Marketing Strategy of Bank of Maharashtra: Explanation

Marketing Strategy of Bank Of Maharashtra

Let us see how the Bank Of Maharashtra carries out the marketing strategy planned by the bank themselves. Bank Of Maharashtra’s (BOM) marketing strategy helps the brand/company to position itself competitively within the market and achieve its business goals & objectives.

Segmentation, Targeting, Positioning

Market segmentation is the process through which the Bank Of Maharashtra decides to segment the overall market into smaller segments and groups that have similar attributes, buying behaviour, socioeconomic background, etc. This is often done to reach out to the group of consumers more efficiently and effectively.

After the identification of various consumer segments within the marketplace, the Bank Of Maharashtra must target a selected market. The target market’s choice depends on ten critical factors: Competition within the target segment.

. Organisation’s mission, vision, and therefore the consumer segment fit.
. Product Life Cycle stage.
. An organisation’s comparative strengths and weaknesses plug successfully into the target market.
. Financial resources to focus on a specific segment

Arranging for a product to hold a clear, distinct, and desirable position in the minds of target consumers in comparison to rival items.

Bank Of Maharashtra’s positioning decisions are influenced by the following factors:

– Competition ability to imitate & replicate
– Marketing resources with the firm
– Marketing Resources with competitors
– Relevance of positioning to the purchasers

Marketing Campaign of Bank Of Maharashtra

1. BOM in August 2022, undertook an intensive CASA (Current Account Savings Account) deposit mobilisation campaign to gear up CASA growth.
   
   Roadshows by all the zonal offices and door-to-door visits to institutions, shops and businesses were conducted to open new accounts and achieve predefined savings and current deposit targets.

2. As BOM as a state bank does not need a major marketing and promotional drive to reach out to customers, the bank does not conduct many campaigns.

In 2003, the bank did a nationwide promotional drive and was expecting to earmark around Rs 3.5 crore for promotional activities in the fiscal.

The bank planned and executed a series of events for 6 months, aimed at educating the customer about BOM’s various products and policies. 

The campaign was run in metros and Pune, the birthplace of the bank, followed by other major cities.

Social Media Marketing

The Bank Of Maharashtra is available on various social media platforms promoting its services and serving the people

By looking at the numbers above the Bank Of Maharashtra is majorly followed by a larger number on Facebook and is actively active on every social media platform equally

SEO Strategies 

The number of keywords you can find here is about 259,056 which tells us that the SEO strategy of the Bank Of Maharashtra is quite amazing. Of about 1,525,157 organic monthly traffic, which means that people visiting the website of Bank Of Maharashtra monthly is quite outstanding. 

SEO strategy has no other alternative and the Bank Of Maharashtra uses it to the fullest extent. As we have already seen, most of its traffic comes from searches made online. Bank Of Maharashtra drives around 15 million of its organic traffic and the rest comes from paid marketing campaigns. This proves that Bank Of Maharashtra is fueled by a foolproof SEO strategy along with working hard enough to keep the brand soaring in the Google organic SERP results.

Influencer Marketing

There is no such influencer marketing done by the Bank Of Maharashtra also there is no such famous celebrity promoting the brand value services, or policies provided by the bank. But promoting the brand value, products, and services of the bank by some known and popular faces will increase the sales of the bank eventually.

Ecommerce Strategies

Bank Of Maharashtra had made it possible for its customers to make online transactions and pay bills online. Online applications are also being accepted for various purposes required like opening savings accounts, debit card applications, applying for loans, etc.

Mobile Apps

The Bank Of Maharashtra has even launched a customer-friendly and very easy-to-use mobile banking application named Maha Mobile – for the convenience of the customers of the Bank Of Maharashtra which can be easily accessed from the play store. The Mobile Banking application allows you to access your Bank Account using your registered Mobile Phone. Using this application you can view account-related information (i.e. Balance, Mini Statement), transfer funds, send funds through NEFT, Pay bills and raise service requests.

Content Marketing Strategies

The Bank Of Maharashtra keeps their customer updated with the special offers and schemes made available for them through all the forms of marketing and platforms and also keeps on promoting its products and services with various policies which encourage the customer to invest in it

This ends with an elaborative marketing strategy of Bank Of Maharashtra. Let us conclude our learning below from the marketing strategy of Bank Of Maharashtra.

Conclusion

Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.

Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing. 

We hope this blog on the marketing strategy of Bank Of Maharashtra has given you a good insight into the company’s marketing strategies.

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