Vivekanand Education Society Institute of Management Studies & Research

SUMMER INTERNSHIP PROJECT

(SIP)

An overview of Financial Brands using Digital Marketing to win Consumers

Submitted in the partial fulfillment for the award of the degree of Masters of
Management Studies MMS (University of Mumbai)

Submitted by

Kunal Dharm Mangwani

Roll Number: 65

Faculty Mentor:

Dr. Shalini Bariar

 CERTIFICATE

This is to certify that project titled An overview of Financial Brands using Digital
Marketing to win Consumers is successfully completed by Mr. Kunal Dharm
Mangwani during the 1st Year, in partial fulfillment of the Master’s Degree in
Management Studies recognized by the University of Mumbai for the academic
year 2019-2021.

This project work is original and not submitted earlier for the award of any degree
diploma or associate ship of any other University/ Institution

Name: Kunal Dharm Management Faculty Mentor: Dr. Shalini Bariar

Date: Signature:
 DECLARATION

I hereby declare that this Project Report submitted by me to the Vivekanand

Education Society Institute of Management Studies and Research is a bonafide
work undertaken by me and it is not submitted to any other University or Institution
for the award of any degree diploma/certificate or published any time before.

Name: Kunal Dharam Mangwani

Date: _____________________

(Signature of guide)
 ACKNOWLEDGEMENT

To reach a goal or any aim in life, first you need one and you need guidance to
reach there. We had been given an opportunity to take up topic of our choice and to
make a project on the same which gave us chance to prove ourselves by putting in
immense efforts and to bring out the best possible results.

I would like to thank The University of Mumbai for giving me an opportunity to

undertake the project “An overview of Financial Brands using Digital Marketing
to win Consumers”

Special thanks to Prof. Shalini Bariar for her valuable guidance in completing this
project and helping me to understand this project better and supporting me with her
expertise on the same to make my project worth for my own benefit and also for the
overall benefit of the objective of the project.

Last but not the least; I take pride in thanking my family, siblings and friends for
their much-valued support.
Executive Summary

1. Industry Analysis
 Size of the Industry
 Major players in the Industry
 Market share of major players
 Industry Financials
 Challenges faced by the Industry
 Government regulation
2. About the company
 Introduction of company
 Mission vision
 Product and services
 Position in the industry
 Stake holder’s details
 Location and operation details
 Company financials
 Challenges faced by company
 SWOT Analysis of the company
3. Introduction to topic
 Abstract
 General Introduction
 Evolution of study
 Need of the study
 Research objectives
 Scope of study
 Research methodology
 Limitations to study
4. Conceptual background/ Actual working related to the topic
 Theory related to topic
 Actual working related to the topic
5. Data Analysis and interpretation
 Data analysis with charts and its interpretation
 Hypothesis testing (optional)
6. Conclusions and finding
7. Recommendations and suggestions
8. Annexure (optional)
 I) Industry Analysis:

1) Size of the Digital Marketing Industry:

Globalization has bought the world closer and made it one place for us to live in, with the growth
in global business, internet has become the need of the hour, and it has escalated the use of
mobile phones, computers, and laptops. This has lead to the voluminous growth of digital
channels.

With the help of digital market, the civilians are privileged to witness a virtual market, they have
the access to information at the tip of their fingers through the use of Google or any other online
market. Today, digital marketing has become a prime source of bringing business through the
internet.

Digital marketing is flourishing at the rate of 25-30% in India annually, statistics points out that
India had reached 500 million users of the internet by the end of 2019. The speedy digitization,
search portals, social media channels etc have intensified the strength of digital marketing in a
trend par imagination.

Digital marketing is more than only Advertisements, mouth publicity, radio announcements, TV
commercials; Internet has changed the tools of conventional digital marketing from the human,
traditional touch to gadgets. It has made possible to penetrate into a large market segment with
minimal efforts.

Digital marketing came in existence by the launch of Flipkart, an e-commerce marketing

website. People were more inclined towards shopping at the ease of sitting at home, hence gave
rise to Flipkart being a hub for popular brands.

According to studies, an average Indian spends about 4-5 hours a day scrolling through social
media, emails, and browsers. The growing digital market has made the business to sit at one
place and penetrate in the market by displaying the products through creative that would please
the mind of the customers.
The amount of time spent by the people on the internet empowers digital marketers to create
impactful strategies to influence consumer behavior. By this we can understand the size of
Digital marketing Industry to convert the audience into sales.
 2) Major players in the Industry:

To describe the number of players there are in the digital marketing Industry one can use the
analogy of the number of hair there are on our head. It’s countless. The interest of people in
starting a digital marketing agency is increasing these days. Few of these thrive and grow to
become mammoths. The other few operate with local and a handful of international clients and
few die within 2 years of their inception.

