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.