Marketing has become an integral part of the banking industry. This is due to the fact that banks too have realized the need to market their services since everything else is going digitalized. It has discovered a huge scope in the banking sector since the need for service marketing cannot be ignored at any cost. The marketing in the banking sector is majorly classified into 2 broad categories namely consumer finance and corporate finance. While corporate finance also holds significance, most of the bank marketing strategies are now focussed on meeting the needs of consumer finance, also known as retail banking.
Bank Marketing, or talking about Retail banking, the domain has undergone drastic change over the past few years. Still it is undergoing transformations in line with the technical advancement being introduced in the field. However, as per the records, it has been observed that adoption of bank marketing has been slow but has now penetrated to its deeper of depths where every financial institute has become thoughtful about how to market their banking products and services better for improved sales. Such adoption has led many financial set-ups to add multiple figures to their annual sales and profits along with expanding their customer base services for your marketing assignment writing with the help of Ph.D. professionals.
The core elements of bank marketing that from the crux of the entire digitalization is based on few important aspects. To have success, all these banks must consider the following before they fix a marketing strategy.
- Promotion-focused marketing comprehension
- Marketing assessment taking into account the mantra of building close relationships with customers
- Marketing comprehensions which are well-researched, planned and control oriented
Bank Marketing in India is Mostly Focussed on the 6 Ps, Which are Discussed in detail Below:
- Product: The first P focusses on the list of products and services being offered by banks to meet customer requirements. Major categorization of such kind of products includes Core, Formal, and Augmented Products. All the product categories are crucial to being focused on so that a bank can operate at its optimum capacity keeping its existing customers happy and attracting newer ones. Most of the banks take all the 3 product categories together using a smart matrix to develop a strong marketing potential.
- Price: This is the second P that focusses on the pricing tagged for each and every bank product and services. This primarily consists of interest, fees, and commission that is levied by the banks. Banks that place customer-focussed smart pricing strategies are more prone to attract more and more customers.
- Promotion: Advertising also forms an integral part of this component. This is due to the fact that advertising a product or service offered by the banks aims to persuade the customers to buy the same. Other methods are giving promotional offers, direct/ personal selling, and online marketing and so on.
- Place: This one last emphasis on the accessibility of the bank for the customer who wishes to remain associated. For a bank, it becomes important to make them available right product, at the right time at the right place.
- Process: It focusses on introducing and managing all the bank activities and processes, in a way that it makes the bank stand ahead of its competitors in the market. It aims following effective methods to deliver quality services through customization, faster delivery, limited paperwork, etc.
- Physical Evidence: Lastly, for bank marketing, the services available must be made realistic or say tangible. Offering services with an edge of uniqueness where the customer can actually savor the delight are the mantra of this marketing mix component. Upkept office interiors, offering appealing stationery are some ways to about it and you can get best essay writing guide also.