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In recognition of International Women’s Day and the focus on women throughout March, we look back on some of the remarkable women in marketing that we have had the pleasure of working with over the last year. We conclude the series with Noopur Chaturvedi, Country Head of Small and Medium Businesses at PayU India.
We had the chance to speak to Chaturvedi to discuss how the tone of messaging can impact customer engagement and, ultimately, build trust in uncertain times. One year into the pandemic, we recount her best practices to deliver more human marketing and drive positive results.
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The pandemic’s perfect storm of market uncertainties and negative sentiments has put the spotlight on companies that have stepped up to help consumers plan for and protect their financial wellbeing. It’s a blueprint that PayU India, a leading online payment solutions provider, is following to help merchants and businesses affected by the COVID-19 fallout.
PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 450,000 merchants with 100+ local payment methods and is the preferred payments partner for nearly 60% of ecommerce merchants, including all leading ecommerce companies and a majority of airline businesses.
PayU India (part of Prosus, one of the largest technology investors in the world) operates in 50+ markets, is home to 43 different nationalities, and is a global fintech investor. “But our main investment is in people,” says Chaturvedi.
As nearly 80% of businesses in India are either sole proprietorships or self-funded small companies, their behavior is not very different from the individual consumer. It makes business sense to adopt a more consumer approach to marketing, Chaturvedi says. In practice, this means offering individualized advisory services and problem-solving.
Imagine a scenario where a settlement is delayed. The right message shows empathy and genuine interest in the customer’s financial wellbeing, informed by data about customer context and behavior, Chaturvedi says.
It could be a WhatsApp message that says, “Hi, your money is slightly delayed, so please wait another 24 hours to access your funds.” Or the message could offer advice. “Your settlement is delayed. In the meantime, we have a loan provision for you for the same amount. Would you like to know more about how you can take advantage of this offer in case you have a cash crunch?”
No matter the message, marketers must respond in a way that shows they have answers and interest. She explains, “Loyalty results when we solve a problem and the customer feels their unique needs are being heard.”
PayU’s focus on segmentation and lifecycle management has allowed the company to individualize communication. Customer acquisition has increased 5x, and the percentage of customers completing so-called DIY journeys to connect their accounts and complete transactions has risen by nearly 20%.
What you say and how you respond when your customers are looking to you for advice and guidance to improve their financial well-being is critical, Chaturvedi says. But how you say it has never been more important.
It’s why Chaturvedi developed an approach that harnesses an intuitive sense of what is appropriate to achieve customer intimacy at scale. In practice, she says, this means putting yourself in the shoes of the customer to understand their objectives and address the obstacles that may keep them from their goal. A prime example is onboarding, a stage where customers can struggle — and drop out of the funnel altogether. It’s here that messaging needs to be immediate, educational and encouraging.
Another stage is when a customer has had a positive experience and wants to see more products on offer. It’s not a time to just show other offers such as loans. Instead, she says, it’s a time to recommend what you genuinely believe (and the data tells you) your customer will use and appreciate.
Customer communication is a two-way street, and tonality — how you say what you say — will determine if conversations flow freely or hit a dead-end.
Chaturvedi believes that the customer feels good if they know the brand is listening to them and acting in their interest. This provides the foundation for the 3Cs that are the cornerstones of customer communications:
TL;DR: Marketing is morphing from an art into a science, powered by a level of personalization and individualization that is certain to become the norm.
It starts with marketing that touches customers to show your company understands their problems and can offer solutions. It demands that marketers leverage communications to provide customers with direction and support at every step of the customer journey.
PayU India takes a holistic approach that is positive and proactive. And because it’s a strategy that marries data science and a human approach to marketing, it’s emotive and effective where it matters most.
It comes down to customizing marketing and messaging based on a deep understanding of what matters most to your customers. Show you understand their goals and challenges by individualizing communications to align with where they are in the journey and where they want to go.
Messaging and marketing should empower them to solve their problems, improve their situation and spend more time enjoying their lives.
But don’t just offer helpful advice or meaningful messages. There’s also value in making every effort to (literally) speak your customers’ language. Localize messaging and marketing, and pay attention to cultural nuances.
Finally, tap into behavioral data to infuse marketing with a human touch. Understanding your customers, speaking their language and seeing the world from their vantage point is a smart way to drive meaningful outcomes and remove friction.
To learn more about how PayU is reimagining growth, tune in to the entire interview.
Listen to “How Fintech Leader PayU Keeps On Growing By Adapting B2B Messaging And Marketing To The 3Cs” on Spreaker.
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