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Internet is now the numero uno channel for businesses to find new customers. Even for MFDs, social media is now a major source of clients. Considering the infinite potential of the web, many MFDs have also been looking at other options like listing on search engines to enhance the visibility of their business.
There are many MFDs who are listed on local search engines like JustDial and Sulekha but their experience hasn't been great. Five of the six MFDs we spoke to said they have failed to get any significant business through these channels.
"I received 193 queries in one year and only one of them was of an investor. Majority were from insurance companies asking me to take their agency. Given the poor response, I didn't renew the deal," said Udaipur MFD Rahul Jain, who had paid Rs. 8,000 for a one-year deal with one of the local search engines.
Mumbai MFD Sunil S Jadhav's experience was also similar. "It’s been 2 months since getting listed but leads have been hard to come by. I have even stopped opening their emails, which are mostly from insurance companies and lenders asking me to get empanelled with them," he said.
However, some MFDs do find these platforms useful. Agra MFD Shreyansh Kumar said that he has received substantial business through a search engine. "Spam mails are truly a concern. But if you can filter out genuine leads, these platforms can be of use," he said.
"A lot also depends on how much time you can devote to it. You need to call up the lead as soon as the mail arrives because these platforms alert each of their customers when a user searches for a particular service," Kumar added.
There are also MFDs like Neeraj Kapoor who use these local search engines to enhance their visibility. He says getting leads was his secondary objective.
Our conversations with MFDs who are listed on these platforms reflects that local search engines have a lot of shortcomings but they can still be useful if the MFD has the resources to constantly track the leads sent by the platforms. Also, the MFD should be good at telephonic conversations to be able to convert those leads or get them to visit his/her office.