Bottom-line being it is a very crowded industry

Few digital marketing agencies are:

1) Pinstorm:
It was founded n 2004 specializing in Brand management, SEO, Viral Marketing,
Integrated Advertising, Pay for performance, SEM, App development etc.
They work around the world, around the clock. They help to grow the brand, people and
marketing through consulting, advertising, digital marketing, product designing,
At Pinstorm they work with golden rules. And think that a 5000 person global
corporation can’t come up with better ideas for clients than a 5 person team on the
business.

2) Techshu:
Techshu is a 360 degree Digital marketing agency, they work on the motto “when you
win, we win. When you lose, we lose”
It provides digital marketing services that include SEO, Per Pay Click (PPC), Content+
Social Marketing, Email Marketing etc.
They have diversified clients from various industries- from real estate to steel
manufacturer; the only thing common among them is the hunger to gain success over
digital media.

3) Webchutney:
Webchutney is well-known in the Indian market with the history of firsts, the full-service
digital agency. It is the powerhouse of creativity. It has scaled itself from India’s first
 digital agency to definitely becoming India’s favourite creative agency working with
disruptive brands and dominating the awards circuit.
Webchutney stands strong by building itself as a brand on its own.

4) JWT:
JSON Web Token is an open standard that defines a compact and self-contained way for
securely transmitting information between parties as a JSON object. This information can
be verified and trusted because it is digitally signed. JWTs can be signed using a secret
public/private key.
JWT Advertising was founded in New York in the year 1864.

5) McCann Erickson India:

McCann is the creator of some best known and iconic advertising campaigns of the last
century. It works across brands and culture and engages with consumers in their daily
lives. It is the world’s one of the leading ad agency network, and it provides an
unmatched combination of award-winning creativity, strategic insight and innovation. It
acts as a catalyst to the business in the field of digital marketing.
McCann’s drives a brand growth across disciplines, media platforms, technologies,
languages and geographical boundaries.
3) Market players in the Industry:

SR.NO NAME OF THE COMPANY MARKET SHARE

1 Pinstorm
2 Techshu
3 Reprise Media
4 Ogilvy PR
5 K Web Maker
6 JWT
7 McCanns Erickson India
8 Lowe Lintas
9 Dentsu India
10 Contract
11 Havasworldwide India
12 Webchutney
13 Digicliff
14 MSL Group
15 Buzz Valve

4) Financials of Digital Marketing Industry:

Digital Marketing has become a genre of business opting to create a brand image online
and reach out to the audience globally; the technicalities around the internet are also
increasing
 The advertisement and marketing sector in India is expected to enjoy a good run. Growth
is expected in retail advertisement; on back of factors such as several players entering the
ecommerce is getting popularity.
The Indian advertising industry has evolved from being a small-scaled business to a full-
fledged industry. The advertising Industry is projected to be the second fastest growing
advertising market in Asia after China. (Source IBEF)
The digital marketing industry in India is as huge as 160 billion Indian rupees in the
financial year 2019; it has advanced from a mere 47 billion Indian rupees in the financial
year 2015.
The digital marketing financials is projected to go as up as 539 billion rupees by the
financial year 2024 indicating a shoot in the growth in the Industry segment.
Digital marketing Industry in India is a booming career today. In a country with a rapid
growth of economy, it is expected to have a high significant growth in Digital marketing
career. The growth in the marketing trends is making a very substantial impact on the
marketing and advertisement.
Due to globalization everyone is addicted to the digital platforms, irrespective of the
gender, age or location. Internet traffic is believed to grow at a rapid rate of 32% year on
year. The online advertising marketing is booming by 32%.
According to KPMG and Google people will shift to regional language users on the
digital platform. The share of advertisement is expected to be allocated to digital medias
at Rs. 25,200 Cr by 2021 (IMRB)
A report by Cisco’s visual networking Index stated that by 2022, 829 million Indians are
expected to use the Internet on a daily basis.

5) Challenges faced by the Industry:

Digital marketing is not an easy job and it witnesses a rise and death of an agency every other
day. India is a hub for digital marketing agencies at the moment and there is taking birth every
single day with no proper directions.
Agency businesses in India are at a saturation point at the moment, with rising competition,
market is getting dirty and it is not so easy to deal with the needs of the clients from India. There
are agencies that have shaped up really well and taken the companies with more than 100 Cr.
Turnover, these agencies are on the happier side when compared to agencies that are playing
local and catering to the need of smaller business.

