It's not just Pepsi, Coke and the FMCG sector that are eyeing Indian cricket stars to promote their products.
At least three private sector banks -- ICICI Bank, ING Vysya Bank and IndusInd Bank -- are vying to rope in the Team India captain, Sourav Ganguly, as their brand ambassador.
Bank of Rajasthan, one of the old private sector banks, is planning to rope in former Bollywood siren and current Rajya Sabha member, Hema Malini, as its brand ambassador for about Rs 40 lakh (Rs 4 million) for three years.
Ganguly, however, will not come that cheap. Advertisement industry sources said the Indian captain is likely to charge between Rs 1 crore (Rs 10 million) and Rs 2 crore (Rs 20 million) for the job.
ICICI Bank had roped in Amitabh Bachchan in November, 2000 as the brand ambassador. The contract with Bachchan expired in November, 2002 and now the bank is looking for a cricketer, preferably Ganguly, the industry sources said.
The advertising push by the private banks is a direct result of their new found passion for retail assets. As they want to reach out to the retail customers, the banks are increasingly becoming publicity savvy.
"They are booking hoarding sites at vantage points and buying ad space in print and TV to create a distinct brand recall," said a senior private sector bank official.
The uniform level of services and products offered by banks have set a stage for an all-out
Brand building exercises have pushed up the ad spends. ICICI Bank spent Rs 66.68 crore (Rs 666.8 million) on advertisements and publicity in 2003-04 compared with Rs 58.18 crore (Rs 581.8 million) in 2002-03, while HDFC Bank spent Rs 37.06 crore (Rs 370.6 million) in 2003-04, up from Rs 17.51 crore (Rs 175.1 million) in the previous year.
Even the public sector behemoth, State Bank of India, had increased its publicity budget by 95.6 per cent in 2003-04 to Rs 67.36 crore (Rs 673.6 million).
As many as nine banks increased their publicity budget by over a 100 per cent. Ad spends by State Bank of Hyderabad and Vijaya Bank increased by over 330 per cent each in 2003-04.
After the merger with Ashok Leyland Finance, IndusInd Bank is looking at a major brand building exercise.
According to sources, the bank is in talks with brand consultants who are working on a new logo for the bank. IndusInd Bank has invested around Rs 4 crore (Rs 40 million) in publicity and advertisements in 2003-04, which is likely to double in this fiscal, said a source.
Centurion Bank is also in a process of chalking out a brand building strategy, said chairman Rana Talwar. The bank has launched an outdoor campaign for its personal loan and two-wheeler products.
