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Cafemutual recently announced the winners of the Cafemutual Big League Awards across five broad categories - SIP, equity inflows, new folios, fintech player and overall business at the recently held Cafemutual Confluence 2023.
It presented 26 of these awards purely on quantitative performance of FY 2022-23. Interestingly, the addition of 4.70 lakh folios and net equity inflows of Rs 4,747 crore made Prudent Corporate Advisory Services (Prudent) sweep three major wins as a runner-up in Equity Champion - NDs, New Folio Champion - NDs and Champion of the Year - NDs categories.
Applauding this hattrick, Cafemutual spoke to the national distributor to decode its success mantra and how it lays down the groundwork for success.
Which business practices have played a key role in your success that resulted in three big wins at the Cafemutual Big League Awards?
As far as equities are concerned, we have run an aggressive focus on building SIP books and promoted only long-term investments, the net result of which is fewer redemptions.
Also, we provide sub-distributors with reports that show notional losses due to unplanned/panic redemption or SIP stoppage while facilitating a close tracking of redemptions. This helps them to convince clients in time.
In the case of new folio registrations, we share many images/videos/presentations/email campaigns that help sub-distributors acquire clients and make existing clients aware of investment opportunities. Further, through Fundzbazar, we provide ease of transacting into multiple products through a single platform which makes it easy for sub-distributors to onboard clients having different requirements.
Interestingly, sub-distributors also get easy referrals when existing clients share Fundzbazar’s link with others. By offering multiple products, we are able to win the maximum wallet share of clients.
In addition, our platform’s easy-to-use interface fosters client loyalty, which translates to steady business. Finally, regular training, be it about product, technology, upskilling or motivation, is a decisive factor in overall business growth.
As a national distributor, how do you ensure a meaningful engagement with sub-distributors and how do you keep them motivated?
We are physically present across the country through a network of 122 branches to provide end-to-end service and support to our 28,000+ empaneled sub-distributors.
Our business interest is closely aligned with that of sub-distributors, as we can only grow when they grow. In this regard, our team helps in making a business plan for them and also tracks its progress. Also, we realise that when we recognition their all-round performances, it motivates sub-distributors and keeps them committed to business growth.
Additionally, we keep them engaged with a multi-product offering and regular technological upgrades on our platforms.
What has been your key business learning that helped you strategize or re-strategize your business approach?
From over two decades of experience as a national distributor, we have learnt the importance of value creation for sub-distributors, of helping them earn client loyalty and trust and of creating an army of highly motivated and loyal employees.
Thus, we were early to recognize the importance of multi-product offerings in business growth and started providing multiple products to sub-distributors.
Also, we have learnt that it is critical to complement digital presence with physical presence and we stay committed to introducing feature updates in all our technology platforms including Fundzbazar.
