Previously we saw the Marketing strategy of Razorpay. In this article, we are going to see the Marketing strategy of Groww – one of the best online investment platforms where users can find the best mutual funds for them to invest their money without any difficulty.
Therefore, the main goal of this is to assist everyone in learning more about Groww’s success story, from its humble beginnings as a small investment company to its transformation into an institution that has made investing incredibly simple for millions of people.
The marketing strategy of Groww has contributed to its success. Given that it is an internet application, marketing on all other online platforms is crucial.
In this blog, we will look at the key Marketing strategy of Groww but before that let’s know some facts about the company.
About the Company
One of the best mutual funds investment platforms in India – Groww is a startup with headquarters in Bangalore, India, and was founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh. Its main objective is to introduce the mutual fund investment facility on digital platforms.
Groww is a web-based investment platform that enables users to participate in mutual funds and stocks. The company began its operations through a WhatsApp group and other social media platforms.
Groww’s main goal is to make its investment a very easy, approachable, transparent, and computerized type of investment that will make it easy for its consumers to invest in mutual funds.
More than 20 million people have registered with this company, and most of them are under the age of 40. Through its website and smartphone, consumers can directly invest in more than 5,000 mutual funds.
Additionally, it has an open pricing policy that includes reasonable trading commissions. It does not charge for account opening or monthly maintenance expenses, and customers are allowed to invest in this without paying any fees. It provides tools, E-Books, and blogs so that its readers are properly informed about investing and may make better decisions. Opening an account and getting started with investing is quite simple. If investors desire to participate in the primary market they can submit an online IPO application, and hold the shares of the company.
Services by Groww
- Mutual funds
- Invest in FD
- US Stocks
- Demat accounts
Competitors of Groww
Groww has a lot of competitors in all places with other online investing platforms. The top competitors for the company are:
Now that we understand the company’s core business, let’s delve into the Marketing strategy of Groww.
Marketing Strategy of Groww
Users of Groww, an Indian investment platform, can invest in a variety of financial goods such as mutual funds, equities, and gold. Here is the marketing strategy of Groww and its main components.
User-Friendly Mobile App
Groww has created a mobile application that is incredibly intuitive and user-friendly and acts as its main platform for consumer engagement. Users of the app can browse, pick, and invest in a variety of financial products with ease. The app offers a seamless investing experience.
Groww strongly emphasizes educating its users about investing. They provide a variety of instructional materials, including blog posts, tutorials, videos, and FAQs, to arm customers with information and assist them in making wise investment choices.
Groww has put in place a referral programme that rewards current users for referring brand-new clients. This programme encourages word-of-mouth advertising and customer acquisition by rewarding both the referrer and the referred user.
Groww places a high priority on offering first-rate customer service. They provide a variety of support channels, such as in-app chat assistance, email help, and a thorough knowledge base, to rapidly respond to client questions and issues.
To broaden its product offerings and offer a variety of investment possibilities to its users, Groww has established strategic agreements with a number of financial institutions, asset management firms, and stockbrokers. Groww’s customer base has grown and its market reach has expanded thanks to these alliances.
Public relations and branding
Groww has concentrated on establishing a powerful brand presence and gaining favourable media attention. To emphasize their accomplishments, highlight their product offerings, and present themselves as a trustworthy and client-focused investing platform, they have used public relations methods.
To reach its target demographic, Groww has mainly depended on digital marketing methods. To build brand awareness and attract new customers, they used a multi-channel strategy that included social media advertising, search engine marketing, content marketing, and email marketing.
Digital Presence of Groww
Groww has a page on Facebook with 330k followers and 72k likes. Groww shares content related to their products, promotions, etc.
The Instagram account is a verified account with 753k followers. They post various content like posts and reels promoting their product.
In youtube, they post their ad campaigns. They have 2,04M subscribers. They have 2.2k videos of their products, and videos related to their promotions.
On Twitter, they have 100.2k followers. They share tweets related to their products, services, etc.
Marketing Campaigns of Groww
Following mentioned are some marketing campaigns launched as a part of the Marketing strategy of Groww.
‘Ab India Karega Invest’
‘Ab India Karega Invest’ campaign to close the knowledge gap among investors, Groww has started the financial education programme “Ab India Karega Invest”. It has been reported that 60% of their registered users are from Tier 2 and Tier 3 cities. The Groww team will tour 52 specific towns in 52 weeks as part of the campaign, according to the digital platform, and hold conferences to teach the complexities of investment. Groww previously organized meetings in Lucknow, Jaipur, and Patna as part of a pilot campaign; as a result of the resounding success, the campaign was expanded to the entire country of India.
‘investment ki bhaasha’
Groww released two brand-new commercials to persuade people who are on the fence to begin their investment adventure with Groww.
The films primarily highlight Groww’s ‘investment is for everyone’ concept. Fence sitters in this context allude to those who have been considering beginning their investment journey but have put off starting the process by onboarding themselves.
The first film shows a bunch of musicians with their respective instruments uttering terms like ‘Invest, Nifty, Share’ in their musical rhythms. Then one of the guitarists shows his phone to the Dholak player that highlights Groww App.
Similarly, the next ad film opens in a tailor shop taking measurements of a guy to stitch ‘sherwani’. There is also seen an assistant of the tailor noting down the measurements and also the boy’s mother. The tailor says ‘Share Sensex’ as he takes shoulder measurements. The assistant says ‘Market Sensex’. The tailor gets annoyed and corrects him. The mother is seen confused as to what is happening.
Towards the end the tailor gestures to her to give her phone. Next moment he shows her the Grow App. After which she gestures that she has understood. The ad ends by highlighting the Groww app.
Women’s Day Campaign- #One Step Closer
In honour of International Women’s Day, Groww, India’s top investing platform, has unveiled a fresh advertising campaign. The campaign seeks to draw attention to the delicate subject of the gender wealth gap and contends that every investment made by women on its platform contributes to closing the wealth ownership disparity between men and women.
The movie shows how a woman can serve as an example for a younger female team member when she is valued at work. Further scenes include a little youngster imitating her mother in front of the mirror and a middle-aged housewife studying online as her family slept peacefully. In her own unique way, she motivates her daughter.
These women are shown in the movie acting as role models and investors.
Groww has its own story of success. In the following years, it intends to keep growing in Tier 2 and Tier 3 cities. Digital presence is used for the majority of promotions. The marketing strategy of Groww is improved according to the changes in the present world.
The importance of online marketing has increased dramatically in the Internet era. The development of strong branding through digital media is essential regardless of the industry you work in.
In digital marketing, new talents can be acquired. Many short-term and long-term courses on digital marketing are offered here at IIDE to support you.
You can visit our IIDE Portal if you want to learn more about topics like the marketing strategy of Groww.
Thank you for reading feel free to leave us a comment with any recommendations you may have.