Strategies for the enhancement of bank marketing
Posted by Ripon Abu Hasnat on Monday, November 24, 2014 | 0 comments
In the fierce competitive market, needs of customer keep
changing. Hence, our marketing strategy must be dynamic and flexible to meet
the changing scenario. Here are steps that form successful and effective
marketing strategy for bank products.
· Emphasis
on Deposits
Emphasis, though in a discrete manner, should be given to
mobilize more of term deposits as they are more profitable for the bank in
comparison to demand. Introduction of products comparable to “Kisan Vikas
Patra” of post office and product with the facility of tax rebate under section
88 of Income Tax Act will of much help in this regard.
· Form
a Saleable Product Scheme
Bank should form a scheme that meets the needs of customers.
A bunch of such schemes can also form a product. A bank
product may include deposit scheme, an account offering more flexibilities,
technically sound banking, tele/mobile/net banking, an innovative scheme
targeted to special group of customers like children, females, old aged
persons, businessman etc. In short, a bank product may consist of anything that
you offer to customers.
· Effective
Branding
Man is a bundle of sentiments and emotions. This can
effectively be helpful in branding our products. Considering the features of
products and target group of customers, the product can be effectively branded
so as to sound it catchy and appealing. Some proven examples are Apna Ghar,
Dhan Laxmi, Kuber, Flexi Deposit, Smart Kid, Sapney, Vidya etc.
The branding should be done in such a way that the brand
name must attract the attention of customers. It should be easy to remember.
The target group and the silent feature of the product should resemble brand
name. This will help a lot in making the brand successful. All employees and
all our campaigns should refer the product by its brand name only so that to
strike the same in the customer’s mind.
· Products
for Women
The national perspective plan for women states that 94 pc of
women workers are engaged in the unorganized sector and 83 pc of these in
agriculture and allied activities like dairy, animal husbandry, sericulture, handloom,
handcrafts and forestry. Banks should do something to improve their access to
credit which they require.
· Customer
Awareness
There is a need to educate the customers on bank products.
Efforts should be made to widen and deepen the process of information flow for
the benefit and education of Indian customers. Today, the customers do not have
any idea as to how much time is required for any type of banking service. The
rural customers are not aware for what purpose the loans are available and how they
can be availed.
Customers do not know the complete rules, regulations and
procedures of the bank and bankers preserve them for themselves and do not take
interest in educating the customers. It is a need to educate the customers from
the grassroots of banking. It is time that each bank branch takes steps to
educate the customers on all banking function, which will facilitate growth of
banking on healthy lines both qualitatively and quantitatively.
· Advertisement
Advertisement is an eminent part of marketing of bank
products. Advertisement should be such that appeals to people. It should not follow the
orthodox pattern of narrating a product. For effective advertisement, bank
should understand people’s tastes and choices.
· Selling
Products in Rural Areas
For enhancing the marketing of their product, bank should
sell their products in rural areas. For it, there is a need to open branches in
the rural areas.
· Informing
Customers About Products
The bank should embark upon aggressive marketing of its products,
particularly at the time of launching a new product, which will inform the
perspective customers regarding product and at the same time relieve staff at
branch level from explaining the product to all customers.
· Customer
Convenience
In a service industry like banking where product
differential is hard to maintain and quality of service depends upon the
service provider, from whom it cannot be separated. So the bank employees have
to render services to the satisfaction of the customer, not as per their own
conveniences or whims.
· Re-orient
Staff
Sincerity of efforts in implementation of the measures is
lacking among the bank staff. It is a fact that its employees are not able to
rise up to the expectations of its customers. They lack in their behavior,
attitude and efficiency. The phenomenon is glaring at urban centers. Therefore,
it calls for an immediate attention which is missing link in the entire process
of marketing, and the bank should undertake all such steps to motivate and
reorient its staff.
· Sale
of Products and Services through E-delivery Channels
After the Information Technology Act, many new e-delivery
products have been introduced. These e-delivery channels are very helpful in
enhancing the marketing of various products and services. Thus banks should
sale the products and services through e-delivery channels.
· Sale
of Products and Services through Web-sites
Internet is a network of network which connects the world.
Thus, banks should sale their products through web-site. This will enhance the
marketing of the products not only at the national but also at the
international level.
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