Marketing Strategy of Shriram Transport Finance Company

About Shriram Transport Finance Company – 

Source – kindpng

Shriram Transport Finance Business is an asset financing non-banking finance company founded in 1979 and registered with the Reserve Bank of India as a deposit-taking non-banking finance company under Section 45IA of the Reserve Bank of India Act, 1934. The Company’s primary business is the financing of commercial vehicles. It also offers loans for business equipment and other uses. The Company’s primary operation is in the financial industry.

Shriram Transport Finance Company is a subsidiary of the ‘SHRIRAM’ conglomerate, which has a strong presence in financial services, commercial vehicle financing, general insurance, consumer finance, life and general insurance, stock broking, chit funds, and financial product distribution, including mutual fund units and life and general insurance products.

As part of its holistic financing support, the company provides services to similar asset classes (pre-owned and new commercial and passenger vehicles, tractors, three-wheelers, and multi-utility vehicles) as well as ancillary services such as finance for working capital, engine replacement, bill discounting, credit cards, and tire-loans.

Shriram Transport is now one of the country’s major asset-financing NBFCs and a comprehensive finance provider for the commercial vehicle industry, and it aspires to work with small truck owners for all of their asset-related needs. It has 1,821 branch offices spread across India. It is headquartered in Mumbai and handles assets of over Rs. 1193 billion. It has over 2.1 million active customers.

Over the past 40 years, it has acquired strong competence in loan origination, pre-owned truck appraisal, and collection. It operates on a vertically integrated business strategy and provides a variety of products such as pre-owned CV financing, new CV financing, and other loans such as accidental repair loans, tyre loans, and working capital finance, among others.

In India, Shriram Transport Finance Company Ltd (STFC) provides commercial vehicle finance options. It also offers deposit options. As of March 31, 2022, it had 1,854 branches and 775 rural centres, as well as relationships with 500 private lenders. In the country, the corporation supplied approximately 2.11 million clients. It has INR1,422,681.6 million in assets and INR1,270,410 million in assets under management (standalone).

Quick Stats –

Marketing Strategy of Shriram Transport Finance Company –

Let’s examine Shriram Transport Finance Company’s marketing approach! And how Shriram Transport Finance Company carries out its marketing strategy, amongst other matters.

Segmentation, Targeting, and Positioning

STP marketing stands for Segmentation, Targeting, and Positioning, and it is a three-step model that looks at your products or services as well as how you communicate their benefits to specific customer segments.

In a nutshell, the STP marketing model implies segmenting your market, targeting specific customer segments with marketing campaigns tailored to their preferences, and adjusting your positioning based on their desires and expectations.

Segmentation

Market segmentation is the method through which Shriram Transport Finance Company marketing managers divide a large market into smaller segments based totally on distinct needs, characteristics, or consumer behaviour. The market segmentation is divided into 5 which are: Deposits, Commercial Vehicle Loans, Life Insurance, Business Loans, and Working Capital Loans. 

Targeting

Once the overall market has been segmented, Shriram Transport Finance Company ought to select a target segment or a few target segments. Shriram Transport Finance Company strives to provide comprehensive financial solutions to its customers, dealers, private financiers, and entire commercial ecosystems towards meeting its objectives through customized products and processes.

Positioning

The position of Shriram Transport Finance Company Limited products in the minds of target customers is determined by distinguishing features, qualities, and functions.

Ultimately, using the marketing mix and promotion mix, position the brand as a provider of superior value to the target segment and effectively communicate that position to consumers.

Marketing Campaigns

With the goal of fulfilling a billion dreams, Shriram Finance, a brand created via the merging of two significant non-banking financial organisations (NBFCs), Shriram Transport Finance Company and Shriram City Union Finance, launched its new marketing campaign.

To commemorate this milestone, Shriram Finance has unveiled a brand campaign that highlights their commitment to assisting millions of Indians with their dreams for a prosperous life through self-employment and small companies.

Shriram Finance has launched a nationwide multi-media brand campaign in newspapers, digital media, television, and social media to explain this merger, its size, scope, and impact. The goal is to emphasise to Shriram Finance’s numerous stakeholders and Customers its intent and customer-centricity.

Social Media Marketing

Shriram Transport Finance Company Limited is on social media platforms inclusive of Instagram, LinkedIn, and Facebook. 

• Facebook – 61K
• LinkedIn – 65K
• Twitter – 369
• Instagram – 227

Facebook has the most followers, accompanied by Linkedin. Most of the posts are promotional and educational, with a few about the launch of their new product tossed in for good measure.

