Page 43 - Banking Finance March 2021

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Branch Head, Regional Head or Vertical Heads, we need to For example, if we observe in general our customer is health
ask ourselves, 'Do I understand my customer needs?' conscious and goes to a locality park for morning walk,
perhaps we could arrange a free yoga session and promote
It is the most important question and the answer to this our brand among our prospective customers.
question has potential to give direction to all our marketing
efforts. Knowing that our customers live in particular societies and
they have kids less than 10 years of age, we can arrange a
Thinking of needs should not be done in a general way but drawing competition for kids of the selected age group on
it should be done for a specific target customer group weekends in the society and do a brand promotion and lead
because different customers may have different needs & to generation in a selected and targeted prospective client
understand customer needs we must segment our group.
customers and make efforts to know them.
If we observe that our clients are salaried and go to mall or
Knowing out customer would mean that we think specifically food courts in the weekends, we can do our promotions and
for a particular segment of our customer and understand branding exercises in the mall during weekend.
his / her behavior and lifestyle. Let us take an example.
Suppose as a Branch Head, we want to devise marketing Now after understanding our consumer lifestyle, we know
strategies to gain Home Loan Business. So the first step where we need to put our effort. But it is still important to
would be to know what kind of customers are our home loan pay attention to what should be the content of our
borrowers. Look at the existing portfolio of home loans of marketing messages.
the branch and zero in about basic pattern of our home loan
customer's life style. For example on observing our home If we plan to put a hoarding or a banner in a society or in a
loan portfolio we observe that they are mostly in the age office or even a standee in our branch, what should be
group of 30 to 40 years and have a following kind of lifestyle. written in it. We need to make sure that the content is
targeted to the selected client group and not just some
Occupation Salaried : Govt random lines from bank circular.
Family Nuclear
So for example, in the above case we know that our
Accommodation Govt allotted
customer lives in nuclear family so we need to catch on
Morning Morning walk in locality park
emotions of a nuclear family who are dreaming of an owned
Office Travel by Metro / Car house. They are concerned about EMI, they worry about
Family Spouse working, have small kids hassles involved in a loan process, so we need to think, how
Weekdays In Office can we present the things that catches the eyes of our
customer.
Weekends Mall, Movie, Food Courts, Restaurants
Communication Whatsapp and personal meeting Here is an example of one poster of a financial institution,
it has elements to catch on :
Knowing these kinds of details about our customer would i) EMI thoughts of customers
give an understanding of his/her lifestyle that can be utilized
to devise marketing strategies. ii) Income tax saving

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