Company – Paytm
Name of the founder: Vijay Shekhar Sharma
Paytm has commenced its journey in the year 2010 as a prepaid mobile and DTH recharge website. The operation could be accessed from Paytm app. The services are available for various smart phones having the Android, iOS or Windows operating systems. With a net worth of $2.1 billion, its founder, Vijay Shekhar Sharma was ranked as the youngest billionaire in India in 2017 by Forbes.
Commencement of the journey
Paytm is the pioneer in the digital payment platform business. The platform allows the users transfer cash over the integrated wallet. The modes chosen for these transactions include debit and credit cards. Operation can even be conducted through deposition of cash in selected bank accounts. Payments are made for purchases of goods.
The company is more renowned for the online wallet services. The service was launched in the year 2014. It achieved grand success as revealed from the fact that by the end of 2016, over 150 million wallets have been downloaded. The number of apps downloaded during the period was 75 millions. The credit has definitely been motivated with the demonetization in November 2016.
Marketing strategies and major reasons behind success
- With the increase of mobile phone users in the country, potential market for online marketing as well as cashless transactions have increased too. The company has been able to reach the smart phone users with its schemes for cashless transactions.
- In its path of journey, the company has to cross over a realm of hurdles. The biggest of those hurdles was, of course, making the people of India accept the wallet as a mean of transaction.
- The target market for the company was the internet as well as the smart phone users. All the phones with Android, IOS or Windows back-up have access to Paytm wallet.
- The efficiency that the company has shown in the bill payments in the earlier times has helped it to earn confidence of the customers.
- The drifting over the online and offline media has also helped in establishing the brand. While the wallet and App are transcended across the country, the basic services are carried through the native bases.
- The offline channels of communication for the company were newspaper, transit media and the one n only television. Success in branding during the World Cup has led them into launching of new television commercial during IPL season 8. Digital and Print media as well as Radio services have earned from the campaigns made by Paytm.
- Being the associate sponsor in IPL has helped in setting the standards. The company has got 120 seconds of airtime of each of the marches played in the tournament.
- Co-branding exploration is another USP of the company. It has successfully made brand cooperation with companies like the Uber and the Meru Cabs. Many more brands of repute has been helpful in bringing Paytm with hosts of new consumers.
- The online advertising strategy of the company is based on bringing the visibility everywhere. The main ordeal of it was undoubtedly motivating people to try the offers that have been run by the company till date.
Campaigns made by the Paytm
Successful partnerships with leading brand as well as popular campaigns and advertising has led the company to its current position.
- Paytm Karo: This is one of the most primary ads that earned populism at quick pace. The company has become active in social media too. Partnership with Uber and NDTV has also boosted their operations a lot.
- Credit cards: Use of the card has been helpful in successful utilization of the wallet with the company. The customers are allowed to withdraw money from their wallet reserve by using the Username and Passwords.
- Facebook Live: Paytm has imbibed its customers with knowledge about the importance of protection of user accounts and how these have been shielded from being hacked. This is one of the relevant marketing hype that offered outstanding results
- The Soldier Mobile Game: This has become a prefect campaign for tech-savvy people as well as game lovers across the country. Users make access of the App and download the game. The game shows the struggle of Spartan Paytm soldiers against the fraudulent militia. This game targets the mission of the company of protecting the users’ interests.
- Auto-start of the SMS for a month: The Company starts sending reminders about the payment to the customers. The messages are intended to transmit the message that all the payments can easily be made with the usage of digital wallet.
- Dabbawallas in Mumbai: The Company has strategic tie-ups with the professional lunch servers in the city of Mumbai. These messengers take their payments through Paytm App only. Thus, the App usage is increased.
- Civic awareness workshops: various parenting camps have been introduced in different cities. In these workshops, the trainers speak about the trend of teenagers leaning towards bad habits. They made the use of pocket money with this. Parents are thus aware in checking their wards account and restricting the uses of the same.
- Contest for MBAs: In such contest, four students pursuing their MBA courses are asked to create a video show about the usage of Paytm app. Videos that get maximum number of like would be declared winner. The prize money has made the video viral and wins more captives for the patron company.
Paytm has successfully worked in inducing the Indians being dependent on the use of cash in daily dealings held in regular practice. Instead, the people in the country are seen to have more inclination over making digital payments for such dealings.
There is a campaign that has been titled Aadat Se Azadi or freedom from habits. This has been targeted to grow awareness over the various conveniences of digital payments. This is done through highlighting issues that people have to face while dealing on cash. The focus included non-availability of changes. It was also highlighted why and how the people feel unsafe while going out with lot of cash. Besides, they have no idea regarding keeping these in safe custody. The people within India are highly fond of the campaign and the campaign is seen across the media platforms.