Insight Report: Best Practices in Marketing Retail Banking Products Industry Analysis, Size, Share, Growth, Trends And Forecast Research Report by Researchmoz
Albany, NewYork (PRWEB) September 03, 2014 -- 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
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Executive 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.
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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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