Marketing Of Financial Services: 4 Ps Of The Marketing Mix

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Athens University of Economics and BusinessMarketing of FinancialServices: 4 Ps of theMarketing MixPaulina Papastathopoulou, Ph.D.Lecturer in MarketingDepartment of Marketing and Communications1The Boston Consulting Group’s Growth-Share MatrixStarsQuestion Marks20%16%14%12%10%8%Cash CowDogs6%4%2%Relative Market Share0,1x0,2x0,3x0,4x0,5x1x2x1,5x4x010xMarket Growth Rate18%21

Market Attractiveness: Competitive-PositionPortfolio Classification and StrategiesInvest / growBUSINESS STRENGTHSelectivity / T ATTRACTIVENESSHarvest / divest Attractiveness: Competitive-PositionPortfolio Classification & Strategies(b) StrategiesBUSINESS STRENGTHStrongHighMedium1. Invest to grow atmaximum digestible role2. Concentrate effort onmaintaining strengthMediumINVEST TO BUILDWeakBUILD SELECTIVELY1. Specialize around limited1. Challenge for leadership2.Build selectively on strengths strengths3. Reinforce vulnerable areas 2.Seek ways to overcomeweaknessesBUILD SELECTIVELY SELECTIVITY/MANAGELIMITED EXPANSION ORHARVESTFOR EARNINGS1. Invest heavily in mostattractive segments2. Build up ability tocounter competition3. Emphasize profitabilityby raising productivityPROTECT & REFOCUSLowMARKET ATTRACTIVENESSPROTECT POSITION1.Protect existing program2. Concentrate investments insegments where profitability isgood and risks are relatively lowMANAGE FOREARNINGS1. Manage for current earnings 1. Protect position in most2. Concentrate on attractiveprofitable segmentssegments2. Upgrade product line3. Defend strengths3. Minimize investment1. Look for ways to expandwithout high risk; otherwise,minimize investment &rationalize operationsDIVEST1. Sell at time that will maximizecash value2. Cut fixed costs & avoidinvestment meanwhile42

PRODUCT POLICY5Several levels of aproduct the core benefitthe actual product: product featuresthe expected product: product promisesthe augmented product: service andsupportthe potential product: futuretransformations63

Example: Financial advice the core productReceiving advice on products and services tomeet current and future needs the actualproductImpartial advice from a reliable source theexpected productPeriodic reviews and mailing information tocustomers the augmented productAnticipate customers’ need, provide for needsbefore they arise the potential product7Benefits of brandingBranding gives the seller the opportunity to attract a loyal andprofitable set of customers. Brand loyalty gives sellers some protectionfrom competition and greater control in planning their marketingprogram.Strong brands help build the corporate image, making it easier tolaunch new brands and gain acceptance by distributors and consumers.Branding helps the seller to segment markets. Instead of Level Brothersselling a simple detergent, it offers many detergent brands, eachformulated differently and aimed at specific benefit-seeking segments.The seller's brand name and trademark provide legal protection ofunique product features, which competitors otherwise be likely to copy.The brand name makes it easier for the seller to process orders andtrack down problems.84

Branding strategies1. Corporate dominant strategies-applicable to all types of financial institutions-efficient way to promote many products-corporate identity: a way to identify physical dimension-divisional branding: to serve a separate segment of customers2. Dual branding strategies-used for mergers and acquisitions-justification: customers don’t alienate of the pre-merged organizations3. Brand-dominant strategies-focus on product-level9Tactical branding decisions1. Selecting the brand name2. Selecting the brand symbol/logo3. Registering a servicemark105

Types of brand names Corporate/house trade name (e.g. United Colors ofBenetton)combination of a corporate/house trade name withindividual product names; these are brand names withstrong company endorsement (e.g. Vodafone 60Promo, Vodafone SMS 150).combination of a common trade name with individualproduct names (e.g. Nescafé Classic, Nescafé Select,Nescafé Gold Blend of Nestlé)Induvidual brand names11Guidelines associated withbrand name success Use many vowels that makes its pronunciation easier (e.g. IKEA).Brand names must preferably be short (e.g., FIAT).Brand names should not carry negative or offensive meanings(e.g., Seat’s Malaga series could not be used in the Greek marketbecause it very much sounds like an offensive Greek word).Artificial brand names ensure that they are not used by anothercompany (e.g., KODAK).Brand names may describe certain product characteristics or uses(e.g. Everyday).Brand names may suggest the impact they have on people (e.g.EasyJet).Brand names should not be similar to competitive brands foravoiding customer confusion (e.g., B.F. Goodrich and Goodyeartire manufacturers usually cause confusion).126

