Each individual working in the bank should be a marketing person, contributing to the total satisfaction of the customer. Thus the first pillar of marketing in banks is its CUSTOMER FOCUS.
A BUSINESS IS NOT WORTH ITS NAME IF IT FAILS TO ATTRACT AND RETAIN ENOUGH CUSTOMERS NOTWITHSTANDING HOW EFFICIENTLY IT IS CONDUCTED. The bank with convenient retail outlets, branch network and most efficient services will be the ultimate winner in the growing competitive financial market.
Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably.
Marketing -A MUST
M - Meet
U - Unearth/Understand
S - Serve/Satisfy
T - Transform
Four Distinct Characteristics of Services
1. INTANGIBILITY- cannot be seen, tasted, felt, heard or smelled before they are bought. Benefit can only be enjoyed.
2. INSEPARABILITY- Physical goods can be produced, stored and later sold but services have to be sold before production and have to be enjoyed immediately.
3. HETEROGENITY/VARIABILITY- Quality depends on who provides them, when, where and how.
4. PERISHABILITY- cannot be stored for later sale or later consumption.
Tips and ideas for Banks' marketing initiatives
o Know what makes you unique
o Know what products and services you are offering and the benefits of each
o Identify who you want to target and why?
o Understand your competition
o Get a Sales plan and monitor sales activities
o Create a referral program
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