An Overview of NBFC Marketing
In India, Finance Marketing is developing. Borrowers are searching for credit, and only 6% of the loan applications get consent from conventional lenders. Hence, Non-Banking Financial Companies have enormous capability in one of the rapidly growing economies globally. What happens when you establish an NBFC? You remain depending on the term of mouth marketing or web aggregators for the leads. However, still, most of the borrowers are not within your reach. Marketing plays an essential role in the growth of Non-Banking Financial Companies.
NBFC Marketing is the procedure in which the activities are operated by a Non-Banking Financial Company are marketed to potential and upcoming customers of the Non-Banking Financial Company. There is no specific procedure to consider for NBFC Marketing. But, Non-Banking Financial Companies are becoming essential in the customer's eyes considering the development of technology and AI (Artificial Intelligence). There are various ways to consider marketing the potential financial products of the Non-Banking Financial Company.
What are the Different Types of NBFC Marketing?
Following are some different types of NBFC Marketing:
- Customer-Based Marketing
This type of marketing would be an active type of marketing plan which is used in NBFC Marketing. In direct customers, marketing would be involved in various plans which are adopted by the Non-Banking Financial Company.
- Search-Based Marketing
This marketing strategy would utilise SEO (Search Engine Optimisation) or other forms of digital marketing methods to gain traffic for your specific website. This type of marketing strategy would be indirect marketing. But, the use of Search Engine Optimisation would be beneficial in increasing the organic traffic for your Non-Banking Financial Company.
- Collaboration-Based Marketing
This type of marketing would include marketing via Fintech collaborators. For instance, a customer would utilise the services of a specific Fintech. After using the Fintech services, an ad on or related advertisement would come to the customer's screen. Through this, information will be passed to the customer.
- Digital Based-Marketing
This type of NBFC Marketing would include marketing over digital, electronic media and other ways of marketing. Clients who have access to smartphones or other digital items would have access to this.
- Advertisement-Based Marketing
This marketing is in the form of print media, newspaper, digital advertising mediums such as TV broadcasts, and Youtube.
Benefits of NBFC Marketing
Following are some significant benefits of NBFC Marketing:
- Increased Reputation
More marketing or advertising means adding reputation to the Non-Banking Financial Company. Through successful marketing plans, the company would also make sure the progress in the correct path.
- Increased Sales
By the successful marketing plans, the sale would improve for the Non-Banking Financial Company. Increases in sales mean a higher profits margin for the company. But, increased sales for the Non-Banking Financial Company would also be the upgrading of customer satisfaction.
- More Authority
Authority in the market would be the high reputation increased in the market. Authority can also affect the NBFC Collaboration with other entities.
Execute Market Research
It is vital to research your statistics before planning and to execute any marketing campaign. Statistics or demographics and other market-related research would consist of various types of strategies and capabilities in order to increase the client base of the specific Non-Banking Financial Company.
- Examine your Business Model
First and vital, it is vital and essential for you to know and know the business model followed by your Non-Banking Financial Company. A Non-Banking Financial Company is established to operate different types of activities. The business model of the Non-Banking Financial Company (NBFC) would be crucial to recognise customers. Other than this, you would be able to learn from your opponents. The plans adopted by your opponents would be beneficial in devising conceiving the NBFC Marketing plan.
- Know the Customer
In the marketing strategy, the essential step would be to examine or know the customers' presence in the marketplace. The levels of penetration of financial items introduced in the market must be examined first. Customer surveys must be examined and researched; based on this, the NBFC Marketing should establish. Individual customer profiles must be studied to determine the right strategy.
- Conduct Behavioural Examination of Your Client to Determine Marketing Channels
When decisive research is finished, it would be essential to conceive the plan for behavioural examination of the client. From this examination, the reaction of some group of clients can be gauged. Financial enclosure is one of the factors concerning knowing clients. For instance, a Fintech application that clients use can have some feedback to know the experience of clients. Various types of pointers can be understood through this process. Thoughtful awareness can be gained by the marketers considering the above.
- Give you Audience Perceptions Based on Business Model
Based on the research, we share audience perceptions with the data such as:
• Calculated Reach;
• Total Monthly Budget;
• Cost Per Conversion;
• Revenue Forecast depends upon the numbers of Inbound Leads.
- Determine Right Prospects For the Business Objectives
Over time, using algorithms & data depend on your business model would be beneficial in knowing the significant prospects which would be beneficial for your NBFC Business.
NBFC Marketing Strategy
Once all the data collecting process is complete, the second step is creating an advertising strategy based on your budget. This marketing strategy will include funnels suggested with a breakdown of CPA (Cost Per Acquisition), Average Burn and Churn rate and the breakeven examination. Based upon the business model, we will also create a digital marketing plan, consisting of but not restricted to:
- SEO (Search Engine Optimisation) or SEM (Search Engine Marketing):
Our marketing teams use White Hat SEO Techniques to rank you in the Search Engine Result Page (SERP) for the industry-standard search terms. This will gain organic traffic and the number of organic leads.
- Remarketing Campaigns
It aids in reaching the clients who visited your NBFC website however didn't convert into a lead; this cost-effective plan aids to improve Marketing Return on investment.
- Promotion and Creation of Social Media Pages
These pages are a perfect way to engage with potential customers and listen to their feedback. Our dedicated team will create social media pages and engage with your targeted audience.
- PPC (Pay Per Click):
This is the fastest way to reach the market. Our team will create campaigns to obtain client form display and search advertising.
- Content Marketing
Our team of marketing will create compelling content to gain your organic leads and traffics.
- Advertisement in Newspaper of Target Demographics
Our PR strategies consist of getting your aspects and advertisements in Newspaper of target demographics. This will increase brand presence and the number of inbound leads.
- Advertisement of Television, Radio
Our strategies of public relations consist of getting features in Television and Radio for extensive coverage when you plan to scale your lending operations.
- Omni-Channel Promotions and Advertisement
We will manage and create advertisement across your chosen verticals and continue gaining your brand value and business size.
Frequently Asked Questions
It is the process of making the NBFC services effective in the market.
NBFC Marketing is performed in order to encourage or advertise the product and increase the NBFC reputation.
It is a plan or strategy which the Non-Banking Financial Company uses to examine the market and make it more successful in the client's eyes.
There are two different modes of NBFC marketing, and you can check the same below:
- Online Marketing.
- Offline Marketing.
Non-Banking Financial Companies (NBFCs) play a vital role in participating in economic development by offering a fillip to wealth creation, transportation, bank credit in rural areas, and aiding financially weaker sections of society.