In our previous article, we extensively studied the SWOT analysis of Financepeer. This article will look at the marketing strategy of Financepeer – The Most Trusted Brand Among Students.
In a nutshell, Financepeer is a financial service provider platform that helps students and their parents pay their fees.
We are unaware of this company as they don’t work on branding and marketing. Yet, marketing is a prominent part of a company’s DNA that can make it or break it. If you are interested in this new digital era, you should check out IIDE’s Free MasterClass on Digital Marketing 101 by Karan Shah.
In this blog, we will see the marketing strategy of Financepeer. But, before we dive deep into it, let us start by learning the company’s story, target audience, and digital presence.
Financepeer is a unique platform designed to make quality education available to all students by helping them pay their fees in easy instalments. They also help institutes meet their financial obligations and continue to focus on positively affecting society. It is a Google incubated, and RBI governed Non-Banking Financial Company.
Financepeer came into the market long back in 2017 and was founded by Rohit Gajbhiye. The Co-founders of Financepeer are Debi Prasad Baral ( Co-founder, Technology Head ) with 12+ years of experience in enterprise software Product Deve, Sunit Gajbhiye (Co-founder, Business Head) with 8+ years of experience in Business Operations and Product Management, Naveesh Reddy (Co-founder, Operations Head) with a decade of years of experience in developing machine learning algorithms for fraud detection and credit risk for South Asian countries and Australia.
The best thing that the company does is to provide loans to students who are unable to pay their high fees. Unfortunately, most students and their parents face this difficulty. They also found that if the interest rate is too high, they won’t be able to take loans for their children.
By keeping all the above points in mind, they designed their business model to benefit the borrowers.
The company started with the first 100 clients within three months. The company has more than 22,00,000 students and more than 6000 institutions in 60+ different cities.
|Area Served||All over India|
|Market Share/ Revenue||$39.9M (Revenue)|
|Vision||Financepeer is a for-profit effect solution company founded by IIT/IIM alumni. We are focused on making superior education available to all.|
|Tagline||Fee Payment Karni hai, to Financepeer hi Karo|
Marketing Strategy of Financepeer
Let us acquire knowledge about the Marketing Strategy of Financepeer!
Segmentation, Targeting and Positioning
Segmentation divides markets into distinct groups of customers using segmentation practices. For example, talking about the segmentation of Financepeer, it has segmented its business into students and institutes seeking financial assistance to pay off their financial obligations in time without any worries.
We determine which customer groups to focus your marketing efforts on in the targeting process. The targeting approach needs to segment the market, select the most relevant segments, and identify the products/services they will supply. Here, in this case, the targeted audience of Financepeer is the students who have a burden on their heads to pay the high fees of education these days.
Financepeer made its positioning in the market by being The Most Trusted Brand Among Students. They created high-end, comprehensive solutions by providing easy loans at an attractive interest rate and a fast and authentic borrowing process. As a result, Financepeer has been awarded the Nationwide Award in BEST EMERGING COMPANY 2020 – School Fee Funding Genre.
Financepeer organized an ad campaign in September 2021 on account of Engineer’s Day, where lucky winners were given a chance to win rewards up to Rs.5000.The simple rules of the quiz contest were to follow Financepeer, fill out a form, and tag two friends to participate in the giveaway. As a result, this post got 2546 more likes than the previous one.
Financepeer held another campaign in August 2021, where people were given a chance to win Digital Art for their siblings to make their day more special by simply following some basic rules. The campaign’s theme was Raksha Bandhan which they did to get people familiar with Financepeer.
Financepeer conducted a digital campaign in April 2021. The video was posted by the ace batsman Rohit Sharma on his Instagram. Through a series of videos, the campaign aims to create awareness among parents and ambitious students on the ease of paying education fees through collaborating with Financepeer.
Social Media Marketing
Financepeer is active on Social Media platforms like Facebook, Instagram, Twitter, and LinkedIn. It has got its maximum number of followers on Facebook than on Instagram & LinkedIn and the least on Twitter. The followers on Instagram and LinkedIn of Financepeer range from 15k – to 20k. Their post mainly contains promotional content along with some education-related memes.
- No. of followers – 82,331
- No. of followers – 19,100
- No.of followers – 16,598
- No.of followers – 996
As per SEO rankings, we all know that the number of keywords below 1000 is somewhat wrong and above 10,000+ is fantastic. From the above picture, we can see that Financepeer has only 544 organic keywords, which means they need to work on and fix their SEO strategies.
Again the amount of organic traffic per month, around 10k +, is average. Here Financepeer is only getting 5815 organic traffic. Hence, it is evident that the digital marketing strategies of Financepeer need a hell lot of improvement.
This company doesn’t involve people to do their Influencer Marketing. Financepeer only seems to have collaborated with the batsman Rohit Sharma once for a digital marketing campaign.
In talking about the e-commerce strategies, Financepeer has its website for providing financial services online. They also offer exciting rewards and cashback on fee payments.
Some of the services offered by Financepeer are:
Financepeer has designed its mobile app for people to make things easier so that potential customers can download the app and enjoy the accessible financial services.
Content Marketing Strategies
Financepeer is very active on social media. Their social media posts content mainly creates the brand’s awareness among people and relates to education,students-life, fees, dreams, goals, etc. They also press releases about their services via Entrackr, The Economic Times, Fintech Futures, The Hindu, etc.
This ends our elaborative marketing strategy of Financepeer. Let us conclude our learning below from the marketing strategy of Financepeer.
Conclusion – What’s unique in Financepeer’s Marketing?
Financepeer is a financial institution providing loans to students by helping their parents pay their children’s fees at a 0% Interest EMI scheme. In the Marketing Strategy of Financepeer, we noticed that the brand is yet to enjoy strong brand recognition and credibility among its customers.
As Financepeer tackles its issues, the biggest one is its lack of marketing efforts. Of course, marketing is an essential task of any company’s existence, and in the current scenario, the field is rapidly digitizing. However, the company’s reputation is the one prominent factor that can either make it or break it.
Digital Marketing is extremely important in today’s age. With the increasing importance of digital marketing, learning about the growing field is an important step. If you would like to learn more and develop skills, check out IIDE’s 4 Month Digital Marketing Course to learn more.
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