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Siliguri MFD Prabin Agarwal is a marketing wiz of the distribution industry. Interestingly, he spends 15% of his earnings on marketing activities.
Over the years, he has built AUM of over Rs.250 crore and monthly SIP book of Rs.2 crore. We approached Prabin to understand how he uses marketing to grow business. So, let’s hear from him:
Things to keep in mind before starting any marketing activity
Regular visibility, originality and relevance are the three important elements of marketing. While regular visibility establishes you as an expert, the content should be original and interesting to create a lasting impact. Finally, you have to be relevant in terms of messaging. I usually seek to understand the pulse of investors before making any marketing communication.
Making an effective marketing strategy
Categorising comes in handy here. Let me give you an example. If your target audience are doctors, look at associating with events or meeting that focusses on medical practitioners.
In addition, you may look at writing articles or posting advertisements in local magazines for businessmen and souvenirs of religious groups.
Key marketing media
Apart from writing articles and columns, I use a mix of traditional and digital media to expand my reach. Let us look at it one by one.
Use billboard advertisement to widen your reach. It also gives you credibility and gives an impression to people that you are serious about the business. However, don’t expect immediate results.
I also use social media to promote my business. But apart from uploading business posts, I connect with audience personally. This encourages two-way communication and makes you more approachable.
Cost-effective way to do marketing
Advertising could be a costlier affair; however, creativity and planning can bring costs down. Over time, I have identified three cost effective way to bring down the cost - guerrilla advertising, timing and bundle deals.
Guerrilla advertising is simply using unconventional ideas to attract people and generate curiosity. You can take cue from billboards used by AMUL.
Timing is also an important factor. Normally, advertisement inventories are comparatively costlier during festivities, and there is typically a temporary lull thereafter. You can expect better deals during such times.
Lastly, you will have to negotiate better terms with advertisement agencies and newspapers. Always, ask for more deliverables like visibility through articles or complimentary media coverage.
Evaluating effectiveness of marketing activities
Though not immediately, the success of marketing activities can be evaluated through incremental sales. Regular reviews give a fair idea about new clients onboarded and new business generated. Evaluate such figures in line with the timing of your marketing activities. Also, asking clients to share how did they hear about you validates the success of marketing activities further.
Finally, if the buzz of your marketing strategies reaches your ears, it is a solid indicator that your marketing activities are getting popular.