Selecting the brandsymbol/logo Visual expression of a brandAppropriate vehicle for differentiation,brand awareness and loyalty.Successful logos convey the values of thefinancial service13Types of brand symbols Corporate names or trade names rendered in adistinctive typographic form (e.g., Coca-Cola,Mars)Visual devices divorced from the corporate name,but with a close and obvious association with thename or the activities of the business (e.g., the“dough boy” of Pillsbury).Abstract logos that have no obvious relation to thecorporate or product name (e.g. the Peugeot lion).Instead, such logos reflect the brand’s values (i.e.,Peugeot vehicles have the strength of a lion).147

Registering a servicemark Word, phrase, symbol or design, or a combinationof them, that identifies and distinguishes thesource of the services of one party from those ofothers.Not compulsory by lawAvoidance of commercial and legal risksServicemarks are followed by the symbol SMThe sign (“registered”) can only be used onlyafter the mark is actually registered, and not whilean application is pending.15Financial institutionscan register: A national servicemark. The standard procedureinvolves filing an application to the Ministry ofCommerce or Trade.A European servicemark. An application should besubmitted to the Office for Harmonization in InternalMarket (O.H.I.M.), which is based in Alicante, Spain.An international servicemark. An applicationshould be filed to the World Intellectual PropertyOrganisation (W.I.P.O.) based in Geneva,Switzerland (valid in more than 150 member states,except the U.S.A.).168

Co- branding strategy A co-branding strategy is followed when aproduct’s brand bears two or more well-knownbrand names.Aim: taking advantage of the strong image of thecooperating company in a specific market.Citi/AAdvantage VISA Gold Card which wascreated with the cooperation between Citibankand American Airlines, and particularly the bank’sVISA gold card with one of the most popular travelreward programmes in the world - the AmericanAirlines AAdvantage programme.17Cause- branding A specific “cause” is supported by the profitseeking financial services company, usually byoffering a percentage of the product’s sales to thenon-profit company.Cause-branding is common in credit cards.W.W.F. Eurobank Visa is cosponsored by theWorld Wild Fund and EFG Eurobank Ergasias-aleading Greek bank. EFG Eurobank Ergasiasoffers 1,5 Euros for every annual subscription,while 3 Euros are given to W.W.F. Hellas for everytransaction made with the card.189

PRODUCT DEVELOPMENTAIMS OF FINANCIAL SERVICE DEVELOPMENTReducing costs19High Increasing sales to the existing market increasing cross-selling attracting core accounts from competitors Developing products for sale to competitors’customers independent of the core account10%20%New-to-the-worldproductsNew product lines26%Revisions to/improvements inexisting products26%Additions toexisting product lines11%Low Attracting consumers from outside the present marketNewness to the company 7%Cost reductionsRepositioningLowHighNewness to the market10

Service innovativeness categoriesMax.New to the marketservicesINNOVATIVENESSNew to the companyservicesNew deliveryprocessesServicemodificationsService lineextensionsServicerepositioningsMin.21The New-Product-Development Decision ProcessIdentify:Coordinate,stimulate, and 1.Companyfactorssearch for ideas2.Their weightsin externalenvironment andamong tsYESPrepare:Propose:1.Market analysis1.Price2.Distribution 2.Cost s2.Consumerpreference tests3.Branding4.PackagingYESGo intolimitedproduction,prepareadvertisingYESBuy equipmentand go into fullproduction anddistributionYESLayfutureplansYES1. IdeagenerationIs theparticularidea worthconsidering?NO2. IdeascreeningIs the productideacompatiblewith eptdeveloping& testingCan we find agoodconcept for theproduct thatconsumerssay theywould try?4. MarketingstrategydevelopmentCan we find acost-effective,affordablemarketingstrategy?5. BusinessanalysisWill thisproductmeet ourprofitgoal?6.ProductdevelopmentHave wedeveloped aproduct thatIs soundtechnicallyandcommercially?7. MarkettestingHaveproductsales metourexpectation?8.CommercializationAre product salesmeeting ourexpectations?NONOYESYESNONONONOWould it help toShould we send themodify our productidea back fororproductmarketing program?development?NONODROP2211

