The Mutual Funds Industry in India is standing at an interesting juncture. Overall, the industry is resilient and growing, because the general populace is increasingly more literate vis-a-vis financial planning and financial products. Even investors are showing a growing preference for financial assets, which Asset Management Companies are competing to provide.
Meanwhile, the customers of these AMCs and financial service providers are turning to online searches in greater numbers, year after year; which means the opportunity to interact and engage with these customers is also growing - and is perhaps unprecedented.
A search trends report released by Techmagnate, a leading digital marketing agency in Delhi, shows that familiar platforms like Groww and Coin by Zerodha have increased their visibility and search volumes in respectable numbers - 107% and 21.69% - respectively. Brands like Groww also rank the highest for Share of Voice (SOV), indicating a strong SEO strategy and a strong connection with their customers. The learning for other brands here is quite clear - digital marketing works and is worth investing in.
Mutual Fund Industry in India: The State of Search
What does the landscape for mutual funds search trends in India look like? For starters, there’s good news, because the overall search volumes for the mutual fund category stand at 141.71L searches - a 15.78% increase in 2023.
If we dig a little deeper, we see the bifurcation of these search volumes by brand and non-brand searches. While the data shows that brand searches hold a higher market share, it’s worth noting that non-brand searches have seen a healthy surge - which means people are looking for information and exploring a wide range of mutual fund options beyond what is immediately visible.
To see the full range of data and insights, download the report now.
According to Sarvesh Bagla, a veteran digital marketer and CEO of Techmagnate, AMCs and mutual fund platforms must take advantage of the opportunities presented in the search trends reports if they truly want to grow.
“Platforms like Groww and Coin by Zerodha have truly democratized financial planning for Indians,” he says. “People across the country are feeling more and more empowered about taking control of their financial future. Therefore, staying connected with this new and literate audience is imperative for these brands. Our search trends report shares exactly where those opportunities lie.”
Leveraging the Search Trends: Key Insights to Explore
The visibility and the need for the Mutual Funds industry in India has come to stay in Tier 2 cities and beyond. For instance, while the search volumes for the top 6 metro cities in India have grown by approximately 9%, searches from other cities have grown by 45%.
Prioritize Visibility for Local Searches
As the data above shows, searches for mutual funds are coming in from far beyond India’s metro cities. Additionally, local searches for mutual funds, especially when the term “near me” was added jumped by 18.71%.
We saw a similarity in motor insurance search trends. People are looking for convenient solutions that are close to them, therefore, adding ‘near me’ into their Google search. For service providers, the direction is clear - they must prioritize local visibility to underscore their growth.
2. Vernacular Searches: Optimize for Regional Languages
Whether brand or non-brand, the searches for mutual funds in regional languages like Hindi, Tamil, and Telugu have increased year on year.
While brand-specific searches dropped in 2023, non-brand searches increased by 12.24%, commanding a market share greater than 65%.
Increased vernacular searches present brands with an opportunity to foster strong and meaningful relationships with their audience base. Any brand that can address customer queries in local languages will most definitely gain consumer trust and loyalty.
3. Define and Implement a Strong Mobile Strategy
Searches for mutual fund apps are on the rise, with branded searches leading the way with an increase in search volumes and a dominant market share.
People are searching for brands they know and trust; they are also taking their financial futures into their own hands, literally speaking.
The window of opportunity for brands here is to keep refining the user experience through easy-to-use features and ensuring user-friendliness in their apps.
Mutual Funds Search Trends: The Need for a Strong Digital Marketing Strategy
While opportunities certainly exist for the mutual fund industry to grow exponentially, AMCs and other service providers must align themselves with the search insights from the mutual funds market. There’s no denying that a strong online presence is crucial for a brand to reach its consumers and grow in the right direction.
However, the creation of a strong online presence must be approached carefully and with precision. Brands can consider working with a top digital marketing agency that has proven expertise and a strong track record of delivering significant growth to the BFSI industry.