Some challenges that are faced by the digital marketing industry are as below:

1) To win the client, client retention:

Many startup agencies don’t know how to win a client but yet start their journey with
some years of experience. Client retention is yet another problem in the industry, clients
are not educated enough, on one side they are okay to spend thousands of rupees in
traditional campaigns without any distinct ROI and on the contrary, they don’t see great
value in Digital.
Most of the clients try to stick on to an agency on an average 3 years and then think of
moving away from them, there could be a lot of reasons for this:

2) Changing landscape of Digital:

Half of the agency gets washed because they are not able to cope up with the rapidly
changing digital landscape. It’s about minimalistic stuff which agency owners fail to
understand. The changing landscape of digital demands for strategy, first and creativity
but the advertising agencies that got turned into digital agencies puts creativity first,
failing to work towards strategy a strategy that defines ROI of the effort put in.
This market the agency gets into foul practices. I know of an agency that has hired people
to like and comment on posts or write fake reviews for the brands. This doesn’t solve the
purpose of using digital.

3) Unrealistic Indian Client Expectations:

Clients at times take agencies for granted, we have had requests for banners, wedding and
birthday invitation cards, daughters naming ceremony card etc. The client’s expectations
are generally “I want a viral video”
4) Client Payments: The biggest agency owners do: they don’t sign a contract with the client
before they start offering their services and don’t ask for payments on time. An ideal
agency would raise the bill on time, and demand payments on time and also stop offering
the services if the payments are not made.
I have burnt my fingers with the client thinking they are really big and they would pay us,
after a 6 months credit period it took us almost a year to extract only 20-30% of the
retainer fee.

5) Lack of talent:
Digital Marketing is accidental for many, it’s not by choice. When it’s not by choice, the
candidates don’t pour their heart in. Most of the SEO guys still follow what they learnt in
2011 whereas Google wants great content in first place.
Talent is the biggest problem in the digital marketing industry, most of them are fresher
and you will have to mould them to become good digital marketers.
Whereas, the experienced ones generally don’t like to hang out in agencies as they find
their solace on the client side. This gap is yet not met, and it will take another few years
to have good digital marketers in the country.

Government Initiatives:
The Governments of India is quite supportive of the digital marketing Industry. It has
signed a contract with Canada, the contract revolves around audio-video co-production
deal which facilitates producers from both countries to harness their collective artistic,
technical, financial and marketing resources and encourage exchange of culture and art
 between the two countries. The agreement would lead to publicize the Indian locales for
shooting films.
India is also looking forward to collaborate with Poland to seek and enhance cooperation
in the digitization and restoration of film archives. The two countries will form a joint
working group that will help improve cooperation in fields such as student exchange
programs etc.
The great initiative to make the citizens digitally empowered has left many positive
impacts in various sectors, which is Phenomenal. It has been estimated that by 2019,
starting from broadband connectivity in all Panchayats, Wi-fi in schools and universities
and Public Wi-Fi hotspots. In coming years this program will open the new world of
opportunities in IT, Telecom, and Electronics, both directly and indirectly. However, it
will help to eradicate the unemployment and underemployment ratio.
After the successful execution of Digital India campaign, the customer Acquisition of the
online marketer will boost because more number of people will engage in the internet. As
generating lead is the only KPI of most of the business online, so it will help to grow
your business online.
Earlier, 50% of the marketers available online reported that e-Marketing activities were
contributing only 10% of total revenue generated. However, after the digital India
campaign, people are showing more interest in new technology. So, now 85% of the
Marketers are generating revenues through e-Marketing activities for their business and
getting phenomenal results
Digital connect will empower a digitalized India. The benefits of Digitization are
obviously positive but in the Indian scenario are still farfetched. These small stepds are
already giving positive signals of acceptance among the masses. Once fully implemented,
it would enable a transparent and a just governance.

II) About the Company

1) Introduction of Company:
Abstract

Digital marketing has an immense role in the financial sector, a sector that contributes
significantly to the country’s economy. Unfortunately, the financial services sector is quite slow
when it comes to modernizing their marketing. The financial services sector contains numerous
institutions such as: Brokers, banks, private lenders, investment banks and insurance companies.
Financial marketing acts as the link between financial service providers and both business
organizations and consumers finding these services. Digital marketing strategies open the gates
to more exposure, visibility and improved customer engagement- all vital components in the
financial sector. In order to compete with tech-savvy start-ups, it is imperative to implement the
perfect digital marketing strategy to grasp a wider market.