New service development model (1)MarketingObjectivesFormulation of new service objectives and strategyInternalSourcesIdea generationEnvironmentalAnalysisExternalSourcesIdea screeningCustomerContactPersonnelConcept developmentProspectsConcept testingBudgetDevelopmentBusiness analysisMarketAssessmentProject authorisation23New service development model (2)Service design and testingOperationsPersonnelProcess and system design andtestingMarketing programme design andtestingAllPersonnelUsersUsersPersonnel trainingService testing andpilot runUsersTest marketingFull-scale launchPost-launch review24Source: Scheuing and Johnson (1989)12

Key differences between new productsand new services Intangibility: Simultaneous production & consumption: Clients buy both the service outcome as well as the service experience.Company-client interface is critical for successHeterogeneity: Risk of haphazard development process (skipping steps)Risk of new service imitationAbsence of a physical prototype to testDifficulties in service evaluation-Physical clues are importantDifficulties in determining actual cost of new servicePossible customer perceptions of inconsistency, unreliability and purchase riskNeed for tailoring service to customer needsPerishability: Possible over- or under-capacity problems.Need for service line additions that will make use of existing operating anddelivery systems during periods of low demand and/or offer alternate, peak loadversions of a service when the company is strapped to capacity25Idea generation The ideas can be based on customers' needs,solutions to customers' problems, inventors'cognitive processes, an extensive marketresearch and recent market trends. Only a smallproportion of ideas generated at this stage cansurvive through the long new financial productdevelopment process, a major characteristic of aneffective idea generation is that a wide variety ofideas from a wide variety of sources need to beconsidered.2613

Idea screening,development and testing It is one of the key new financial productdevelopment activities that banks use toreduce the risks and uncertaintiesassociated with new financial products.This way potentially successful newfinancial product ideas are checked.27Tips for idea screeningIn order to identify the most important criteria for evaluating a newproduct idea, a market study can be very useful. Gatheringinformation about: What do the customers want to buy?What choice criteria do the customers use?Where do customers buy similar products?How much money are customers willing to pay for the product?How often do customers plan to buy the product?2814

Evaluating a Market Opportunity in Terms of theCompany’s Objectives and ResourcesIs the marketIs the marketopportunityopportunitycompatible withcompatible withcompany objectives ?company resources ?YESProfitobjectiveYESYESYESYESSales volume Sales growth Customer goodwillDoes companyhave ONONOYESDoes companyhave thenecessaryproduction& marketingknow-how ?NOYESDoes companycapability ?NOYESMove to next stagehave thenecessary distributionNOYESNOYESCan it beCan it beCan it beCan it beobtained at aobtained at aobtained at aobtained at areasonable cost ?reasonable cost ?reasonable cost ?reasonable cost ?NONONO29Scoring model for ideascreeningScreeningcriterionScoreWeight factorWeighted scoreMarket size50.31.5Difficulty of serviceimitation60.21.2Existence ofcompetitiveservices70.32.1Specialized Humanresourcesrequirements20.10.2Service fit withexisting marketsserved80.10.8Total score5.8Note:Score and weighted score ranges from 1-10Weighted factors sum up to 1.0Weighted scores 1-4: idea rejected, 4.1-6: idea reconsidered, 6.1-10: idea accepted3015

Screening criteria(a).Economic performance / Financial Potential:assessmentof the project’s market potential;expected sales growth, market growth and marketshare; ROI; and probability of success).(b).Corporate/Internal Synergy: utilisation of thecompany’s experiences, capabilities, and alreadyestablished marketing facilities).(c).Technological Synergy / Production-DesignSynergy: utilisation of current servuctionfacilities, methods and design tuniquenessandsuperiorityachievingacompetitive and/or technological edge.31Marketing strategydevelopment This include following: Description of the target market, its size, structureand behavior, planned positioning, sales, marketshare and profit goals for the first few yearsPlanned pricing, distribution strategy and marketingbudget including advertisingLong-run sales and profit goals and marketing mixstrategy over time, taking into account not just theintroduction of the product but how it is to bemaintained and managed.3216

