Detailed Report and Marketing Strategy for "Salary First" Product

Executive Summary
This report provides a comprehensive marketing strategy for "Salary First," a short-term loan
arrangement that is intended to assist businesses in ensuring that their employees receive their salaries
in a timely manner. "Salary First," a sub-part of the Friendly Funds initiative introduced by the central
government through privatized banks, is a financial solution that empowers businesses to pay salaries
on the first day of each month, with repayment due by the end of the month. This initiative is designed
to address cash flow challenges faced by businesses.

While serving as an intern at Appscook, a cutting-edge enterprise IT services and product engineering
company, I was assigned the responsibility of introducing this product to 200 companies in the
Thrissur district, with a particular emphasis on manufacturing companies. A perceived lack of
differentiation from other loan products, stringent eligibility criteria, and high verification costs were
among the significant barriers to adoption that were revealed during the initial outreach efforts.

In response, this report delineates a revised marketing strategy that is designed to address these
challenges and enhance the appeal of "Salary First." Targeted market research, clear objectives, a
well-defined unique selling proposition, and a multifaceted marketing approach that includes direct
marketing, content marketing, digital marketing, workshops, webinars, and strategic partnerships are
key components of the strategy.

The strategy suggests that in order to resolve the identified challenges, negotiations with banks be
conducted to reduce the CIBIL score requirements, subsidize verification fees, and provide partial
refunds for unsuccessful applications. Furthermore, the strategy recommends that "Salary First" be
distinguished from other loan products by providing value-added services and incentives.

The report provides a budget allocation plan, a timeline for implementation, and key performance
indicators to evaluate success. Additionally, mechanisms for regular evaluation and feedback are
implemented to guarantee that the strategy remains effective and adaptable. This comprehensive
strategy is designed to enhance the product's appeal and success in the market by increasing
awareness, generating leads, and achieving a high conversion rate.

Company Profile

Appscook is a cutting-edge company that specializes in Enterprise IT services and Product

Engineering, with a particular emphasis on Mobility, Enterprise, and Communications technologies.
We provide round-the-clock services for the management of infrastructure, databases, custom
applications, and commercial applications, in addition to the development of enterprise-level
applications and mobile software. With a strong R&D culture and a diverse client base, Appscook is
committed to providing exceptional value through our competent and dedicated engineers.

An Overview of the Product: Salary Priority

"Salary First" is a short-term financing program that is intended to assist businesses in paying
their employees on the first day of each month. The business is obligated to repay the loan by
the 30th of the same month. The loan amount is subject to a nominal fee of 1.5% plus GST
under the scheme. Businesses must satisfy specific criteria in order to receive approval, such
as a CIBIL score of 750 or higher, two years of audited statements, one year of GST
statements, and a six-month bank statement.

Key Parts of the Report

1. Introduction

 Purpose of the Report: Outline the aim of the report, focusing on introducing and promoting
the "Salary First" scheme to 200 companies in Thrissur district.
 Overview of the Internship Project: Briefly describe the tasks and responsibilities assigned
during the internship, with a focus on marketing the "Salary First" product.

2. Company Profile

 Background and Specialization: Introduce Appscook, its specialization in Communications,

Enterprise, and Mobility technologies, and the range of services offered.
 Client Base and R&D Culture: Highlight the diverse client base and the company's strong
emphasis on research and development.
 Team and Values: Emphasize the role of skilled engineers and the company's commitment to
delivering exceptional value.

3. Product Overview: Salary First

 Scheme Description: Detailed explanation of the "Salary First" scheme, including how it
works and its benefits.
 Eligibility Criteria: Outline the requirements for businesses to qualify for the scheme, such
as CIBIL score, audited statements, GST statements, and bank statements.
 Cost and Verification Process: Describe the two-step verification process and associated
costs, including GST.

