From a Startup to a Market leader in digital bookkeeping: Check out how KhataBook achieved its growth
KhataBook is one of the leading digital bookkeeping and ledger companies in India. It was started as a Startup, with a huge vision and innovative ideas. There was a huge crowd of MSMEs’, who were managing their accounts and finances in traditional ways such as writing in registries. As technology progresses, there may be a need for all of them to go digital and maintain digital records. This was where the idea for KhataBook came into existence.
After being started in 2018, KhataBook has achieved humongous and rapid growth. In the first half of the year, it received $60M funding in series B, which is the highest funding amount it has ever been given. KhataBook’s intelligent marketing and promotions were responsible for their impeccable growth.
Here are a few strategies that were followed by KhataBook :
There would have surely been a few uninteresting cricket matches during IPL 2020. But, the KhataBook ads during the match were the talk of the town. They went viral and were critically acclaimed. If there was a vital reason behind the ads going viral, it was definitely Dhoni. One may ask, Dhoni acts in a lot of ads, but why don’t all of them receive huge attention? It’s simple, all of them are indifferent and routine. KhataBook projected Dhoni in an altogether different way.
Marketers these days need to find ways to be creative and think out of the world. An example of such out of the box marketing is the KhataBook’s ad. It demonstrated how beneficial digital ads can be and how efficient they are in yielding ROI. MS Dhoni’s new getup was a treat to his fans. KhataBook’s total downloads went upto two times and the number of users increased dramatically during the IPL digital campaign. KhataBook’s ads were aired in 8 languages.
KhataBook said that being able to track the user engagement, responses and user journey insights are few of the important reasons to opt for digital ads. KhataBook found IPL to be their trump card, as IPL is being watched by millions of people from different countries and an ad that’s engaging will be a sure shot. As expected, the IPL ads resulted in favorable results and high re-engagement and Click Through Rate(CTR).
Social Media Marketing
Social Media is a powerful and efficient mode of marketing. A brand that can leverage it to the fullest extent can have humongous growth. KhataBook is one such company. Let’s see what social media marketing strategies were followed by them:
Tiktok influencer Marketing:
Tiktok is a video creating and sharing app. It was one of the huge hits that social media has ever witnessed in recent years. Be it the number of annual downloads, monthly downloads, user base, etc., Tiktok topped the charts.
KhataBook saw a hidden gem of business in Tiktok. It invested in Tiktok influencer marketing and witnessed very good results. App downloads and user base went high. But, the happiness of KhataBook didn’t last long as the Indian Government imposed a ban on few of the Chinese supported apps and Tiktok was one among them.
Vernacular Influencer Marketing
A lot of the brands these days focus on marketing only in Hindi or English. As a result, there will not be a personal connection with the audience. KhataBook paid attention to this and hosted all of its ads in widely spoken regional languages. It helped users clearly understand what KhataBook is about and what it offers.
As a result of Vernacular Marketing, KhataBook easily reached its goals, their installations increased by 60% and the cost per install decreased by 20%.
As seen from all the above strategies, we can get to know that strategic planning and defined marketing goals paved the way for KhataBook to achieve its objectives. KhataBook’s noble idea was clearly explained to the masses in their own language and this move contributed to their success. By the growth of the KhataBook, it is also evident that choosing the right platform for your audience at the right time is pivotal.