icici marketing stategy
ICICI bank is the second largest bank in India in terms of both asset and market capitalization. It provides a wide variety of financial products to both corporate and retail customers. It has a network of 3,800 branches and has 11,162 ATMs in India and is present in 19 countries.
Marketing strategy
ICICI bank’s USP generally lies in its product innovation, its pioneering in modern banking and customer relationship management.
ICICI bank focuses on relationship marketing. Even its value proposition ‘Hum Hai Na’ gives a message of trust, credibility and positions it as a total financial solution provider. It pays special attention to customer’s needs and has a separate department named ‘Product development department’, which studies the market on a continuous basis and then analyze the competitive landscape.
It constantly practices product innovation, for example, in order to meet the needs and wants of different customers, they have variants in many basic products like saving bank account. Further, it also indulges in product augmentation i.e. redefining the bank product with some extra benefits and features. They have adopted modernized by basing all its operations on technology.
Some of the breakthrough initiatives taken by ICICI bank are:
i) 24x7 electronic branch which are one stop shop for all banking transactions and reamind operative 24 hours a day. ii) ‘Tab banking’ that allows customer to access their bank account at their own convenience through their tablets. iii) “Money2India Mobile App” for NRIs that allows then to track teir money transfer to India anytime, anywhere. iv) ‘My savings reward’ program which allows customer to accumulate points on their ICICI payback card and then redeem those points for exciting gifts from ICICI’s partners.
ICICI have followed various pricing strategies in order to attract customers and gain a major share of market. It has followed penetrative market strategy, gaining profit through volume, being the price
Marketing strategy
ICICI bank’s USP generally lies in its product innovation, its pioneering in modern banking and customer relationship management.
ICICI bank focuses on relationship marketing. Even its value proposition ‘Hum Hai Na’ gives a message of trust, credibility and positions it as a total financial solution provider. It pays special attention to customer’s needs and has a separate department named ‘Product development department’, which studies the market on a continuous basis and then analyze the competitive landscape.
It constantly practices product innovation, for example, in order to meet the needs and wants of different customers, they have variants in many basic products like saving bank account. Further, it also indulges in product augmentation i.e. redefining the bank product with some extra benefits and features. They have adopted modernized by basing all its operations on technology.
Some of the breakthrough initiatives taken by ICICI bank are:
i) 24x7 electronic branch which are one stop shop for all banking transactions and reamind operative 24 hours a day. ii) ‘Tab banking’ that allows customer to access their bank account at their own convenience through their tablets. iii) “Money2India Mobile App” for NRIs that allows then to track teir money transfer to India anytime, anywhere. iv) ‘My savings reward’ program which allows customer to accumulate points on their ICICI payback card and then redeem those points for exciting gifts from ICICI’s partners.
ICICI have followed various pricing strategies in order to attract customers and gain a major share of market. It has followed penetrative market strategy, gaining profit through volume, being the price