Financial Services Marketing - Essay Example

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Financial Services Marketing Table of Contents 2 1.0. Promotional Elements 3 1.1.Personal Selling 3 1.2.Advertising 4 1.3.Public Relations 4 5 2.0. New Product Development 5 References 7 1.0. Promotional Elements The promotional elements used in the marketing of financial services are advertising, promotion of sales, customer relations, personal selling, and communication through the websites (Ennew & Waite, 2007)…
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Financial Services Marketing
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"Financial Services Marketing"

These unique natures of financial services are owing to the fact that they do not possess physical form and they cannot be stocked up and instead have to be created and used simultaneously. 1.1. Personal Selling Similar to majority of the banks, personal selling is the most preferred approach exercised by the Citibank. Personal selling at the Citibank takes place in two different ways. In the first approach, the client and the bank professionals interact with each other in person at the branch offices of Citibank. In the second approach, the client representatives visit the client’s home or office. Such representatives are specialized officials who are trained adequately about all the services that Citibank offers (Citibank, 2011). The client representatives play an active role in the formation of the association between the Citibank and its clients. 1.2. Advertising The main objectives of Citibank’s advertising campaigns are to create awareness amongst the clients to consider all the types of services offered by the bank, improve the operation of Citibank’s services, support the personal selling element of the bank and develop client’s attitudes in a positive way. The various advertising campaigns of Citibank attempt to develop a healthy image of the bank as well as its diverse services. Citibank also uses advertising to introduce the new services it brings about. The various mediums of advertising employed by Citibank are newspapers as well as magazines, TV commercials, banners and other outdoor ads. The tagline of Citibank, “Citi never sleeps” and the ad campaign based on this tagline were immensely popular amongst the customers and has been also very effective (Citigroup, 2011). 1.3. Public Relations Citibank pursues a considerable portion of its public relations by developing and enhancing community relations. Citibank issues their annual reports and their corporate social responsibility (CSR) policies on a regular basis, which are the most effective mode of communication providing the most widespread information about Citibank’s activities. Furthermore, in order to develop their community relations, Citibank joined hands with the City Harvest, which is the world's primary food rescue association devoted to provide food for the hungry populace of New York City (City Harvest, 2009). Another significant promotional element used by the Citibank is the continuous up-gradation and enhancement of the bank’s selling approach. For the rise of the selling efforts by their employees, Citibank employs motivational practices such as contests and rewarding the employees for their advanced performance (Citigroup, 2011). 2.0. New Product Development The product development procedure of a bank comprises of many stages. The initial stage involves the assessment and assortment of fresh ideas. The subsequent stage comprises of review and choice of themes taking into consideration the impact of commercialization. The following stage of product development consists of discussions and considerations on the business plan, the risks involved and the expected profitability of the bank. The final stage of fresh product development by a bank comprises Read More
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