SEO Strategies

Source – UberSuggest

In line with SEO rankings, the quantity of keywords – below 500 is horrible, over 1000 is acceptable, and 10,000+ is incredible. As can be seen, they have 0 organic keywords which are very bad. 

Additionally, monthly traffic is more than 20,000 is considered good. As seen they have 0 monthly visits which are disappointing. As a result, Shriram Transport Finance Company needs to increase its search engine optimization techniques while also working hard enough to maintain the brand soaring in Google organic SERP outcomes.

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Influencer Marketing

Shriram Transport Finance Company Limited, India’s largest truck finance company and a leading NBFC, has appointed renowned actor Dharmendra as its brand ambassador.

“We’re confident that Dharmendra would be an incredible choice as a Shriram Transport and Finance Company Limited brand ambassador confined emblem ambassador.” Dharmendra, also called the son of the land,’ understands the ache and struggle of truck owners and drivers,” said R Sridhar, MD of Shriram Transport and Finance Company Limited.

Shriram Transport Finance Company has worked with Dharmendra, a national hero, and aspirational image, for marketing purposes. As a part of his acting career, he has met numerous truck owners and drivers and realized that Shriram has been the foundation of their livelihood. As a brand ambassador, he will enhance their faith in the Shriram brand and promote the services (Shriram Transport Finance Company) in order that Shriram Transport Finance Company grows in recognition and sales increase through their fan base.

Ecommerce Strategies

Shriram Transport Finance Company, on the subject of e-commerce strategies, has its personal website where online order placement and tracking are made, and they promote their gadgets at extraordinary discounts. Shriram Transport Finance additionally promotes sales on social media platforms, wherein the company accepts orders via direct messages and a mini-shop model. The company’s products are also available through online outlets such as Amazon and eBay, as well as smaller local online shops. Shriram Transport Finance’s sales have increased as a result of online retailing and the use of the internet to make sales.

Furthermore, it has joined other financial service companies, including Indostar Capital Finance Ltd, Bajaj Finance, and Sakthi Finance Ltd, in publishing their financials on the economic marketplace, global data, and money control websites in order that the general public can see their level of growth.

Mobile App 

Shriram Transport Finance Company has an official app known as “MyShriram App”. MyShriram mobile app gives customers instant access to loan accounts, whether or not it is a vehicle loan or a business loan, as well as deposits, with a single tap from anywhere on their mobile phone. This app has 3.9 ratings and 10L+ downloads on Google Play Store.

Content Marketing Strategies

Shriram Transport Finance Company is quite active on social media. The post content is about their new services, awareness messages, and so on. The simplest way to post content is on Facebook, YouTube, or Instagram. In addition, they offer press releases about their services through various channels such as the economic marketplace, MoneyControl, CARE Ratings Limited, Reuters, Business Standard, and Business Today, among others.

This brings our marketing strategy for Shriram Transport Finance Company to a close. Let us now wrap up our study.

What’s Unique in the Marketing strategy of Shriram Transport Finance Company?

In the marketing strategy of Shriram Transport Finance Company, we saw that Shriram Transport Finance Company is gaining love and support from all the locations in India. The reality that they are India’s flagship company of the Shriram group, which has a strong presence in Consumer Finance, Life Insurance, General Insurance, Stock Broking, and Distribution, has decreased competition for them. Regardless of its loss of virtual advertising and marketing approaches, Shriram delivery Finance organization is still attempting to extend and flourish inside the virtual area.

The COVID-19 pandemic has devastated the entire planet, compelling us to set up a new every day and adjust the way we stay and conduct business. Running from home, modifications in patron desires and changes in customer behaviour have ended in an intensive transformation in virtual advertising and marketing that is influencing the manner the enterprise features.

According to virtual advertising facts, over 60% of the sector’s populace uses the net. It has elevated with the aid of 20% in the final two years because of the pandemic, with many corporations shifting online. This fast shift has forced agencies to rethink how teams might also interact and collaborate to achieve company fulfilment. An organization’s brand image may be made or damaged by using the perfect campaign strategies. effective campaigns can be constructed through the use of digital advertising, and any flaws can be constant directly.

Learning about the ever-developing global of virtual advertising is an important first step. in case you need to analyze extra and increase your abilities, test out  IIDE’s 4 Month Digital Marketing Course virtual advertising and marketing course

We are hoping that this blog put up about the marketing strategy of Shriram Transport Finance Company has provided you with a treasured perception of the business enterprise’s marketing strategies.

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