Purple Finance Strategic Rural Marketing For Business Loans

Introduction

Businesses need capital at every stage to sustain and grow. Opting for Business loans is thus the preferred option, without having to request loan from friends, family or the local money-lender. While it’s easier for urban business units to raise capital from financial institutions, the rural businesses don’t have easy exposure to business loans on account of multiple reasons.

Thus these unserved, low-Banked locations, with immense potential, miss out on the opportunity to grow fast. And herein lies a massive opportunity which Purple Finance wanted to tap.

Brief

The project brief given to us was to develop a strategic marketing plan for Purple Finance, aimed at enhancing their brand identity, creating brand visibility and engagement, generating leads, promoting their branches, and increasing their PR value.

Key Attributes of Purple Finance

Purple Finance offers loans for MSMEs with a simplified funding process.
Quick loan processing, decisions within 5 hours, and loans from 4 to 10 lakhs.
MSME loans can support business growth, asset acquisition, and working capital needs.
Purple Finance prioritizes transparency with vernacular terms and relationship-assisted digital journeys.
Flexible repayment options and affordable RoI for a customer-friendly experience.

Objectives

The key objectives identified, based on the clients brief were:

To develop and maintain a strong brand identity for Purple Finance.
To create brand visibility and engagement among target audiences.
To generate leads and engagement at the branch level.
To promote Purple Finance’s branches effectively to the local community
To enhance the company’s PR value.

Activity Flow

Designing attractive stickers and posters to promote the brand.

Branding and engaging with customers through a branded van.

Displaying posters at strategic locations.

Distributing leaflets to raise awareness and generate leads.

Challenges Addressed

We identified the following challenges faced by Purple Finance:

Low brand awareness among target audiences.
Low customer engagement with the brand.
Lower number of inquiries and lead generation.
Absence of a well-defined brand identity.

Target Areas / Location

Entire State of Madhya Pradesh , INDIA

Target Audience

The target audience selected and drilled down was primarily male; aged between 25 and
50 years; owning or running the following businesses.

Any Small and Medium Businesses (SMBs)
Local Area Payment Units ( both Retailers and Distributors)
Kirana stores (small neighbourhood grocery stores)
Medical shops
Mobile shops
Shop owners
Kirana and general stores
Airtel Payment bank users
Online payment acceptors (Google Pay, Airtel Payments, Paytm, Phone Pe)
Users of swiping machines at stores

Approach

We wanted to project an aspect of a Smart Businessmen, and so we built on the idea of “BeingSmart”, as everyone wants to project they are…Including accessing Capital to grow in Business fast, without depending on others for their success.
The creatives highlighted the smart aspect of business which involved Strategic thinking, Problem-solving abilities, Financial acumen, etc. The field Executives stressed these aspects during interactions with the TA and linked them to raising capital to grow. Once the idea and the need to raise capital to expand business was established, the solutions provider was also made available – Purple Finance.

The strategic plan proposed a comprehensive campaign idea involving various marketing activities and collaterals, including: