We are used to speak three letters ‘Pay’ in our daily routine payment activity and a person has established strong brand by adding two more letters which is known as ’Paytm’. From 2010 to 2016, only 6 years brand journey has achieved ‘Trust & loyalty’ with more than the double growth which is not an easy task in competitive market trend.
The core reasons are behind success that:
(1) Taken an opportunity on right time
(2) Strategy execution & communication from precise customer experience
Today, naturally ‘Paytm’ comes first in the people mind or directly click on app/site whenever talking about any bill payment/recharge, wallet, bookings etc. This is precisely showing the brand legacy towards consumers which keeps consistently connecting and all the e-commerce/online transactions run smoothly. According to current market trend, total 9 out of 10 people are likely prefer to use Paytm first for bill payment/recharge, bookings etc.
Paytm brand growth journey at different phase:
(1) From 2010, launch only bill payment & recharge. Less people were aware & mostly young/adult was using Paytm only for mobile recharge.
(2) After 2.5 years, slowly people have been started payment of electricity bill/ gas bill/DTH recharge when rival brand ‘Freecharge’ have been launched TVC/OOH/Print campaign with offering promotional coupon concept.
(3) During 2014-15, Paytm came into market strategically by launching campaign ‘Paytm Karo’ and offering aggressively promo code of ‘cash back’ concept on recharge & bill payment as well as also launched other utility services included Paytm wallet. People have likely started use of Paytm successfully as well as established brand trust.
(4) During 2016-17, Paytm brand has taken growth more than the double and become the successful payment gateway amongst the online market place because Paytm has taken leading advantage of de-monetization by released diverse campaign on ‘Cashless with Paytm karo’, also Paytm has proved successful cashless service without any constraints where consumers are being satisfied with cashless convenience.
Today, it will find at lot many places like provision/kirana store, pan shop, tea stall & many other various retail outlets that ‘Paytm Accepted Here’ across Indian Urban/Rural market.
Within 2 years, Paytm has introduced many other services like Flight/Train/Bus/Hotel/Movie etc booking &covering all major category for online shopping like Flipkart, Amazon. 6 Years youngest brand Paytm has achieved an excellent milestone in short span of period.
Recently, Paytm has also launched service in Canada March’17. Paytm is growing successfully & built remarkable brand image in the mind of consumers.
Author Bio: Virag Shah – Gujarat (India), Passion about Brand Strategy & Development, Consumer behavior & Analysis, Concept development & Market Research, Competitive Brand Analysis etc. More 9 years spent in marketing/advertising and having key expertise in the whole FMCG, pharma, OTC healthcare, Ayurvedic, Retail & Service Industry.
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