Financial Institution Marketing refers to the various marketing policies of the financial institutions. For the promotion of the various financial products and services offered by financial institutions, it is necessary to lay out an efficient marketing plan.
Financial institutions focus on the practical implementation of marketing methods for selling their financial products and services. In order to do that, it is essential that the financial institutions utilize their marketing resources and functions in a proper way. For launching their products, the financial institutions take into consideration a number of factors, which include the timing, degree, and blend of customer demand.
Financial institution marketing services can be categorized into the following types:
- Marketing research and analysis
- Marketing strategy
- Implementation planning
- Process, project, and vendor management
- Leadership and organizational management
- Feedback and control systems
For the selling purpose of the financial products and services, financial institutions often take the assistance of various advertising firms. They provide valuable marketing advises and techniques to numerous banks, credit unions, and various other financial services providers.
Various techniques that are implemented for enhancing sales of financial products and services include the following:
- Cross selling of equity and debt capital market products, such as stocks, bonds, and CDOs (Collateralized Debt Obligations).
- Formulation of marketing plans and market research.
- Assessment of client financing and other facilities and recommendation of suitable action.
- Supervision of the functions of the relationship managers.
- Keep informed and cover capital market activities and corporate finance.
- Advising and training staff.
For marketing the financial products and services, the various forms of advertisements that are utilized include the following:
- Consumer media print advertisements
- Web banner advertisements
- Annual report
- Informational brochures and displays
- Consumer radio advertisements
- Newspaper advertisements
Usually, a common trend is seen in the marketing of financial products which is a product launched by a company is immediately followed by another company. However, this is not beneficial all the time.