We’ve in our previous blog discussed a marketing strategy of Commonwealth Bank marketing approach, one of Australia’s four largest banks.
It is quite evident that regardless of how far away they are from their neighbourhood banking institution, consumers can now receive services. In this article, we will discuss the marketing strategy of RBL bank.
It is crucial for a bank to have strong relationships with its most significant clients and to come up with creative solutions that can help it meet its needs.
Since we’re discussing the principal role of a commercial bank in an economy, let’s also discuss the importance of marketing in business.
Marketing is like the DNA of the business. If you want to learn more then do look at IIDE’s Free Masterclass.
Now let’s get into the insightful strategic story of India’s most popular bank, RBL.
About RBL Bank
Source – Wikipedia
One of the top private sector banks in India, RBL Bank has a growing presence throughout the nation. Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, and Treasury and Financial Markets Operations are the five business verticals within which the Bank provides specialized services.
In addition, it provides life, general, and health insurance products, investment services like wealth management, e-ASBA, and the national pension system, as well as Demat accounts and loans for businesses, homes, cars, people, and students.
It also provides loans against property, overdrafts against property, loans against gold, working capital financing, and unsecured and secured small business loans.
The corporation also provides digital and net banking, online banking, merchant payment services, and debit, credit, and prepaid cards, in addition to online tax and bill payments. Additionally, it provides services for cash management, trade and remittance, supply chain finance, and real estate financing.
It also provides advice on mergers and acquisitions, private equity capital consulting, project and infrastructure finance, structured finance, and bullion and FX markets.
The organization also provides safe deposit boxes, NRI and signature banking services, as well as agribusiness.
It ran a network of roughly 435 bank branches, 1,424 business correspondent branches, and 380 ATMs as of July 31, 2021.
Ratnakar Bank Limited was the company’s previous name; in August 2014, it changed to RBL Bank Limited.
The headquarters of RBL Bank Limited is in Mumbai, India, and it was founded in 1943.
Both NSE and BSE list RBL Bank.
Quick Stats –
|Banking and Financial sector
|To be a ‘Bank of Choice’ by creating and nurturing enduring relationships through trust and respect of our customers, employees and partners.
|Apno ka Bank
Marketing Strategy of RBL Bank
Using a needs-based strategy, RBL has carved out a position for itself in the banking sector market. As a result, it has been able to win over customers’ trust and increase sales.
Let’s now explore RBL Bank’s marketing strategy.
Segmentation, Targeting and Positioning
Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, and Treasury and Financial Markets Operations are the five business verticals within which the Bank provides comprehensive services.
The efforts the bank will make to maintain the lead they have established in some retail sectors, such as microfinance and credit cards, are discussed in the bank’s strategy paper. Housing loans, funding for rural vehicles, and financing for old cars will all receive more attention.
While RBL clients include individual consumers and small businesses, investment banking clients include governments, hedge funds, other financial institutions, pension funds, and large companies.
- Campaign #UseBefikar–
Today, RBL Bank and Mastercard announced the beginning of a new holiday campaign called #UseBefikar, which rewards current cards with enticing incentives and benefits for purchasing.
The initiative, supported by well-known figures like Riteish Deshmukh, Mirabai Chanu, and Vikrant Massey, is being carried out through a video series that attempts to connect with cardholders at the commencement of the holiday season.
These movies, which concentrate on topics like health and fitness, e-commerce, online bill payments, and meal delivery, will illustrate the card’s flexible capabilities for every member of the family. A number of social media and web marketing will be used to spread the word about the videos.
RBL Bank has started a new campaign and produced a series of consumer awareness videos under the hashtag #RahoCyberSafe in an effort to raise customer awareness of social engineering frauds, which are on the rise as more people switch to using digital banking and payment methods.
People currently use digital banking methods to keep safe and secure due to the growing requirement for social distancing.
However, as more people conduct business online, there may also be an increase in online fraud.
- Financial Literacy Week
We have all been impacted by the Covid-19 pandemic, but the most vulnerable communities are hoping for our support to recover.
RBL Bank is pleased to have collaborated with Norwest Partners’ Campaign Gratitude to donate to and generate money for pandemic-affected regions.
RBL Bank agrees to finance and match your donation in conjunction with Campaign Gratitude! Every rupee donated will have its impact doubled thanks to matching funds.
Through the NGO partners Aajeevika Bureau and Concern India Foundation, they are helping the causes of migrant workers and food aid programmes, respectively.
Social Media Marketing Strategy
RBL has its presence on the following digital platforms-
- Facebook – 2,303,484 followers
- Instagram – 61.8K followers
- LinkedIn – 336788 followers
- Twitter – 359.3K followers
Source – Ubersuggest
According to SEO rankings, the recommended range for keywords is 500 to 1000, with 10,000 or more being excellent.
It is admirable that RBL Bank has 1,18,272 organic keywords, as can be shown. This suggests that a lot of insights are being gathered by RBL Bank’s digital marketing.
Additionally, the traffic is considered to be on par at 500K+ every month with 594,648 organic monthly traffic.
RBL Bank is adept at employing SEO strategies effectively while making the required sacrifices to maintain the business by moving up Google’s organic SERP results.
Celebrities like Ritesh Deshmukh, Vikrant Massey and Ayushaman Khurana promote RBL bank through their social media posts.
RBL have faith in the advice and content offered by the influencers and celebrities they pay attention to. It is crucial to involve an influencer who is in tune with the brand’s image, the target market, and the product being offered.
RBL Bank seeks to connect personally with the public through its ads. A larger audience will be reached because of the celebrities’ sincerity and sense of credibility.
They’ll generate a sense of anticipation for people to try out these seamless services, which are supported by a reliable payment system.
RBL Bank has its own website to access all the information and services.
Reserve Bank of India has 2 official apps available both on Play Store and Apple Store:
- MoBank 2.0 – It has 4.3 ratings and 10L+ downloads on the Play Store.
- RBL MyCard App – It has 4.4 ratings and 50L+ downloads on Play Store.
Content Marketing Strategies
RBL is active on social media, publishing a variety of posts on Facebook, Instagram and Twitter that include listed and upcoming policies, campaigns, financial tips, fraud warnings, links to podcasts, and more. LinkedIn also provides updates.
Their YouTube is currently active with 53.4K subscribers. They post video content about their plans, awareness advertisements, RBI updates, financial awareness messages, etc.
It sure was an insightful look into RBL’s marketing strategy! Now let’s wrap up what we’ve learned from the marketing strategy of RBL Bank below.
Conclusion – What’s unique about the marketing strategy of RBL Bank?
RBL focuses on the following differentiation strategies –
- Increase sourcing options, digital and creative solutions
- Advancing into newer market segments
- Alliances & partnerships with new clients
As we have all come to understand, digital marketing is essential for spreading your message or marketing your vision to others. You can check out IIDE’s 4 Month Digital Marketing Course if you wish to improve your skills in this area.
We hope that our blog post about RBL’s marketing strategy has provided you with valuable insight into the bank’s marketing plans.
Check out our IIDE Knowledge portal for more intriguing case studies if you enjoy such in-depth analyses of businesses like the marketing strategy of RBI Bank.
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