NBFC Marketing

NBFC marketing is done to approach potential customers to expand their business and provide more and better services to the customer. There is no defined set of rules for marketing. NBFC marketing can be done in various ways.

What is Marketing?

Entities undertake the process to accelerate their customer reach by undertaking actions to promote their products/services through creating content, providing offers, communicating their products/ services and ideas to potential customers, etc. Marketing involves various steps such as research, promotion, selling, distributing the products or services.

Why is Marketing important for NBFC growth?

Continuous efforts made towards improving the overall functioning of NBFCs are making way towards the growth and success of NBFCs. Marketing is an important aspect that can help NBFCs capture more market segments.

There is a need for marketing for the following reasons:

• Increasing competition in the financial market allows customers to choose from various options.
• To implicate rigorous regulations, which might obstruct the free-flowing operations of the companies. Companies will have to incur more costs and time in fulfilling their statutory compliances. 
• It helps to modernize and update technology that can serve personalized products/services to the customers.
• Increasing customer awareness is leading to an increase in their expectations and demands.

How can Marketing help NBFC?

• Build a customer base - Through marketing, NBFCs can attract more potential customers.
• Increased market reach - Marketing can help NBFCs reach such segments of the economy that are still unexplored.
• Can sustain their business - Marketing is a tool that helps the companies to stay connected with their customers; this can aid the business to maintain in the long run.
• Easy to sell their services- Through an efficient marketing strategy, NBFC can easily communicate about the services/products, which will eventually lead to an increase in sales.
• Building customer trust - NBFCs can offer improvised customer support services to build and secure a customer's trust, turning into increased customer satisfaction.
• Raising goodwill in the market- With the employment of advanced technology, improved product line, a better customer support system can help the NBFCs build their goodwill.

In what ways can NBFCs do marketing?

• Through Online mode: This type of marketing is most efficient in today's technological-based environment where everyone has access to internet-based services.
• Through advertisement: It can be done on various platforms such as newspapers, television, multiple websites, and other online media platforms.
• Through the alliance, the NBFCs collaborate with other companies to increase their customer base and expand their business. These alliances can also assist NBFCs in forming more efficient marketing strategies.
   

The marketing process includes conducting market research, identifying targeted customers, developing business strategies, setting goals, promoting, managing customer support systems, etc.

The efforts put in by any sector do not grow alone. Likewise, with the growth of the financial sector, the small business segment will also flourish, leading to an increase in the people's standard of living, impacting the overall economic structure of the country.