The basic major marketing management decisions can be classified in one of the following four categories, namely Product, Price, Place (distribution) and Promotion. Product: It is the tangible object or an intangible service that is getting marketed through the program. Promotion: This represents all of the communications that a marketer may use in the marketplace to increase awareness about the product and its benefits to the target segment.
So how does a marketer strategize to attain success in a marketing program, using these 4 P’s? Offering specificity introduces the contextual customization of what needs to be done to address the questions raised in each of these 4 Ps of Marketing.
To be successful, Bank-at-Work programs must deliver effectively on three elements: partnership, value proposition and sales execution. It goes without saying that retail banking has many moving parts and Bank-at-Work programs are no exception.
But within that program structure, three things stand out because without them you’ll just be spinning your wheels. This article by Guenther Hartfeil, a Senior Consultant at Peak Performance Consulting Group, was originally published in BAI Banking Strategies on December 3. Cross-selling can be effective if bankers put the right metrics in place, change behavior of sales staff, align incentives, re-focus on customer needs and eliminate policies that get in the way. It’s common knowledge that it’s easier and cheaper to sell to existing customers than to attract new ones. Another reason that cross-selling may be ineffective is that projected balances or anticipated account activity may not materialize.
A modified version of this article was originally published in BAI Banking Strategies on November 13, 2015.
As the Millennial generation increases its economic clout, banks need to adapt strategies that enable them to profitably attract, serve and grow with these new customers.
Banks need to take action or risk losing this segment to new entrants in the payment, consumer banking and business banking space. Up to now, these competitors have been mostly nibbling around the edges, but the introduction of Apple Pay significantly heightened awareness of the threat. As consumers and small businesses shift to alternative channels, it is critical that financial institutions improve the operational and sales efficiency of the brick and mortar channel.
Consumers want branches, but declining usage is reducing sales opportunities and revenue growth. The bottom line is that, with fewer teller transactions, branches must become more efficient as sales and marketing centers. Even simple segmentation approaches can yield substantial results if implemented with disciplined execution. The old saying “birds of a feather flock together” is a simple way of describing the dynamic that people tend to group together with those of like interests and similar behaviors. Bankers can gain tremendous benefits from even simple segmentation schemes that can help answer questions such as: How much time should be spent with a customer or prospect? Informacion importante: Estas utilizando una version de Internet Explorer demasiado antigua y no podemos ofrecerte todo el soporte que deseariamos. La clave de exito de un producto consiste en ofrecer exactamente lo que el cliente demanda, adaptar nuestra oferta a las necesidades del cliente. In marketing, STP stands for market segmentation, targeting  (or target market selection) and product positioning. It is important to understand that the STP process (the first three stages) is always followed by the development and implementation of a marketing mix.
Therefore, the additional of the fourth stage in the diagram simply highlights the need to effectively execute these strategic decisions.
You should note the use of the arrow in the model, which indicates that STP is a sequential process. Based on this market segment analysis and evaluation, the firm will select one or more of the market segments to form part of their marketing program. After selecting a target market, the organization needs to consider how it will construct its marketing program to achieve success.


Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth. Tangible products may be items like consumer goods (Toothpaste, Soaps, Shampoos) or consumer durables (Watches, IPods). If the price outweigh the perceived benefits for an individual, the perceived value of the offering will be low and it will be unlikely to be adopted, but if the benefits are perceived as greater than their costs, chances of trial and adoption of the product is much greater. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. Our authors are educators from top QS ranked universities and practitioners from multinational enterprises. From target strategy to sales protocols and from results tracking to offer fulfillment, successful program implementation requires that banks maintain a comprehensive structure around their Bank-at-Work initiatives. However, according to studies at two major banking institutions, many cross-sell efforts result in little or no improvement in customer profitability.
First, most banks do not have an effective way to accurately track “new-to-the-bank” funds. Analysis I conducted at one large financial institution showed that, depending on the deposit product type, between 25% and 79% of funds into newly opened accounts came from deposits already in the bank.
New checking accounts usually start with a small balance and grow over time as the relationship builds, or as new customers wind down accounts at their previous financial institution. Already the largest group in the workforce, the leading edge is now in their 30’s and reaching an age when they have stable jobs, are forming families and buying homes. Approximately 10% of households switch banks annually – a rate that has been relatively stable for the past decade. And there is cause for concern: we counted 38 different non-traditional competitors in the payments space alone, of which 10 were new in the last year. Technological innovation, starting with the introduction of ATMs, then internet banking, and most recently mobile banking, has resulted in declining branch usage. As routine servicing and monetary transactions continue to migrate out of the retail branch, the fundamental nature of bank branches must undergo a dramatic transformation. This can be achieved through greater micro-market targeting of marketing messages in order to maximize the sales opportunity from limited branch traffic and to optimize trade area sales penetration.
What we really need is more usable data that can translate into better customer service, improved sales, and greater profitability. Segmentation is just a way to find people (or businesses) with common behaviors so that marketers and salespeople can then approach each segment in an appropriate manner. La segmentacion tiene su razon de ser en base a esta premisa: como en la mayoria de los casos es muy complicado o imposible personalizar la oferta de la empresa para cada cliente individual, se realiza la segmentacion de clientes, agrupandolos en grupos o segmentos que tengan demandas comunes.
In the following diagram, the three foundation stages of segmentation, targeting and positioning are shown, along with a final implementation stage of marketing mix development.
The starting point is always market segmentation, which allows the marketer to view different consumer needs and categories in the overall market. Intangible products are service based like the tourism industry and information technology based services or codes-based products like cellphone load and credits.
This may include any physical store (supermarket, departmental stores) as well as virtual stores (e-markets and e-malls) on the Internet. Advertising may include using specialty packaging to showcase products, utilizing promotional products for your company, or online ads.
In there very essence, the 4 Ps of marketing is actually a framework that allows the marketer to structure the value proposition of an existing product (or a new product at the time of launch) so as to garner the highest mindshare by distinctly structuring the same. Typically, sales staff receives credit for new accounts opened and the bank projects value based on typical account balances. For example, it’s pretty easy to switch account types, say, from one type of savings into another type of savings or one certificate of deposit (CD) term into another CD term, or open accounts for new family members by using existing account balances. However, sales staff may inadvertently receive incentives to generate account volume, “widgets” rather than value because of product configuration, deficiencies in tracking capability, or both. Consumers and businesses don’t need to go to the bank as frequently as they did in the past now that routine monetary and service transactions can be easily handled on a personal computer or smartphone.


