Marketing Strategy of Bank of America – BofA

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Marketing Strategy of Bank of America – Bank of America Marketing Strategy: The world’s most renowned bank Bank of America offers a wide array of products and services, including asset management, investment, and banking to meet the ever-changing and evolving demands of customers. With over 4500 points of contact for retail, more than 16000 ATMs, and technologically advanced and smooth courses banks Bank of America is emerging as a world leader in this financial marketplace. 

Did You Know About Bank of America?

Company : Bank of America

CEO: Brian Moynihan

Founder: Amadeo Peter Giannini

Year founded:  1998

Headquarters:  Charlotte, NC

Annual Revenue:  US$85.52 billion

Profit | Net income:  US$17.89 billion 

Products & Services: Loan and Advances including term loan and Over Draft Facilities. Value added Deposit Accounts (Current, Fixed Time Deposit, Special Saving) Payroll Administration solution Service.

Competitors: JPMorgan Chase | U.S. Bancorp | Truist Financial | Huntington Bancshares | WesBanco | Frost Bank | Peoples Bancorp Inc. | Citibank | Visa

Website: www.bankofamerica.com

Bank of America Fun Fact: Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.

Marketing Strategy of Bank of America

Marketing Strategy of Bank of America – Segmentation, Targeting, Positioning

Bank of America (BOA) makes use of the demographic, and psychographic segmentation variables to cater to the financial requirements of its customers. This helps BOA to stay focused and offer customized financial services for corporate and retail customers. 

It employs a selective targeted approach to concentrate on specific customers, and then draw maximum profits from them by up-selling and cross-selling. 

Bank uses products/services as well as pricing in conjunction with marketing strategies to create impressions in the minds of customers. 

Bank of America Mission Statement

Bank of America’s mission statement is “to help make financial lives better by connecting those we serve with the resources they need to be successful.”

Bank of America Vision Statement

Bank of America’s vision statement is “to be the world’s finest financial services company.”

Bank of America Tagline

“‘Life’s better when we’re connected”

Marketing Strategy of Bank of America

Marketing Strategy of Bank of America – Competitive Advantage

It offers a Diversified and full spectrum of financial products, whether it’s financial services, investment banking, wealth creation, or other banking products and services, it assists the business to maintain an ongoing relationship with its customers, while increasing the revenue from fees for the business. 

The customer profile of the customer is among the most crucial factors in terms of customer acquisition costs and operational costs. BOA is tech-savvy, middle – or upper-income customers who are more likely to shop courses instead of branches, and this allows the company to be more innovative and, at the same time, manage its costs, thereby increasing the profits it earns. 

Marketing Strategy of Bank of America – BCG Matrix

Within the BCG matrix, Bank of America has business lines that have been deemed Stars in their field and are among the most prominent companies in markets it operates in. markets it operates. 

Marketing Strategy of Bank of America – Distribution strategy

With its ATM network and a retail financial center, BOA has designed the contact points that meet the requirements of its customers. 71 % of customers from BOA out of a total of 46 million are most active customers of course banking, and more than 45% are regular clients of the mobile application from Bank of America. 

Marketing Strategy of Bank of America – Brand equity

Positive word-of-mouth and working closely with 81 percent of Fortune 500 companies have allowed the company to attain an impressive TOMA (Top of Mind Awareness). Adopting a Glocal strategy and growing the number of referrals it receives to 300000 referrers in 2010, up to 5 million referrals by 2015 has assisted the company in promoting the brand to the market. 

Marketing Strategy of Bank of America – Competitive Analysis

Bank of America has a presence in banking and wealth management to satisfy the increasing requirements of its customers. Merrill Lynch & U. S trust is one of the most well-known subsidiaries which the BOA has that has allowed the company to remain successful and offer a wide array of financial services all under one umbrella. 

Marketing Strategy of Bank of America – Market Analysis

Bank of America is facing tough competition from national MNC and NBFCs that are consuming some of the portions of the market for Bank of America. Being at the forefront and leading in many of the world’s developed nations has allowed the company to stand out from its competitors. 

Marketing Strategy of Bank of America – Customer Analysis

The mobilization of savings funds and the motivation of individuals to invest is the primary goal of the banking sector and BOA is no one of the exceptions to that. The customers who are members of BOA are middle-income people seeking the right financial solutions.  

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