Strategics of Bank Marketing

Strategies for the enhancement or encouraged of bank marketing:
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· Emphasis or give  on Deposits.
· Form a Saleable Product Scheme.
· Effective Branding.
· Products for Women.
· Customer Awareness or
  consciousness.
· Advertisement.
· Selling Products in Rural or remote Areas.
· Informing Customers or client About Products or new product.
· Customer Convenience.
· Re-orient Staff.
· Sale of Products and Services through E-delivery Channels.
· Sale of Products and Services through Web-sites.

CHALLENGES IN PRICING FINANCIAL SERVICES
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1) Financial Services Prices are Often Multi-Dimensional.
2) Elusive Measures of Quality.
3) Economic Forces.
4) Poor Consumer Price Knowledge.
5) Difficulty in Determining Customer Profitability.
6) Indeterminable Costs.
7) Conflicts of Interest.

UNIQUE ASPECTS OF ADVERTISING IN FINANCIAL SERVICES
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(A) Vague Product/Service Attributes.
(B) Quality is Intangible.
(C) Unexciting Products.
(D) Limited Ability to Visual Communicate Financial Products
(E) Regulations.
(F) Variable Prices.

SUCCESS FACTORS IN FINANCIAL SERVICES ADVERTISING.
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1. Having a Unique Selling Proposition
2. Target Marketing
3. Creating Memorable Ads
4. Facilitating Consumer Action
5. Coordinated Use of Media
6. Use of Direct Marketing.

STEPS IN ADVERTISING FINANCIAL SERVICES.
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(1) Identification of Advertising Objectives
(2) Budget Determination
(3) Computing the Return on Investment (ROI)
(4) Developing the Contents of the Advertising.
(5) Media Selection, Scheduling and Campaign Execution.
(6) Measurement.

Challenges of bank marketing:

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1) Technology : 

Marketing by private sector banks and foreign banks is more effective than public sector banks because these banks are IT oriented. Private sector banks and foreign banks are attracting more customers by providing e-services. Thus, technology has become a challenge before the public sector banks.

2) Untrained Staff : 

Often it happens that when a prospective customer approaches the branch, the employees seem to have very little knowledge about the scheme. This reflects an ugly picture of our bank’s image. Banks are not losing one prospective customer but 10 more customers who would be touch of this man. Attitude of the employees towards customers is also not very well. Thus, it is a need of time to reorient the staff.

3) Rural Marketing : 

This is a big challenge before the commercial banks to enhance rural marketing to increase their customers. Banks should open their branches not only in the urban and semi-urban areas but also in the rural areas.

4) Trust of Customers : 

Marketing can be enhanced only by increasing the customers. Customers can be increased or attracted only by winning the trust of the customers.

5) Customer Awareness: 

Customer awareness is also a challenge before the banks. Bank can market their products and services by giving the proper knowledge about the product to customer or by awarding the customer about the products. Bank should literate the customers.