Last time we brought to your knowledge, detailed information about the Marketing Strategy of a valuable company BPCL. In this article, we are going to put light on the marketing strategy of LIC Housing Finance.
LIC provides a diverse range of insurance products that cater to the needs of various segments of the population in India and abroad. It offers customised insurance solutions based on their unique financial needs and risk profile, as well as assistance in resolving them.
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In this blog, you will come across the complete details about the marketing strategy of LIC Housing Finance including its SEO strategies, Social Media, Content Marketing and others. Before we begin our deep dive, let’s start by learning the company’s story, target audience and digital presence.
About LIC Housing Finance
The Life Insurance Corporation (LIC), also known as the Bharatiya Jeevan Beema Nigam, is an Indian government corporation founded in 1956. It is an insurance firm headquartered in Mumbai with 8 zone offices and 101 divisional offices. LIC provides mutual funds, health insurance, and investment management services in addition to life insurance.
LIC is India’s largest insurance firm, with 2048 completely computerised branches, 8 zonal offices, 113 divisional offices, 1381 satellite offices, and corporate offices spread around the country. In various Indian cities and towns, the country is divided into 54 customer zones and 25 service centres. For selling life insurance to the general public, LIC has 1,337,064 individual agents, 242 corporate agents, 89 referral agents, 98 brokers, and 42 banks.
|CEO||Y Viswanatha Gowd|
|Area Served||All over India|
|Market Share/ Revenue||₹5,830 crores INR (US$770 million, 2022)|
|Vision||To be the best Housing Finance Company in the country. To be the best Housing Finance Company in the country.|
|Tagline||Building homes, Nurturing relationships|
Marketing Strategy of LIC Housing Finance
Let us acquire knowledge about the Marketing Strategy of LIC Housing Finance!
Segmentation, Targeting & Positioning
LIC Housing Finance is primarily a service provider company. Its key business is to lend capital to the different power sectors and the individual.
- Personal loans
- SME business loans
- Educational loans
- Digital MSME loans
In this era, LIC Housing Finance believes in endorsing technology for financial needs and targeting those sections of the population that are under-prepared by conventional lenders.
LIC Housing Finance is well-positioned in the market to gratify the needs of the customers as it offers unique services to its customers. It has been walking the long road keeping up with its competitors.
A segmentation strategy is necessary to comprehend the tastes and preferences of various clientele groups in the market. Comparable demand and need patterns help categorise clients. Techniques for geographic and demographic segmentation are used.
LIC housing uses many targeting strategies to remain competitive and customer-focused.
Since it has established itself as a private bank, it uses a value-based positioning strategy with a focus on its clients and company to offer them services that are affordable.
LIC Housing Home Loan Outdoor Plan – To create awareness about the Housing Finance Scheme for potential home buyers. Most potent outdoor media viz. Unipoles & Public Conveniences were utilised to meet the target. Due to increased awareness, the company registered an increase in the calls leading to increased loan sanctions.
LIC 2014 launched a campaign to celebrate its silver jubilee. It was a TV commercial.
Social Media Marketing
They are present across all social media channels and are quite active in updating their activities to the public via these channels.
Facebook Followers – 8.6K
Instagram Followers – 1K
Twitter Followers – 8.6K
LinkedIn – 17k+
As we can see, they have a large no. of followers on LinkedIn. LinkedIn is the best place to engage with corporate and financial people.
LIC Housing Finance frequently posts on social media platforms. The posts are related informational and promotional including festive wishes, special day celebrations, foundation day celebrations, credit and finance tips and guidance etc and many more. The posts are engaging and graphic-oriented content is posted on all.
There is no other method to implement an SEO strategy, and the organisation has done an excellent job on this front. It has a total of 83K+ organic keywords, which is excellent work by LIC Housing Finance’s SEO staff. The site also receives roughly 7M+ organic monthly visitors, which is ideal for a company to convey its goal and vision to its customers.
The website’s traffic has been fluctuating from April 2022 to Sep 2022, but it has not returned to its extremely low level. To put it another way, effective SEO improves your online visibility. This means that the more people that visit your website, the more online traffic you’ll have and the more likely you’ll be able to reach a wider audience with your product or service.
You can also take a look at its Backlinks, which are increasing from 2020 to 2022. Here, we can see a drastic increase in backlinks in Dec 2021 and again from March 2022 to Sep 2022. Also, the overall trend is towards increment of the backlinks with the passage of time.
Since LIC Housing Finance doesn’t get involved in intense marketing, it doesn’t use any brand ambassador or an influencer in its marketing strategy.
In talking about e-commerce strategies, LIC Housing Finance has a website for providing financial services online. They also offer exciting rewards and cashback on fee payments.
Well they have a proper updated and maintained website but they hold no mobile application for the same.
Content Marketing Strategies
LIC Housing Finance 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 with an elaborative marketing strategy of LIC Housing Finance. Let us conclude our learning below from the marketing strategy of LIC Housing Finance.
Conclusion – What’s unique in LIC Housing Finance’s Marketing?
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We hope this blog on the marketing strategy of LIC Housing Finance has given you a good insight into the company’s marketing strategies.
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