Detailed Marketing Strategy Of HDFC Bank | IIDE

About HDFC Bank

Founded in 1978 and actively involved in finance and supporting financial activities across the country for companies and services in the various sectors, Housing Development Finance Corporation, which is generally known as HDFC, in India. HDFC became popular as a private bank in 1994, during a time of financial revamping of India and privatization and liberalization of the entire structure to improve its financial framework. Ever since then, it has evolved and matured as a bank, to such an extent that it has now become one of the most trusted customer banks in the nation. The reasons HDFC is one of the top 2 banks in India are reasonable marketing, the introduction of attractive financial products, the aggressive expansion of services, and above all superb service.

Marketing Mix of HDFC Bank

1. Product Strategy of HDFC Bank

One of India’s largest banks is HDFC Bank. In its marketing mix strategy, HDFC offers a wide range of products, in particular for individuals and businesses. The following are summarised in the numerous services provided by HDFC Bank. Savings accounts and deposits, salary and current accounts, deposits, safe deposit lockers, rural accounts, and pension accounts. accounts and deposits HDFC Bank provides loans to satisfy the various demands and covers personal loans, automobile loans, company loans, etc. HDFC offers credit cards, debit cards, prepayment cards, credit card award programs, and credit card loans.

Insurance for many alternatives such as life, health insurance, motor insurance, travel, house, two-wheelers, and trips to students – Suraksha. Forex covers travel solutions, transfer items, other assistance, and purchasing forex services. HDFC Bank gives solutions for online payment, for instance, payment payments, online bills and shops, transfers, bills, and tax payments. Direct equities, common funds, fixed income products, insurance, private equity funds, structured products, and estate planning are the main possibilities

2. Pricing Strategy of HDFC Bank

HDFC has a reputation for its substantial market shares in the Indian banking sector, which is justified in the degree that every company needs to survive inflation and face market difficulties, due to its fair yet profit-inducing price structure for its services. Bank HDFC is priced competitively at premium prices. The price is an insurance premium in comparison to the national and PSU bank, as the minimum amount needed to create an account is large.

At the same time, however, there are various laws, such as home load, which are competitive by RBI recommendations. Prices for these products are therefore controlled by the market rather than the company. It offers acceptable credits to both old and new clients for maximum payment terms and at an equivalent rate. In addition to standard fees, nothing for different or linked tasks, including replacement of checks, advance repayment of loans, takeover, etc. deserves a great deal. HDFC is hence pricey in certain regions, while in others it is priced equally according to the competition.

3. Place & Distribution Strategy of HDFC Bank

Mumbai, India is the HDFC headquarters. However, through its banking locations and ATMs, financial services companies have maintained and maintained a considerable presence across India. In India, especially in rural areas, it is constantly growing its network. At the most recent fiscal period, 5,103 banks and 13,168 ATMs in 2748 cities and towns were on the physical network of the HDFC (Annual Report 2018-19). More than half of the company’s banking centers are in rural and semi-urban areas. In the 25th year of its inception, HDFC serves directly or indirectly over 4,9 crore consumers. The firm added 316 banking outlets over the last fiscal period.

4. Promotion & Advertising Strategy of HDFC Bank

HDFC also employs digital technology and other modern tools and ways to promote its brand and services, in addition to traditional marketing and promotion channels. The enterprise promotes its services via its website, including credit cards, credit, and other services. As a significant financial services organization, it has achieved a large market share in India throughout time. HDFC has strong brand shareholdings, which are based on a continual focus on client comfort. It was able, through service, to gain the trust of clients.

HDFC is one of India’s most advanced digital suppliers of banking services. In addition to banking on your mobile device, you can expect highly secure transactions and more innovative services in comparison with other suppliers. It has always focused on greater customer comfort and more security of financial information from clients, which has led to a stronger word of mouth and competition in comparison with its top competitors including government banks. Digital services, particularly the mobile app, are far more advanced and allow it to smoothly deliver services to different types of clients.

