In the last article, we discussed the Marketing Strategy of DBS Bank. In this blog we are going to give a detailed elaboration on the marketing strategy of Bank of India – an Indian nationalized bank.
It’s under the ministry of finance (government of India) in terms of ownership. The objective of this blog is mainly to learn and gain insights about the Bank of India and its marketing strategies.
So, as you can see, the world is fully online now, and marketing is the backbone of every industry. If you are interested in knowing more about marketing, then do check out our Free Masterclass on Digital Marketing by the CEO and founder of IIDE, Karan Shah.
By the end of this blog, we will learn the entire marketing strategy of the Bank of India.
About Bank of India – Company Overview
Source – Wikipedia
The Bank of India is an Indian nationalized bank. Its headquarters are located in Mumbai, Maharashtra. It was established on September 7th, 1906.
The bank began with a paid-up capital of 50 lakh rupees and 50 employees. Until July 1969, the bank was under private ownership, then it was nationalized.
The bank has made immense growth over the years and has blossomed into a powerful institution with a strong national presence and sizable international operations.
In terms of business operations, the bank is placed in a premier position among the other nationalized banks.
Additionally, the bank is a founding member of SWIFT in India. In 1982, it paved the way for the establishment of the Health Code System, which it used to evaluate and rate its credit portfolio.
Currently, the Bank has 45 offices, comprising 4 subsidiaries, 1 representative office, and 1 joint venture, located in 18 international countries across 5 continents, including Tokyo, Singapore, Hong Kong, London, Paris, New York, and DIFC Dubai.
Quick Stats on Bank of India (BOI)
|CEO||Shri Atanu Kumar Das|
|Area served||India (5,430 branches and 5,551 ATMs)|
|Industry||Banking and Financial Services|
|Revenue||₹45,955 crores (US$5.8 billion) (2022)|
|Vision||To become the bank of choice for corporates, medium-sized businesses, retail customers, and developmental banking for small businesses, mass markets, and rural markets.|
|Tagline||Relationships Beyond Banking|
Marketing Strategy of Bank of India –
Let’s learn about the marketing strategy of Bank of India and how the bank carries out its marketing campaign etc.
Segmentation, Targeting, and Positioning
The Bank of India segments the market entirely for people who wish to invest their money in banks.
The Bank of India’s target audience is families and corporates.
The Bank of India has been positioned on people’s heads as the “Bank that delivers with a human touch”
Bank of India has unveiled its newest advertising campaign, “Rishte kai tarah ke hote hain,” which builds on its previous one.
Four TVCs make up the campaign, which was designed by Ogilvy Mumbai. Three of the four TV commercials have already aired, and the fourth is about to follow.
The Bank of India’s advertising doesn’t poke you in the eye and demands that you pay attention.
When you see yourself reflected in it, it quickly endears itself to you, working somewhat differently from ordinary advertising in that it enters your headspace like a family member, never intrusively but lovingly.
As we can see, the Bank of India has partnered with Nykaa.
The Bank of India offered 500 rupees off on using its Rupay credit cards and 250 rupees off on using its Rupay debit cards in Nykaa. This offer was valid from July 25th to July 31st, 2022.
The aspirations of rural women are becoming a reality thanks to the rising popularity of self-help groups.
By submitting an application for a self-help group loan at the Bank of India right now, you can aid in the development of rural India.
The Bank of India, along with this ad, has provided hashtags like #AmritMahotsav and #KisanMah.
Social Media Marketing
Nationalized banks like the Bank of India forayed into social networking sites in addition to other nationalized and commercial banks that provided a wide range of services.
The Bank of India is present on –
- Instagram with 11.2k followers
- Facebook with 3,03,912 followers
- LinkedIn with 1667 followers
- Twitter with 91.6k followers
- YouTube with 5.14k subscribers
They are active on social media platforms. They make sure at least one post is being posted on their social media platforms.
Source – Ubersuggest
As per SEO ranking, it is said that the number of keywords–below 500 is bad, above 1000 is good, and 10,000+ is amazing.
As we can see, https://www.bankofindia.co.in has 133K organic keywords, which is considered amazing. That means the digital marketing of the Bank of India (BOI) is gaining an amazing number of insights.
Also, as per SEO ranking monthly traffic with 20000+ is amazing. The monthly traffic of BOI is 5.9M which is impressive.
The Bank of India has not done any influencer marketing to date. We are mentioning SBI’s creative strategy to gain more popularity in the banking world.
It’s interesting to note that YONO SBI chose an unusual strategy for reaching the general public by collaborating directly with over 2000 content artists throughout India, emphasizing the young demographic they connect with.
Influencers promote the SBI Yono so that SBI gains more popularity, which in turn will increase sales and its fan following.
Like this BOI can also opt for Influencer marketing so that it can connect to a wider audience.
The Bank of India has not provided any information regarding them getting into providing an e-commerce platform for its customers.
The State Bank of India and the MSME Ministry are collaborating to establish an e-commerce portal for MSMEs that will assist them in marketing and selling their products in India.
In the middle of 2019, the government announced the creation of the Bharat Craft e-commerce portal, which has since been in development. For MSMEs, this is a live gateway to the world and the global market for their products.
Content Marketing Strategies
The Bank of India (BOI) is active on social media. The content of the posts is mainly about its products, services, and value-added services.
The posts are basic, and not as creative as banks like SBI and Axis Bank.
For instance, let’s see what the State Bank of India is doing with its social media platforms. SBI is quite active on social media.
The content of the posts is related to their new products, awareness messages, etc.
SBI posts video content on YouTube, like SBI tutorial videos.
Conclusion – What’s unique about the marketing strategy of the Bank of India?
In the marketing strategy of the Bank of India (BOI), we can see how BOI is struggling with its digital marketing strategies. With the help of digital marketing strategies, the brand can easily improve its brand image.
Improving its social media followers and subscribers Influencer marketing and providing an e-commerce portal can improve its brand image.
As we all know, digital marketing underwent a drastic change when the pandemic hit. As per digital marketing statistics, about 60% of the population uses the internet.
In the past two years, it rose to 20% due to businesses going online during the pandemic.
Using digital marketing, good campaigns can be designed. The right campaign strategy can increase the company’s brand image or vice versa.
Learning about the expanding sector of digital marketing is crucial given its growing relevance. Check out IIDE’s 4-Month Digital Marketing Course if you want to learn more and expand your skills.
We hope this blog on the marketing strategy of the Bank of India has given you a good insight into the company’s marketing strategies.
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