SERVICES MARKETING

TITLE : MARKETING OF FINANCIAL AND INSURANCE SERVICES

SUBMITTED TO: SUBMITTED BY :

Mr. U. RAKESH NAME : P. NEEHARIKA
Dept. OF MANAGEMENT ROLL NO: 20L31E0070
STUDIES II MBA SEC B(HR)
MARKETING IN FINANCIAL SERVICES
 Different financial services in the financial service industry are banking, insurance,
and mutual fund services. There is a different marketing strategy for each service.
 These are described below:
 Service Marketing Strategies for Banking Services
 A bank is involved in accepting the deposits and directing the money into loaning
activities. All the financial and similar needs of the customers are effectively
fulfilled through bank marketing.
 Delighting the customer is the prime objective of the bank. The relation between the
customer and the bank depends on mutual trust.
 Service Marketing Strategies for Insurance Services
 With Indian consumers becoming more aware of their financial affairs and
investments, it becomes essential for insurance managers to design attractive
insurance services for them.
 Nowadays, customers are looking for financial services that offer not only returns
but also security. Therefore, it becomes very difficult for insurance managers to
design services as per the tastes of the customers.
 They need to be creative and flexible. Insurance managers first determine the
different market segments available to them. After that, the marketing- mix is
developed.
 Service Marketing Strategies for Mutual Fund Services
 Designing the service marketing strategies for Mutual Fund Services is a
challenging task as different similar services are available in the market, giving
tough competition to it.
 As India is in the growing phase of the mutual fund market, it is very important
for the managers to educate the common people about the significant benefits of
investing in mutual funds.
ICICI BANK MARKETING STRATEGIES
 ICICI Bank (Industrial Credit and Investment Corporation of India), third largest bank in
India in terms of market capitalization is changing the face of banking & financial services
in India. With 70,000+ employees ICICI is competing with some of the biggest names in
the Indian market in banking & financial services industry namely State bank
India, HDFC, Punjab national bank and many others.
 Its innovative product portfolio is enabling the company in shaping the traditional banking
and making it technically and digitally advanced from the peer groups.    
SEGMENTATION TARGETING
POSITIONING
 It uses demographic & psychographic segmentation strategies to segment the market and
caters the changing needs of the customers. Income, age, social class, occupation are some
of the segment variables ICICI uses to segment the market and satisfy their growing needs
& wants accordingly.
 Once the market is segmented in similar characteristics than for any sets of offerings
Differentiated or undifferentiated targeting strategy are used. ICICI Bank uses
differentiated targeting strategies for a majority of its services.
 Emotional and rational appeal through its advertisements is most effective strategies
for branding the products. ICICI uses value-based positioning strategies for its offerings.
 DISTRIBUTION STRATEGY
 ICICI Bank has 4100 branches in total which are delivering banking and financial services
end to end to the customers.
 Subsidiaries handling different financial verticals help the customers in getting one stop
solution to all their banking & financial needs. Aggressive promotion of its digital platform
through a mobile app (imobile) and the internet has helped the company in decreasing the
cost transactions and at the same time, it helped the bank in making it convenient for
customers.
 COMPETITIVE ANALYSIS
 Banking & financial institution are facing stiff competition from fin-tech firms & NBFC’s.
The new age financial start-ups are implementing hi-tech strategies to capitalize the
changing needs of the consumers.
 MARKET ANALYSIS
 Banking & financial market in India is overcrowded with various companies eating each
other share which is affecting the survival of the Indian financial companies. New age
start-ups & fin-tech are giving head-on competition to some of the well-established
NBFC’s & Banks. The only way to survive is to grow by further penetrating the market or
use innovative strategies to increase the share of wallet.
 CUSTOMER ANALYSIS
 Customers of ICICI Bank are majorly working professionals who have an inclination
towards technology and seek better & fast banking services. The majority of ICICI Bank’s
customers are of middle & upper middle socio-economic status.
MARKETING MIX 4P’S
 The ICICI Bank Marketing Mix analyzes and discusses its marketing strategy and the brands and companies
covering the 4Ps (Product, Price, Place, Promotion). The brand is supported by many marketing techniques
such as product/service innovation, investment in marketing, customer experience, etc.
 1. Product mix of ICICI bank
 For all its customers, ICICI Bank offers a range of banking products. ICICI Bank’s great customer service is
