Barclays Marketing Mix: Barclays, a British-based global company, is located in London. This multinational corporation, a public limited company, deals in finance and banking. It was established in 1690. The current headquarters are located in London. Barclays is a universal banking institution that has undertaken management in wholesale and retail as well as investment and trading.
It is a central bank in the United Kingdom but faces fierce competition from other banks. These are its main competitors in this area:
- HSBC Holdings PLC
- Lloyds Banking Group PLC
- The Royal Bank of Scotland Group PLC
Marketing Mix Of Barclays
Marketing Mix Of Barclays is brand-based. In Marketing Mix Of Barclays, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Barclays Marketing Mix. Below is the detailed Marketing Mix Of Barclays.
Let’s talk about Barclays Marketing Mix.
Barclays Main Competitors
- Banco Santander
- NatWest Group
- Metro Bank
- BNP Paribas
- Bank of America
Barclay’s official website: www.barclays.co.uk
Product in the Barclays Marketing Mix:
Barclays offers a wide range of services and products. Its trained staff is dedicated to providing banking solutions that work for you, whether a multinational, financial institution, or sole proprietorship company. In 1967, it was the first bank to introduce an ATM. It also acquired many corporate houses, such as The Woolwich Bank and British Linen Bank. Barclays’ current operations are organized into four main businesses, and the product portfolio comprises.
- Investment Management Includes cash pooling, corporate accounts, payment, and other collections.
- Online Banking Services
- Investment banking
- Commercial Banking
- Retail Banking
- Personal Banking allows you to manage your money quickly and includes loans, insurance, and investments. It also includes mortgages, insurance, and individual savings accounts.
- Premier Banking offers a debit card in black premier to denote a priority customer
- International Bank allows for multi-currency accounts
- Barclaycard offers credit cards, Barclaycard, and other reward cards.
Place in the Barclays Marketing Mix:
Barclays has clients and businesses in almost fifty countries. It has 4,750 branches, of which 1,600 are located in the United Kingdom. It has ATMs at most branches that are open twenty-four hours a day.
These ATMs are accessible to customers of Barclays or its tie-up banks in the United Kingdom. However, a minimal fee will be charged for use in other countries. It is a member of the Global ATM Alliance, which allows customers to access its ATMs at no cost. The bank also has a tie-up with Post Offices, which offer personal banking services through its post-office branches. It offers digital services, which allow you to manage your banking transactions online and electronically through Barclay’s iPortal, Business Portal, and Internet Banking.
Price in the Marketing Mix Of Barclays:
Barclays serves nearly 48 million customers. Its various operations require a better pricing policy acceptable to customers and other business entities. Barclays has decided to reduce its operating expenses to increase profits and revenue. This means it will cut its annual expenses by $24.5 billion, 25% less than its previous operating costs.
It will result in net improvements and free up a significant portion of the bank’s capital. The bank has imposed a minimum interest rate on its premium and savings accounts to generate revenue. The pricing policy has been competitive. Customers can freely withdraw unlimited amounts from their current accounts and receive competitive interest rates. These rates must be paid quarterly. Barclays also traded in fixed-income securities, which resulted in a significant increase in its net revenues. Barclays also offers loans and mortgages at affordable rates to retain customers’ loyalty.
Promotions in the Barclays Marketing Mix:
Barclays is one of the oldest financial institutions. With changing times, it has recognized the concept of marketing to make the bank and its various products and services more visible to customers. It used every tool it had at its disposal to make ads that showed the company’s advantage.
Its commercials provide information and can be seen on television, in print media, and via its official website, which also contains relevant information. It has also participated in numerous sponsorship programs to maintain and increase its brand value. From 2001 to 2016, Barclays sponsored the English Premier League.
It sponsored The Football League between 1987 and 1993 and the Dubai Tennis Championship in 2008. From 2010 to 2015, it was a sponsor of Barclays Cycle Hire. M.S.Dhoni, a brand ambassador, was appointed to the Barclays Premier League of India in 2013.
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