Retaining your customer through Online Marketing Method

1. A Brief Introduction Post liberalization of the Indian economy, India has witnessed a new economic phase where it slowly became an important part for the world economy. Together with this computers and internet’s entrants in the country has played an important role in our daily work, where the latest computer operating system supports the accounting software and does the work of balancing out the regular transactions whereas the Internet does the work of connecting people from one part of the world to other. When the Mobile phones was invented 4 decades ago, it has seen an evolution in it’s features and services such that the name of mobile phone has been renamed to what we call it as “Smartphone”, which can partially do the work of what our computers and laptops can do.

2. Henceforth, now that se wee that there has been a change in the buying behavior of the consumers, such change has also been seen in terms of consumers availing for financial services for wealth backup. However there is one of the few financial services that helps people the most in terms of proper wealth return is “Mutual Fund”. So will it be a good time for financial company to invest their capital in Indian Financial Sector through digital marketing? The answer is a big old “YES”. India’s population consists of the young aged people who are in the workforce or would be joining the work force in the coming years. With this healthy age pool, it shows a promising look from the Indian economy side that the GDP would grow well and that people would also find other means to increase their wealth at regular times. Although there are many other ways of investing money to generate good returns such as investment in share markets, equity bonds, but Mutual Funds has certain features that gives them an advantage over the other.

3. Why will financial companies starting their business in India will be beneficial? Advantages:- •Growing demand– one thing is to be seen that the incomes of individuals in India are rising slowly and steadily yearly. Due to this need for financial services also have been seen across different income levels. •Government support– Government has approved new banking license and has increased the FDI Limit in the insurance sectors. •Growing Penetration – We now also see that insurance sectors have penetrated into the rural sectors and are rising. Because of this it can be seen that there has been a rise in the wealth management. •Jan Dhan Yojna account – Announced on 15th August 2016 and launched on 28th August 2016, this has been one of the best ways for people to open a bank account without the need of any norms or any KYC complaint. Due to this there has been a total of 307 million people opening a Jan Dhan Yojna account.

4. Why should it be marketed through digital platform? Years back even before a decade when Non-Banking sectors who were basically used to partner with the banks to sell their financial services required a lot of human resources and consumed a lot of time. A change in the marketing services from utilizing third party solutions to digital methods would cover up these problems of human resources and avoiding time being wasted. However Investments from financial companies for marketing through online portals is one of the least given important strategy done in the market economy one of the few reasons is because it is a lengthy process and that it requires more time to know about the various marketing strategy thoroughly. Right Purpose. Financial institution working to implement marketing strategies through digital platform should basically focus on customer acquisition, retention, and maintaining customer relationships. Ensure that a proper and healthy customer relationship is maintained this is one of the best method to generate more leads to convert them into sales.

5. Marketing through online portfolio will help companies to succeed in gaining customer retention by rigorous re-marketing strategies, regular customer follow up, etc. Who should the target audience be? Middle class section in the economy is in large numbers. Although The Economist tells that the product or service for the consumer market is very small and not enough growth. The reason is due to not being aware a lot and not being targeted through a proper method. Companies should also focus on income sectors to release their plan. Like for instance a Mid-Size plan for middle income family should be released separately than for an upper middle class family. However, targeting the middle income family is one of the best ways to achieve their plan as they are the largest number of consumers being consisted in the economy.

6. Where the report according to the NCAER shows that the total number of middle class population was 267 million and that by 2025-26 the population would double to 546 million as individuals. In the above Image, we see that the range of the middle class people in total numbers for the year 2011-12(as population is counted on that year) is 594.3 million people, the middle class of the segment has been 108.5 Looking into the income of their daily wages, it is from $4 to $6 i.e Rs 220 to Rs 300. Now it is seen that the income on a daily wage would be approx. the double of it. How to master the craft of marketing it through digital platform? As the number of young people in India is increasing that the age pool in the workforce is high, we can propel them to take a small step in building their finance properly though Mutual funds. 1.Engaging in Social Media– As the target consumers being the middle class section with the age group being consisted of young enthusiast. Social media platform is one of the best ways to market it. Targeting in professional platforms like LinkedIn and more common used social media app by every consumers being Instagram.

7. As there are two types of people living in our economy. One being:- a.Who are aware of mutual fund but isn’t sure as to which fund should they be investing in. b.Who are aware of mutual fund but is not sure at why should they invest in it for. So, one of the best way of promoting mutual fund in social media is by showing them ads of relevant content that would surprise them about the advantage of mutual fund. By targeting these people who are aware and who aren’t by A/B testing, it will then show a proper direction as to what step should be taken in the next process. It can be done by doing two types of advertisement about how beneficial Mutual funds can be to an individual. When taking out the report from the ads played, you can then make a new concept of another advantage of having a mutual fund. Such marketing strategies regularly implemented will help the leads to grow slow and steady way. 2.Search Engine Optimization - Where an organization can make their mutual funds services reach to the audience at large without the need of spending money on marketing their particular mutual fund page. Explaining to their target audience what advantage one person gets if they avail their mutual fund services from their competitors. 3.Signing up for E-Mails - Sending regular e-mails about their mutual fund services is one of the best ways to ensure a proper mutual fund services. Through the data from e-mail marketing sending mails to your subscribers you can get to know as to how many of your subscribers have opened your emails, how many have unsubscribed and how many have turned into leads that then would be managed by the sales team. Through these data, one can even then make a prompt decision as to what, when and which parameters of the platforms should the steps be taken. 4.Display campaign and remarketing - Regular uploading of images, about the various mutual fund activities of your company allows your followers to know how well your mutual fund services portfolios being sold to the customers are performing. This in turn helps people to gain a positive image and trust amongst your followers, ensuring customer retention. With display campaign being done on the inorganic side, intense remarketing strategy will show a positive impact to your marketing process. It will drive a strong brand recall and will often get those people to come back to website. When a person starts engaging with the content regularly, it is a strong signal that you can drive desire and action. So, all in all these are few of the best ways to make your financial services reach to your audience at large. What’s your view on how can mutual funds can be reached out more to the people at large.