Yes Bank Plans to Increase Ad Spending by 30% in 2023-24
Private sector bank, Yes Bank, is all set to ramp up its business to increase its market share. The bank has plans to increase its advertising spending in the current financial year. According to PTI, the bank will increase its advertising spending by 30% in 2023-24. However, Nipun Kaushal, the bank’s chief marketing officer, did not provide any exact figures for advertising spending but stated that it would be 30% more than last year.
Share Market Update: Yes Bank Shares Trade Weak
Yes Bank’s share price traded weak at Rs 15.82, down by 0.38% in a weak market sentiment today.
Why It’s Difficult to Give Exact Figures on Advertising Spending
Yes Bank has plans to increase its advertising spending. However, it is difficult to give exact figures on how much it will spend. The reason for this is that rates can change when it’s time to book property. Therefore, it’s difficult to give accurate information about spending at this time. Kaushal said that the bank’s current situation has prompted the marketing campaign to begin on June 20th, and it will continue until the end of the financial year 2023-24. The bank will run several digital campaigns, including TV and outdoor advertising.
Yes Bank’s Health Check
According to Ranjan Pental, Executive Director of the bank, the retail franchise has reached a point where profits are showing signs of a trend reversal after inflation points. The bank changed its logo at an event on Tuesday, and its Chief Executive Officer Prashant Kumar said that the bank has successfully overcome recent challenges by relying on its strong nature. Kumar believes that it’s time to strengthen the bank’s brand again, and it has all the necessary resources to do so.
In conclusion, Yes Bank has set its sights on increasing its advertising spending by 30% in 2023-24 to expand its market share. The bank’s current situation has prompted the marketing campaign to start on June 20th, and it will run until the end of the financial year 2023-24. Although it’s difficult to give exact figures on advertising spending at this time, the bank is confident that it has all the necessary resources to strengthen its brand again.
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