A leading Indian bank expanded its government contractor SME base by 2X with Nexizo

The Company

It is one of the largest banks in the country and has thousands of branches across India. Furthermore, it is the preferred provider of banking services for wholesale & SME market segments. Now to further increase their foothold on the SME market, they identified Government contractors as a clear target group where they wanted to expand their market share 2X over 12-24 months.

Learn how the Bank’s marketing team built engagement and sales funnel with the help of Nexizo

The bank wanted to get SMEs focussed attention, so they decided to start publishing sectoral & periodic insights on government tenders which are otherwise just unavailable across any other online platform or news site. SMEs could use this information to understand the states, authorities, companies, and sectors that are harnessing the most traction. They started working on this, as this was a unique effort that would help them garner eyeballs from these SMEs, with the brand recall thus helping them reach 2X engagement within the target segment.

The Challenge

Well, to do any of this, the bank would have to deal with enormous sets of tendering data. To give a context, 6 lac+ tenders and 3 lac+ AOCs are typically released every quarter from across 16,000+ authorities across India. Oh, by the way, you can’t miss the complexities of these documents. Each authority has its classification system so in one of them, a tender may be classified as civil construction while in another authority it may be classified as building construction. Typically, there is no published directory for any of the government authorities so that makes the mapping possibility further harder. They could have relied on some analytics & insights published on websites such as Eprocure but they could find mismatches in the data and more so it was available only for limited authorities.

The Solution

So the bank decided to reach out to their existing technology partner – Nexizo; who is already sharing recommendations for buyers & partners with the bank every month.

As Nexizo already aggregates tenders from across 16K+ authorities daily and extracts 45+ fields using AI, ML, & NLP from every tender document & result, the data was readily available to be churned for required insights. Just for reference, Nexizo has normalized 50MN+ tenders from 80K+ sources into a single schema using 52+ categories, and 50+ languages so that SMEs can use that information to get off-the-shelf decision-grade data.

With Nexizo’s help, the banking client could kick off its go-to-market program within a very short span of 4 weeks, something which was unimaginable for the team in the beginning.

Impact on the Bank

Nexizo's deeper partnership has made the Bank’s SME customer funnel a lot more relevant and efficient. For example, with Nexizo, published data for tenders grew every quarter for the top 5 states with a visible 4X jump in the recent quarter for Maharashtra, helping the Bank provide larger data to its target SMEs.The bank could also highlight the top 5 states with maximum activity within the electricity sector. It helped the bank to target the right set of SME customers with purchase intent, thereby refining their strategies and making them more efficient.

A couple of more examples to give a glimpse of powerful data insight offered by Nexizo that helped the bank double its SME base.

• In the last 12 months – Rajasthan, Maharashtra & UP Healthcare & Family welfare departments have invited bids for more than 10K Crs worth of healthcare tenders

• In the last 12 months – Assam, UP, and Kerala have invited bids for more than 40K Crs worth of electrical tenders

• Adani Transmission, Apraava Energy, Hi-Print Metering, Biological E., Bharat Biotech, and Tokheim have won major tenders across these sectors and states