Since the conception of trade and business, one thing that has not changed is business promotion and marketing. What has changed is the ways of outreaching the target audience because regardless of the type and size of a business, reaching out to customers is an essential part of the process. With the advent of the internet, businesses are exploring new ways to the outreach of the market. Marketing strategies have evolved from print media to radio and television and businesses are now exploring digital marketing beyond search engine optimization (SEO) and social media marketing (SMM). PayTM has emerged as one such platform to scaling up the outreach.
Ways in which PayTM helps in scaling up the outreach
Business experts took no time to identify other ways for digital marketing after SEO and SMM. Using a payment platform like PayTM is one such extension of digital marketing. It can help a business in the following ways:
Easy accessibility to the consumer
As businesses use PayTM to make and receive payments, it increases the awareness about the business among its potential customers. The PayTM mall feature provides an option of online shopping to its users, where a business can make the most of its online presence. Sometimes a business may not reach certain people through other channels, but as they use PayTM to make their payments, they also become aware of a business that they find useful.
Also Read: How To Successfully Sell On PayTm?
Feedback from the end-user
As customers shop through PayTM mall, they are asked about the feedback of the product. Since this feedback is given directly by the end-user, the business can better understand customers’ requirements and use their product to meet those requirements. The feedback also helps a business to forecast a product’s demand or a need to replace a product with another one.
Product reviews by the consumer
After feedback, the review by existing customers is another feature that helps a business to know what people think about their business. Some businesses use these reviews to influence and attract new customers. When a consumer learns about a product from another consumer, they tend to believe more than what the business has to say about itself. On the other hand, some businesses use these reviews to improve their products and services.
Also Read: Operational Cost-Cutting By Being On PayTm
Having a repeat customer is as important as attracting new customers. PayTM helps businesses to create loyal customers by providing the best deals, offering huge discounts and cashback. In addition to discounts and offers, easy exchange and replacement policies also help in creating a pool of loyal customers. When customers feel that they have the option of return or exchange, they become comfortable in shopping with a business as it leaves a positive impact on the customer. This way, customers tend to come back to the same business after having a positive experience in the past.
Understanding the competitors
With ample options available to the consumer, it is important to stay ahead in the business. Where the rising competition is a win-win situation for the customers, it is a never-ending strategy-making process for the businesses. To perform better than the competitor, it is required to understand the competitor. Since every review and feedback from the customer is public, a business not only can analyse the same for its business but can also see what customers have to say about its competitors. Customers’ behaviour towards a particular type of business can help another business in analysing its position. Similarly, different businesses have different ways of presenting themselves to the customer that help them in connecting well with the customers. A business can observe these features to understand its competitor and to plan its strategies.
PayTM is doing more than just payments and commerce for the businesses, it is also helping them in scaling up the outreach by collecting and analysing a certain type of data. Indifi also collects information about a business, through different online sources, to calculate its worth and provide financial aid to it. PayTM proves to be a helpful resource in finding that value because the sale, feedback, and review of a product provide an insight into the business performance and its popularity among its audience.