In our previous article, we discussed the marketing strategy of National Fertilizers. In this article, we are going to elaborate on the marketing strategy of NABARD -National Bank for Agriculture and Rural Development.
The vision of NABARD is to work as a development bank of the nation for fostering rural prosperity.
Marketing is an integral part of a company’s success. As the world is turning digital, marketing is also following in its footsteps and turning digital.
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We will fully cover our marketing strategy for NABARD in this blog. Before starting up with a detailed overview of NABARD, let us start with knowing the company’s story, target audience and digital presence.
Source – The Sentinel Assam
NABARD – National Bank for Agriculture and Rural Development, was established on the suggestions of the B. Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture & Rural Development Act 1981.
It is a substitute for the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell
(RPCC) of the Reserve Bank of India and the Agricultural Refinance and Development Corporation (ARDC). It is one of the leading agencies providing Rs.14080 crore (100% share).
NABARD has set up NABFOUNDATION as a section 8 company where the chairman of NABARD is the chairman of NABFOUNDATION too.
It has in the process partnered with about 4000 partner organisations. NABARD is the most critical institution in the country which looks after the development of the cottage industry, small-scale industry and village industry, and other industries.
NABARD is also known for its ‘SHG Bank Linkage Programme’ which supports India’s banks to lend to self-help groups (SHGs) and also,
It has a portfolio of Natural Resource Management Programmes which includes diverse fields like Watershed Development, Tribal Development and Farm Innovation through dedicated funds set up for the purpose.
QUICK STATS ON NABARD
|CEO||Dr Govinda Rajulu Chintala (Chairman)|
|Revenue||7.75 trillion rupees(2021)|
|Vision||Fostering rural prosperity|
Marketing Strategy of NABARD
Let’s learn about the marketing strategy of NABARD! And how NABARD carries the marketing campaign etc.
Segmentation, Targeting, and Positioning
Promotion of the Rural Off Farm Sector assumes significance in the environment of the pressing need of reducing pastoral India’sover-dependence on husbandry by furnishing alternate livelihood options and thereby bridling large-scale migration of small and borderline growers and agrarian labourers to civic areas.
Erecting an entrepreneurial culture and necessary chops among the pastoral youth and women has been a precedence area for NABARD along with developing requests for the pastoral Off Farm sector. NABARD has also been laboriously involved in promoting inventions in pastoral areas in the ranch and Off- ranch sectors.
NABARD provides fiscal support for furnishing end-to-end results for the creation of conditioning which induce or enhance livelihoods in the Rural Off- Farm Sector. fiscal support is handed in the form of entitlement depending on the nature of the design and conditioning within the design, stakeholders, etc.
Over the once three decades, NABARD designed several refinance and promotional schemes for the development of the Rural Off Farm Sector and has been making constant sweats to broaden its base and upgrade them in response to field position requirements.
The focus has been on lesser credit inflow, provision of credit to the unreached and provision of liaison for small, cabin and vill diligence, handloom, crafts and other pastoral crafts and service sectors in the decentralized sector in the pastoral areas.
In the time 2010, as part of a displacing exercise, NABARD initiated a way for chancing new business avenues for the bank in the wake of changing profitable terrain.
As a consequence, a new department named, the Business Initiatives Department( BID) was formed to give direct credit support under new business enterprise to colourful guests, which extended backing for pastoral development.
From commencement in 2010- 11 till 30 June 2022, accretive loans sanctioned under NIDA stand atRs.65849.60 crore with an accretive disbursement of.30571.49 crore.
1. CFF, Credit Facility for Federations was launched with the idea of furnishing short-term loans to State Marketing/ united coalitions and pots involved in procurement and marketing of Agrarian goods and force of agrarian inputs like diseases, fungicides etc
As on 30 June 2022, accretive permission under CFF stands at.177222.12 crore and accretive disbursement stands at.223470.41 crore.
