NBFC Marketing- An Overview
Finance Marketing in India is evolving. Borrowers are looking for credit, and only 6% of the loan applications get approval from the traditional lenders. So, NBFCs have massive potential in one of the fastest growing economies in the world.
What happens when you open an NBFC? You remain dependent on the word of mouth marketing or web aggregators for the leads. But still, a majority of borrowers are not within your reach. Marketing plays an essential role in the growth of the NBFCs.
NBFC Marketing is the process in which the activities carried out by an NBFC are marketed to potential and future clients of the NBFC. There is no particular process or procedure to consider for NBFC marketing.
However, NBFCs are becoming more important in the eyes of consumers considering the evolution of technology and development of artificial intelligence. There are different ways to consider marketing the potential financial products of the NBFC.
Benefits of NBFC Marketing
The following are the benefits of NBFC marketing:
- Increased Sales
Through successful marketing strategies, the sales would improve for the NBFC. Increased sales means higher margin of profits for the company. However, increased sales for the NBFC would also be an improvement of customer satisfaction.
- Increased Reputation
More marketing means added reputation to the NBFC Company. Through successful marketing strategies the company would also ensure progress in the right path.
- More Influence
Influence in the market would be the high reputation gained in the market. Influence can also affect the collaboration of the NBFC with other companies.
What are the types of NBFC Marketing?
The following are the types of NBFC marketing:
- Customer Based
Customer based marketing would be active type of marketing strategy which is utilised in NBFC marketing. In direct marketing customers and consumers would be involved in different strategies which are adopted by the NBFC.
- Digital Based
Digital based marketing would include marketing over digital media, electronic media and other mediums of marketing. Customers who have access to smart phones and other digital products would have access to this.
- Search Based
Search Based marketing would utilise Search Engine Optimization or other forms of digital marketing methods in order to increase the traffic for your particular website. This form of marketing would be indirect marketing. However, the use of SEO would be useful in increasing the amount of organic traffic for your NBFC.
- Advertisement Based
This would be in the form of newspaper, print media, online advertising channels such as you tube and television broadcasts.
- Collaboration Based
This form of advertising would include advertising through fintech collaborators. For example, a consumer would utilise the services of a particular fintech. After using the services of the fintech, an ad on or related ad would come to the customer’s screen. Through this, information would be passed to the consumer.
Carry out Market Research
It is important to research your demographics before planning and execution of any marketing campaign. Demographics and other market based research would include different types of plans and potentials in order to increase the customer base of the particular NBFC.
- Analyse your Business Model
First and foremost, it is crucial and important for you to be aware and understand the business model followed by your NBFC. An NBFC is created to carry out different types of activities. The business model of the NBFC would be crucial to identify customers. Apart from this, you would be able to also learn from your competitors. The strategies adopted by your competitors would be useful in devising the NBFC marketing plan.
- Study the Customer
In the marketing plan the crucial step would be to study the consumers present in the market. The penetration levels of financial products introduced in the market should be analysed first. Consumer surveys should be researched and analysed. Based on this the NBFC marketing should be carried out. Individual consumer profiles should be studied in depth to find out the correct strategy.
- Conduct Behavioural Analysis of your customer to find out right marketing channels
When a conclusive research is completed, it would be important to devise the strategy for behavioural analysis of the customer. From this analysis the reaction of several group of customers can be gauged. Financial inclusion is one of the aspects related to understanding consumers. For example- a fintech application which is frequently used by consumers can have a survey or some feed back to understand consumer experience. Different types of pointers can be understood through this process. Thoughtful insights can be gained by the marketers considering the above.
- Find out right prospects for the Business Objectives
Over the time using data and algorithms based on your business model would be helpful in understanding the key prospects which would be helpful for your NBFC business.
- Give you audience Insights based on Business model (Based on Analytical Tools)
Based on the research we share audience insights with data like:
1. Estimated Reach
2. Cost Per Conversion
3. Total Monthly Budget
4. Revenue Forecast based on numbers of Inbound Leads
Based on the Research we shall then create NBFC Marketing Plan.
NBFC Marketing Plan
After Data gathering process is complete, the second step is to create a marketing plan based on your budget forecasts. This marketing Plan will contain funnels suggested with a breakdown of Cost per acquisition (CPA), Average Burn and Churn rate and the breakeven analysis. Depending upon the business model we shall also create a digital marketing strategy, including but not limited to:
- Search Engine Optimization/Marketing (SEO/SEM)
Our team of marketers uses white hat techniques, to rank you in major search engines for the industry standard search terms. This increases your Organic presence and number of organic leads.
- Creation and Promotion of Social Media Pages
Social media pages are a great way to engage with potential clients and listen to customer feedback. Our team will create social media pages and engage with your target audience.
- Search and Display Advertising (PPC)
The fastest way to go to the market. Our team will create intuitive campaigns to acquire customer form search and display advertising.
- Remarketing Campaigns
Remarketing helps in reaching to the customers who visited your NBFC website but didn't convert into a lead; this cost-effective strategy helps to improve Marketing return on investment.
- Content Marketing
Our Marketing Team will create compelling content to increase your organic traffic and leads.
- Influencer Marketing
Our Team will work with influencers to build brand awareness and brand evangelism.
Our Marketing Team, based on business model creates a bulletproof PR and Marketing Strategy. That helps you grow the brand value of your NBFC and generates an additional stream of customers for just a fraction of the cost you will pay elsewhere. From public relations to Television Advertisements, we can handle all.
- Advertisement in Newspaper of Target Demographics
Our public relations strategy includes getting you features and advertisements in Newspapers of target demographics. This increases brand presence and number of inbound leads.
- Advertisement on Radio, Television
Our public relations strategy includes getting features in Radio and Television for broad coverage when you plan to scale your lending operations.
- Advertisement on Billboards
Our public relations strategy includes getting features in Billboards, Airlines, etc. for broad coverage when you plan to scale your lending operations.
- Omni-Channel Advertisement and Promotions
Our Marketing team will create and manage advertisement across your chosen verticals and continue increasing your brand value and business size.
Enterslice Advantage- NBFC Marketing
- Enterslice main aims is to add value to you business.
- Our team of professionals comprising of CA, CS, Lawyers and Digital Marketing Experts.
- We have experience in successfully marketed for different NBFCs.
- Constant monitoring and 24*7 customer service.