In our previous article, we learned in detail about the marketing strategy of a leading global resources company, Broken Hill Proprietary Company Limited (BHP). In today’s article, we will elaborate on the marketing strategy of Manappuram Finance – a Non-Banking Financial Company based in India.
So, if you are interested in knowing a detailed overview of the Marketing Strategy of Manappuram Finance, this article is for you. This article will help you get an overview of Manappuram Finance and how it became one of India’s top gold-backed loan providers.
A good marketing strategy is vital to a company’s growth. As more brands realize people spend most of their daily hours online, they step into the digital realm to market their products online. If you are keen to learn the latest digital marketing trends, we recommend watching the Free MasterClass on Digital Marketing 101 taught by Karan Shah, the founder and CEO of IIDE.
This blog will walk you through the detailed marketing strategy of Manappuram Finance, but before we do that, let us first learn about the company’s founder, story, target audience, and digital presence.
About Manappuram Finance – Company Overview
Manappuram Finance prides itself on being India’s first online gold loan provider. They market themselves as a people-oriented NBFC catering to the needs of millions of Indians.
Manappuram’s primary marketing strategy is based on its belief in maintaining a high and sustainable image throughout its history.
The company has had a phenomenal tryst with gold for over two decades. They have played a significant role in energizing India’s vast reserves of private gold ever since their inception in 1949.
This is how they did it: they empowered people who couldn’t access formal finance channels to turn their dreams into reality through gold loans. By bringing billions-worth of gold into mainstream finance channels, Manappurm helped reduce economic vulnerabilities and provided employment opportunities to a vast section of society.
Their products aim at delivering value to the customer, irrespective of their social status. This customer-first approach helped them excel as India’s most trusted gold financing providers.
When customers receive a compelling value proposition, they feel empowered. That feeling of empowerment generates trust, which in turn, drives their business.
| CEO | VP Nandakumar |
|---|---|
| CMO | Siddique Abdulla |
| Area Served | India |
| Industry | Non-banking financial company, gold loans |
| Market Share/ Revenue | ₹40.19b |
| Vision | To become the preferred financial services partner for India’s aspiring classes, meeting the full range of their credit requirements, and helping India become a a financially inclusive society where every citizen has ready access to formal finance channels. |
| Tagline | Instant loan at your doorstep – no bureau check. |
Marketing Strategy of Manappuram Finance
Let us have a look at the fantastic marketing strategies of Manappuram Finance. We will look into its marketing campaigns, SEO strategies, etc.
Segmentation, Targeting, Positioning
Being one of India’s leading gold loan NBFCs, Manappuram Finance serves the credit requirements of people from the lower socio-economic classes in the country, particularly in the rural and semi-urban areas. The company offers gold loans against the security of gold jewellery.
They provide users with a variety of retail credit products and financial services. Some products they offer include online gold loans, personal loans, vehicle loans, and micro-home finance. They also provide specialized loans to teachers and the healthcare industry.
Customers who need cash right away but may not have access to other readily available formal credit options frequently choose Manappuram’s short-term gold loan product.
Over the years, Manappuram Finance has positioned itself as India’s first and most reliable online gold loan provider, catering to the needs of millions of Indians. It has consistently introduced products keeping in mind the requirements of people from different financial backgrounds.
Marketing Campaigns
Predict the Winner Contest 2022
(Source: Manappuram)
The “Predict the Winner Contest” is the latest advertisement campaign by Manappuram Finance. The campaign starts on October 1, 2022, and will run until November 12, 2022. During this campaign, customers get a chance to win rewards by predicting the results of the 2022 T20 World Cup matches.
Instant Gold Loan Campaign
(Source: Manappuram)
The Instant Gold Loan is the latest advertisement campaign by Manappuram Finance. The campaign was launched on June 10, 2022, and aims at providing loans to customers with instant disbursal, flexible tenure, and the freedom to pay the loan back anytime.
The Instant Gold Loan lets users apply for a gold loan without processing charges. After the user applies for a loan, a service executive visits the applicant’s home to get their gold value. Once the gold is valued, the applicant receives instant disbursal of the loan amount, thus making the process fast and convenient.
The campaign is a huge success and has resulted in an incredible rise in sales.
Diwali Dhamaka
(Source: Manappuram)
The Diwali Dhamaka campaign was a periodic advertisement campaign by Manappuram Finance. The campaign was which ended on November 30, 2021. It was a lucky draw campaign for existing and new customers where fresh pledges above Rs.25000/- were given a lucky draw coupon. The proposed gifts included TV, washing machines, microwave oven, smartwatches along other household items.
