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of Market Research Reports, MarketReportsStore.com publishes report on “Insight Report: Best Practices in
Marketing Retail Banking Products”.
Synopsis
The report discusses key marketing
strategies adopted by banks to strengthen their brand values and target diverse
customer groups through effective segmentation and product positioning:
- It discusses key marketing trends in the retail banking
industry in both developed and emerging economies
- It highlights key challenges faced by banks in both
developed and emerging economies when formulating effective marketing
campaigns
- It discusses the use of marketing analytics by retail
banks in developed and emerging economies to understand customers' buying
behavior
- It provides a competitive assessment of the customer
segmentation, product, and pricing strategies adopted by banks in
different markets
Summary
- The global
banking industry is changing the way it markets products and
services, with banks in both developed and emerging economies adopting
customer segmentation strategies to distinguish their products from those
of their competitors. These strategies have increased banks’ client bases,
and the number of potential customers. To capitalize on this, banks have
expanded their product portfolios, adopted pricing strategies, and
expanded into new regions. Banks are also focusing on the technological
aspects of offering their products, and are using analytics to understand
consumers’ purchasing behaviors and preferences to offer personalized
products and an improved customer experience.
- Promotional campaigns through traditional channels such
television, radio, print media and telemarketing have been among key
initiatives taken by banks to increase brand awareness. The proliferation
of video and mobile technology has also enabled banks to market their
products and services online, and through mobile channels and social
media. As internet access and smartphone adoption increase, so does
consumer demand for convenient banking services through these channels.
Banks are therefore developing processes and employing new channels to
respond to web-based consumers, create brand awareness, promote new
products and services, identify customer needs, and elicit feedback.
- Banks in both developed and emerging economies are
increasingly using analytical tools to analyze consumer-purchasing
behaviors, and identify and phase out ineffective pricing structures or
reward programs. a number of banks in developed and emerging economies,
including Citibank, JP Morgan Chase, Bank of America, Barclays and ICICI
Bank, have used analytical tools to analyze high volumes of purchasing
data, enabling them to segment and target customers with specific products
and services based on customers’ income levels, demographic and
psychographic profiles, and banking relationships. In order to deliver
cost-effective services to different customers, organizations need
well-defined and executed segmentation plans.
Complete reports is available @ http://marketreportsstore.com/insight-report-best-practices-in-marketing-retail-banking-products/
.
Key highlights
- The banking industry is becoming competitive in key
developed and emerging economies, with numerous domestic and international
banks. To remain competitive and gain market share, banks are striving to
offer improved products and pricing benefits that can be distinguished
from those of their competitors.
- In order to create brand value and awareness of
products, banks around the world have formulated a number of marketing and
product strategies to highlight their expertise in offering specialized
services, their experience as an established brand, and the range of their
products and services.
- The banks in both developed and emerging economies are
extensively using marketing analytical tools to analyze large volumes of
both structured and unstructured transaction data to understand customers’
buying behavior. This enables banks to segment customers and target
specific groups with customized marketing campaigns and products. Banks
segment their clients primarily based on income level, and demographic and
psychographic profiles.
- Banks in developed economies have focuses on offering
improved customer service, attractive reward programs and financial
incentives to retain customers and acquire new ones. In emerging
economies, price has been the primary reason for low banking penetration.
- Despite initial skepticism by retail banks, social
media, online and mobile channels have gained prominence in marketing
retail banking products. Although the use of these channels is lower in
emerging economies than in developed ones, rapidly increasing internet and
smartphone penetration, and growing young populations in these countries
provide strong growth potential for the use of digital channels over the
forecast period.
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Scope
- This report highlights the key operational and
technological trends arising in the global retail banking industry due to
rising competition and changing consumer behavior.
- The report gives an insight into marketing strategies
adopted by banks in countries such as the US, Canada, the UK, Germany,
Australia, South Korea, Brazil, Russia, India and China.
- The report outlines the various factors affecting
consumer’s choices of retail banking products in developed and emerging
economies.
- The report also discusses the key drivers, issues and
challenges faced by the retail banks while implementing product, pricing
and marketing strategies in these economies.
- The report outlines the various channels that banks use
to launch marketing campaigns, promote products and services, and
communicate with customers.
Reasons to buy
- Gain insights into the retail banking industry in
developed and emerging economies.
- Gain analysis of banking industry based on strategies
adopted to improve products and product portfolios in key markets.
- Gain insights into key operational and technological
trends in retail banking.
- Gain an understanding of various channels that banks
use to promote products and services, and to communicate with customers.
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. (Single User License: US$ 3800 And Corporate User License: US$ 7600)
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