Ranjit Specializes in Digital Marketing Product Management, Social Media, paid and organic search space. He has a vast experience in wealth management space and on Emission trading market. Before BankBazaar Ranjit was heading Digital marketing at Aditya Birla Online Fashion Pvt. Ltd. (abof). In this conversation, Ranjit explains how BankBazaar has implemented Content Marketing in their overall marketing strategy.
Santosh: Content Marketing is seen as an integral part of the marketing mix and complements the overall marketing strategy. How have the efforts and budget for content marketing evolved in your organization?
Ranjit: Content marketing is a key pillar for BankBazaar as we firmly believe that good and relevant content assist users to make the right decision. At BankBazaar content started forming an integral part of marketing five years back and since then a budget contribution towards right content creation and dissemination has been increasing significantly. Through our data-driven models, we have enough evidence to show that content feeds into a lot of top and middle of funnel inflows and over time these users get nurtured to convert.
Santosh: How has social media helped in increasing BankBazaar’s consumer engagement?
Ranjit: BankBazaar is one of the FinTech which has been a pioneer in using social media for enhanced consumer engagement. We have used multiple forms of content like a topical subject, video, conversational content, snippets, etc. to keep users engaged in a way that they can make better financial decisions. Some of the top social media platforms which have worked for us are LinkedIn, Facebook and Quora. Good, relevant and engaging content has helped our Brand to be one of the top choices for any financial needs.
Santosh: Video has emerged as a dominant communication format. How do you go about planning and implementing a video content strategy?
Ranjit: At BankBazaar we have a well-planned annual video strategy as this format is getting consumed now far more than any other format of content. Our internal content data and secondary research data also backs the fact the current generation and new generation will primarily prefer video formats. Our conviction in video as a content format is so much that we have dedicated an internal team to conceptualize and create relevant and topical BFSI content. At BankBazaar we make multiple content formats but, our most favored content are small video snippets as most of the video content is consumed when the user is on the go. YouTube and Facebook have consistently been our preferred channels for content dissemination. These platforms have helped us to reach the right audience and with some strong analytics we have been able to consistently finetune our content
Santosh: What are the best practices you follow when it comes to measuring the effectiveness/success of content strategy?
Ranjit: There are multiple long term and short-term metrics we track to know the effectiveness of our content strategy. We have a well-planned content strategy for various financial verticals and churn different formats of content round the year.
Short term content effectiveness is measured in the following ways:
- Content/Video read and completion rate.
- Post content consumption the next step was taken by the user i.e. if users are getting nurtured and moving down the funnel to enquire or buy a product.
- User behavior on the site for the segment exposed to content and the one not exposed to content.
- The propensity of users who have consumed content to come back for more.
Long term content effectiveness:
- The broad topics around which annual content is planned, the overall trend in content consumption for those topics
- Brand BankBazaar association with those topics in search, social and other UGC contents
- Users who are interacting with these content topics, how these user segments have proved superior or inferior from a business conversion/revenue point of view.
Santosh: How would you rate your organization’s proficiency with the use of content marketing technology? Which are the key tools that assist your content marketing efforts?
Ranjit: I would personally rate BankBazaar as one of the leading companies using content marketing for superior user engagement. These are some of the key tools used to create and measure our content marketing efforts:
- Social listening platform Meltwater
- Adobe Photoshop, video creator, Google Ignition Labs, and other standard photos/video enhancers
- Internal content management system
- Google Analytics for content effectiveness measurement
- Analytics from content platforms like YouTube, Facebook/Instagram, LinkedIn