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BANK MARKETING MIX: NEW STRETEGY IN TODAY BANKING SECTOR
ABSTRACT
Bank marketing in general and Customer Relationship Management (CRM) in particular are of vital importance for Indian banks, particularly in the current context when banks are facing tough competition from other agencies, both local and foreign, that offer value-added services. The Role of marketing in the banking industry continues to change. For many years the primary focus of bank marketing was public relations. Then the focus shifted to advertising and sales promotion. That was followed by focus on the development of a sales culture. Today banking sector all elements of the marketing concept – customer satisfaction, profit integrated framework and social responsibility are all equally important.
When applying marketing to the banking industry, the bank marketing strategy can be said to include the following:-
A very clear definition of target customers.
The development of a marketing mix to satisfy customers at a profit for the bank.
Planning for each of the source ‘markets & each of the use ‘markets.
Main principal aspects of Bank Marketing are- Customer Oriented Services, Design & Delivery of Such Services Corporate Objectives of the Bank, Environmental & Other Constraints. The second element in formulation of marketing strategy in banking sector is development of proper marketing mix (product, place, price, promotion, people, process, physical evidence) so as to satisfy the needs of the target group of customers. With the help of 4‘Cs (customer solution, customer cost, communication, convenience) use of marketing mix in banking sector is increasing day by day. The bank marketing mix concept is very important for every bank in tough competition. Use of 7‘p and 4‘c for bank and implementation of these concepts in banking sector shows the Role of marketing in bank in present Era. In bank marketing, marketer uses both “Collective” and “Selective” approach to attract and convince the target customer .It is the aggregate of functions, directed at providing services to satisfy customers‘ financial (and other related) needs and wants, more effectively and efficiently .
Keywords: Bank Marketing Mix, Social Responsibility, Collective & Selective approaches, Customer Relationship Management.