In our previous article, we learned in detail about the marketing strategy of a really fascinating brand, American Express Bank. In this article, we are going to elaborate on the marketing strategy of IDFC First Bank – an integrated infrastructure finance company.
The objective is to learn and know about IDFC First Bank and how it aims at moving the growth trajectory by serving customer segments that are the growth drivers of the Indian economy.
Marketing is an integral part of a company’s DNA. Marketing has followed users worldwide as they migrate to the digital realm. If you are interested in new-age digital marketing and want to learn more. In that case, you should definitely check out IIDE’s Free MasterClass on Digital Marketing 101 by our CEO and Founder, Karan Shah.
In this blog, we will go over the marketing strategy of IDFC First Bank in detail. Getting to know the company’s history, target audience, and digital presence is the first step in our deep dive.
About IDFC First Bank
IDFC bank was started in the year 2015 and it started operating on 1st October 2015. It was formed as a part of an integrated infrastructure finance company. The bank was launched in 2015 under demerger from IDFC Limited. They started their operation with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bangalore, Pune, Chennai, Ahmedabad and Kolkata. 15 branches are in settlements with a population of less than 10,000. In Honnali and Karnataka, IDFC First Bank launched its 100th branch in October 2017.
The Bank offers loans, deposits, payment products and services. In addition, it has strived to diversify into savings products such as deposits, payments banking, distribution of third-party products and additional credit products, establishing its position as a comprehensive provider of financial products and services.
| CEO | V. Vaidyanathan |
|---|---|
| CMO | Narayan TV |
| Area Served | Across India |
| Industry | Banking |
| Market Share/ Revenue | 4,679 Crores INR |
| Vision | To build a world-class bank in India, guided by ethics and customer-first values, powered by cutting-edge technology, and be a force for social good. |
| Tagline | Always You First |
Marketing Strategy of IDFC First Bank
Let’s find out more about IDFC First Bank’s marketing approach by studying their marketing strategy and campaigns,
Segmentation, Targeting, and Positioning
In the retail sector, IDFC First has been highly aggressive. The bank aspires to serve the retail market primarily. It still focuses on corporate banking, but it has expanded into allied industries like trade, FX, cash management, salary accounts, and treasury.
The IDFC FIRST Bank was designed from the start to be very different from what it was before. With the aim of accelerating its growth trajectory and serving many more consumer categories that are growth drivers for the Indian economy, it has refocused on the retail sector. Our new bank combines cutting-edge technology with a better liability platform from the former IDFC Bank with analytically driven lending skills, the retail DNA, and a proven track record of profitability from the former Capital First.
The Bank currently holds a dominant position in a few retail asset areas. The Bank’s technologically advanced liabilities platform is positioned for exponential growth with a new emphasis on broadening penetration across the country. The total subscriber base is currently 7.3 million and expanding, with a major portion of it located in India’s thriving hinterland.
Marketing Campaigns
After IDFC Bank and Capital First merged, the financial institution established a new company called IDFC First Bank and a new brand promise called #AlwaysYouFirst.
To make this a successful campaign they created a people-powered approach in the campaign to amplify their message on social media. Getting celebrities and people to share their #AlwaysYouFirst stories helped them create an impact around their brand message.
Through the first-ever TVC-reaction video series in India, which featured influencers, #AlwaysYouFirst was promoted. The influencers in the movie discussed similar instances from their own life that exemplified how individuals should put others’ needs before their own.
Pave the path for your career
On September 11, IDFC’s first bank announced an education loan of up to 1 crore. They gave this opportunity to fulfil the dreams and enlighten the vision and future of the young generation. They gave financial support with flexible repayment options along with income tax benefits.
The karma First donation program
On august 23rd, IDFC FIRST bank announced the donation program with trusted NGOs. They gave the facilities to make directly from the IDFC First bank account. The campaign was very successful and many people donated to the different communities.
Social Media Marketing
All of IDFC First Bank’s social media profiles are active, well-maintained, and have a significant amount of followers.
With over 792k followers, LinkedIn is the most well-liked social media platform for IDFC First Bank. They mostly include details on credit cards, enticing promotions, and other things in order to draw in new customers and keep hold of existing ones. They also use – Twitter, YouTube, Facebook, and Instagram, among other social media platforms.
SEO Strategies
According to SEO ranking, fewer than 500 keywords are bad, more than 1000 are good, and 10,000+ are amazing. As we can see that https://www.idfcfirstbank.com/ has 3,67,487 organic keywords and it’s considered amazing. That means the digital marketing of IDFC First Bank is gaining a good number of insights.
This proves that IDFC First Bank is fueled by a foolproof SEO strategy along with working hard enough to keep the brand soaring in the Google organic SERP results.
Influencer Marketing
In partnership with Mastra Media (influencer agency), Interactive Avenues roped in social celebrities like – Soha Ali Khan, Karan Kundrra, Prince Narula, and Harsha Bhogle to ensure the brand was always in consumers’ minds. That campaign created by Interactive Avenues used social influencers and topical content around ICC World Cup 2019 to promote the brand’s new positioning. To spotlight conversations surrounding the 2019 World Cup, the brand launched a micro-series called ‘Cricket First with Harsha Bhogle.’
Ecommerce Strategies
IDFC FIRST Bank Net Banking has been designed to meet its customer’s lifestyle needs. It enables them to conveniently shop online at e-commerce merchant websites. Their platform is simple to use, hassle-free, and secure.
One can simply use IDFC FIRST Bank Net Banking as a payment option for shopping, apparel, travel, ticket booking, bill payments, and so on.
Mobile Apps
IDFC First bank: MobileBanking is the name of the company’s mobile application. It aids its customers and users in processing credit cards and other financial tasks online. The user experience is improved by the app’s easy and familiar user interface (UI), which is also fully secured.
Content Marketing Strategies
With a focus on lead generation, marketing publication, and the dissemination of pertinent material to the target audience, content marketing is a type of digital marketing. Compared to their rivals, IDFC First Bank does have a very distinctive content marketing strategy because they run more campaigns that directly relate their material to the general public and serve to highlight their excellence and institutional strength. Numerous blogs express their outlook for the future.
This ends with an elaborative marketing strategy of IDFC First Bank. Let us conclude our learning below from the marketing strategy of IDFC First Bank.
Conclusion – What’s Unique in IDFC First Bank’s Marketing?
IDFC First Bank has a unique marketing strategy. They advertise their services with a socially relevant subject, which helps them outperform their market rivals. Overall, IDFC First Bank has a great marketing strategy and uses cutting-edge advertising methods. In order to offer online campaigns using social media sites like Facebook, LinkedIn, and YouTube, among others, it uses the most recent marketing technique, digital marketing.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of IDFC First Bank has given you a good insight into the company’s marketing strategies.
If you like such in-depth analysis of companies just like the marketing strategy of IDFC First Bank check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for taking the time to read the marketing strategy of IDFC First Bank, and do share your thoughts on this case study marketing strategy of IDFC First Bank in the comments section below.
Very nice