In the modern world, the Internet has given us access to various methods of banking and other payment services. Everyone now has access to superior technology, which has made it possible to streamline fundamental procedures. One such area where technical improvements have brought about significant changes in the finance business, including the banking and payments sectors. One of the banking platforms is “Razorpay”. In this blog, we will discuss the extensive marketing strategy of Razorpay.
The world has been introduced to the ideas of digital and online payments thanks to cutting-edge technology developments, which have also offered many advantages. The banking and financial industries have greatly benefited from these ideas. The era of complex and time-consuming financial transactions is long gone. To try to set up safe and simple online money transfers, this technique has been condensed to carrying out such transactions by swiping fingers.
Let us further gain more insights about the company.
In India, businesses can accept, process, and distribute payments received by their customers using Razorpay. It hires businesses to computerize payments to sellers and workers. Businesses can access a variety of contemporary payment methods using Razorpay, including UPI, Mobikwik, FreeCharge, debit/credit cards, net banking, online wallets, etc. Both computer and mobile devices can integrate Razorpay’s payment gateway. As a result, Razorpay offers distinctive solutions to handle the complete length and breadth of the payment and banking journey for any organization. It is a full-stack financial service provider.
The idea of creating the startup was initiated when both were serving in well-reputed organizations. During their service, they found out the difficulties faced during financial transactions. They realized how muddled the online payment mechanism was in India. This led them to work on payment problems in India and slowly they changed their tracks.
So they created a user-friendly online payment gateway Razorpay.
|Founders||Shashank Kumar, Harshil Mathur (CEO)|
|Parent company||Bigo Technology Pvt. Ltd.|
|Sector||Fintech, financial services|
Services offered by Razorpay
The Razorpay dashboard contains a number of features like real-time charts and analytics that help the user understand the performance of his business. It allows a corporation to handle various goods from its payment company as well as its payment gateway account. A company may easily keep track of its transactions. Razorpay provides excellent solutions and supports user growth. It provides banking and financial services to make transactions simple and enable the efficient operation of the company.
Popular Products of Razorpay
To manage numerous duties like cash influx, cash outflow, automated NEFT, collection of scheduled payments, and others, Razorpay released 4 solutions, including Razorpay Route, Razorpay Smart Collect, Razorpay Invoices, and Razorpay Subscriptions. Another component of the platform that supports businesses with fast lending capabilities is Razorpay Capital.
Competitors of Razorpay
In order to get to know more let’s have a look at Razorpay’s competitors or similar alternatives. The finest Razorpay alternatives and rivals, as determined by reviewers, are listed below.
- Paytm Business
- Stripe Connect
The level of competition rises as the business expands. To keep up with the ever-increasing competition, Razorpay must constantly be informed on the most recent developments. The marketing strategy of Razorpay must be effective.
Hence, now let’s have a detailed analysis of the marketing strategy of Raozrpay in this blog.
Marketing Strategy of Razorpay
The following mentioned are some of the key marketing strategy of Razorpay for business growth.
It is an integral component of the marketing strategy of Razorpay. Razorpay places a strong emphasis on content marketing, in contrast to other fintech startups. It runs a blog (owned media) that offers analysis and data on the most recent trends in the payments sector. It also includes success tales of companies using Razorpay’s payment options to good effect. Long-term relationships with both current and potential clients are facilitated by this.
Collaborating with companies
To offer payment solutions, Razorpay collaborates with numerous companies, both large and small. This has aided the business in reaching a larger audience and growing its clientele. Oyo, Cred, Facebook, Flipkart, Zomato, Goibibo, Swiggy, Airtel, Byju’s, Zilingo, Yatra, and other well-known companies are some of Razorpay’s principal customers.
Razorpay supports the “word-of-mouth” marketing strategy. It has shown to be incredibly successful in boosting brand credibility and conversion rates. It does this by working with fintech industry influencers to spread the word about its goods and services. This has aided the business in expanding its audience and gaining the confidence of potential clients.
To its clients and potential clients, Razorpay frequently distributes newsletters and marketing emails. To effectively update its consumers about new products, services, and discounts, it uses email marketing. It aids in customer retention and cultivating a base of devoted clients.
Webinars and Events
“Customised webinars” are another intriguing marketing strategy of Razorpay to engage current clients. To inform businesses about its goods and services, Razorpay hosts events and webinars. The company collaborates with other companies to host events, which helps it reach a wider audience and develop contacts with future clients. It aids them in comprehending their viewpoint about the market, goods, and services.
Social Media Marketing
Razorpay actively engages with its audience on social media platforms like Twitter, LinkedIn, and Facebook. The company shares updates on new products, features, and promotions to keep its followers informed.
Digital Presence of Razorpay
Razorpay has a page on Facebook with 50k followers and 41k likes. On the page Razorpay uploads content related to their products, promotions, etc.
The Instagram account is a verified account with 23.6k followers. They post various content like posts and reels about promotions, product-related content, etc.
In youtube, they post their ad campaigns. They have 23.6k subscribers. They also provide extensive explanations of their products, and videos related to their promotions.
On Twitter, they have 25.7k followers. They share tweets related to their products, services, etc.
Razorpay is currently available as a payment platform option for practically all payment gateways. In India, there are many platforms for payment gateways that enable users to send and receive money online. The cutting-edge solutions Razorpay developed cultivated the online shopping experience. Due to the innovative marketing strategy of Razorpay, it has become an Indian unicorn firm.
Online marketing has become immensely significant in today’s internet-based environment. Developing a strong brand through digital media is essential for any type of organization.
To gain new skills in digital marketing, you can choose from a variety of short- and long-term courses offered here at IIDE. Visit our IIDE Portal if you’re curious to learn more about interesting topics like the marketing strategy of Razorpay.
Thank you for reading this blog. Please feel free to share your thoughts in the comment section below regarding marketing strategy of Razorpay.