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In a bizarre move that might startle many urban Indians, ICICI Prudential, the Mutual Fund division of ICICI, has signed a contract with the world’s top rapper Eminem to croon the mandatory “Mutual Fund investments are subject to market risk” disclaimer line for their ads.
To elucidate, as many are already aware, every Mutual Fund firm has to issue an audio warning about the risks involved in investing in mutual funds. The exact line goes like this: “Mutual Fund investments are subject to market risks. Please read the offer document carefully before investing”. Mutual Fund firms typically try to save on expensive ad-time by making this statement run through as quickly as possible, while being comprehensible at the same time.
ICICI Prudential, one of the leading players in the mutual funds business, is using this as an opportunity to both advertise itself in a way no other Mutual Fund has done before and also to compress the ad-time that’s “wasted” on uttering that line. The company has successfully struck a deal with Eminem, one of the top selling rap artists in the world, to sing the line for them, with an intonation that’s quick yet perfectly audible, pretty much like most of his songs. The grapevine says Eminem is going to sing this phrase in under 1.4 second, saving a lot of money for the company.
“Despite being an expensive idea, this is very tactical,” says an excited ICICI Prudential MD Rahul Kosambi, “it saves commercial-time for us at the same time offering us unprecedented publicity. Imagine Eminem’s song appearing every now and then on your television. Isn’t it awesome?”
The decision has been made keeping in mind young urban Indians who actually form the potential customer base for any Mutual Investment firm. “Young Indians are crazy about Western singers and when it comes to rap culture, Eminem is one of the names that pops up in everyone’s mind instantly,” explained ICICI’s Chief Marketing Strategist Sujeet Palwar.
Although it’s yet to be seen if this strategy really does some magic for the company, the news has already occupied the Times of India website’s front page under the title, “Eminem to sing for ICICI. See some of Eminem’s ex-girlfriends and their oops moments here.”