target audience, and objectives. By setting common goals and a unified vision, we ensure that every campaign and communication reflects the essence of Godrej Capital.

Integration is another critical aspect. We integrate our PR and marketing efforts to create a seamless and synergistic approach. This means that our PR activities are not just reactive but are strategically planned to complement our marketing campaigns. For example, when launching a new product or service, our marketing team focuses on creating awareness and demand through various channels, while our PR team works on securing media coverage, arranging interviews, and sharing compelling stories that highlight the product’s benefits and innovation. This integrated approach amplifies our message and ensures that our audience receives a consistent and reinforcing narrative across all touchpoints.

We have established cross-functional teams that work together on projects from inception to execution. This collaboration ensures that everyone is on the same page, and it allows us to leverage the unique strengths of each team. By combining these strengths, we can create more impactful and cohesive campaigns.

Under your leadership, what are the future marketing initiatives or campaigns you plan to launch to further strengthen Godrej Capital’s market position?

At Godrej Capital, we are committed to continuously evolving our marketing strategies to strengthen our market position and better serve our customers. We have several exciting initiatives and campaigns lined up for the year aimed at enhancing our brand presence, engaging our audience, and driving business growth.

We are actively working on the expansion of our digital footprint. This year we aim to strengthen our position as an MSME lender. In line with this plan, we are working on a comprehensive digital marketing campaign highlighting our commitment towards businesses. This campaign is tailored for business owners, aiming to increase brand awareness across our serviceable locations. Additionally, we are also working on improving our website for a more user-friendly experience.

On the business front, we are working on understanding and meeting the unique needs of different regions, connecting with our audience on a deeper level and supporting local businesses and communities.

Our future marketing initiatives are aligned towards brand awareness, business objectives, digital innovation, content excellence, and customer experience. By focusing on these areas, we are confident in strengthening our market position and creating meaningful, lasting relationships with our customers.