In our previous article, we learnt in detail about the SWOT analysis of UCO Bank. In this article, we are going to elaborate on the marketing strategy of UCO Bank, one of the nationalised banks in India.
The goal is to provide you with insights into UCO Bank’s marketing strategy and demonstrate how UCO Bank provides many of the advantages you’d anticipate from a major national bank, including a broad range of products and an extensive network of ATMs.
Marketing is a part of a company’s DNA that can either make it or break it. As users across the world go digital, marketing has followed them to the digital realm as well. If you are interested in new-age digital marketing, then you should definitely check out IIDE’s Free MasterClass on Digital Marketing 101 by our CEO and Founder, Karan Shah.
In this article, we’ll go through every aspect of the marketing strategy of UCO Bank. Let’s start by studying the company’s history, target market, and online presence before we dive in deep.
About UCO Bank – Company Overview
The UCO Bank, formerly United Commercial Bank, is one of India’s most recognised banks for its illustrious past as well as its tradition of exceptional service. The bank was incorporated under the Banking Companies Act in 1970, with a vast network of branches throughout India and beyond to Hong Kong and Singapore.
During the Quit India movement of 1942, G. D. Birla, a famous Indian industrialist, developed the idea of forming a commercial bank with Indian capital and management, and the United Commercial Bank Limited was formed to give that idea shape. The bank was established in Kolkata with an issued capital of Rs 2 crores.
It has been able to keep up with the dynamic environmental changes by active engagement of professional financial and banking services in all economic areas, including industry, service, infrastructure, agriculture, and trade and commerce. Today, UCO bank boasts over 3000 branches in India and beyond, and more than 2200 ATMs throughout the country.
|CEO||Shri Shri Soma Shankar Prasad|
|Market Share/ Revenue||₹18,166.42 Crore|
|Vision||To emerge as the most trusted, admired, and sought-after world-class financial institution to be the most preferred destination for every customer and investor and a place of pride for its employees.|
|Tagline||“Honours your Trust”|
Marketing Strategy of UCO Bank
The UCO bank is one of India’s most prominent financial institutions, providing all of the essential financial services. This is a people-oriented bank that prioritises staff before clients.
The strategy is simple: treat your employees well, and they will reward you by treating your customers well. People have placed their trust in this bank, upon its heritage and legacy that the organisation bases its operations.
UCO Bank’s primary promotion strategy is based on its firm belief in maintaining a high and sustainable image throughout its history. It has always provided outstanding services, resulting in its customers recommending other customers to the bank.
Let us take a detailed look into the marketing strategy of UCO Bank.
Segmentation, Targeting, and Positioning
Consumers in the Regional Banks industry have different requirements, needs, and demands, as well as different resources, locations, access to technology, cultural variations, purchasing attitudes, and end usage of the products and services. Market segmentation is the process by which UCO Bank decides to divide the whole market into smaller segments and groups with comparable characteristics, purchasing behaviour, socioeconomic background, and so on. This is done in order to reach out to the target audience more efficiently and effectively.
Geographic segmentation is extremely effective for UCO Bank in international markets because prospective consumers have varying cultures, interests, and administrative systems.
Because UCO Bank’s products provide a superior value proposition, it separates clients based on two primary demographic criteria: prospective customer income and life cycle stage.
UCO Bank determines whether the segment it intends to target is financially viable. The outstanding physical proof of UCO Bank can be found in its ATM offices and branches. These are the locations where you can do bank transactions. The bank’s website, in conjunction with its mobile app, makes online transactions easier. In other words, the bank’s target audience includes anyone who conducts or can conduct banking activities, whether online or offline.
UCO Bank positions its products in such a way that it produces a distinct image and gives a specific identification/reference point of the product and services in the mind of the consumer. Because of the reduction in manufacturing costs in the Regional Banks’ business and the direct access to consumers through e-commerce and other online retailing tactics, brand positioning and product uniqueness have become increasingly important.