4. Initial Challenges Identified

 Stringent Eligibility Criteria: Discuss the difficulties businesses face in meeting the high
CIBIL score and extensive documentation requirements.
 Verification Costs and Risk of Rejection: Explain the financial burden of the verification
process and the risk of non-refundable fees if the application is rejected.
 Limited Differentiation: Address the lack of distinguishing factors compared to other loan
products.

5. Market Research and Target Audience

 Targeting Manufacturing Companies: Justify the focus on manufacturing companies in

industrial estates within Thrissur district.
  Segmentation and Needs: Identify the specific needs and challenges of mid-sized
manufacturing businesses.

6. Revised Marketing Strategy

 Objectives: Define clear, measurable goals such as increasing awareness, generating leads,
and achieving a high conversion rate.
 Unique Selling Proposition (USP): Highlight the key benefits of "Salary First" that set it
apart from other financial products.
 Marketing Tactics:
o Direct Marketing: Personal visits and live demonstrations.
o Content Marketing: Development of educational materials and success stories.
o Digital Marketing: Targeted email campaigns and social media outreach.
o Workshops and Webinars: Educational events in collaboration with industry
associations.
o Partnerships: Collaborations with banks and local industry bodies.

7. Overcoming Obstacles

 Flexible Criteria: Propose negotiations with banks to lower CIBIL score requirements and
offer customized solutions.
 Cost Management: Suggest subsidizing verification fees and implementing a partial refund
policy.
 Differentiation: Recommend offering value-added services and incentives for repeat
customers.

8. Budget Allocation

 Distribution of Resources: Detail the budget allocation across various marketing activities,
ensuring a balanced approach.

9. Timeline and Action Plan

 Implementation Schedule: Provide a timeline outlining key activities and milestones over a
12-month period.

10. Metrics and KPIs

 Performance Measurement: Identify key performance indicators to track the success of the
marketing strategy, such as awareness, lead generation, conversion rates, and customer
satisfaction.

11. Evaluation and Adjustments

 Review Process: Establish regular review meetings to assess progress and make necessary
adjustments based on feedback and performance data.

12. Conclusion
 Recap and Call to Action: Summarize the main points of the strategy and reinforce the
commitment to achieving the marketing goals, encouraging stakeholders to support and
execute the plan.

Learning Objectives/Internship Objectives

1. Develop Marketing Strategies Objective: Acquire the ability to develop and execute
comprehensive marketing strategies that are customized to the goals and target
markets of particular products.
Outcome: Capacity to develop marketing campaigns that effectively advertise
financial products such as "Salary First" to specific business sectors.
2.
Customer Engagement Objective: Acquire the ability to interact with potential
customers through both direct and indirect marketing strategies.
Result: Improve communication and presentation abilities by engaging with company
representatives and advocating for financial products.
3.
Overcoming Marketing Obstacles
Objective: Recognize and develop solutions for prevalent obstacles to product
adoption, including verification costs and stringent eligibility criteria.
Result: Enhance problem-solving skills and acquire the ability to modify marketing
strategies in order to surmount challenges.
4.
Documentation and Reporting objective: Enhance abilities in the preparation of
comprehensive marketing reports and the documentation of the progress and results
of marketing initiatives.
Result: Improve proficiency in professional writing, documentation, and reporting
 INTRODUCTION

The system analysis for the "Salary First" product is introduced to provide a comprehensive
overview of the current marketing system, highlighting its strengths, shortcomings, and the
external factors that influence its adoption. This section establishes the foundation for
comprehending the product's operational context and delineates the analysis's objectives.

Context: Appscook, a prominent provider of Enterprise IT services and Product Engineering,

has introduced "Salary First," a short-term loan program that is designed to help businesses
address cash flow issues. The product enables companies to pay employee compensation on
the first day of the month, with repayment due by the end of the same month. This alleviates
financial burdens and enhances employee satisfaction.

Objectives: The primary objective of this system analysis is to assess the current state of the
marketing system for Salary First and pinpoint areas that require improvement. This
encompasses the evaluation of the efficacy of current strategies, the identification of
challenges and opportunities within the market landscape, and the evaluation of external
factors that influence adoption. Appscook can improve its marketing strategy and increase the
product's allure to potential customers by comprehending these dynamics.