More importantly, marketing strategies are frequently implemented uniformly across the network with limited variation of messaging based on unique branch or trade area characteristics.
These different approaches may show up in product design, media used, pricing or distribution design.
De esta forma, la empresa puede lanzar varias lineas de un producto cada una de ellas adaptada a un segmento de clientes segun sus preferencias.
Typically a marketer would look between three to ten market segments when dividing up one particular market.
Therefore, a target market is simply one of the many market segments available to the company that the firm has deliberately selected for the purposes of their marketing programs. The first is positioning, which is how the firm wants its products to be perceived (understood) by consumers in that particular market. This is crucial as this provides the place utility to the consumer, which often becomes a deciding factor for the purchase of many products across multiple product categories. A certain amount of crossover occurs when promotion uses the four principal elements together (e.g in film promotion).
However, that is easier said that done and many marketers fumble when it comes to playing with the real life nuances and bringing out a crisp value proposition. Sounds pretty simple, but the reality is very few programs actually focus on these key essentials, which is the root cause of why many retail Bank-at-Work initiatives run aground and get shelved. Churn is less but still significant at 25% to 30% for brokerage accounts, non-auto direct loans or home equity credit. For example, free checking – a product that many institutions have now discontinued – was so easy to sell that the overwhelming majority of new accounts opened at most banks was “free.” The number of accounts grew dramatically, but balances often did not follow.
They are not just a customer category, but a massive segment that is driving change rapidly. Older customers are more likely to have long-established banking relationships and their average switching rate is only between 3% and 4%, usually as the result of a service or moving issue. La clave por tanto, esta en conocer las demandas de los clientes, en segmentarlos adecuadamente y en adaptar nuestra oferta a sus correspondientes gustos. The marketer can then assess which segments best fit with the firm’s strategy and resources, as well as assessing the current and future attractiveness of each segment. Once the desired positioning has been determined an appropriate and supportive marketing mix then needs to be developed and implemented by the firm. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. They are most likely to be attracted to financial institutions that offer the technology and online services they prefer. To retain its competitiveness in the market, continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors.
Cuanto mayor sea el grado de conocimiento que tengamos sobre nuestros clientes, mas probabilidades tendremos de segmentar exitosamente. Es curioso como ademas en este ultimo caso el packaging esta absolutamente adaptado y pensado para este segmento que solo busca un precio lo mas economico posible, pues este se presenta incluso feo a proposito, con el color de una caja kraft en crudo, y con un diseno poco cuidado, para dar a entender que ese producto es baratisimo pues no se han gastado nada extra en su diseno. Por ejemplo, las varitas de merluza Capitan Pescanova, las galletas Tosta Rica, los cereales para el desayuno Kellog?s Choco Kripies, Smacks, etc. 2) Productos destinados a segmentos adulto, que prestan mas atencion a cuidar la alimentacion o llevar una dieta equilibrada en el caso del sector alimentario. De todos modos los criterios de segmentacion claves seran diferentes en cada tipo de negocio.Las grandes empresas suelen tener muy bien identificados sus respectivos segmentos de publico objetivo. En este sentido muy ilustrativa la campana lanzada en television en 2010 sobre la fusion de Telecinco y Cuatro, y en la que se personificaba a cada una de las cadenas de television que forman parte del grupo Telecinco segun el perfil de su audiencia objetivo. Existen multitud de ejemplos de lanzamientos de productos que al final no son aceptados por el segmento para el que habian sido concebidos, ya sea por trabajar sobre un concepto erroneo, realizar una mala identificacion de las demandas de ese segmento, errores en la comunicacion, etc. Aquarius por ejemplo era una bebida inicialmente concebida para un publico deportista casi a nivel profesional, y una vez en el mercado fue consumido mayoritariamente por un publico no especialmente deportista.



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