ICICI Bank Marketing Strategy – Marketing Strategy of ICICI Bank: ICICI Bank, the third-largest Indian bank by market capitulation, is changing the face of financial services in India. ICICI employs more than 70,000 people and is in direct competition with the largest names in the Indian banking & financial service industry, including State bank India, HDFC, and Punjab national bank.
The company’s innovative portfolio product is helping to shape traditional banking and make it more technologically and digitally advanced than its peer groups.
ICICI Bank At A Glance – Marketing Strategy of ICICI Bank
Contents
- 1 ICICI Bank At A Glance – Marketing Strategy of ICICI Bank
- 2 ICICI Bank Competitors
- 3 Marketing Strategy of ICICI Bank
- 4 Segmentation, Targeting, Positioning – ICICI Bank Marketing Strategy
- 5 ICICI Bank Mission Statement
- 6 ICICI Bank Vision Statement
- 7 ICICI Bank Tagline
- 8 Competitive Advantage – Marketing Strategy of ICICI Bank
- 9 BCG Matrix – ICICI Bank Marketing Strategy
- 10 Distribution Strategy – Marketing Strategy of ICICI Bank
- 11 Brand equity – ICICI Bank Marketing Strategy
- 12 Competitive Analysis – ICICI Bank Marketing Strategy
- 13 Market Analysis – Marketing Strategy of ICICI Bank
- 14 Customer Analysis – ICICI Bank Marketing Strategy
[wp-svg-icons icon=”office” wrap=”I”] Company : Industrial Credit and Investment Corporation of India Bank
[wp-svg-icons icon=”user” wrap=”I”] CEO: Sandeep Bakhshi
[wp-svg-icons icon=”user” wrap=”I”] Founder: ICICI Limited
[wp-svg-icons icon=”calendar” wrap=”I”] Year founded: 1994, Vadodara
[wp-svg-icons icon=”location-2″ wrap=”I”] Headquarters: Vadodara
[wp-svg-icons icon=”stats” wrap=”I”] Annual Revenue: US$21 billion
[wp-svg-icons icon=”bars” wrap=”i”] Profit | Net income: US$−1.4 billion
[wp-svg-icons icon=”users” wrap=”I”] Number of employees : 97,354
[wp-svg-icons icon=”pie” wrap=”i”] Products & Services: Deposits | Loans | Cards | Investments | Insurance | Demat | NRI Services | Online Services
[wp-svg-icons icon=”globe” wrap=”I”] Website: www.icicibank.com
ICICI Bank Competitors
[wp-svg-icons icon=”pacman” wrap=”I”] Competitors: Tata | State Bank of India | HDFC Bank | Axis Bank | Kotak Mahindra Bank | IndusInd Bank | Yes Bank | HDFC Bank
ICICI Bank Fun Facts: ICICI Bank is one of the Big Four banks of India which is considered in the industry as Too big to fail.
Marketing Strategy of ICICI Bank
ICICI Bank’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of ICICI Bank? Let us discuss.
Segmentation, Targeting, Positioning – ICICI Bank Marketing Strategy
It uses demographic and psychographic segmentation strategies to help segment the market and meet the evolving needs. ICICI segments the market based on income, age, socio-economic class, and occupation.
When the market is segmented according to similar characteristics, then different targeting strategies can be used. ICICI Bank employs differentiated targeting strategies in most of its services.
Branding Products is best achieved through emotional and rational appeal via its advertisements. ICICI’s offerings are based on value-based positioning strategies.
ICICI Bank Mission Statement
To grow our risk-calibrated core operating profit by Delivering products and services that create value for customers.
ICICI Bank Vision Statement
“To be a leading provider of financial services in India and a major global bank”.
ICICI Bank Tagline
“Khayal Aapka”.
Competitive Advantage – Marketing Strategy of ICICI Bank
The age of employees is a key factor in company growth. ICICI employs 70000+ people who are determined to achieve high-end customer serviceability.
ICICI has over 52 million customers, and approximately 50% of its transactions can be done via mobile & internet. This is a major driver for digital innovation within the banking industry.
Customers have been helped by the digitally-savvy bank when it comes to convenience and ease of banking.
BCG Matrix – ICICI Bank Marketing Strategy
There are many subsidiaries of the company that shares the common goal of wealth creation.
ICICI Securities Limited, ICICI Prudential Asset Management Company Limited (ICICI Prudential Life Insurance Company Limited), ICICI Prudential Asset Management Company Limited (ICICI Prudential Life Insurance Company Limited), ICICI Prudential Life Insurance Company Limited) and ICICI Securities Limited were all founded since most of the ICICI business comes from them.
Other subsidiaries of ICICI pose a problem because they are competing fiercely with other companies.
Distribution Strategy – Marketing Strategy of ICICI Bank
ICICI Bank’s 4100 branches provide financial services and banking services to customers across the globe.
Customers can get one-stop solutions for all their financial and banking needs from subsidiaries that specialize in different financial verticals. The bank has been aggressively promoting its digital platform via a mobile app (mobile), and the internet. This has allowed the bank to reduce the cost of transactions while making it more convenient for customers.
Brand equity – ICICI Bank Marketing Strategy
ICICI has been aggressive in creating a positive brand image on the market. ICICI’s innovative services have earned it numerous awards in different forums. ICICI has been awarded in all areas of tech banking, including risk management initiatives and social media & Mobile banking.
Competitive Analysis – ICICI Bank Marketing Strategy
Fin-tech firms and NBFCs are threatening financial institutions and banking. To capitalize on the evolving needs of consumers, the new financial start-ups have adopted hi-tech strategies.
White-ATMs and M-Wallet are just a few of the innovations that are changing the economic situation of the country. ICICI is revolutionizing the banking industry by aggressively leading new hi-tech strategies.
Market Analysis – Marketing Strategy of ICICI Bank
The Indian banking and financial market are overcrowded. This is affecting the survival of Indian financial companies. Fin-tech and new-age start-ups are challenging established banks and NBFCs. To survive, you must grow by further entering the market or using innovative strategies to increase the wallet.
Customer Analysis – ICICI Bank Marketing Strategy
Customers at ICICI Bank are mostly working professionals with an inclination to technology and seeking better & faster banking services. The majority of ICICI Bank customers are middle and upper-middle-class socioeconomic status.
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