Business analysis general these methods are used forbusiness analysis:Cost and sales forecastDiscounted cash flow analysisReturn-on-investment analysisPayback periodBreak-even analysis33Product development The strategy at this stage is to convert thenew financial product idea that just passedthe business analysis phase into a newfinancial product. This stage requires thecollaboration of people from operations,marketing and other functional areas(treasury, edp).3417


Commercialisation/launch At this stage, banks implement theirmarketing, financial production and postlaunch plans for their new financialproducts and monitor and, if necessary,adjust their activities. New financial productcommercialisation usually involves bothstrategic (which new financial product tooffer, who to offer, when to offer and whyto offer) and tactical (how to offer)decisions.Roll-out launch strategy37Relative ranking of development activities according totheir impact on performance for retail financial servicesNew servicedevelopment activitiesIdea generation andscreeningTechnical developmentMarket testingOperational testingInternal marketing andtrainingMarketing strategy andcommercialization ( )InnovativeconsumerservicesHighest positiveimpact4th highest positiveimpactNo significantimpactNegative impact2nd highest positiveimpact3rd highest positiveimpactNon-innovativeconsumer servicesNo significant impact2nd highest positiveimpactNo significant impactNo significant impactNo significant impactHighest positiveimpactSource: Avlonitis and Papastathopoulou (2001)3819

Impact of development activities on the success of differenttypes of service innovativenessDevelopmentactivitiesIdea Generationand screeningType of serviceinnovationBusinessAnalysis nchingNew to theMarketNew to theCompanyNew DeliveryProcessServiceModificationService LineExtensionServiceRepositioningOVERALL PERFORMANCEFINANCIAL PERFORMANCENON-FINANCIAL PERFORMANCE39Source: Gounaris, Papastathopoulou and Avlonitis (2003)Most frequently used marketingcommunications toolsInnovative servicesNon-innovative servicesi) Detailed product manuals for thesalesforcei) Selling efforts at the points of salesii) Pamphlets and leafletsii) Detailed product manuals for thesalesforceiii) Training seminars for the salesforceiii) Training seminars for the salesforceiv) Selling efforts at the point of salesiv) Pamphlets and leafletsv) Indoor advertisingv) Indoor advertisingvi) Articles about the product in thebusiness pressvi) Intensive selling effortsvii) Intensive selling effortsviii) Selling efforts through “cross-selling”ix) Newspapers advertising4020

Product life cycle41Introduction-market conditions: few players, limited competition, slow growth-market objectives: awareness and comprehension of the newproduct concept and trial-product: basic product with limited features-price: low or high depending on strategy-promotion: selected promotion aimed at initial adopting segments,messages to raise awareness and highlight benefits-place: limited distribution and opportunity for use4221

Growth-market conditions: competition increases, sales increase-market objectives: adoption, increase in volume andvalue growth-product: product proliferation, increase in features,product differentiation and market segmentation-price: introduction of some fees-promotion: mass advertising-place: more intensive distribution43Maturity-market conditions: intense competition-market objectives: holding market share, customer retention andrelationship building-product: affinity association, loyalty building, branding and cobranding-price: intense price competition-promotion: heavy advertising and promotion (encouragingswitching)-place: further increase in distribution places4422

DeclineReasons:-customer needs have changed-new technology-changes to legislation45Product deletionTwo types of product eliminationÉ Elimination processÉ Financial services elimination strategiesÉ Post-elimination customer relationshipÉ23

Types of product deletion full elimination(the removal process takes the product out of existence fornew customers and possibly existing customers) partial elimination(the product endures some form of elimination but maintainson existence in the financial institution because ofcontractual obligation)Elimination processProduct reviewRetain in currentformElimination analysisDecisionModify and re-introduceDeleteFull deletionCore producteliminationPartial s24

osedissueELIMINATIONSTRATEGIESCore roductEliminatecustomer1. Make a product closed issue Product not offered tonew customers,existing customersunaffectedexisting customerscannot make furtheruse of facilityproduct kept openonly for specificsegments to retain’valued’ customersImplications: It gives time to decide what todo with it the product continues toconsume a degree ofadministration support Consumer may decide tochoose alternative products25

