Marketing Strategy of ICICI Bank | ICICI Bank Marketing
Industrial Credit and Investment Corporation of India (ICICI) is the 3rd largest bank in India in capitalization and working. This bank is transforming the working of banking and other financial services in India. ICICI Bank is one of the leading banks in the Indian banking services and competing with some popular financial services like HDFC, State Bank of India, and more. Its advanced portfolio and services are shaping the corporation and traditional banking system. That’s why it is gaining popularity in both technical and digital forms. Today, we are going to discuss the vital marketing strategy of ICICI Bank or ICICI Bank Marketing.
Important Factors in the Marketing Strategies of ICICI Bank | ICICI Bank Marketing
Segmentation, Targeting, and Positioning:
ICICI Bank utilizes psychographic and demographic segmentation strategies to fulfill the demands of the consumers. Its segmentation strategy includes occupation, age, income, and class so that they can easily understand the changing needs of consumers and make plans accordingly. ICICI Bank uses both differentiated and undifferentiated targeting strategies. They focus on value-based positioning strategies for their product portfolios. In addition, they use both rational and emotional techniques in their advertisements and campaigns for branding the offerings and products.
With more than 70000 employees, this strength is the significant competitive advantage of ICICI Bank. These workers work together to achieve the customer’s trust and the company’s goals. ICICI Bank has more than 52 million customers under its consumer base, and nearly 50 percent of its transactions are digital in the form of internet and mobile. So, we can say that ICICI Bank has introduced digital advancement in the banking system. This thing creates convenience for users.
ICICI Bank has several subsidiaries that are working to achieve the company’s goal of wealth generation. Therefore, some subsidiaries like ICICI Bank, ICICI Lombard General Insurance Company Limited, ICICI Securities Limited, ICICI Prudential Asset Management Company Limited, and others are in the start category of the BCG matrix. However, other subsidiaries are still in the question mark category due to the fierce competition.
Distribution Strategy | ICICI Bank Marketing
The bank has nearly 4100 branches across India, delivering financial and banking facilities to users. On the other hand, subsidiaries are providing one-stop solutions to consumers in different segments. But, ICICI Bank has gained its much-awaited visibility and growth with the launch of mobile app and internet banking facilities. This thing has reduced the transaction costs, making it much affordable and convenient for customers.
Brand Equity | ICICI Bank Marketing
To be honest, ICICI Bank has worked hard to promote its portfolio and brand image. Moreover, they have won various awards and at several platforms due to their digital and innovative services. This thing has also given an immense advantage to ICICI Bank over its competitors. As a result, they have secured many achievements and honors in several segments like tech banking, social media banking, mobile banking, and other services.
Competitive Analysis | ICICI Bank Marketing
Due to the increasing unemployment and inflation, financial and banking institutions are experiencing massive competition from other institutions. The latest companies are adopting hi-tech techniques and services, providing better solutions and facilities to users. Bitcoins, White ATMs, M-Wallet, and IMPS are some advanced steps playing a vital role in the economic setup. Due to these reasons, ICICI Bank is also adopting new ways and strategies to enhance customer experience.
Market Analysis | ICICI Bank Marketing
Indian banking and financial market are overstuffed with the majority of institutions and financial companies. Hence, they are disturbing the market position of each other and continuously trying to get a competitive edge. New hi-tech startups and companies are giving stiff competition to other companies. To remain competitive in the relative market, introducing advancement and innovation is the only thing that can increase any company’s brand image and market share.
Customer Analysis | ICICI Bank Marketing
The primary customers of ICICI Bank are working professionals who prefer innovative services and fast banking facilities. Moreover, the majority of customers are from the middle and upper-middle classes. They are the biggest strength of ICICI Bank. ICICI Bank is trying to modernize its operations and services only for customers.
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