Analysis Structure: The analysis is divided into several major sections, each of which
addresses a distinct aspect of the marketing system:
Current Marketing System Overview: Offers a comprehensive examination of the product
and its marketing channels.
Strengths and Weaknesses: Assesses the current system's strengths and weaknesses.
External Factors Influencing Adoption: Investigates the opportunities and hazards that
external factors pose to the product's adoption.
Competitor Analysis: Investigates the influence of competing products on Salary First.
Challenges and Barriers: Identifies the primary challenges and barriers that are impeding the
product's adoption.
Improvement Suggestions: Offers practical suggestions to improve the marketing strategy
and surmount identified obstacles.

SWOT Analysis for "Salary First" Product

Strengths:

 Innovative Concept: Salary First addresses a crucial pain point for businesses by providing
short-term financial assistance to meet payroll obligations.
 Diverse Marketing Channels: Utilization of multiple marketing channels, including direct,
digital, and event marketing, to reach potential clients.
 Customizable Solutions: Salary First offers flexible engagement models, allowing
businesses to tailor the loan terms to their specific needs and financial circumstances.
  Timely Salary Disbursement: By providing employees with access to their salaries on the
first day of the month, Salary First promotes financial stability and enhances employee
satisfaction and retention rates.

Weaknesses:

 Stringent Eligibility Criteria: High CIBIL score requirement and extensive documentation
deter potential clients, particularly SMEs with limited credit history.
 High Verification Costs: The two-step verification process incurs significant upfront costs
for businesses, potentially deterring them from pursuing Salary First.
 Risk of Rejection: Non-refundable verification fees pose a financial risk for businesses,
discouraging them from applying for Salary First.
 Limited Differentiation: Salary First faces challenges in differentiating itself from other
collateral loans and short-term financing options available in the market.

Opportunities:

 Growing Market: Increasing number of SMEs in Thrissur district presents opportunities for
Salary First to expand its client base.
 Government Support: Central government backing provides credibility to Salary First,
enhancing its appeal to potential clients

Threats:

 Economic Uncertainty: Market instability and economic downturns may affect businesses'
willingness to take on loans, impacting the demand for Salary First.

Initial Challenges Identified

The initial analysis of the marketing system for the "Salary First" product has revealed
several significant challenges. The product's adoption and efficacy within the market are
impeded by these challenges. It is imperative to comprehend and resolve these obstacles in
order to optimize the marketing strategy and increase the product's appeal to potential
customers.

1. Strict Standards:
Challenge: The necessity of a high CIBIL score (750+) and extensive documentation is a
hindrance for numerous businesses, particularly small and medium-sized enterprises (SMEs)
with limited credit history or resources.
Impact: The stringent eligibility criteria may discourage potential clients from applying for
Salary First, thereby restricting the pool of eligible applicants and impeding market
penetration.

2. Costs of Verification:
Challenge: The two-step verification procedure imposes substantial upfront expenses on
businesses, such as fees for financial stability verification and background checks.
Impact: Businesses that are uncertain about their eligibility or ability to secure the loan may
be discouraged from pursuing Salary First due to the high verification costs.

3. Potential for Rejection:

Challenge: The non-refundable verification fees impose a financial risk on businesses, as they
are at risk of losing the fee amount if their application is denied during the verification
process.
Impact: Businesses may be discouraged from applying for Salary First due to the potential
loss of the verification fee, as they may perceive the process as uncertain and expensive.

4. Limited Differentiation:
Challenge: Salary First is confronted with the challenge of distinguishing itself from other
short-term financing options and collateral loans that are available in the market.
Impact: Salary First may encounter difficulty in attracting businesses that are already
acquainted with or employ alternative financial products in the absence of obvious
differentiation or distinctive value propositions.

