Paytm and its Stellar Marketing Adaptability




A rapid change in the way we perceive the market as a whole today has led to an increase in complexity in the buyer-seller relationship. Markets are governed by not just what the buyer is selling, but mostly by how well he is selling it. For instance, no longer can a company market a phone for what it is. Due to stiff competition in the industry, there is greater focus laid on explaining why that phone is better than others and why it must uniquely attract our attention.
In light of this, certain factors have been delineated that are said to affect the marketing environment in today’s world. The macroeconomic factors, i.e, factors outside the immediate control of the company concerned, include political, cultural, natural, economic, technological and demographic forces which govern the way the marketing strategy is planned and executed.

An analysis of how a particular brand adapted its marketing strategy to account for these factors can help in understanding how marketing strategies must always continue to evolve.
Launched initially as a digital mobile recharge service by Vijay Shekhar Sharma in 2010, Paytm has now grown to become one of India’s largest digital payment platforms. From bookings related to travel, movies, shows to utility bill payments- the application is capable of making life easy for the average Indian.

A major factor behind its success, however, lies in the fact that the company has had a stellar marketing team backing all its efforts. Over time, the brand has managed to adjust its marketing strategy to account for any changes that have been occurring in its external environment. Its famous tagline, “#PaytmKaro”, is used in nearly every advertising material.
The idea behind most of its ads is to show people in various situations where they may be either short of cash or are having issues making payments. The app gives the solution - “Paytm Karo”, signifying the very act of using the app as a complete verb in itself, much like how we now simply ‘Google’ things instead of looking up things on Google.
Various macroeconomic factors, over time, have altered Paytm’s marketing activities. A major economic factor that altered Paytm’s marketing strategy was the demonetization stint launched by the government in 2016. With people having to stand in lines for cash and running short of it for making their daily payments, there was a pressing need for a quick solution. Paytm swooped in with social media posts and hoarding urging the masses to switch to Paytm for all their transactions. They congratulated the government on its decision and proclaimed: “Ab ATM nahi, Paytm karo,” (Now don’t use the ATM, use Paytm).

Some of these ads, which can be found here, revolve around demonetization. This also illustrates how political factors can effect marketing. The decision to announce the ban on notes of Rs. 1000 and Rs. 500 was a major political move that threw most people off. However, Paytm’s quick adapting ability illustrates the flexibility of the brand’s marketing strategy that can take any challenge and turn it into an opportunity. It just so happens that since then, there has been a 300% rise in app download and 20 million new users came on board.

Furthermore, by focusing more on how simply the app can be used, Paytm has also incorporated the idea that everyone, including those that might not be tech-savy, can use the app without any trouble. By showing senior members of a family easily making payments for electricity bills, they are trying to cement the idea that technological advancement need not always be complex. The ads show people across most demographics (young adults, working people, senior citizens, teenagers, maids, vegetable vendors etc.) using it easily. The app is for everyone and Paytm makes sure the audience knows that.
They have also launched many infographics that depict the various steps involved in using the app in a very simple and visually appealing manner. All of this supports the ‘Digital India’ initiative by the government which aims to further financial technology and Paytm is one of the few entities where deposits can be accepted easily and there is zero fee on online transactions.

Where cultural factors are concerned, a quick glance at the social media pages of Paytm will illustrate how current topics of conversations are intelligently weaved into their online marketing strategy. For instance, the FIFA World Cup has the entire nation glued to their TV sets. By building creative posts around the same subject and offering exciting offers to those who would like to watch the game in large groups and order food online, Paytm is also inserting itself into the conversation. Its Youtube marketing is a testament to Paytm’s acknowledgement of India’s linguistic diversity. There are over a hundred videos educating users speaking Telegu, Tamil, Gujarati, Bengali etc. about the app. This strategy specifically targets Paytm’s non-English speaking population and brings them at par with the rest.

Finally, Paytm’s sensitivity to our ailing natural environment can be seen in its CSR initiative that led it to tie up with the UN for a campaign called “#BeatPlasticPollution”. A series of posts online, including videos starring famous personalities, aims at creating awareness about massive pollution in our water bodies that harms all life species. This initiative urges Paytm users to use the app in order to donate money to UN Environment-India that will use it to provide technical assistance in combating air and water pollution. Similarly, during the 2013 Uttarakhand floods and the 2014 J&K floods, Paytm amassed a large amount in contributions given by its users to help all those stuck in those regions. Not only was this a major fulfilment of its CSR policy and a good marketing opportunity at the same time, it also helped the company serve a larger purpose by allowing the platform to be used to help others.

Hence, no matter what the situation has been since its inception, Paytm has always managed to make good on any opportunity. All the macroeconomic factors, as explained above, have made Paytm alter its marketing from time to time and allowed it to gain from it as well.

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