Priyanka Kumar Marketing of Banking and Insurance Products

8/12/2019 Priyanka Kumar Marketing of Banking and Insurance Products

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Prof. Priyanka Kumar

MARKETING OF BANKING AND INSURANCE PRODUCT


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What is Marketing?

Marketing is a human activity directed at satisfied needs andwants through exchange process.

Marketing is the performance of business activity that direct theflow of goods and services from the producer to consumer.


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Marketing vs SellingAim Selling concentrate on how to sell the goods and earn profit from the sale

Marketing concentrate on the satisfaction of consumer

Orientation Selling is production oriented

Marketing is consumer oriented

Importance Selling gives less importance to marketing research

Marketing gives more importance to marketing research

Target

Selling is homogeneous Marketing is heterogeneous

Consumer place Selling views consumer as the last link in the business

Marketing views consumer as the purpose of the business


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Satisfaction Of human need and wants

Profit and Market reputation

Widen the Market

Improve standard of living

Bring economic growth

Need for Marketing?


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Service Marketing

A service is an act of performance that one party can offer toanother that is essentially intangible and does not result in theownership of anything. Its production may or may not be tied

to a physical product.

The promotion of economic activities offered by a business toits clients. Service marketing might include the process of sellingtelecommunications, health treatment, financial, hospitality, carrental, air travel, and professional services.


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Characteristics of Services

Intangibility

Perishability

Inseparability

Heterogeneity

Ownership


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S.No. Physical Goods Services

1. Tangible Intangible

2. Homogeneous Heterogeneous

3.

Product and distributionseparated from consumption Production, distribution andconsumption re simultaneousprocess

4. A thing A activity

5. Core value produced in factory Core value produced in buyer-

seller interaction6. Customers do not participate in

the production processCustomers participate inproduction

7. Can be kept in stock Cannot be kept in stock

8. Transfer of ownership No transfer of ownership

Goods vs Services


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7 Ps of Marketing Mix


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Service Marketing Mix


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7 Ps of Banking Product

Product Deposits :- Savings, current, fixed

Term Loan,

Guarantees

Investment counseling

Tax counselling

Bill discounting


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Price

Interest rates charged

Transaction charged

Mark up pricing

Charges for cheque books

Commission charges


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Place

The trade area

Population characteristics

Transportation

Communication

Visibility

Access


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Promotion

Public relations

Personal selling

Word of mouth promotion

Internet

Tele marketing


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People

Skill for social interaction

Tolerance level

Humanity

Knowledgeable


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Physical evidence

Signage(Logo)

Punch lines

Tangibles

Employee dress code


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Process

Process constitutes the overall procedure involved in

using the services offered by the bank.

The process should be customer friendly

If the overall process is too complicated than the

customer may not be inclined to use such services


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7 Ps of Insurance Product

Auto Insurance

Home Insurance

Health Insurance

Accident, Sickness and

Unemployment Insurance

Casualty Insurance

Life Insurance

Property Insurance

Liability Insurance

Credit Insurance

Others:

All-risk Insurance

Pet Insurance

Travel Insurance

Reinsurance


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Price

Premium charged against the policies. (Includes:

Mortality, Expenses, Interests)

Interest charged for defaulting the payment of

premium.

Commission charged for underwriting and

consultancy.


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Place

Managing the Insurance Personnel

Locating a Branch


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Promotion

Advertising and Publicity

Organisation of Conferences and Seminars

Incentive to Policyholders

Plays

Exhibitions

Participation in fairs and festivals

Wall paintings

Mobile Publicity Van


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People

Training & Development of Employees.

Strong Relationship with Mediators.

Use of IT for efficiency, both at staff and agent level.


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Process

Customer friendly.

Speed and accuracy in payment.

Easy and convenient processing method. Schemes catering demand of customers.

IT & Data warehousing to smoothen the process flow


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Physical evidence

Internet/Web Pages Brochures Business Cards

Building & Offices Signage Financial Reports Punch Lines

Employees Dress Code


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Major Channels Of Direct Marketing

Face to face selling

Telemarketing

Direct mail marketing

Catalogue marketing

Television marketing

Online marketing


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Segment-Wise Marketing Strategy

Segment Small saver

Package of servicesEasy to handle depositschemes providing an

attractive collection box

Teaching bankinghabits inschools/colleges


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Segment Illiterate Deposit Scheme

-easy to handle-door to door collection facility-simplified facilities

Better attitude and good behavior from anemployee

Personal contact, preferably through

commission agent

Mobile Vans

Mass promotional campaigns


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Retire or about to retire Deposit Scheme with interest payable

monthly

Deposit Scheme with post-dated interest

warrants payable any where in India

Contacting retired employees

Personalized customer services


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Professional and Service worker Deposit-cum-loan scheme for

consumer durables

Mutual Funds

Mailing, customer meeting etc.

Shift in banking hours

Working on holidays in certain branches


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High Income Group Deposit scheme with personalizedbanking facility

Deposit-cum-loan scheme forconsumer durables

Credit Cards

Miscellaneous Services like taxconsultancy,

portfolio management etc.

Telephone calls

Mailing

Personal meetings, etc.


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E-Marketing

E-Marketing is the process of marketing a brand using theInternet. It includes both direct response marketing and indirectmarketing elements and uses a range of technologies to helpconnect businesses to their customers.


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Advantage of Online Marketing

Selling goods and services online.

Additional customer service.

Saving overhead costs.

Exciting and sizzling means of visual impact.

Every hit could gain a potential customer.

Reduction in order processing and handling costs

Enhanced after sales service.

Get closer to the customer


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What do we Market?

Goods

Service

Event

Experiences

Personalities

Place

Properties

Information

Ideas & Concepts

S C SS S O


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SUCESSFUL E - MARKET STORY


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Priyanka Kumar Marketing of Banking and Insurance Products

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