Target Audience:
1. Small and Medium-Sized Enterprises (SMEs):
o Focus on SMEs within Thrissur district, especially those in the manufacturing sector,
that may face cash flow challenges or payroll issues.
o Target businesses with annual revenues below a certain threshold, as they may be
more likely to require short-term financing solutions like Salary First.
2. Startups and Emerging Businesses:
o Identify startups and emerging businesses in Thrissur district that are experiencing
rapid growth but may lack sufficient capital to meet their immediate financial
obligations.
o Offer Salary First as a flexible financing option to support their expansion and
operational needs.
3. Seasonal Businesses:
o Target seasonal businesses in industries such as agriculture, tourism, or retail that
experience fluctuating cash flows throughout the year.
o Position Salary First as a solution to help these businesses manage payroll during lean
periods or off-peak seasons.
4. Manufacturing Companies with Contractual Payment Delays:
o Focus on manufacturing companies that face delays in receiving payments from
clients or customers due to contractual terms or supply chain disruptions.
o Position Salary First as a bridge to cover payroll expenses until payments are
received, thereby avoiding employee turnover and maintaining business continuity.
5. Companies with Growth Aspirations:
o Target companies with ambitious growth plans or expansion projects that require
additional capital to execute.
 o Position Salary First as a strategic financing option to support their growth trajectory
and capitalize on new business opportunities.

Unique Selling Proposition

Providing Immediate Financial Relief with Flexible Repayment Options: -

Key Features:

1. Immediate Salary Disbursement: Salary First enables businesses to pay employee salaries
on the first day of the month, providing immediate financial relief and ensuring timely
payment to employees.
2. Flexible Repayment Terms: Unlike traditional loan products with rigid repayment
schedules, Salary First offers flexible repayment options, allowing businesses to repay the
loan within the same month, aligning with their cash flow cycle.
3. No Collateral Requirement: Salary First offers non-collateral loans, eliminating the need for
businesses to pledge assets or provide security, making it accessible to a wider range of
companies, especially SMEs.
4. Streamlined Verification Process: Despite the stringent eligibility criteria, Salary First
streamlines the verification process, ensuring a quick and hassle-free application process for
businesses in need of immediate financial assistance .

Benefits:

1. Enhanced Financial Stability: By providing immediate access to funds, Salary First

enhances the financial stability of businesses, enabling them to meet payroll obligations and
avoid employee turnover.
2. Operational Continuity: Salary First ensures operational continuity for businesses by
mitigating immediate financial strains, allowing them to focus on core operations and growth
initiatives without disruption.
3. Improved Employee Morale: Timely salary disbursement fosters a positive work
environment and boosts employee morale, leading to increased productivity, loyalty, and
retention rates.
4. Tailored Financing Solutions: With flexible repayment terms, Salary First offers tailored
financing solutions that accommodate the unique cash flow needs and challenges of
businesses, promoting financial resilience and sustainability.

Marketing Strategies for "Salary First" Product

1. Direct Marketing:

Approach:

 Company Visits: Conduct face-to-face meetings with business owners, CFOs, and finance
managers to introduce Salary First and discuss its benefits and features.
 Appointment Setting: Proactively reach out to target companies to schedule appointments
for personalized consultations and presentations.
  Networking Events: Attend industry conferences, trade shows, and networking events to
connect with potential clients and establish relationships.

Key Messages:

 Immediate access to funds for payroll.

 Flexible repayment options tailored to business needs.
 No collateral requirement for loan approval.

2. Content Marketing:

Approach:

 Educational Blog Posts: Create blog posts, articles, and guides on topics related to
cash flow management, payroll solutions, and financial planning for businesses.
 Case Studies: Showcase success stories and case studies of businesses that have
benefited from Salary First, highlighting specific challenges and outcomes.
 Infographics and Videos: Develop visually engaging content such as infographics
and explainer videos to simplify complex financial concepts and promote awareness
of Salary First.

Key Messages:

 How Salary First addresses common cash flow challenges faced by businesses.
 Tips for improving creditworthiness and eligibility for Salary First.
 Benefits of Salary First compared to traditional loan products.

