In our previous article, we learned in detail about the marketing strategy of IDFC First Bank – an integrated infrastructure finance company. In this article, we will elaborate on the marketing strategy of Max Financial Services – India’s largest non-bank, private life insurance company.
The objective is to learn and know about Max Financial Services and how it aims to protect and enhance the financial future of its customers.
Marketing is everywhere its presence builds your company. it’s like creating a road map for consumers to get to know the products and services a company is providing. Marketing is necessary for a company for reaching its potential customers.
In today’s life, the world is changing to digitalization. This demands a change in marketing and its ways of application. Are you curious enough to know about this new technique of marketing, if yes, then do check out IIDE’S Free Masterclass on Digital Marketing by the CEO and founder of IIDE, Karan Shah.
In this blog, we will cover the marketing strategy of Max Financial Services, before that let us first learn about the company’s story, target audience, and digital presence.
About Max Financial Services –
Source – Owler
Max Financial Services Limited (MFS), a part of the Max Group, was founded in 1984 at Railmajra, Punjab by Mr Analjit Singh. After almost working for three decades, max India expand and evolved, and from a manufacturing company to an Rs. 17,000 crore conglomerate it is now operating all over India. The max logo has a flame that represents many things such as hope, commitment, values, etc.
Max Financial Services has a majority stake in Max Life insurance company limited, which is recognized as India’s first listed company in life insurance. It also has a joint venture with Mitsui Sumitomo Insurance (MSI), a japan based global life insurance company.
Max India is creating a benchmark with high performance and robust management. It is also the fourth-largest private life insurance company. It is India’s first company to get approved by FDA for drug intermediate plants. From introducing technologies like satellite phones, and cellular telephones to increasing high-standard services in insurance and healthcare.
The company is present on the list of the stock exchange. The company’s investors include some of the best global financial institutions like KKR, Baron, Ward ferry, New York Life, Vanguard, Blackrock, Jupiter, Norges, Neuberger Burman, Eastspring, and Dimension.
Quick Stats on Max Financial Services –
|Market Revenue||Rs. 202.06Cr (2022)|
|Vision||To be the most admired company for protecting and enhancing the financial future of its customers.|
|Tagline||“Karo Zyaada Ka Iraada’’|
Marketing Strategy of Max Financial Services –
Now we will learn about the marketing strategy of Max Financial Services and their marketing campaign etc.
Segmentation, Targeting, and Positioning
Segmenting for the company was easy as the company has a partnership with axis bank, YES bank, and other bancassurance partnerships. The company also has a group business that largely focuses on the credit life business. At max customer advisory team is there to meet the needs of the customers. Max targets customers through E-commerce whether it’s through websites, leading web aggregators, or digital brokers.
Max Financial Services mainly target the audience from the age 25-62 in a variety of sections. Being listed on the Bombay stock exchange and National stock exchange the company also look forward to grabbing the attention of shareholders and businessman.
The company provides multiple policy options and tries to stay true to its customers.
As the world goes online they try to deliver digitized schemes. They have certain principles for their customer following which helps to increase loyal customers.
Positioning Max Life’s Gross Written Premium (GWP) grew a substantial 11% to Rs. 16,184 Cr and Renewal Premium stood at ` 10,600 crores, increasing 13% over the previous year.
Max Financial Services organized an Ad campaign with royal challengers Bangalore on 21 September 2020. The ad featured players in the team on the brand new television commercial to reinforce the importance of financial protection.
The ad starts with a chat between the players discussing the importance of physical fitness to play front foot on the cricket field. But one has to play front foot even off the field for that financial protection with a term insurance plan is needed.
In the ad, the teammate says that we need a safeguard in terms of insurance against financial risk. It ends with the tagline ‘’you are the difference’’.which overall makes it successful.
The campaign name ‘’India Ke Bharose ka Number’’ launched a TV commercial on 15 September 2021. The TVC starts with a millennial family capturing Boman Irani playing a role whom all trust be it as husband or father. We all have someone in the family whom we trust similarly we need whom we can trust for financial security.
That’s when they mention the importance of insurance in life, the ad is family oriented which makes it successful.
Another Boman Irani featured ad by Max launches its digital campaign ‘Term plan homemakers’ on Disney+ Hotstar. It creates awareness about the need for a term insurance plan for homemakers without having a husband’s income proof.
This ad is released in six languages encouraging homemakers to have a secure financial future that depends on their husband’s income. the motive of the ad revolves around the women homemakers telling them to be financially independent this is the reason for it becoming successful.
Social Media Marketing
The company is active on Twitter by MAX Group name with 93.3k followers where they mostly tweet related to business and new schemes happening. Secondly, it is active on Facebook with 1,146,061 followers on the MAX group’s Facebook page, where they post promotional content. The company is not much active on Instagram.
Source – UberSuggest
It is said that the number of keywords – below 500 is undesirable, above 1000 is good, and 10,000+ is outstanding in terms of SEO ranking.
Now, as seen in the above image, Max Financial Services has 1K+ organic keywords and it is good. this means that they are moderately doing digital marketing for the company. Also, organic monthly traffic is 4K+ which is not so good for the website to rank in SERP. We can see that the company has moderate results for their SEO Strategy so they should pace their game.
As seen in the marketing campaigns section famous celebrities like Virat Kohli and Boman Irani have been part of the campaigns launched by max financial services to promote the brand. Influencer marketing has its own benefits which help to make the brand more visible in front of its target audience.
The company announced that its e-commerce channel has achieved 8x growth over the last four years. The company has 18% of new policies being purchased through the e-commerce channel.
The company has invested in new partnerships to grow e-commerce such as Renewbuy.com, Script box, InsuranceDekho, IndWealth, Ditto, TurtleMint, etc. they recently announced their partnership with phone pe app for the convenience of smartphone users.
Max Financial Services has no specific app on its name but Max Life insurance has a name called Max Life One App which has over 1+ lakh downloads. The app provides benefits like mobile transactions, tracking your application, and many more.
Content Marketing Strategies
The company is active on social media like Twitter and Facebook. They constantly update their content and provides information about the business. Also, they do press releases on important occasions.
Here our marketing strategy of Max Financial Services ends. Let us sum up it in a few lines below.
What’s Unique in the Marketing Strategy of Max Financial Services?
In the marketing strategy of Max Finacial Services, we saw that from operating all over India to the global partnerships they have successfully created customers on a large scale. With pure intention and loyalty toward customers, the company is growing to a greater extent. It took them almost three decades in the business to reach here.
After the pandemic, we have seen digital marketing is grown tremendously. If there is a business you should know how to market it online. The right kind of executing campaign can make your business successful.
We have elaborated on the marketing strategy of Max Financial Services in this blog to give you a complete understanding of the company’s marketing strategy.
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