The last time we saw the SWOT Analysis of Union Bank Of India, this time we will explain the marketing strategy of Bank Of Maharashtra elaborately.
The bank was founded by V.G Kale and D.K sathe in Pune India the bank was registered on 16 September 1935 with an authorised capital of US$ 1 million and became operational on 8 February 1936. It provided financial assistance to small businesses and gave birth to many industrial houses.
The marketing strategy of the Bank Of Maharashtra includes traditional as well as digital marketing. In today’s time, digital marketing is very important for reaching out to customers as everything is shifting towards digital. If you want to learn digital marketing and its scope, do check out Free Digital Marketing Masterclass by Karan Shah, the founder and CEO of IIDE.
Before we dive into the marketing strategy of Bank Of Maharashtra, let’s take a look at the company, its history, finances, products, and opponents.
About Bank Of Maharashtra
Bank of Maharashtra is a nationalised bank under the ownership of the ministry of finance, the government of India. The bank was founded by V.G kale and D.K sathe in Pune, India. The bank had 15 million customers across the country with 2001 branches as of Dec 2021.
The bank was registered on 16 September 1935 with an authorised capital of US$ 1 million and became operational on 8 February 1936. It provided financial assistance to small businesses and gave birth to many industrial houses. The total business of the bank crossed Rs.26600 lakh crore as of 31 December 2020
Bank of Maharashtra is a public sector bank in Maharashtra that offers personal banking retail loans and other financial services these services include deposit current bank, account personal loan Global banking, lending to priority sector and small-scale sector, foreign exchange and export finance corporate loans and equipment loans
As of 31st March 2020, the Bank’s total branch network consisted of 1,833 Branches spread across all the states and union territories the branch network includes specialised branches in the area of foreign exchange, government business, treasury and international banking, industrial finance, MSME and high tech agriculture and pension acceptor.
The bank’s ATM network stood at 1851 as of 31st March 2020 the bank has 1 subsidiary namely the Maharashtra executive and Trustee Company Pvt Limited which undertakes the management of public-private trust and administration execution of will they also sponsored 3 regional rural banks namely Aurangabad Jalna Gramin Bank Thane Gramin bank with head office at Aurangabad, Thane respectively.
Bank of Maharashtra was incorporated on Sep 16, 1935, and started its business on February 8, 1936, in April 10 1946 the Maharashtra executive and Trustee Company Pvt Limited were incorporated as a wholly-owned subsidiary of the bank in July 1996 Bank of Maharashtra was nationalised along with 13 other banks after the nationalisation the bank expanded rapidly in the year 1998 the bank attained the autonomous status which helps the bank and providing more and more services with the simplified procedure without the intervention of government.
|CEO||Shri A S Rajeev|
|Area Served||On a national level|
|Market Share/ Revenue||13,144.67 crores INR|
|Vision||To be a vibrant, forward-looking, techno-savvy, customer-centric bank serving diverse sections of society, enhancing shareholders’ and employees’ value while moving towards a global presence.|
|Tagline||One Family One Bank|
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
- 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
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.
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.
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.
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.
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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.
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