Page 44 - Banking Finance March 2021

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iii) Nuclear family emotions the product and they may worry what to do in case the
iv) Hassle free with the sentence written ' completely product is not upto the mark. How would they return it as
online, anytime and anywhere' there is no store? These companies knew it and therefore if
you see they have advertised a lot about easy return policy
removing those fears.

In banking context also, if you observe what could be the
most common worry of a prospective borrower perhaps it
may be the hassles involved, how many documents will be
required, how cumbersome is the process, need to visit
branch again and again etc. So our marketing efforts &
communication need to be such that these worries are taken
care and customers are given confidence not to worry about
those things.

Third in behavioral segmentation we can think of is social
impact. To understand it, let us have a look on an
advertisement given below:
The whole idea is to stick our brand in consumer minds so
that whenever they think of housing loan, our name flashes
in their mind.

Let us move one step further & pay a little more attention
on behavioral segmentation of customers as in the words
of Jon Miller: 'Knowing who your customers are is great, but
knowing how they behave is even better.'

Understanding how our customer behaves will open new
dimensions to further improve the effectiveness of our
marketing activities.

Start with knowledge, if we observe we will find that if This is an advertisement of Coffeemaker in Amazon. Have
people have knowledge about a thing they feel comfortable we ever met any salesman of Amazon or Flipkart? The
in dealing with the same and have a higher frequency of answer would be no but still they do a lot of sales every year.
engaging with it. In banks, if we go back to past we will see They focus on understanding consumer behavior and devise
that there was a tendency that people avoid taking loans their marketing strategies accordingly increasing their sales
but as awareness increased a higher degree of people are year after year without a salesman.
now interested in loans. So as a banker our endeavor must In the above advertisement, there are a lot of things
be to provide knowledge to our customers and make them Amazon has done. For eg.
feel comfortable in dealing with it so that the frequency of i) Cutting the original price and showing the new price
engaging with our products and services increases. with a bigger font
ii) Bold written free shipping
Second important thing is finding out what our customer iii) Saving written in actual figure as well as in percentage
worry about and then conveying marketing messages in a
way to remove those fears. Take example of online retail iv) In blue font written ' Free tech support included'
marts like Flipkart and Amazon. What do you think what But the point for which I have used this advertisement is 4
could be a common worry while purchasing items online? star rating with caption BEST SELLER in coffee machines
Of course it is about the product as consumer are not seeing with 5056 customer reviews.

44 | 2021 | MARCH | BANKING FINANCE