The last time we saw the SWOT Analysis of Union Bank Of India, this time we will explain the marketing strategy of Central Bank Of India elaborately.
The Central Bank of India (CBI) was founded in 1911. Sir Sorabji Pochkhanawala envisioned the bank. CBI is present across 27 states and four union territories, out of a total of 29. It has 3656 branches & 178 extension counters in its network.
The marketing strategy of the Central Bank of India 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 Central Bank Of India, let’s take a look at the company, its history, finances, products, and opponents.
About Central Bank of India
The Central Bank of India, founded in 1911, was the very first Indian financial institution to be entirely owned and operated by Indians. The Bank’s founder, Sir Sorabji Pochkhanawala, saw his dream come true with the establishment of the Bank. Sir Pherozesha Mehta served as the first Chairman of the genuinely “Swadeshi” bank. Sir Sorabji Pochkhanawala was so proud of the Central Bank of India that he declared it to be the “property of a nation and the country’s wealth.”
The Central Bank of India lives just on the faith of the people and views itself as the people’s own banks, he continued. Because of its extensive network, the Central Bank of India can truly be called an All India Bank, as it operates in 27 of India’s 29 states as well as three of the country’s seven union territories. The Central Bank of India is one of the most well-known public sector banks in India, with 3656 branches and 178 extension counters spread around the country.
|CEO||Shri M. V. Rao|
|Area Served||On a national level|
|Market Share/ Revenue||25,897.44 Crores INR|
|Vision||To promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payments system; To ensure efficient management of currency as well as banking services to the Government and banks; and. To support the balanced, equitable and sustainable economic development of the country.|
|Tagline||Central to You|
Marketing Strategy of Central Bank Of India
Let us see how the Central Bank Of India carries out the marketing strategy planned by the bank itself. Central Bank Of India’s (CBI) 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 Central Bank Of India 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 Central Bank Of India 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.
Central Bank Of India’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 Central Bank Of India
Central Bank of India Vigilance Awareness Week. #VigilanceAwarenessWeek
This campaign video is a 5-minute video in which a businessman enters the cabin of the bank’s manager without taking permission from him. With the power of money, he was trying to take a huge amount of loan from the bank for his new project, refusing to complete the procedure of documents to get the loan.
He tried to give a bribe to the manager, but the manager refused to take the same as taking a bribe is a legal offence. The manager makes the businessman understand the benefits of PIDPI resolution under CVC.
Social Media Marketing
The Central Bank Of India is available on various social media platforms promoting its services and serving the people
By looking at the numbers above the Central Bank Of India 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 243,422 which tells us that the SEO strategy of the Central Bank Of India is quite amazing. Of about 2,890,330 organic monthly traffic, which means that people visiting the website of the Central Bank Of India monthly is quite outstanding.
SEO strategy has no other alternative and the Central Bank Of India uses it to the fullest extent. As we have already seen, most of its traffic comes from searches made online. Central Bank Of India drives around 28 million of its organic traffic and the rest comes from paid marketing campaigns. This proves that the Central Bank Of India 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 Central Bank Of India 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.
Central Bank Of India 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 Central Bank Of India has even launched a customer-friendly and very easy-to-use mobile banking application for the convenience of the customers of the Central Bank Of India which can be easily accessed from the play store.
Content Marketing Strategies
The Central Bank Of India keeps their customer updated with the special discounts and schemes made available for them through all 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 Central Bank Of India. Let us conclude our learning below from the marketing strategy of Central Bank Of India.
Conclusion – What’s Unique in the Central Bank Of India Marketing?
CBI, as one of the most important public sector undertaking (PSU) banks, offers a wide range of banking services. It is also backed by the Indian government, which gives clients even more confidence.
On the other hand, the bank needs to improve its marketing efforts. It needs to create traditional online and offline marketing to attract new clients and keep existing ones.
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 Central Bank Of India has given you a good insight into the company’s marketing strategies.
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