IndiaMART is India’s biggest online marketplace linking global buyers with the suppliers across over 50 industries. The spotlight feature of its online channel is to provide a platform for buyers, who can be large companies as well as individuals. Typically, buyers gain access to a wider marketplace of quality products to choose from and tap a one-stop-shop which serves to all their specific requirements and thereby helping the discerning buyer to make well-informed choices. IndiaMART provides a huge platform and several tools to over 14 million buyers to explore over 25.7 million products from around 1.8 million reliable and competitive suppliers. IndiaMART is the first Indian company in its domain to receive a ISO 9001:2008 certification for overall quality management and the organization’s ability to successfully gaining customer leads and following all the regulatory and statutory requirements.
Objectives of IndiaMART
These has been the key objectives of IndiaMART right from the time when it was founded:
- To make doing business in India, easy!
- Re-engage with site visitors by showcasing only the most relevant products
- Increase lead count and meet a low target average cost-per-lead
- Build long-lasting relationships with former users
“Our objective is to make Indian businesses flourish at a global platform through Internet” says Mr Dinesh Agarwal, Founder & CEO, IndiaMART.
Strategy adopted by IndiaMART
1) Generating leads for suppliers
AdWords plays an important role to generate leads for the company. In 2014, IndiaMART added dynamic remarketing to its marketing mix strategy in AdWords. The company chose dynamic remarketing for its ability to re-engage buyers with personalized messages, elevate the conversion rates for its display ads, increase lead count and thus meet a target average cost-per-lead. These things thus, helped the company build lasting customer relationships.
2) Using dynamic remarketing best practices
IndiaMART followed a number of best practices to set up its dynamic ads to show relevant products to former site visitors. Which involved implementing remarketing tags, conversion tracking, a product feed and various dynamic ad templates. Remarketing tags, product feed and dynamic ad templates were clubbed together to ensure that ads reaching former site visitors would be personalized based on the products. In addition, to facilitate the full lead generation power of dynamic remarketing, IndiaMART prepared to optimize for conversions by setting up conversion tracking technique.
The level of personalization in the ads built upon IndiaMART’s 18 years of experience in the Business-to-business segment. On the IndiaMART platform, the company already segmented suppliers and products on parameters based on various filters in order to offer right suggestions to buyers. This technique of dynamic ads allowed the company to apply this in-house expertise to showcase the most relevant products among a catalog of over 10 million products. As a result, this has significantly increased the satisfaction level of users and even increased its Net Promoter Score.
After completing the dynamic remarketing set-up in just three weeks, they initiated implementing dynamic ads with a manual bid strategy focused on clicks. Just in few weeks, the company had enough conversion counts that were enough to change the bid strategy to optimize conversion strategy.
3) Improving conversion rates and lead volume
Dynamic remarketing has helped IndiaMART reach its goals to increase lead volume at a low target average cost-per-lead and surprisingly in the course of two months, it has achieved an approximate 400% increase in lead volume from display campaigns and remarketing. Also, it has significantly reduced the cost-per-lead from display campaigns by 60%. Saugata Halder, product marketing manager at IndiaMART says, “Dynamic remarketing has helped us increase our conversion within the desired CPA. With the use of this product, we are now able to reach a larger segment of our customers with personalized ads. It helps us maximize the impact of our marketing budget and drive positive ROI.”
For marketers with similar conversion goals, Saugata Halder advices: “After a brand acquires a user, it is extremely important to re-engage and build a long-term relationship. For marketplaces like us, it is of immense importance to showcase the wide range of products available on the platform. It helps us become a one-stop shop for our target audience.“
Dynamic remarketing uplifted IndiaMART campaign conversion rates and volume of leads at target cost-per-lead. Now the company has an effective way to re-engage former site visitors with product information relevant to each visitor. Now, Every month IndiaMART generates over 250,000 leads from buyers in the form of buy requirements, which capture the types of products each buyer is looking for. IndiaMART was the proud recipient of the Red Herring 100 Asia Award in year 2008, as one of the top promising company among all the Asian companies deriving the future of technology. The commitment to bring affordable and low-cost solutions to the SME’s laid the foundation for this low-cost solution, which was bestowed with the Manthan Award in year 2013 under the ‘E-business and Financial Inclusion’ category.
Image Credits: IndiaMART