2. Withdraw features removing the nonessential features andoptions of a product toessentially simplify thecore product functionproduct features can beremovedsimultaneously, oralternatively phased outseparatelyImplications: way of reducing thecosts of maintaining theproduct and itsadministration support a step towards fullelimination or startingoff the process ofnatural elimination3. Drop the product Drop the product’sImplications:features andcore used to protect investment of an establishedattributesbrand nameintroduce a new product underwhenthe the brand-named product no longerexisting brandmeetsname consumers’ needs tonamemove the existing customers to the newkeep the brandproductsand existing supportsystems5226

4. Multi- product amalgamation a number ofproducts areamalgamated(merged) to createa new productsimilar or duplicateproducts mustexists which can beamalgamatedwithout infringingcontractualobligationsImplications: can be used as part of aproduct developmentstrategy to achieve product rangesimplification, service levelimprovement, costreduction, creation of sparecapacity in operationalsystems535. Elimination of “customer” Find a buyer for thecustomerImplications:if stillgeneratingbusiness to stop the customer from continuingclose the productto be a customerdown if use is lowconcentrateon the core businessincrease the topricetomake it too expensive costs reduction and removal offor the customer, whounprofitablecustomerswill choose toleave5427

6. Customer eliminates product Customer breachesthe terms andcondition of theproductthe product ceases tofunction (i. cover nolonger provided), orits original intention isaltered (e. g.repossessed housedue to mortgagedefault)Implications: when the customer break thecontract between him and theinstitution The institution can terminate theuse of the product entirely or canremove certain features from theuse557. Core product elimination the core product iswithdrawn from themarketthe product nolonger exists in anyform in theinstitutionfull elimination andfinal activity of theelimination processImplications: Not appropriate to allproducts at the samelevel It can be at productlevel (to removeproduct) or at themarket level (withdrawfrom a segmentmarket), or at theorganisation level ‘theinstitution ceasestrading)5628

Post- elimination customerrelationship Management burden for the oldproduct may remain similarCommunication betweencustomer and institutionThe time-scale for completion ofeliminationUse of incentives57Distribution of financial services29

Distribution ChannelManagement Establishing channel objectivesDesigning and establishing channelsystemsEvaluating channel systemsModifying distribution channelsManaging channel conflictSelecting and terminating channelmembersEvaluating channel members59Direct DistributionChannels Direct marketingDirect mail Direct response advertising Branch networkDirect sales force6030

Development of branchnetworks Expansion of branch networks during the1960s-1970sStarted to recognise the value of personalmarkets – need for numerous branches inconvenient locationsDuring the 1970s and 1980s some mergerstook place – over-branchment in certainlocations61Development of branchnetworks Reduction in the number of branchesWanted to control costs in an effort to offerbetter interest rates6231

Development of branchnetworks Greater industry competition and economichardship/recessionMerger/acquisition activity has produced aconfused corporate identity across somenetworks, as well as “over banking” incertain areas63Development of branchnetworks Many outlets dating from the 1960s/1970sare out of fashion and need renovatingThe dynamism found in many core retailareas, especially with the spate shoppingcentre developments in the 1980s and 1990s,has resulted in many branches now findingthemselves in less than optimum locations6432

Direct sales force The direct sales force roles include:- selling the product- becoming a problem-solver in many situations- building and servicing the continuingrelationship and cross-selling other products65Indirect DistributionChannels Tied intermediaryBuilding society Estate agency Customer Broker Investment house Customer Insurance co. Bank Customer Independent intermediary6633

ATMBranch STOMERBank’s NetworkHOME BANKINGINTERNETCUSTOMERCUSTOMERATMSMART CARDSRetailerCUSTOMERTelephone67ATMs - Reasons forinstalling To increase customer convenience andtrafficTo reduce cheque volumeTo reduce labor costs and cash securityproblemsTo provide a financial institution clearstrategic advances6834

