Marketing strategy of Axis Bank – Axis Bank strategy: The 3 3rd most important public sector bank in India can be found at Axis Bank which was previously called UTI bank.UTI was changed change to Axis in 2007; provides a wide range of financial services to customers segments including Large & Mid-Corporates, MSME, Agriculture, and Retail businesses. With an account balance amount of Rs.383245 Crores on 31 March 2014. March 2014 Axis Bank has experienced steady growth and has maintained its asset quality, with a 5 years CAGR (2010-2014) of 21% of overall assets. It also has 19% of deposits in total and 23% of total advances, and 28% of net profit.
Axis Bank At A Glance – Marketing Strategy of Axis Bank
Company : Axis Bank Limited
CEO: Amitabh Chaudhry
Founder: Amitabh Chaudhry
Year founded: 3 December 1993, Ahmedabad
Annual Revenue: US$11 Billion [INR₹80,847 crores]
Profit | Net income: US$960 Million [INR₹7,252 crores]
Number of employees : 78,300
Products & Services: Credit cards | Consumer banking | Commercial banking | Finance and insurance | Investment banking | Mortgage loans | Private banking | Private equity | Wealth management
Axis Bank Competitors
Competitors: ICICI Bank | HDFC Bank | Tata Bank | United Overseas Bank | IDBI Bank | Canara Bank | Bandhan Bank | IndusInd Bank | Bank of Baroda | Punjab National Bank | Kotak Mahindra | State Bank of India
Axis Bank Fun Facts: Axis Bank is one of the first new generation private sector banks to have begun operations in 1994.
Marketing Strategy of Axis Bank
Axis 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 Axis bank? Let us discuss.
Segmentation, Targeting, Positioning – Axis Bank Marketing Strategy
Axis Bank segments its market according to psychographics and demographic factors like income and occupation and age, social status, etc. It specifically targets the upper class as well as technologically savvy customers who believe that time is of the essence and would appreciate the ease of banking through banks.
Axis Bank has placed itself using the combination of positioning strategies i.e. products/service attribute and quality/value base.
Axis Bank Mission Statement
Axis Bank Vision Statement
“To be the preferred financial solutions provider excelling in customer delivery through insight, empowered employees, and smart use of technology”
Axis Bank Tagline
“Badhti ka naam Zindagi”.
Competitive Advantage – Marketing Strategy of Axis bank
Based on the Global Banking 500 rankings, an assessment of international bank brands conducted by Brand Finance, Axis Bank is the one to be on the lookout for and could become India’s next-generation bank and provide an uphill battle to established brands such as ICICI as well as HDFC within the near future.
Axis Bank seems to be making rapid progress on the electronic strategy with a significant increase in the usage of digital bank channels. Additionally, their innovative strategies include selecting your account’s number, real-time video banking, and the very first multi-social payment application with PingPay along with the world’s first mobile money integrated platform, LIME, and LIME, the first app in the country which offers shopping, wallet as well as banking. These are distinctive and ingenious marketing strategies, which give the bank an edge over other banks.
Distribution Strategy – Marketing Strategy of Axis Bank
The bank has a vast area of 2402 branches in the domestic market (including extension counters) and 12,922 ATMs scattered across the country on 31 March 2014. The international activities that the institution operates are distributed across the seven international offices, which have branches in Singapore, Hong Kong, DIFC (Dubai International Financial Centre), Colombo, and Shanghai.
Brand equity – Axis Bank Marketing Strategy
The latest advertisement “Badhti ka Naam Zindagi” of AXIS Bank to enrich the brand was created by Lowe Lintas and lies in the space that Progress encompasses many dimensions and focuses on what is the ” holistic” nature of progress. The campaign also emphasizes the journey of Axis Bank to become a bank that is centered around customers.
Competitive Analysis – Marketing strategy of Axis Bank
In the slowing banking sector in which Public and Private Players are trying for their financial balance sheets profitable, the emergence of innovations in serviceability will become the main source of income for private players. Players like AXIS, ICICI, HDFC, KOTAK MAHINDRA, etc. provide unique services like balance using Twitter tweets, choose you’re a/c no, and video banking, which has made them the frontrunners in generating revenue the growth of the number of customers they serve, and their profitability.
Market Analysis – Marketing Strategy of Axis Bank
The banking industry is on an upswing in which PSUs and Private Banks are fighting neck to neck to make it back in the market. Private Banks such as AXIS HDFC, and ICICI Bank’s profits, and revenue are driven by third-party products however PSU’s profits and revenue are determined by loans to retail customers and CASA shares. _
Customer Analysis – Axis Bank Marketing Strategy
Axis bank customers Axis banks are mostly professionals from the high-income group who want the best banking service. Most of the customers are in the middle and upper in their income.
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