About This Episode
Abhishek Patil is in the Product and Growth team at CRED – a members-only credit card bill payment platform. He has had a successful tenure across industries crafting growth strategies from scratch. Previously, Abhishek led user growth at Dunzo by laying a concrete foundation and shaping the marketing strategies. He is a prodigy of acquisition, retention, and re-engagement.
Full Video Podcast:
Full Audio Podcast:
In this episode:
Here are a few excerpts from our conversation with Abhishek.
Priyam: How has COVID impacted the FinTech industry?
Abhishek: Consumer spending has gone down by 60%. And since, everything in the FinTech industry is dictated by consumer spending, it has taken a hard hit.
→ FinTech is dependent mainly on two things: Online purchasing, and offline non-essential activities. Both of these have seen tremendous downfall.
→ However, donations as a category has skyrocketed.
Priyam: Is there any extended long term impact you foresee?
Abhishek: The norm of running the business initially on the VC money shall be a thing of the past. The business will be extra cautious about being a cash positive entity.
Priyam: How has your marketing strategies restructured to combat the change?
Abhishek: We are more cautious about spending every dollar in our marketing activities. We are asking more ‘WHY’ questions.
Strategies to adopt:
→ Work on content
→ Work on inbound
→ Optimize funnels
Priyam: What are the main priorities when it comes to marketing and engagement strategies?
Abhishek: First, we need to focus on retention with the least amount of dollars spent.
→ Second, we need to focus on profitable acquisition and avoid those clients where the extraction of money is a challenge.
→ Third, we need to implement deeper engagement strategies with all possible avenues in our product and marketing strategies.
Key pointers to consider for deeper engagement:
→ Engagement should highlight your company’s core functionality. A cumulation of a handful of major functionalities will drive better results. It will turn out to be an essential feature for others than just a product they look up to.
Check out the full episode to explore all the essential insights about marketing strategies in the FinTech space.