In a previous post, we learned about the marketing strategy of Tata Capital. In this article, we would look into the marketing strategy of Magma Fincorp.
This blog provides a thorough description of the marketing strategy of Magma Fincorp. The purpose of publishing this blog is to inform you about the business and its development over time along with its marketing tactics.
Marketing is crucial for businesses because it helps them become well-known by choosing their target market and informing them of the goods and services they offer.
Since every business is going digital these days, it is crucial for a business to draw clients online as well. If you’re interested in digital marketing, you should definitely check out Mr Karan Shah, CEO and Founder of IIDE, Free MasterClass on Digital Marketing.
We shall learn more about the marketing strategy of Magma Fincorp in this blog. Let’s start by looking at the company’s overview before delving deeper.
About Magma Fincorp Ltd. (Now Poonawalla Fincorp Ltd) –
Source – PR Newswire
Magma Leasing Limited(Magma Fincorp Ltd) was founded in 1988 by Mr Mayank Poddar and Mr Sanjay Chamria. The company began operations in 1989. In 1996, the company ventured into the retail financing of vehicles and construction equipment. The company rebranded and renamed itself Magma Fincorp Limited in 2008.
Rising Sun Holdings, a company controlled by Adar Poonawalla, announced a significant financial investment in the Company in February 2021.
In March 2021, Magma HDI announced a capital infusion from ICICI Ventures, Cyza Chem, and Morgan Stanley. Following Rising Sun Holdings’ investment, the company’s name was changed from Magma Fincorp to Poonawalla Fincorp on July 22, 2021.
Source – Poonawalla Fincorp
Poonawalla Fincorp Limited (previously Magma Fincorp) is a non-banking financial company based in Pune that is registered with the Reserve Bank of India as an Asset Finance Company with its registered office in Kolkata. The company has over 295 branches spread across 22 states and a union territory, with a strong presence in rural and semi-rural India.
Passion, People, Purpose, Principles, and Possibilities are the core values of Poonawalla Fincorp Ltd. They do what we do with sincere integrity and passion, ensuring that our customers receive best-in-class service. Their employees are dedicated to bringing a smile to your face. They believe in complete transparency in our dealings because we understand and value the trust our customers place in us.
The company strive to create endless possibilities and partner in our customers’ growth journeys by investing heavily in technology and innovation at the core. Good, they believe, is the enemy of great. As a result, they strive for business excellence and set new standards.
Quick Stats on Magma Fincorp Ltd –
|Industry||Non-banking Financial Company|
|Market Revenue||US$ 303 Million (₹ 2219 crores)|
|Vision||Our vision is to become India’s largest retail asset finance company|
|Tagline||We Believe on your Journey|
Marketing Strategy of Magma Fincorp –
Let’s begin the case study on the marketing strategy of Magma Fincorp by presenting its STP Analysis since there are many variables to take into account while building the optimal marketing strategy.
Segmentation, Targeting and Positioning
Magma Fincorp Ltd(Poonawalla Fincorp Ltd) has experience in banking, corporate finance, international business, and operations.
As a part of a new strategy, the company will expand its product range.
Its main focus is on its existing consumer and MSME segments.
Magma is present across all categories and geographies, ranging from first-time purchasers to critical customers.
As a result, we are in an excellent position to capitalise on the anticipated increase and achieve high numbers in the next few months.
Magma Fincrop is positioned in the market as the one offering asset financing for houses through its network of branches across India.
Poonawalla Fincorp has entered the digital consumer loan market.
Poonawalla Fincorp Ltd., previously Magma Fincorp, has entered the digital consumer loans market via a collaboration with KrazyBee. Poonawalla Fincorp will provide small-ticket personal loans to consumers as part of the agreement.
“Our technical strength helps our partners to deliver flawless disbursement services,” said Madhusudan E, CEO of KrazyBee. Working with a digital-first partner like Poonawalla Fincorp allows us to provide a broader selection of goods and services to our consumers while also meeting the ever-increasing need for digitally connected loans.”
Magma Fincorp does not have launched any other Marketing Campaigns for the promotion of its services.
Social Media Marketing
Poonawalla Fincorp Ltd. has a presence on social media.
- Facebook – 275,723 followers
- Instagram – 2,396 followers.
- Twitter – 755 followers
- LinkedIn – 126,249 followers
The pieces are mostly promotional and educational, with a couple on their new product launch tossed in for good measure.
Source – UberSuggest
According to SEO rankings, the number of keywords is important; below 500 is terrible, over 1000 is acceptable, and 10,000+ is great. As can be seen, www.Poonawallafincorp.com has 37,351 organic keywords, which is regarded as strong. That implies Poonawalla’s digital marketing is acquiring a lot of insights.
Also, the monthly traffic is roughly 10,000+, which is considered average. As a consequence, Poonawalla employs effective SEO techniques while working tirelessly to keep the brand above the Google organic SERP rankings.
Poonawalla Fincorp Ltd. has worked with numerous Indian cricketers for marketing purposes since its inception. They have a large number of influencers with over 120K followers. Influencers (Cricketers) promote the Poonawalla so that it grows in popularity and sales increase as a result of their fan base.
Magma Fincrop is now Poonawalla Fincrop so you get directed to the new website even if you open the olf website(Magma Fincrop). Poonawalla has a Website which is up to date and provides many offers from time to time. They provide their customers with information about each and every loan they offer. They also have the option to Apply for a loan on their official website.
They have a Mobile App named “Poonawalla Customerapp”. The app has 3.4 ratings and 10T+ downloads on Google Play Store.
Content Marketing Strategies
Poonawalla(magma) fin corp ltd., is very active on social media. The post content is relevant to their new offers or products, as well as awareness messages, and so on. The only way to upload material is on Facebook, Twitter, LinkedIn, or Instagram. They also distribute press releases regarding their products or services through numerous outlets such as The Hindu, MoneyControl, The New Indian Express, and so on. They also have various blogs on its website.
This brings us to the end of the marketing strategy of Magma Fincorp. Let’s summarise all we’ve learnt thus far.
What’s Unique in the Marketing strategy of Magma Fincorp?
We noticed in Magma(Poonawalla) Fincorp Ltd.’s marketing approach that Poonawalla is getting popularity and support from all across India. The fact that they are India’s finest non-banking financing firm has reduced competition for them. They provide a diverse product portfolio to meet the expanding finance demands of individuals and businesses. Despite its lack of digital marketing strategies, Poonawalla is still attempting to expand and flourish in the digital industry.
As we well know, pandemics that impacted every industry caused a significant shift in digital marketing. According to data on digital marketing, 60% of people worldwide utilize the internet. Due to the pandemic and the increase in internet enterprises over the last two years, it increased by 20%. A well-known company’s reputation is critical. A company’s brand image may be made or broken by its advertising techniques. Digital marketing may be used to build effective campaigns, and any flaws can be rapidly corrected.
You have seen from this case study how effective digital marketing can be in helping a business succeed. If you also want to receive such a positive response from your audience, mastering digital marketing is a need.
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