Page 52 - IBT August 2021 Issue

FinTech E ciently
Innovative

population and the same segments of users who do not use all the services of Nagad. So we devised
customers. We are providing services not this campaign under the slogan of “Deshi Nagad e Beshi Labh”
only to the unbanked population but also where we wanted to talk to our inactive users, remind them of
banked corporate people to ensure all the advantageous services of Nagad. Like before, we
convenience. We can say, we are serving the promoted our top 5 services to implant the idea of using
same customer base with different usage Nagad Account regularly.
patterns.
Nagad has some of the lowest cost-charges in the MFS
The blessing of digital financial sector. How is it allowing Nagad to remain
services (DFS) like Nagad cannot be competitive?
overstated in the current COVID-19 Not only from a cost-efficient perspective Nagad is also
scenario – how has the pandemic competitive from every viewpoint. From its inception, Nagad is
shaped the marketing strategies of playing an incredible role to popularize mobile payments
Nagad? through its state-of-the-art and innovative service developed
Modern marketing success depends on one with advanced technology and that also helps us to be
thing – the agility of the company. When cost-efficient. Using the super quality technology our cost of
COVID-19 hit the country we were not at all doing business was slashed down to the lower level and also
surprised because Nagad was ready ahead helps to reduce the cost even under the existing
of time and we had some marketing revenue-sharing model.
preparations at hand. We moved fast and in
the right direction – from day 1, we ensured What do you think is the secret recipe to success in the
content creation mobility. If you look at our digital era of marketing? From your previous
contents during the first wave, it was experience, would you say that bullet proof marketing
evident. Our contents and their contexts strategy exists or is it just a myth?
were highly aligned with our message- “Stay If I have to be completely blunt here, Bullet Proof Marketing
home, stay safe’. Not only that, we needs one core element – ‘Product Truth’. You can have a
successfully communicated the thought that yearlong marketing plan and flashy campaigns, but solely
Nagad is the tool that enables you to stay depending on marketing won’t give you long term results.
home and carry on with your daily tasks. Through marketing maybe you can make an average product
viewed as a good product. But you cannot make a substandard
Nagad has recently launched a product viewed as a good product. The fastest way to kill a
marketing campaign under the slogan brand is to market an inferior product. Sooner or later
of consumers will find out the product truth. Marketing is very
‘Deshi Nagad e Beshi Labh’ – can you tell us important, but only a great product can make it invincible.
Can you tell us about your wanted to create our own recipe for success. The main what was the thought process behind the If I have to add something in terms of secret recipe – whether
2-year journey with Nagad? ingredient for the secret recipe of success is – Innovation. campaign and what features of Nagad is your business has just been launched off the ground or you
What has been a professional Today as the CMO, I can proudly say, Nagad has reached a being promoted via the campaign? have been around, but you are getting ready to launch a new
challenge at Nagad that has certain level where the people of Bangladesh have accepted In our last campaign during February to website or print a poster to promote a new product or service,
contributed significantly to Nagad as their choice for daily financial transactions. June this year, we massively promoted you need to be prepared – ahead of time – with three key
your growth as Chief Nagad’s easy account opening process. We ingredients to make sure a fine recipe is in place. I say it is a
Marketing Officer? gave our audience a solid reason to believe not-so-secret recipe because we all are pretty familiar with
When I first joined Nagad, my You have a diverse background in marketing from that each service of Nagad comes with an these three basic elements. Firstly, understanding your market.
telecommunications to fintech and now to Nagad Why
biggest challenge came from my have you chosen such diverse sectors? Have you additional value. Our cash-out charge Secondly, understanding your product and lastly,
industry peers. Despite being a noticed any common user behavior in these sectors? through Nagad App is the lowest in the understanding your marketing message.
career marketer it was not easy to I was working in the Telecom sector, but it was highly country, our send money, and bill pay
ignore other Marketing experts saturated with very good market penetration. Whereas the service are free of cost, we come up with UK-based Global Economics Ltd. has handed Nagad, the
when they did not believe in MFS sector had only one major player and a large untapped exclusive mobile recharge offers and “Most Innovative Digital Finance Service” award of
Nagad’s potential. But I like market. I knew the opportunity to grow and contribute here merchant payment offers. The outcome of 2021 – can you talk us through this win and how you
tackling challenges. I knew there was huge. I always believed in impact. Nagad has had an the campaign was fantastic. Our envision further propelling this success?
was a huge untapped market for impressive impact on the people of the country and also on the communication successfully enticed the I think such an esteemed recognition was possible because of
Nagad given that at the time about economy. Our services helped users to have financial freedom audience and we got plenty of positive the kind of culture Nagad has. Our culture revolves around
60% of the population was and assisted our reactions. 130 Million+ Nagad Accounts innovation. We encourage each and every employee to take
unbanked. A lot of companies tried agents in supporting their families. Nagad has changed were registered and the Daily Transaction challenges and not be afraid of making mistakes. Every day
to tap into this market for over a millions of lives and being a part of this gives me great amount dramatically increased up to BDT we try to do something new – whether it is in terms of our
decade. The problem was, they only satisfaction. I decided to move to the Fintech sector so that I 750 crore. But we did not want to stop there. content or product. I’m very grateful to our Top Management,
followed the market leader which can contribute to the sector and my country more. We constantly kept tracking the newly as they always nurture this innovation culture. Of course,
obviously didn’t work. We didn’t MFS/DFS customer usage patterns are totally different from acquired Nagad users and we discovered recognition pushes us to go forward and I can say this has
want to follow anyone, rather we Telco customers. Although we are talking about the same that there is a decent number of existing inspired us to reach greater heights in the future. We will
continue to innovate and change lives for the better.

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