ATMs - Key questionsKey questions have to be addressed tofinancial institutions: Whoare the leading deployers? How large is the market and how fast is it growing? What services are being delivered through ATMs? How does usages vary, by country and by deployer? What types of ATMs are being installed? What software is used to drive ATMs? Who are the leading suppliers of hardware andsoftware in each country?69ATMs - Technological barriers ReliabilitySecurity from fraudVolume generation at any particularlocationRelatively high costs per machine network7035

ATMs provide cash accessibility from branch location, retail or travel- centrelocations or, increasingly, from remote sites. There is now a trend to establishATMs in away-from-branch locations such as shopping centres andcommercial complexes.ALSO As competition intensifies, the marketing potential of ATMs is also beingexploited through the advertising messages, which are screened and theannouncements of new product offers.“MICROBANK” an advanced form of ATMs71Video-conferencing technology7236

Smart cards The terms "chip card," "integrated circuitcard", and "smart card" really all refer to thesame thingA smart card is a credit-card sized plasticcard with an embedded computer chipThe chip connection is either via directphysical contact or remotely via a contactless electromagnetic interface73Smart cards - Major programs E-Purse Worksas a pre-payment Card Targeted at reducing the costs associated withsmall value transactions Mondex and VisaCash are both electronicpurse products Debit/ Credit Financialinstitutions in many countries areadding chips to their current magnetic stripecards to enhance security and offer newservices Major programs are AMEX Blue Card, theFrench Chip Card called CB7437

“New” channels ofdistribution Telebanking:First step in 1989 with First Direct The call centre 3 main methods: Person-to-person,Tone/speech based, Screen based 75Banking through IInteractive digital TVInteractive digital TV offers the integration of television cable,satellite and internet services7638

IdTVpermits a financial company: to deliver financial advice in interactiveformats in real time to link traditional TV commercials to siteswhere viewers can buy products on-line to display its products in full-length programs to tailor their offers precisely by collectingdetailed data about the profile of the viewers777839


81Internet banking customers responsiveness the cost advantage on - line advertising & offering8241

Internet banking Traditional playersNon-traditional “new comers” (e.g. postoffices)838442


2,500 Western banks are on-line, BUT 8 million people use itA low adoption rate of Internet banking in Europe87Wireless (SMS/WAP) bankingThe two main technical standards currently available forwireless banking are: the Short Message Service (SMS), a simple buteffective standard for brief text messages, and the Wireless Application Protocol (WAP), a morerecently developed standard providing access to theWeb, though in a less elaborate form than PCs do.8844

Most mobile-banking services using these standards are stillextremely basic, offering information such as account balances andstock prices or permitting customers to transfer money betweenaccounts.But more complex transactional services are rapidly appearing.Customers of brokers as diverse as: Fraser Securities (Singapore), Fidelity (the United States), and Fimatex (France) can now trade stocks using a mobile phone orpersonal digital assistant (PDA).Banks ranging from HSBC (Hong Kong) to MeritaNordbanken(Scandinavia) offer mobile bill-payment services.89Projected number of mobile phones, worldwide1200 m1000600 m WAP-devices500380 m1997 1998 1999 2000 2001 200220032004Sources: Dataquest; Nokia, Ericsson estimates quoted by Bo Harald“From wired banking and e-commerce to wireless”, MCE FinancialServices Conference, Brussels, 20009045

91TelebankingTelebanking systems can be operated via one of the three mainmethods, which differ in terms of the amount of ch-basedScreen-based9246

93 The latest generation of call centres products aim to achieve a‘relationship building’ approach by, for example allowing banks toautomatically identify their most prized customers when they calland give them preferential treatment, routing them to a specifichuman operator rather than the next available one or a computervoice. Less prized customers will first be filtered through an interactivevoice response unit that asks them questions which they answerusing a touch-tone telephone or voice. Low value operations, suchas balance enquires can thus be routed to a computer. In that way,a bank will be able to differentiate between different customersand not use a human operator on low-value customers.9447

Electronic purse/Smart cardsSmart ca

Marketing Mix Athens University of Economics and Business Paulina Papastathopoulou, Ph.D. Lecturer in Marketing Department of Marketing and Communications 2 The Boston Consulting Group’s Growth-Share Matrix 20% 18% 16% 14% 12% 10%

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