What Are the Different Methods of Commercial Bank Marketing?

The marketing strategy of a commercial bank is a series of strategies and strategies for the commercial bank to conduct market operations and financial product sales according to its business strategy. It is an extension and application of the commercial bank's business strategy and an important content of the commercial bank's management.

Commercial Bank Marketing Strategy

Right!

The marketing strategy of a commercial bank is a series of strategies and strategies for the commercial bank to conduct market operations and financial product sales according to its business strategy. It is an extension and application of the commercial bank's business strategy and an important content of the commercial bank's management.

Chinese name

Commercial Bank Marketing Strategy

Location

Extension and application of business strategies of commercial banks

Features

Important content of commercial bank operation management

Marketing Strategy Choice

Leader strategy, challenger strategy, etc.

The choice of marketing strategy depends on the scale of each commercial bank and its competitive position in the banking industry. According to the competitive position of commercial banks, they can be divided into four categories: market leaders, market challengers, market followers, and market vacancies. ^[1]

1. The importance that commercial banks attach to the study of marketing strategies is both an objective requirement for the development of financial markets and a practical need for commercial banks to improve their survival and development capabilities in the face of a competitive environment ^[2]

(1) Extensive marketing strategy of commercial banks ^[3]

(1) In the marketing competition strategy, the WO strategy is the most important ^[3]

Through SWOT analysis, it is known that the external opportunities of China's banks outweigh the threats, and the internal disadvantages outweigh the internal advantages. Therefore, Chinese commercial banks should adopt a WO-based strategy in the business operation process to focus on market opportunities and continuously make up for their innate Defects thus gain an advantage in the competition.

(II) Based on market segmentation, focus on flexible choice of marketing mix strategy

Based on market segmentation, gradually improve product strategy, price strategy, channel strategy and promotion strategy. Personalized marketing based on business varieties. Banks face a large number of customers, and their demands for products are different, not only in the type and grade of financial products, but also in the different needs for interest rates, rates and sales methods. Therefore, no bank can meet all the needs of all customers through a marketing mix strategy. Therefore, only by dividing the market into smaller markets or customer groups, or into target markets with different characteristics, implementing different marketing mix strategies, and determining and selecting the corresponding market mix according to its own strategic positioning, The market positioning of bank marketing is accurate, so as to achieve the expected effect of marketing.

(3) Strengthen financial brand marketing and strengthen bank brand image

Financial brand marketing refers to the establishment and shaping of financial product brands by financial institutions to establish a brand image to facilitate competition in the financial market. As a special currency business, banks, like the general liquidity service industry, have the characteristics of high elasticity of service demand, identity of products provided, and easy to imitate. In order for Chinese commercial banks to stand out in the international competition, corporate image and brand are particularly important.

(D) pay attention to the choice of marketing strategies

China's commercial marketing should gradually seek breakthroughs in marketing strategies, and can use means such as relationship marketing, green marketing, and cultural marketing. For example, in addition to highlighting service awareness, Citibank's marketing also highlights the successful image, which has a huge impact on young customers. The injection of cultural factors has become an irresistible marketing wave. First, it helps to convey the differential advantages of financial companies. The convergence of financial products is currently very common. Among many modeled propaganda, it has become a common pursuit of financial marketing to stand out and form a differential advantage. The infusion of cultural factors is exactly adapted to this requirement. Injecting rich cultural connotations into financial advertisements can effectively distinguish them from competitors.

(V) Focus on the segmentation of the target market

It is impossible for any commercial bank to meet the overall needs of all customers, and it is impossible to serve all customers in a certain market. On the contrary, commercial banks must identify the most attractive and effective market divisions in the market to meet the needs of some people. The target of this kind of service activities selected by commercial banks is generally called the "target market". Commercial banks should be divided into two steps in the target market strategy: First, through the financial market segmentation, select the target market. The second is market positioning, drawing up a competitive market position.

At present, in the new background of more complicated domestic and international economic environments and increasingly fierce competition, the marketing work of China's commercial banks needs to continue their efforts, especially in customer orientation, product innovation, brand marketing, market positioning, service marketing, etc Work so that we can better push our commercial bank marketing to a higher level.