Marketing Strategy of HDFC Bank

What is a strategy for marketing? This is a long-term plan of what should be done to build a market-wishing and competitive product/service. We will discuss their different marketing techniques in this section of the HDFC Bank case study.

HSFC BANK aspires to become a World Class Indian bank, benchmarking itself in the fields of product offerings, technology, service levels, risk management, and audit & conformity in line with international standards and best practices. It is aimed at building solid client franchises throughout the various companies to be a preferred banking provider for target retail and wholesale client groups and at achieving a healthy profitability growth that is in line with the Bank’s risk appetite. The Bank is devoted to that while ensuring the highest standards of ethical quality, professional integrity, governance, and compliance with regulations. The Bank’s major business goal is to continue developing new products and technologies. The fundamental and primary purpose of the bank is to maintain excellent relations with clients.

Brand Ambassador of HDFC

Not only business offers but the creation of brand awareness. In the simplest words, brand identity and knowledge are part of the company. Without that, another company would survive in an overloaded market. A company would not. Brand ambassadors are the friends here who can help a brand reach the next level with a healthy awareness of the brand and its consumer engagements.

HDFC’s brand ambassador is Nawazuddin Siddiqui

Competitive Analysis of HDFC

With the support of technological media such as smartphones and tabs, the HDFC Bank offers an extensive range of financial products including personal banking, SME loans, Agri loans, NRI services, and wholesale banking, which not only helps consumers to consume services more conveniently, it also lowers the distribution costs of the bank. To contact the thousand-year-old client bank, the HDFC Bank OnChat has been used to carry out e-commerce transactions via the FB messenger backed by the Techbins solutions company, Pvt. Ltd.

Banks are competitive with banks and banks like ICICI Bank, Axis Banks, PSU Banks like PNB, SBI, Canara Bank, NBFC such as Indiabulls, Murugappa Group, etc.

Marketing & Advertising Campaigns of HDFC

1. “Mooh Bandh Rakho”

This March, HDFC Bank has successfully held the 1.000th Workshop on the “Mooh Bandh Rakho” campaign about secure banking practices. In November 2020, the bank initiated a 360-level effort to educate individuals on cyber fraud and safe banking to fight online fraud. In addition to 7 crore individuals, it is used for print and internet media. The general public loved the campaign’s internet leg, allowing them to preach the message through the bank’s filters of false reality.

https://youtu.be/MIGFWUql8sM

2. “Summer Treats”

The private sector HDFC Bank started “Summer Treats.” The bank launched a specific campaign to ease lock-out limitations to provide both traders and salaried and self-employed customers with offers. The bank will not give an EMI fee and no down payment on major appliances under the Summer Treats campaign. It also offers discounts and cashback on several brands, together with an additional 50% online reward points on the credit card.

https://youtu.be/1efrpMVoluE

3. “Bonus Back”

HDFC Life introduces its ‘Bounce Back’ brand campaign to show how financially protecting the future facilitates the development of a new successful path. The campaign highlights the spirit of the human race “never giving up” which arose amid the pandemic crisis more than ever before.

https://youtu.be/S6pWCUuW714

Social Media Presence of HDFC

Social media are increasing rapidly and consumer interests are playing an important role in this. The bank reaches a broader section through social media, which helps them to develop a huge sense of different programs and offers. After that the presence of the bank on social media.

Here, we can see that the bank has a large number of adherents on various social media platforms, which will increase the reach of the bank in the long term.

This brings us to the conclusion of the case study:

Conclusion

The Indian banking sector is flourishing and is expanding. Indian banks contribute 1.7% of the world. As previously noted, the objective of the HDFC Bank is to be the Indian World Class Bank. The aim is to create a better customer franchise for different companies to become the chosen banking provider for target customer segments and the retail market, and to generate a healthy profitability growth in line with the bank’s stomach for risk. Over the years HDFC Bank’s target customer franchises have been effectively gaining a market share while preserving healthy profitability and asset quality.

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