2. The government of India introduced a Dairy Processing and Infrastructure Development Fund(DIDF). The fund came functional during 2018- 19 and till 30 June 2022, 45 systems have been sanctioned with an accretive loan quantum of Rs.2781.5 crore and disbursement isRs.1349.35 crore.
3. FIDF, Fisheries and Aquaculture Infrastructure Development Fund (FIDF) envisage the establishment of Fishing Harbours, Fish Landing Centres, Integrated Cold Chain, ultramodern fish requests, Fish processing units and other structure installations.
As on 30 June 2022, NABARD has sanctioned a term loan ofRs.1260.28 crore to Tamil Nadu State Govt. for 28 fishery structure proffers, Goa State Govt. for 1 fishery structure offer, West Bengal State Govt. for 3 fishery structure proffers and Gujarat State Govt. for 3 fishery structure offer and expended a quantum of Rs365.70 crore.
4. NABARD has launched a new product Rural Infrastructure Assistance to State Governments (RIAS) with an original corpus ofRs. 15000 crore, with an end to give fiscal backing to State Governments in Eastern Region, for creating a structure that supports pastoral livelihoods, hanging on 5- J approach- Jan( mortal being), Jal( Water), Jameen( land), Janwar( beast) & Jungle( timber).
Social Media Marketing
The department of NABARD manages the corporate website, which is a one-stop platform for information about several activities. NABARD has also been active through various social media platforms:
- Facebook (2 pages) – 10.095K followers / 30.5K followers
- Twitter – 445 followers
- YouTube – 49.2K subscribers
The organisation highlights various important activities through these platforms and keeps them updated so that the audience gets engaged with them.
Source – Ubersuggest
As per SEO ranking, it is said that the number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is amazing.
As we can see that NABARD has 172,691 organic keywords and it’s considered amazing. That means the digital marketing of the National Bank For Agriculture And Rural Development. is gaining a pretty good number of insights.
Also, the traffic per month is around 398K+ which is just wow. Hence, NABARD is doing great in its SEO strategies and is enough to keep the organization soaring in the Google organic SERP results.
NABARD, as a Development Bank, is mandated for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, and cottage and village industries.
And since it is wholly a government organisation thus it is not favoured by many celebrities though it has many influencers on social media platforms.
The newly minted Open Network for Digital Commerce (ONDC) is working to activate and start e-commerce in the agriculture domain in partnership with National Bank for Agriculture and Rural Development (NABARD).
ONDC and NABARD have come together to regulate and host the NABARD-ONDC.
Grand Challenge which aims to mark the market linkages for the enabled players with market-ready Farmer’s Producers Organisations (FPOs) in the country.
NABARD has not been much active in the era of e-commerce but this initiative will surely lead it to heights.
NABARD does not own any official application. Though, the government scheme “On-boarding of RRBs (Regional Rural Bank) & RCBs (Rural Cooperative Banks) to BHIM-UPI platform.
Content Marketing Strategies
All the content that NABARD posts on their Social Media are about their new agendas or their schemes, awareness messages, etc. The only source of posting content is Facebook or YouTube.
Also, they press releases about their product via various sources such as The Hindu, The New Indian Express, etc.
This ends our profound marketing strategy for NABARD.
Conclusion – What’s unique about the marketing strategy of NABARD?
Despite being a government organisation NABARD left no stone unturned to promote itself. It can be easily seen that NABARD is being loved and supported by all.
The popularity of the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities is increasing among millennials.
Though NABARD lacks in its digital marketing methods, especially influencer marketing, still it is trying to evolve and grow in the digital sector.
As we all know, digital marketing has taken a drastic change because of the pandemic. As per digital marketing statistics, the % of people using the internet rose by 20% in the past two years with many businesses going online.
An established company’s image is everything and of course, The right campaign strategies and efforts can make or break a company’s brand logo.
Through digital marketing, effective campaigns can be designed and fixed. If you want to excel in your digital marketing skills learn digital marketing through IIDE’s Online Digital Marketing Course.
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We hope this blog on the marketing strategy of NABARD has given you a good insight into the company’s marketing strategies.