Various social media platforms were used to promote this campaign.
Social Media Marketing
Manappuram Finance is active on several social media platforms, such as Instagram, Facebook, Twitter, LinkedIn, and YouTube.
Facebook: 49.6k followers
Instagram: 30.2k followers
LinkedIn: 73.3k followers
Twitter: 8.4k followers
YouTube: 11.3k subscribers
Manappuram Finance has the highest number of followers on its Facebook page, followed by Linkedin and Instagram. Their social media handles share promotional offers and announcements along with helpful insights, financial suggestions, and scammer alerts.
SEO Strategies
SEO is an important aspect of digital marketing.
A proper SEO strategy is vital to a brand’s online success as it aids in achieving its long-term objectives. Manappuram realizes the significance of SEO. Therefore, they keep their website remarkably optimized.
As shown in the above data, Manappuram Finance receives over 16.9k organic monthly traffic and has over 31.5k organic keywords. This implies that Manappuram’s digital marketing strategies are giving them favourable results. They need to try and keep their ranking in Google organic SERP results at a greater place.
Influencer Marketing
(Source: Manappuram)
Manappuram Finance has collaborated with many TV and film celebrities and social media influencers to market their business on several occasions.
They have roped in eight celebrities as ambassadors who endorse their products, with Akshay Kumar for the Hindi-speaking belt, Jeetu Madnani for West Bengal, Vikram for Tamil Nadu, Sachin Khedekar for Marathi, Venkatesh for AP/Telangana, Puneet Rajkumar for Karnataka, Mohanlal for Kerala, and Uttam Mohanty for Odisha.
These brand ambassadors actively promote and endorse Manappuran products which help the company gain visibility and become popular among the celebrities’ fan base.
E-commerce Strategies
Manappuram Finance provides several online banking solutions. Online services include applying for a gold loan online, online payment of principal or interest in a Gold loan, Forex, and money transfers.
Manappuram provides several other services, such as the Quick Pay app, loan calculator, and the OGL App, to avail of a gold loan anytime, anywhere, even from the comfort of your home. Manappuram Finance also lets users make a gold loan payment through PAYTM.
Mobile Apps
(Source: Manappuram)
Manappuram Finance offers several mobile applications, including Manappuram OGL, which lets you apply for a gold loan online and view your account details. Users can also check their dues and pay them online on the go.
The app provides several other features for their customer’s convenience, such as partial payments and provision for full settlement.
Besides their main mobile application Manappuram OGL, the company also offers several other apps like MAFIL PL Repay, Makash Agent, Makash Merchant, and Manappuram BA Channel.
Content Marketing Strategies
Content marketing is a strategic approach to creating and sharing valuable, relevant, and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action.
Manappuram Finance is very active on social media. It publishes content regularly on its Twitter, Instagram, and Facebook handle, including financial suggestions, promos and offers, celebrity endorsements, industry myths, facts, etc. Their LinkedIn profile also provides regular updates.
Their YouTube channel is currently standing at 11.3k subscribers. They create video content around their offers and schemes. They also do fun quizzes and contests occasionally on their YouTube channel. Their YouTube channel also contains shows and interviews with celebrities.
Their website includes press releases and blogs on the latest financial news, financial suggestions, scammer alerts, insightful facts, historical facts, and so on.
Conclusion – What’s Special in Manappuram Finance’s Marketing?
After going through the Marketing Strategy of Manappuram Finance, it is evident that Digital Marketing is a big part of their marketing strategies. They extensively use influencer marketing to reach their target audience, which has proven to be an effective strategy for brand recognition.
The company enjoys the trust of thousands of Indians in its financial schemes. The company has recently diversified into new business areas like micro-finance, vehicle and housing finance, and SME, which they actively promote using their social media handles.
They outperform the market competition by promoting their brand using extensive influencer marketing and community-driven initiatives. Besides their focus on the business, the cause of the wider community is central to the company’s vision, and they actively use this to connect with their target audience.
To summarize, Digital marketing has proven crucial for a brand’s success. It helps brands connect with their potential customers online through SEO and PPC on Google, social media marketing, and email marketing. We recommend checking out IIDE’s 4-Month Digital Marketing Course if you want more on Digital Marketing.
We hope this blog on the marketing strategy of Manappurm Finance has given you a good overview of the company’s marketing strategies.
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