ICICI Bank is the Indian Private Bank’s largest industrial credit and investment corporation. In India, the world bank claims the second largest of its reserves in terms of market capitalization.
It is the only bank to cross 1 trillion worth of collections and has a market share of 34%. It is leading in the retail and HNI part with a market share of 65%.
It has been implementing some of the superior tactics in the market making it the market leader.
Thus this makes us keen to know the marketing mix of ICICI bank.
Before we start exploring its marketing mix let us know about ICICI bank as a company.
About ICICI Bank:
It was established in 1994. The bank’s present chairperson is Mr. Girish Chandra Chaturvedi and Ms. Sandeep Bakhshi is the CEO and MD. ICICI Bank is committed to improving the understanding of a long-term connection between workers and consumers.
The bank aims to create and expand private enterprises with contemporary facilities. It also took the initiative of ‘Go Green’ to sensitize people about the environment. ICICI Bank has established a platform that provides all its clients with a single-hand choice of i-mobile banking, Internet banking, and IVR banking.
ICICI Bank has several competitors in the banking arena who encourage them to provide their best service. Competitors of their leading industry are Axis Bank, Baroda Bank, Punjab Bank, HDFC Bank, India Central Bank, State Bank of India.
Let us now see the marketing mix of ICICI bank.
Marketing Mix of ICICI Bank:
The ICICI Bank Marketing Mix analyzes and discusses its marketing strategy and the brands and companies covering the 4Ps (Product, Price, Place, Promotion). The brand is supported by many marketing techniques such as product/service innovation, investment in marketing, customer experience, etc.
Let us start by looking at the product mix of ICICI Bank.
1. Product mix of ICICI bank
For all its customers, ICICI Bank offers a range of banking products. ICICI Bank’s great customer service is the main product. The bank is renowned for its 12-hour operation and its customer service projects out of the box. It focuses equally on retail consumers and customers in the business sphere.
ICICI Bank introduced a special app called ‘ICICI Bank’s Pockets,’ which allowed users to make a variety of financial transactions over Twitter.
Customers have found this software to be a blessing in disguise because it is useful and saves them time. Payments, refilling a mobile’s prepaid account, buying movie tickets, viewing Demat account and savings account statements, etc.
ICICI Bank recognizes that one of the most important things they can provide their deposit clients is simplicity. Convenience, on the other hand, comes with a security risk, therefore ICICI ensures that clients receive such services with security flaws.
These are some of the services they provide:
- Personal Finance – Investment Account, Revolving Account, Fixed Deposit Account, etc.
- Cards – Gift cards, credit cards, co-branded cards, etc.
- Investment banking – Different options are available to customers, including Tax Saving Shares, Mutual Funds, Foreign Exchange Facilities, etc.
- Loans – Personal loans, medical equipment loans, farm equipment loans, etc.
- Financing- Platform finance is one of ICICI’s most significant assets.
- Corporate Banking Insurance
- Wealth management Private banking potential loans – The majority of banks benefit handsomely from loan transactions.
Let us now see the place mix of ICICI bank.
2. Place mix of ICICI bank
ICICI Bank has subsidiaries and branches in 19 countries, including Russia, the United Kingdom, Canada, Singapore, the United States, Hong Kong, and Qatar.
ICICI Bank has a large presence in India. It has 11,162 ATMs and 3,800 branches. Shortlisted locations for ATMs and branches are then confirmed so that services may be given to the greatest number of consumers. The safety and security of both bank employees and users are considered while putting up such locations.
These locations serve as a distribution point for financial services, which are available 24 hours a day, seven days a week. The concept of online banking, as well as the use of technology for any type of service, is a positive one. Many of its branches are equipped with contemporary technology. The bank has established several information centers where you may get answers to any of your questions.
Let us now see the price mix of ICICI bank.
3. Price Mix of ICICI Bank
Service fees for a variety of goods, including credit cards, loans, and other services, are following industry norms and regulations.
Provides a wide range of financial services to its loyal customers. It has a straightforward pricing plan. ICICI Bank faces a dynamic market and has devised a strategy that necessitates innovation at every level. The decision is taken while keeping in mind the bank’s value-added ways and analyzing the consumer’s attitude as well as the industry’s economic trends. When compared to PSUs or even second-tier banks like Kotak Mahindra, however, ICICI can be perceived as a premium bank.
Because its income model is based on volume, ICICI Bank is aiming for a large portion of the market. It has also begun an aggressive pricing approach that includes low-cost fund acquisitions. The primary goal of the bank is to reduce competition in the banking industry. To entice customers, the bank offers loans and programs. Rates are reviewed and adjusted regularly to meet the needs and wants of both the bank and the client.
Lastly, let us see the Promotion mix of ICICI bank.
4. Promotion Mix of ICICI bank
To stay ahead of the competition, ICICI Bank has adopted an aggressive promotional approach. ICICI Bank’s advertising strategy includes both direct and indirect consumer engagement. In addition to emphasizing the importance of improving banking infrastructure, the benefits of using banks’ services are also highlighted. The worth of each firm is depicted in such a way that customers are enthralled and inspired to learn more about the bank’s offerings.
Under the branding concept, advertisements were placed in print media, and famous personalities were enlisted for visual coverage. The addition of Shahrukh Khan, a well-known actor, to the ads, has been a significant boost for ICICI Bank. All of the bank’s advertising screams “trust,” which aided them much because trust is such a valuable commodity in today’s environment.
To track the customer’s wishes and demands, technology has been exploited to its greatest potential. ICICI and Amway have collaborated on a credit card that may be used anywhere in the world. The bank has recently established a connection with Indian Railways, and additional services are now available to customers.
ICICI Bank’s motto, “Hum Hain Na,” is highly appropriate since it fosters confidence, faith, and financial solutions for every consumer. It was effective in its endeavors to establish a sophisticated modern design identity.
As we conclude this blog we have known that ICICI Bank has a well-managed marketing mix and is still improving in the market.
It provides various services to its clients like ‘ICICI bank pocket’, personal financial services, loans, etc. and they even provide simple use of their facilities which makes the customers comfortable to use those services.
It has various branches all over the country and ATMs in the places which cant be reached. It has branches in 19 countries.
It uses an aggressive pricing policy that keeping in mind the mindset of the customers willing to invest.
It uses different modes of advertising its brand in the market like social media, television, etc. Famous celebrities like Shahrukh Khan promote their brand in the market.
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