Marketing Plans for Commercial Banks

Save

Marketing plans expand upon the marketing section of business plans to lay down comprehensive strategies for creating and marketing products to a defined target market. Commercial banks serve consumers and businesses by providing deposit accounts, loans and other personal finance products and services. The commercial banking industry is highly saturated in the United States, requiring banks to rely on solid, innovative marketing plans to attract customers from competitors.

Market Segmentation

  • Commercial banks serve a wide range of customers, making it challenging to define a single target customer group. Thinking in broad terms, however, can lead you to a target market definition broad enough to cover the majority of your customers. Although people of all demographics patronize commercial banks, these institutions can serve consumers with specific psychological or geographic characteristics. A bank may choose to target lower-income individuals and families, for example, or to target people within a certain state.

Competitive Analysis

  • After defining your target market as specifically as you can, move on to list all of the existing commercial banks serving that market. Perform extensive research to build a chart or matrix listing your competitors' names, product offerings, interest and fee structures, number and location of outlets, relative size and any other strategic information that will help you craft your own suite of services. Identify the strengths and weaknesses of each competitor, and look for opportunities and threats arising from their presence in the market.

Products and Services

  • Thoroughly describe your products and services. Your product and service descriptions should flow naturally from the identification of your target and the analysis of competition. Describe exactly how your products and services meet the needs of your target market while going beyond your competitors' offerings. Describe any unique features of your checking accounts, savings accounts and loan products, as well as any additional services you provide, such as budget assistance, online bill payment services or identity-protection programs.

Marketing Communications

  • Advertising, promotions, sales, customer service and public relations are what most people think of when they hear the word "marketing." These five components make up the core of your marketing strategies, addressing the challenge of informing consumers about your bank and persuading them to do business with you. Craft an integrated strategy linking all five elements of marketing communications to one another to send a clear, unified message about your services to the market.

Marketing Budget

  • Comprehensive marketing plans should include a budget to govern all marketing expenses. Complete this section last, after you have considered all other elements of your marketing strategies. Use the information laid out above to determine how much money you need for advertising, promotions, market research and any other costly element of your strategy.

References

  • Photo Credit Jupiterimages/Creatas/Getty Images
Promoted By Zergnet

Comments

You May Also Like

  • Marketing Letter Ideas for Banks

    The banking industry is competitive, so there is a constant struggle to market your bank to attract new customers. Various marketing techniques...

  • Characteristics of Retail Bank Marketing Services

    Most people do not automatically affiliate the term “retail” with banking. However, that is precisely the description used within the banking industry...

  • How to Market a Product

    Marketing a product to the public can be extremely difficult and expensive. Regardless of the product you will need to know your...

  • How to Write a Marketing Plan for a New Product

    A marketing plan for a new product outlines how the product will enter the marketplace and the strategies for getting people to...

  • How to Start a Bank Business Plan

    You will need two kinds of business plans in order to start a bank. The first business plan is what you will...

  • How to Get a Commercial Cleaning Contract at a Bank

    The commercial cleaning industry provides opportunities to perform services for a variety of clients. Owners of medical facilities, car dealerships, office buildings...

  • How to Write a Business Plan for a Bank

    A business plan serves as a guide or map to the course a company should take on its road to success. It...

  • How to Write a Marketing Plan for a Bank

    According to the Federal Deposit Insurance Corporation, the United States has more than 7,800 financial institutions as of 2010. Things like checking...

  • Marketing Strategies in Banks

    Financial institutions such as investment companies are directly competing with commercial banks. Banks need effective marketing strategies to retain their existing customers...

  • Commercial Marketing Strategy

    Commercial marketing strategies should be tailored specifically to the nature of the products the commercial is selling. There are two main marketing...

  • Marketing Plan for a Mortgage Broker

    Mortgage brokers and lenders often receive little if any base salary. Primarily mortgage brokers must compete with other brokers and lenders for...

  • Marketing Ideas for Banks

    Bank marketing has evolved through the years and marketers, who used to be stifled by rigid creative constraints, have found that financial...

Related Searches

Check It Out

Are You Really Getting A Deal From Discount Stores?

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!