UTI MF to use SMS, innovative channels for marketing

MUMBAI: Buoyed by the success of its strategy to use 'dabbawallas' for promoting sales of its mutual funds, UTI MF now plans to use the SMS service in mobile phones to deepen and widen its penetration, especially in rural areas.

"Our strategy of using 'dabbawallas' was a big success. We now plan to use innovative channels like SMS to push our products," UTI MF's Chief Marketing Officer, Jaideep Bhattacharya, said.

When a salesman was sent to homes, several times he would not even be entertained but in the case of a 'dabbawala' access and reach to homes were guaranteed as 'dabbawallas' were in daily touch with their customers, he said.

The most profitable asset management company in the country, UTI MF's think-tank feels that it would be innovation not only from the product side but also from the channel perspective that would propel growth in the industry.

"SMS has emerged as a potentially very effective and cost-effective avenue of marketing MF products," Bhattacharya said.

Reeling out figures, he said that India had 336 million mobile users and was adding 10-15 million more every month.