Axis Bank is the 6th largest bank and 3rd largest private sector bank in India with a market cap of $30.89 Billion.
It has been implementing some of the best marketing strategies in the market which has kept it up in the banking market.
Thus this makes us keen to know the marketing mix of Axis bank.
In this blog, we will be discussing the marketing mix of Axis Bank in detail. Covering all the 7Ps strategies.
Before we start with its marketing mix let us first know about Axis Bank as a company.
About Axis Bank
Axis Bank is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. Founded in 1993 as UTI and was renamed Axis Bank in 2007. They sell financial services to large, mid-size, and small companies, retail businesses, and individuals.
When it started it had its registered office in Ahmedabad, Gujarat, and corporate office in Mumbai, Maharashtra. The company has a vast footprint not only in India but has worldwide branches in countries like Singapore, Hong Kong, Dubai, Shanghai, Colombo, and also representative offices at Dhaka, Sharjah, and Abu Dhabi.
The Bank also has a presence in the UK with a wholly-owned subsidiary (Axis Bank UK Limited), The bank has products such as Saving Account, Current Account and Demat Account, and many more.
Let us now start by looking at the marketing mix of Axis bank.
Marketing Mix of Axis Bank
Marketing mix refers to a business’s foundation model, which has traditionally focused on product, pricing, place, promotion, people, process, and physical evidence in the service business.
Every company has the option of adding, subtracting or modifying to create the perfect and suitable marketing strategy. The marketing mix is described as a collection of marketing techniques that a company uses to achieve its marketing objectives in a target market.
Thus it traditionally covers the marketing and business strategies of a business.
Let us start with the price mix of Axis bank.
1. Product Strategy
They offer a variety of products and services to its customer’s in a competitive market. Axis bank provides services in the large, mid, and small sectors and they also cater to customers in retail business and agriculture. They offer many financial services in their Product strategy.
To better understand the products they have divided the products into Axis Bank and Axis Sales
Products under Axis Bank are
Deposits – Fixed and recurring
Insurance- Life, health, and general insurance
Though these Axis Bank products/ services are just indicative and not exhaustive and all these can be accessed by their Branches and online platforms.
Let us now see the price mix of Axis bank.
2. Price Strategy
All Banks have to follow the rules and regulations set by RBI. The main source of revenue includes interest rates, consulting fees, and commission charges. The interest rate must be by the interest rate set by the central bank.
The commission rates of banks are monitored by Indian Banks Associations. The pricing policy set by the banks directly impacts, attracting the customers and the volume of the transaction also changes with it. Axis Bank also has to follow the regulations by the Government of India to serve the economically backward class and senior citizens with their plans.
Pricing in the case of services is rather more difficult than in the case of products. The price of the product depends upon the services provided by the Bank on the respective product to the customers. Detailed pricing changes from time to time and the same can be found on the website of axis bank.
Let us now see the Place mix of Axis bank.
3. Place Strategy
The place part of the marketing strategy is where the customer receives the product/service.
Axis Bank has now a large footprint of 4,594 domestic branches in India and also has 8 international branches.
The important thing about the banks are their ATM Branchs where customer go frequently, it is the place where the customer withdraw their money or deposit it. Axis Bank has 11,333 ATMs & 5,710 cash recyclers across the country.
Now with the emergence of advanced technology Axis Bank has around 6 Virtual Centres and has over 1600 Virtual Relationship Managers for the convenience of the customer. This also helps in reducing the costs of the bank.
Let us now see the Promotion mix of Axis bank.
4. Promotion Strategy
Axis Bank promotes its offers and products/services through different channels. These include print advertisements, digital marketing channels, and television commercials (TVC). Axis Bank also gives discounts and offers to customers on the interest rate, they also conduct lucky draws and gift hampers.
They have something called Wheel of Fortune wherein one lucky winner from the loan holder is chosen, winners of these receive gifts and prizes.
They also hire celebrities to promote their brand, Deepika Padukone is the brand ambassador of Axis Bank.
One of the recent advertisements (Social Experiment) of Axis Bank promoted gender equality and women empowerment it was called #BillInTheMiddle.
Since it is a service marketing brand, here are the other three Ps of the marketing mix of AxisBank.
Let us now see the People mix of Axis bank.
Axis Bank is a people’s bank, it has its customers and employees. People play an important role in the operating of the service sector. The representative of the Axis Bank is directly in connection with the customers and other stakeholders which enhances the experience.
Axis bank has over 78,000 employees and they value them by providing training and development for enhancing their capabilities which will, in turn, reflect the company’s performance and customer satisfaction.
Let us now see the Process mix of Axis bank.
Process refers to the activities taken by Axis Bank, they can be process-related in customer satisfaction and increasing efficiency. The everyday operations of Axis Bank or any bank include dealing with customers, cash, credit, and other types of transactions that are designed to maximize the results and profits of the bank.
Axis Bank has also designed its Branches to have a quick customer turnaround time. The counters are divided into different operations. Some counters are as per the special and customized needs of the bank to provide an enhanced experience to the customers.
Axis bank also uses technology to its advantage wherein simple transactions like deposits and withdrawals are done with the help of machines without any human interaction.
Lastly, we will see the Physical Evidence mix of the Axis bank.
7. Physical Evidence
It refers to the elements of the marketing mix which customers can see and experience when they use a particular service. Like the logo of Axis Bank, it was designed when they changed their name in the year 2007, the logo suggests a good build base and a motive to develop in the future. Axis Bank also releases Financial statements (P&L, Balance Sheet) every year to their customers and investors.
Axis Bank has a website and Apps which enhance the customer experience, this software also helps the employees to perform the daily activities, and also it reduces the carbon footprints of the company. Axis Bank also uses promotions and advertisement billboards. Axis Bank has multiple branches in different cities and states of the country. This all is considered as physical evidence.
With this our 7Ps marketing mix strategy comes to an end.
Axis Bank is an exceptionally successful company and it yet has a long way to go, they have aced it with their products and services and offer top-notch customer experience.
The pricing is competitive and it also offers to different audiences and sectors. They have a vast geographical reach with more than 4,000 branches and foreign expansions.
With their continuous promotions and advertisement strategy, the company can have a prominent place in the Banking sector of the world.
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