3. Digital Marketing:

Approach:

 Email Campaigns: Design targeted email campaigns to reach potential clients,

providing information about Salary First and inviting them to learn more or schedule
a consultation.
 Social Media Advertising: Utilize platforms like LinkedIn, Facebook, and Twitter to
promote Salary First through sponsored posts, targeted ads, and organic content
sharing.
 Search Engine Optimization (SEO): Optimize website content and landing pages
for relevant keywords and phrases related to short-term loans, payroll solutions, and
financial assistance for businesses.

Key Messages:

 Promoting immediate payroll solutions with Salary First.

 Highlighting the convenience and flexibility of Salary First for businesses.
 Encouraging engagement and inquiries through digital channels.
 Overcoming Obstacles for "Salary First" Product

1. Dealing with Strict Eligibility Criteria:

Education and Awareness: Help possible clients understand how important it is to keep their
CIBIL score high and get all the paperwork they need by giving them educational materials
and workshops.

Partnerships with Financial Advisors: Work with financial advisors or experts to help clients
improve their credit score and meet the requirements to be eligible.

2. Lowering the cost of verification:

Fee Subsidization: Businesses that are having cash flow problems or don't have a lot of
money should be able to get partial subsidies or discounts on verification fees.

Flexible Payment Options: Let businesses spread out the costs of verification over time or
include them in the loan amount to lower the costs they have to pay up front.

3.Getting less likely to be turned down:

Process of Pre-Screening: Use a pre-screening process to see if clients are eligible before they
go through official verification. This will lower the risk of rejection and the loss of
verification fees.

Fee Refund Policy: Make it possible for clients to get some of their verification fees back if
their application is turned down. This will give them more trust and peace of mind.

Weekly Overview
Week 1: Training on Sales and Company Approach

Objective: To equip interns with essential sales techniques and strategies for effectively approaching
and engaging companies.

Overview: During the first week of the internship, a comprehensive training program was conducted
by the Head of Appscook and the Marketing Head. This training was designed to prepare interns for
the fieldwork that would begin in the following weeks.

Day-by-Day Breakdown:

 Day 1: Introduction and Orientation

o Introduction to Appscook, its services, and products.
o Overview of the internship program and expectations.
o Introduction to the "Salary First" scheme and its significance.
 Day 2: Sales Fundamentals
o Basics of sales and the sales process.
 o Understanding customer needs and pain points.
o Building rapport and establishing trust with potential clients.
 Day 3: Approaching Companies
o Techniques for identifying and targeting potential companies.
o Strategies for making effective first contact.
o Crafting and delivering compelling sales pitches.
 Day 4: Handling Objections and Closing Sales
o Common objections and how to address them.
o Techniques for negotiation and persuasion.
o Strategies for closing sales and securing commitments.
 Day 5: Practical Sessions and Role-Playing
o Role-playing exercises to simulate real-life sales scenarios.
o Peer feedback and constructive critiques.
o Q&A session with the Head of Appscook and Marketing Head.

Outcome: By the end of the first week, interns were well-versed in sales techniques and strategies for
approaching companies.

Week 2 Onwards: Field Work

Objective: To apply the knowledge and skills gained during the training week to real-world situations
by visiting and engaging with companies within Thrissur district.

Overview: Starting from the second week, interns began their fieldwork. The primary task was to
introduce and inform 200 companies about the "Salary First" scheme, focusing on those within the
manufacturing sector.

On the comings days of internship the work was divided into:-

 Planning and Scheduling Visits

 Initial Company Visits
 Continued Company Visits
 Follow-Up and Reporting
 Review and Strategy Adjustment

overall Internship Report

During my 50-day internship at Appscook Technologies, I got to work on the marketing

effort for the "Salary First" financial plan full-time. My main job was to go to different
companies in Thrissur and present and talk about the benefits of this scheme, focusing on the
fact that it didn't require collateral. This report describes what I did, the problems I ran into,
the results I got, and my suggestions for how to make things better in the future.

