Bajaj Finserv is an Indian financial services firm that is a part of Bajaj Holdings & Investments Limited which focuses on lending, asset management, wealth management, and insurance.
Marketing is one of the most important functions of a business that indulges in promotion and marketing activities including market research and advertising for products or services; especially now in the current context where marketing innovation has sped up exponentially and adoption of these techniques can be a factor of make or break for the companies.
Before we get into Bajaj Finserv Marketing Strategy, let’s take a look at the company.
About Bajaj Finserv
Bajaj Finserv Limited is an Indian financial services company that specializes in lending, personal loan, asset management, wealth management, and insurance. It is a subsidiary of Bajaj Holdings & Investments Limited. The company employs over 20,154 people at 1,409 different. In addition to financial services, it is involved in wind energy generation with a total installed capacity of 65.2 MW.
These are the services provided by them :
Now let us move on and learn about the audiences that Bajaj Finserv is targeting.
Bajaj Finserv Target Audience
The group of people who are most likely to be interested in your product or offer is referred to as your target audience. And members of this group share similar traits.
Bajaj Finserv’s target audience consists primarily of middle-class and low-income families. They have tailored their advertisements and marketing strategies specifically for them. Giving them high-interest rates on investments, quick loans, insurance policies, and so on. When you provide such offers and services, they attract more people not only through advertisements but also through word of mouth.
After a brief overview of the company and its target audience, let us now take a closer look at what made Bajaj Finserv so successful – their Marketing.
Bajaj Finserv Marketing Strategy
A marketing strategy is a comprehensive business plan that assists in targeting consumers and converting them into potential customers of goods or services. Let us dig deeper into the specifics of their strategy.
– Existing Customers
Bajaj Finserv is more concerned with retaining existing customers than with acquiring new ones. They believe that the more satisfied their existing customers are, the more likely they are to tell others about their business.
Before purchasing anything, any buyer will check the company’s reviews, and satisfying existing customers will help them build a better brand name in the market.
– Quick Results
Bajaj Finserv has always provided prompt service to its customers. They were the first to provide on-the-spot approval for the long-term financing offer in three minutes, a time that has now been reduced to three seconds.
– Bajaj Finserv Digital Presence
A digital presence is simply how your company appears online and how you manage your brand across various social media platforms. It is critical to stay on-trend, and the current trend is digital, with the majority of the audience on digital/social platforms. Taking advantage of this opportunity, Bajaj Finserv greatly improved its digital presence.
Source – Twitter of Bajaj Finserv
According to the images above, the company profile on various social media platforms has a large presence and thus a strong market base. They post videos of various queries and offers that people may require for various reasons. They respond to all comments on their social media accounts, increasing their social presence, answering questions, and gaining people’s trust.
– EMI Store
The Bajaj Finserv EMI Store is the next-generation online electronic store that provides simple solutions for online electronics shopping with an EMI option. When you shop at EMI Store, you won’t have to worry about your budget because it offers the best EMI shopping options.
You can choose Bajaj Finance for anything, from mobile phone loans to home theatre system loans, thanks to their hassle-free financing options. The best part is that when you finance your purchase through them, you have the benefit of no paperwork, instant approval, instant delivery, and pre-approved offers. In addition to no paperwork and no hiccups, you get zero down payment and no interest on EMIs.
– Creating Awareness
At this point, the user has a question. He then goes out and looks for a company that can offer the customer a solution or service. In the case of Bajaj Finserv, the company has written blogs for all relevant searches and is ranked at the top of the search results, i.e. ( personal loan, company loan, home loan, EMI card, health loan, doctor loan, etc )
Bajaj Finserv Content Marketing
Content Marketing is a type of marketing that requires the creation and distribution of online content that does not explicitly promote a brand but is intended to pique interest in its products or services.
Bajaj Finserv has been publishing SEO-optimized blogs on various topics in order to increase the visibility of its brand in all of the searches that people conduct. This is due to the fact that the more people who see the company’s name, the more trust they have in them.
Bajaj Finserv has carefully planned their content strategy, from the initial stage, which is the awareness stage, in which the customer learns about the product, to the final stage, which is the action stage, in which the customer purchases the product.
However, the best part of Bajaj Finserv’s content strategy is that they have kept their interest stage very clear for customers to simply buy their services.
Along with some of its competitors, it is a well-known brand in its field. It has a specific target audience and is one of the best marketing strategies on the market. So, let us see what companies really do compete with Bajaj Finserv.
Bajaj Finserv Competitors Analysis
Bajaj Finserv has many competitors in the market, like HDFC Bank, Axis Bank, and Muthoot Finance, all of which offer savings, insurance, and loans. Other market competitors include LIC, ICICI, and others. They are, however, not as diverse as these. People, however, have high regard for them when it comes to their own facilities.
We narrowed down the companies because the others only provide a limited number of services, whereas Bajaj Finserv provides more options than the more common ones.
Bajaj Finserv earns more points than its competitors because it has written on various blogs, and it not only gets new customers because it is getting relevant content, but it also retains existing customers.
These are some of the most popular articles published by Bajaj Finserv that rank near the top of its keywords.
Opportunities in Digital Presence
Bajaj Finserv has a good opportunity to write some blogs about the following keywords/searches:
A pain point is a specific issue that prospective customers of their related company are having. In other words, pain points are simply the problems. It has been observed that users have a high bounce rate on the site. To reduce the bounce rate and convert them into customers, the company must work on this.
Bajaj Finserv has a strong presence in the market and among its customers. The fact that they focus more on their existing customers to satisfy them and provide them with more amenities is a plus in their marketing because whenever a new customer sees their ad and goes to get a review, there is a high chance that he will convert into a buying customer.
You can see how Bajaj Finserv implemented its digital marketing strategy in this blog, and if you want to learn similar skills and techniques, start learning digital marketing today. Check out our Free Masterclass with Karan Shah, the CEO of IIDE, to get hands-on experience in digital marketing.
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