The financial industry desperately needs to adapt to the changing technology. Luckily, digital
marketing offers so many tools to boost website traffic, increase brand awareness and engage in
customer interactions. There is a shift from just selling a product and service to selling and
focusing on the customer experience. The financial services or the BFSI sector is very
competitive and have a large number of players. Any firm to survive in todays market and
economy would need Digital Marketing. If you are a financial firm you can brace the advantage
of digital marketing and stay ahead of your competition. In todays world where people search
about every thing on the internet, with the help of the right SEO (Search engine optimization) the
companies can spread awareness to the target audience.

Social Media is a big part of people’s daily life on Earth and financial firm have been slow to
adopt it. Social media is the online word of mouth. You can share a post within a second.
Missing out on social media marketing is missing out on a large part of the target audience. Turn
around time (TAT) plays a very important role in the financial industry, by introducing a chatbot
a firm can increase the customer experience a lot.

To put it in simple words for a firm to up their or game or keep up with the competition needs to
adapt Digital Marketing.

Introduction

Digital marketing is the component of marketing that utilizes internet and online based digital

technologies such as desktop computers, mobile phones and other digital media and platforms to
promote products and services. Its development during the 1990s and 2000s, changed the way
brands and businesses use technology for marketing.

In basic terms, Computerized Showcasing is the advancement of items over the web or any type
of electronic media. As indicated by the Advanced Showcasing Organization, "Digital
Advertising is the utilization of advanced channels to advance or market items and
administrations to focused customers and organizations."

Whenever term Digital marketing is used people always think of the conventional types that are
T.V and radio ads, but are so much more to digital marketing like SEO, SEM Social media
marketing, affiliate and many more which can help the firm promote its product.

There is misconception that Digital form of marketing is only profitable for big and luxury
brands which is false financial firms can gain a lot from digital marketing. In this present reality
where more than 170 million individuals utilize web-based social networking all the time, they
all need help with finances all the time. Finance industry is one of the industries that is the least
invested in online marketing. With a ready target audience of this size the finance industry can
really add to its value.

Through this research I want to established and prove a relationship between Digital marketing
and Financial Industry can exist and create value.

Evolution of Digital Marketing

In simple terms, Digital Marketing is the promotion of products over the internet or any form of
electronic media. People are consuming digital content on a daily basis. Very soon, traditional
marketing platforms will disappear, and the digital market will completely take over. There are a
number of advantages in Digital Marketing. Unlike traditional marketing, digital marketing is
more affordable.

Digital marketing was first introduced in 1990’s. The digital age started with the start of the
internet and the development of the web platform. The Web platform allowed users to find the
information they wanted but did not allow them to share this information over the web.

In 1993, the first clickable banner went live. This marked the beginning of the transition to the
digital era of marketing. Because of this gradual shift, the year 1994 saw new technologies enter
the digital marketplace. The very same year, Yahoo was launched.

Also known as "Jerry's Guide to the World Wide Web" after its founder Jerry Yang, Yahoo
received close to 1 million hits within the first year. This prompted wholesale changes in the
digital marketing space, with companies optimizing their websites to pull in higher search engine
rankings. 1996 saw the launch of a couple of more search engines and tools like HotBot,
LookSmart, and Alexa.

1998 was the first time when the world saw Google. Microsoft launched the MSN search engine
and Yahoo brought to the market Yahoo web search. Two years later, the internet bubble burst
and all the smaller search engines were either left behind or wiped out leaving more space for the
giants in the business. The digital marketing world saw its first steep surge in 2006 when search
engine traffic was reported to have grown to about 6.4 billion in a single month. Not one to get
left behind, Microsoft put MSN on the backburner and launched Live Search to compete with
Google and Yahoo.

Then came Web 2.0, where people became more active participants rather than remain passive
users. Web 2.0 allowed users to interact with other users and businesses. Labels like ‘super
information highway’ began to be applied to the internet. As a result, information flow volumes
including channels utilized by digital marketers- increased manifold
Soon, social networking sites began to emerge. Myspace was the first social networking site to
arrive, soon followed by Facebook. Many companies realized all these fresh new sites that were
popping up were beginning to open new doors of opportunities to market their products and
brands. It opened fresh avenues for business and signalled the beginning of a new chapter to
business. With new resources, they needed new approaches to promote their brands & capitalize
on the social networking platform.

Now just the people on social media and active users of internet gives the business owners
hundreds of millions of target audience to tap into, to expand, to grow, to learn, to enhance their
products and services etc.

