Learn Marketing from the Marketing Head of FAIRCENT.

Learn Marketing from the Marketing Head of FAIRCENT.

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Can you speak about your brand’s target audience?
Faircent.com is a Peer to Peer Lending platform which connects lenders and borrowers and enables online loan transactions between them. Hence, one set of customers, i.e. lenders, are individuals who have surplus funds and want to invest them to earn returns which are better than other options. Our other set of customers, i.e. borrowers, are individuals who require funds and are willing to pay an interest to have access to the funds. For lenders, we target High Net Worth Individuals, largely 35+ years of age with a minimum income of Rs. 30 L per annum. For borrowers, we target salaried/self-employed individuals in the age group 25 to 45 with an income above 4 Lakhs p.a.

How do you go about measuring your marketing objectives? What metrics do you track?
We have multiple metrics we track. Since our major thrust is in digital marketing, we track metrics like Impressions, Clicks, Visits, Click through Rates, Relevance scores, No. of Leads, Cost Per Lead, Cost per Conversion, Social Media sentiments, Competitive benchmarks etc.

Given your experience, how have you been leveraging traditional mass media advertising over digital marketing? What has worked and why?
We have done a few experiments on mass media and concluded that for our current scale of business operations, mass media is of little incremental value as the audience we are seeking currently is also online and we can find them and service them online. Once we start running out of scale on digital marketing, then mass media would make more sense.

On leveraging traditional advertising (Newspaper, Radio, TV) for your brand, can you share best practices to follow with regards to media planning?
One has to look at the scale of business operations and growth objectives while trying to evaluate traditional advertising. Leveraging traditional advertising has much longer gestation periods for creating impact. This has to be kept in mind. At least 3 months of work is required before you can look at creating impact with traditional media. If you want to create a brand with the help of traditional media, you should keep in mind that it is a long-term strategy and requires sustained media spends. You should also look at Reach-Frequency- Impact in relation to your target audience while creating your media plan. A key thing is to remember the roles of the different media, e.g. Radio is more a reminder medium and Print/TV help to create impact. Traditional media is also innovating and now there are also new-age options available eg. Amagi which help you to leverage media like TV online.

How have you executed your media buying across traditional media? Have you leveraged any strategy successfully towards driving the lowest Ad rates, and hence improve marketing ROI?
We have only done a few experiments and not done any large-scale media buying on traditional media.

Peer to peer lending (or P2P lending) is one of the most innovative financial products of recent times. It enables credit-worthy borrowers to lower their cost of loans and individual lenders/investors to lend directly to their peers and community thereby earning higher returns.What we at Faircent.com essentially do is provide a virtual marketplace where borrowers and lenders can interact directly, without having to go through the traditional financial intermediaries like banks, who have become such behemoths in today’s time that they dictate all terms and conditions for both borrowers and lenders.


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