While launching a new product, UCO Bank determines whether the new product fills a gap in the product mix or creates a new product line. As a best-value-for-money operator in the Regional Banks industry, UCO Bank positions its products a bit higher than the market pricing.
One Team One Dream
UCO Bank launched the “ One Team, One Dream” campaign on the occasion of its 76th foundation day in 2019. The campaign was through print media, and it was published in all the prominent newspapers. The main goal of the campaign was to promote the high sustainability and trustworthiness of the bank.
The Monsoon Dhamaka campaign is the latest periodic advertisement campaign by UCO Bank. The campaign was launched on July 15th, 2022 and will run until September 30th, 2022. During this campaign, customers can avail of home loans and car loans with a 100% waiver on processing charges and an ROI of 7.40% and 8.05%, respectively. Various social media platforms were used to promote this campaign.
Moments With Tiranga
UCO Bank launched the social media campaign “#MomentsWithTiranga” to commemorate 75 years of Indian independence. Supporting the “Azadi ka Amrit Mahotsav” campaign by the Government of India, the #MomentsWithTiranga campaign celebrates some of the proudest moments in India’s history. On many social media channels, relevant and enlightening facts about India’s National Flag have been conveyed via posters and banners. A separate section has been created on the website of UCO Bank to showcase and educate people about the unique facts regarding the National Flag of India.
Social Media Marketing
UCO Bank has a presence on social media sites such as Facebook, Instagram, LinkedIn, YouTube, and Twitter.
Facebook: 40k likes
Instagram: 19.4K followers.
LinkedIn: 12.7k followers.
Youtube: 14.6K subscribers.
Twitter: 30K followers.
UCO Bank has the highest number of followers on its Facebook page, followed by Twitter and Instagram. Promotional offers along with helpful information about government initiatives are shared through UCO Bank’s social media handles.
This data indicates that the website was properly optimised. UCO bank receives over 637K organic monthly traffic and has over 189,000 organic keywords. UCO bank’s SEO efforts last year resulted in a significant increase in traffic and conversions.
SEO aids in the achievement of your brand’s long-term objectives. A high ranking and favourable placement serve to increase the visibility of your brand. In brief, SEO methods are critical for website development and increasing visibility to the target audience.
Influencer marketing hasn’t been a large part of the marketing strategy of UCO Bank yet other than occasional promotions by models.
UCO Bank provides a number of online banking solutions. Online payments include taxes, online cash transfers, credit card payments, insurance payments through personal and corporate banking accounts, e-payments through other accounts, and other bill payments. UCO provides online services such as the UPI app, net banking services, and the mBanking Plus app for credit card customers. UCO bank also provides information and access to various government schemes.
UCO Bank has an official integrated mobile banking app, UCO mBanking Plus, that includes the existing mobile banking app, the UCO Secure app, the UCO mPassbook, and BHIM UCO UPI capabilities.
All digital banking products are available in a single app. Users will thus be required to access only one mobile application for all mobile-based banking services provided by the bank.
Content Marketing Strategies
UCO Bank is active on social media and has a variety of posts on Instagram, including financial suggestions, scammer alerts, insightful facts, historical facts, and so on. LinkedIn also provides updates. Their YouTube channel is currently active with 14.7k subscribers. They upload video content relating to their schemes and government initiatives. They promote awareness against cybercrimes and occasionally organise webinars on their YouTube channel.
This ends with an elaborative marketing strategy of UCO Bank. Let us conclude our learning below from the marketing strategy of UCO Bank.
Conclusion – What’s Unique in UCO Bank’s Marketing?
To summarise, UCO Bank features a large number of very unique services that provide plenty of choices. The corporation benefits from the trust of thousands of Indians in its brand. It has been updated with technology. Though it is not the most advanced, it is also not the least advanced. However, UCO could begin focusing on influencer marketing and creative advertising through television and other platforms to attract more customers in India and globally.
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 UCO Bank has given you a good insight into the company’s marketing strategies.
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