Digital Marketing started 3 decades earlier in today’s world is one of the most effective forms of
marketing available.
Development of Digital Marketing in India

Digital Marketing industry in India is spread to almost all the business sectors. Some of the
applications of E-Marketing are shopping and order tracking, online banking, payment systems
and content management. 

The power of digital marketing allows geophysical barriers to disappear making all consumers
and businesses on earth potential customers and suppliers. It is known for its ability to allow
business to communicate and form a transaction anywhere and anytime

Digital Marketing industry in India is a booming career today. In a country with a rapid growth
economy, it is expected to have a very high significant growth in Digital marketing career. The
growth in the digital marketing trends is making a very substantial impact on marketing and
advertisement. The big picture of Digital Marketing industry in India cannot be complete if short
preview of the past digital marketing statistics is not made

In 2011, the digital marketing in India report statistics revealed that advertising via the mobile
phone and tablets was 200% lower than that of the following years. During this year, the net
worth was $2 billion. The growth was in a geometric progression as it rose to $6 billion in 2012.
The competitive growth demands for more improvement in the career works and professionals
are being added to the field.

From 2013 to March 2015, the investment total increase was 1.5 billion dollars over the
preceding years. There has been an impressive growth up till this present moment.

The digital marketing in India report by the International Journal of Advanced Research

Foundation revealed that summarized that India is getting to see the golden period of the Internet
sector between 2013 to 2018 with incredible growth opportunities and secular growth adoption
for E-Commerce, Internet Advertising, Social Media, Search, Online Content, and Services
relating digital marketing.
Several factors have been found to contribute to the growth of digital marketing in India. Before
now, internet usage was only meant for the wealthy. There is now a great change in the lifestyle
of the middle class. The Very majority now have access to the internet in India & are looking
forward to online advertising India. Internet and 3G penetration revolutionized the marketing
scenario for both consumers and the marketers. It was discovered that changes in lifestyle and
standard of living had increased the level of consumption, quality and also the pattern of
consumption.  The quality of use in the urban centers of India is on a high side. This is because
majority doesn’t have time for shopping. Apart from struggles to earn money, people want some
other things to be done at their own convenience.
Need of Digital Marketing

Digital marketing is the need of the hour. It is a very integral step now days for a business to get
successful and to be recognised. Each company has a specific goal in mind but one common goal
is to reach out to as many customers as possible. Following are few more reasons for every
business to add digital marketing in their long-term strategy.

1. Digital Marketing has a high reach to Mobile phone users. Currently there are around
400 million mobile phone users in India with the facility of internet. Huge target audience
and data base one of the most important reasons

2. Brand Recognition- So many channels and platforms for the businesses to build their own
identity. Getting the message out for a new brand is easier than ever before.

3. Building Trust- If the business reaches out to their clients on social media or any other
online platform, provides them daily updates & information, value added service the only
outcome is to gain customer loyalty and trust

4. Addition Sales revenue- A good Digital Marketing leads to increase in the sales of the
company adding to its revenue

5. A step ahead of competition- Digital Marketing is the best way to get extra business and
get extra business. Think SEO, organic search, local search, Google Adwords, social
media, and blogs. Businesses want to reach as many people as possible, and this is
significantly easier to achieve on the web than it is in person. It helps gain a advantage in
this competitive market.

6. Less expensive than other traditional forms- Digital Marketing is less expensive as
compared to other traditional practices of marketing.
7. Delivers analytics and statistics- One of the best parts of digital marketingis that an ad’s
creators can find out how it is pulling through using analytics that can’t be executed with
traditional methods of advertising. Analytic reports can quickly be pulled up to test ad
campaigns and find out what is getting read, looked at, or bought. This gives an
opportunity of constant improvement.
8. Flexibility- There are many types and forms of digital marketing like banner ads, email
marketing, SEO, SEM etc. you have various options for your target audience and how to
reach them in the best possible manner.
Limitations of Study

During the study of this topic I faced a lot of limitation majorly due to a pandemic going on.
Following are few of the limitations are as follow

Restricted Workplace: Due to the Covid-19 Pandemic and forced work from home there was
restricted workplace. There was a very limited interaction with field experts.

Time Constraints- Summer Internship Program lasts typically for 2 months and Digital
Marketing is a very broad concept. Even veterans suggest to gain at least years of experience.

Limited Opportunities- Because of the pandemic there were very limited amount of opportunities
to work on in this field.

Lack of resources- you get a lot of additional resources while working from an office like
professional software and hardware. Help from your superiors and peers.