the main product. The bank is renowned for its 12-hour operation and its customer service projects out of the
box. It focuses equally on retail consumers and customers in the business sphere.
 These are some of the services they provide:
 Personal Finance – Investment Account, Revolving Account, Fixed Deposit Account, etc.
 Cards – Gift cards, credit cards, co-branded cards, etc.
 Investment banking – Different options are available to customers, including Tax Saving Shares, Mutual
Funds, Foreign Exchange Facilities, etc.
 Loans – Personal loans, medical equipment loans, farm equipment loans, etc.
 Financing- Platform finance is one of ICICI’s most significant assets.
 Corporate Banking Insurance
 Wealth management Private banking potential loans – The majority of banks benefit handsomely from loan
transactions.
 2. Place mix of ICICI bank
 ICICI Bank has subsidiaries and branches in 19 countries, including Russia, the United
Kingdom, Canada, Singapore, the United States, Hong Kong, and Qatar.
 ICICI Bank has a large presence in India. It has 11,162 ATMs and 3,800 branches.
Shortlisted locations for ATMs and branches are then confirmed so that services may be
given to the greatest number of consumers. The safety and security of both bank
employees and users are considered while putting up such locations.
 These locations serve as a distribution point for financial services, which are available 24
hours a day, seven days a week. The concept of online banking, as well as the use of
technology for any type of service, is a positive one. Many of its branches are equipped
with contemporary technology. The bank has established several information centers where
you may get answers to any of your questions.
 3. Price Mix of ICICI Bank
 Service fees for a variety of goods, including credit cards, loans, and other services, are
following industry norms and regulations.
 Provides a wide range of financial services to its loyal customers. It has a straightforward
pricing plan. ICICI Bank faces a dynamic market and has devised a strategy that
necessitates innovation at every level. The decision is taken while keeping in mind the
bank’s value-added ways and analyzing the consumer’s attitude as well as the industry’s
economic trends. When compared to PSUs or even second-tier banks like Kotak Mahindra,
however, ICICI can be perceived as a premium bank.
 Because its income model is based on volume, ICICI Bank is aiming for a large portion of
the market. It has also begun an aggressive pricing approach that includes low-cost fund
acquisitions. The primary goal of the bank is to reduce competition in the banking industry.
To entice customers, the bank offers loans and programs. Rates are reviewed and adjusted
regularly to meet the needs and wants of both the bank and the client.
 4. Promotion Mix of ICICI bank
 To stay ahead of the competition, ICICI Bank has adopted an aggressive promotional approach.
ICICI Bank’s advertising strategy includes both direct and indirect consumer engagement. In
addition to emphasizing the importance of improving banking infrastructure, the benefits of
using banks’ services are also highlighted. The worth of each firm is depicted in such a way that
customers are enthralled and inspired to learn more about the bank’s offerings.
 Under the branding concept, advertisements were placed in print media, and famous personalities
were enlisted for visual coverage. The addition of Shahrukh Khan, a well-known actor, to the
ads, has been a significant boost for ICICI Bank. All of the bank’s advertising screams “trust,”
which aided them much because trust is such a valuable commodity in today’s environment.
 To track the customer’s wishes and demands, technology has been exploited to its greatest
potential. ICICI and Amway have collaborated on a credit card that may be used anywhere in the
world. The bank has recently established a connection with Indian Railways, and additional
services are now available to customers.
 ICICI Bank’s motto, “Hum Hain Na,” is highly appropriate since it fosters confidence, faith, and
financial solutions for every consumer. It was effective in its endeavors to establish a
sophisticated modern design identity.
CONCLUSION
 As we conclude that we have known that ICICI Bank has a well-managed marketing mix
and is still improving in the market.
 It provides various services to its clients like ‘ICICI bank pocket’, personal financial
services, loans, etc. and they even provide simple use of their facilities which makes the
customers comfortable to use those services.
 It has various branches all over the country and ATMs in the places which cant be reached.
It has branches in 19 countries.
 It uses an aggressive pricing policy that keeping in mind the mindset of the customers
willing to invest.
 It uses different modes of advertising its brand in the market like social media, television,
etc. Famous celebrities like Shahrukh Khan promote their brand in the market.