In order to meet the demands of the younger generation and create a sense of saving among the young India Bankbazaar released a new digital campaign. In the booming era of the digital world, it becomes important for e-commerce companies to use digital platforms in order to interact with its customers. In a chat with exchange4media, Parul Shrivastava – Senior Manager Brand & PR, Bankbazaar.com shares her insights on the evolving digital marketing space.
What was the marketing strategy for Bankbazaar while you launched this digital campaign?
We at bank bazaar provide unique solutions to our customers. It is all about telling customers that there is a new way of banking. As a product, we are empowering customers with the right knowledge on personal finance and providing them with the convenience of getting the right financial product. It is a neutral platform where we do not promote any product and we provide end to end solutions. Content is the major focus right now in our marketing strategy to explain our stand.
How do you think it is possible to manage between right content and meeting customer expectations?
To influence the customers’ buying decisions, we are looking at using the content to explain the benefit or address the pain point. Right content is very important. Bankbazaar is completely online and the customers we have are those who shop for everything online. We do not want to be present anywhere else other than being online. The customer is constantly on Twitter and Facebook and he is talking about brands all the time. If you see our Facebook page, we experiment with content a lot to see if the content format is working or any kind of refurbishment is required for the same. We have a blog where we give a case study kind of content so whoever is interested in reading long text comes there. We are using small visuals to communicate the same message.
Watch video here: http://bbzr.co/25zdcwH
How do you deal with customer redressal issues on digital platforms?
It’s about how integrated the different teams are; instead of having a separate team, we have a customer relationship management team already and we have a social media team. How efficient the integration between these two teams are will make the difference. If there is a person handling social media and sees any complaints, he should immediately inform the CRM team and find a solution to it.
Why dump conventional methods of marketing and advertising for digital?
At this stage where my brand is at present, we are looking at a customer, who without putting any second thoughts, uses his credit card for online transactions and uses internet banking would be more likely to apply for loan online. So, he is the right target audience for me. The future is to involve other means as well but at present where my brand is, the intention is to create awareness among those who can understand my business and have adopted it early. That’s the reason why we thought of this means of communication and marketing.
Do you feel digital is easier and cheaper as compared to conventional methods?
It’s not about completely saying ‘no’ to conventional. A focussed marketing strategy is what we have at present. There are no spillovers to anyone other than my target audience. Yes, digital is cost effective with the kind of reach that it has and no other platform can compare it. Maybe in the future, we will definitely use conventional media.
How do you think digital advertising is helping shape up your brand?
The way we communicate personal finance is very unique. The way we look at it is making the brand easily consumable. If you read something in finance, it’s full of jargons so you need someone to explain everything written there. A common man doesn’t want to know the jargons but he needs to know how much he saves and how to apply or the lowest interest rate. We have addressed it with the kind of content that is produced, it’s entertaining and it touches the basic problems faced in the banking sector. It is differentiated and changing the way people look at banking.
What is your target audience?
The target audience is anyone who is above the age of 25 looking forward to taking his finances seriously. We have a lot of banking partners and they help us a lot in understanding the consumer.
Do you think that the right strategies would make the youth more aware of finances in the earlier stages of the digital era?
This is the right time. Why we are talking about digital banking today is because the technology has developed to that extent and it is possible to deliver it to the consumer. Because of the e-commerce boom and the kind of habits the consumers have developed to go online, even the banks are responding to the demand. A lot of banks are developing their app and there are banks who are talking seriously about digital banking and quick loan approvals because that is the demand in the market already. 10 years ago, there was no such technology or demand and there was no such platform available. So the traditional banking was not wrong but it was not the right time for them to market it like that and they are adapting to the new scenario now.
What kind of marketing strategies will be required to change the entire e-commerce scenario in the years to come?
It is dependent on the kind of infrastructure support we are going to get. The more market penetration is the most important strategy for all e-commerce companies. Now the belief will grow if there is a market development in Tier-2 and Tier-3 cities and they will be the major focus of companies like bankbazaar. Right now, the focus is on top cities that are comfortable with online business. Even the government is doing a lot of activities like opening bank accounts for everybody and the Aadhar card, so the government is trying to create the infrastructure even in Tier-2 and Tier-3 cities.