Activities and Method

During my job, I went to 200 different businesses, mostly ones that made things or did
production work. This was a choice I made on purpose because 80% of the companies I went
after were manufacturing or production-related, which is a good fit for the "Salary First" plan.

To get the most out of my trips, I often made appointments ahead of time so I could give a
full review of the scheme. I talked about how the program works, what its perks are, and what
needed to be sent in to apply. This thorough method was necessary to build trust and make
sure that the companies fully understood the plan.

First Interest and Problems

54 of the 200 businesses that were visited were interested in the "Salary First" plan at first.
Looking good so far, this shows that there is a lot of interest and possible desire. But it was
hard to go from being interested at first to actually being involved.

The main problem was the requirements for eligibility, especially the need for a minimum
CIBIL number. A lot of companies didn't meet this requirement, which greatly decreased the
number of possible players. Out of the 54 companies that were interested at first, only 18 met
the requirements.

The cost of the verification method was another big problem. The over 10,000 INR non-
refundable proof fee was a problem that made many companies change their minds about
being interested. This cost scared off about nine of the qualified companies, which is about
half of the total number. Furthermore, it was tough for me to provide solid proof that the plan
was backed by the central government and banks, which made potential clients not trust me.

Results
Even with these problems, six companies showed a lot of interest and said they would talk
about the plan with their partners in more detail. These businesses were very sure of what
they were doing and were willing to give the plan serious thought.

The KPIs and metrics

I kept track of a few key performance indicators (KPIs) to see how well my work and the
marketing strategy as a whole were going:

200 companies were visited in total.

Companies that make or produce things: 160 (80%)
Rate of interest at the start: 27% (54/200)
Eligibility Conversion Rate: 33.33 percent (18 out of 54)
Cost of Verification Barrier: 50% (9/18)
33.33% of companies (6/18) are very interested.
Final Rate of Engagement: 3% (6/200)

Advice on How to Lower the Costs of Eligibility and Verification:

Talk to banks about lowering the CIBIL score standards.
To lower candidates' financial risks, you might want to think about paying for or partially
refunding verification fees.
Getting people to trust and believe you:

Show proof that the plan has the support of the central government and banks.
Make marketing materials that show case studies and testimonials from businesses that have
used the scheme successfully.
Improving Processes for following up:

Set up a strong follow-up plan to get back in touch with companies that were interested at
first but didn't move forward.
To keep people interested and address any concerns, use automated email campaigns and
human follow-up calls.
Making people more aware and educating them:

Hold workshops and webinars to teach possible clients about the "Salary First" plan and how
it works.
Make educational material that makes the requirements easier to meet and gives advice on
how to raise credit scores.

conclusion
Businesses, especially in the Thrissur area, can have trouble with their cash flow, but the
"Salary First" product can help. But our research has shown that there are a few big problems
that make it harder for people to use and adopt in the market. We can make the product more
appealing and improve its chances of success by facing these problems head-on and changing
our marketing plan.

We can connect with potential clients on a deeper level and let them know about the instant
benefits of Salary First through direct marketing activities like personal visits, setting up
appointments, and networking events. Content marketing projects like teaching blog posts,
case studies, and visually appealing materials will help more people learn about and
understand the product.

Digital marketing efforts that include targeted email outreach, social media ads, and search
engine optimization will help us reach more people and get them more involved with what
we're doing. By making good use of these channels, we can make Salary First the best choice
for businesses that need immediate financial help and flexible payment options.

We will focus on education and knowledge, fee subsidization, flexible payment options, pre-
screening processes, and fee refund policies to get around the problems that come with strict
eligibility requirements, high verification costs, and the chance of being turned down. Not
only will these steps make it easier for people to adopt, but they will also help possible clients
trust and believe in you.
Finally, we can make the "Salary First" product more successful and make sure that many
businesses in the Thrissur district use it by putting the suggested marketing plans into action
and getting past any problems that come up. We will get good results for both our clients and
our company by working together, coming up with new ideas, and always putting the needs
of our customers first.