7p's of marketing mix of banking sector?

Answer 1

Certainly! Let's delve into some unique aspects of the 7Ps of marketing mix specifically tailored for the banking sector:

Partnerships: In addition to the traditional 7Ps, partnerships are crucial for banks. Partnering with other businesses, fintech startups, or even government agencies can provide access to new customer segments, innovative technologies, and distribution channels. For example, partnering with a technology company to offer seamless payment solutions or collaborating with a retail chain to provide banking services within their premises.

Personalization: Personalization is becoming increasingly important in banking. Banks can use customer data and advanced analytics to tailor their products, services, and communications to individual customer needs and preferences. This could involve personalized offers, customized financial advice, or targeted marketing campaigns based on customers' financial behaviors and life stages.

Proactivity: Instead of waiting for customers to come to them, banks can adopt a proactive approach to anticipate and fulfill customer needs. This involves staying ahead of market trends, offering innovative solutions, and reaching out to customers with relevant offers and advice before they even realize they need them. Proactive engagement can enhance customer loyalty and drive long-term relationships.

Purpose: Banks can differentiate themselves by communicating a strong sense of purpose beyond profit-making. This could involve initiatives related to social responsibility, sustainability, or financial literacy. By aligning their activities with a broader societal purpose, banks can appeal to socially conscious consumers and build trust and goodwill in the community.

Physical Experience Enhancement: While digital channels are increasingly important, the physical branch experience still matters for many customers. Banks can differentiate themselves by enhancing the physical branch environment, incorporating elements of hospitality and design to create welcoming spaces where customers feel comfortable and valued. This can include features like cozy seating areas, refreshments, or educational displays.

Predictive Analytics: In addition to traditional processes, banks can leverage predictive analytics to anticipate customer needs and behaviors. By analyzing vast amounts of data, banks can identify patterns, trends, and potential risks, allowing them to offer personalized recommendations, prevent fraud, and improve decision-making across various functions such as marketing, risk management, and customer service.

Proximity: While digital banking is on the rise, proximity still matters, especially in certain markets or for specific customer segments. Banks can differentiate themselves by strategically expanding their physical presence in underserved areas or high-growth regions, ensuring that customers have convenient access to banking services when needed.

These additional elements complement the traditional 7Ps framework and provide banks with new avenues for differentiation, innovation, and value creation in a rapidly evolving industry landscape.

Answer 2

1-product

2-price

3-place

4-promotion

5-people

6-process

7-presentation/physical evidence