MARKETING OF FINANCIAL SERIVCES

REVIEW ON ARTICLE

BY VINAYKRISHNA.P

Review of article: Increasing marketing productivity and profitability in financial services. The article mainly focuses on the 10 guide lines that are to be followed for increasing the marketing productivity and profitability: 1. Segmenting the current and potential market and selecting a portfolio of the target. 2. Developing a benefit centered positioning 3. Focusing on product line strategy 4. Directing the product offerings mainly based on the needs of target segments 5. Taking advantages of changing environment 6. Developing a marketing and business strategy for each market 7. Developing a creative marketing mix strategies and execution 8. Following adaptive experimentation approach 9. Developing contingencies plans 10. Viewing marketing research as models necessary input for generation and also evaluate the strategies

What should be done in marketing a financial service? Positioning is the product¶s reason for being Most financial service industries does not focus on benefits Too much of the efforts of financial firms is on single product A product manager who focuses on selling his/her product is not marketing oriented y Financial firms should also know how do their competitors react to their strategy y No single strategy can be effective for all the segments y y y y

The 6 C¶s model: 1. 2. 3. 4. 5. 6. Culture Customer Channel Company Competitors & Candidates for cooperation

Conclusion: Following the 10 guide lines could improve the marketing productivity. Introducing these guidelines is not easy since it often involves changing a traditional sale or product orientation to a marketing orientation. The following model can be used as marketing research technique

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