The last time we saw the SWOT Analysis of Union Bank of India, this time we will explain the marketing strategy of Union Bank of India elaborately.
Union Bank of India is one of the well-known public sector banks in the country. Being one of the oldest banks in India with more than a century of experience, the bank has its branches spread across the nation providing reliable services to millions of customers. It is also popularly known as “Union Bank”.
The marketing strategy of the Union 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.
Here during the blog, we will entirely cover the exclusive marketing strategy of Union Bank of India. But first, before stepping into this content, allow us to know more about the Union Bank of India.
About Union Bank of India: Banking Company Overview
(Managing Director & CEO of UBI – Shri Rajkiran Rai G., Source: Business Insider)
Union Bank of India (UBI) was registered on 11 November 1919 by Seth Sitaram Poddar as a limited listed company in Mumbai and also was inaugurated by Mahatma Gandhi at the time of his rule.
At the time of India’s Independence in 1947, UBI only had four various branches – three in Mumbai at different places and one in Saurashtra. After Independence UBI accelerated its growth and nationalized it in 1969, it had grown to 240 branches in 28 states.
(Andhra Bank and Corporation Bank Merge Into Union Bank of India, Source: ET)
Shri Rajkiran Rai G. is the current Managing Director & CEO of Union Bank of India since July 1st, 2017. Recently, Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from 01 April 2020.
|CEO||Ms A. Manimekhalai|
|CMO||GYANA RANJAN SARANGI|
|Area Served||On a national level|
|Market Share/ Revenue||UBI is a Forbes 2000 company with current assets of 57 billion dollars.|
|Vision||The main vision of Union Bank of India is to become the bank of the first choice in its chosen areas by building beneficial and lasting relationships with customers through a process of satisfaction and continuous improvement.|
|Tagline||Good people to bank with|
Marketing Strategy of Union Bank of India
Let us see how the Union Bank of India carries out the marketing strategy planned by the bank itself. Union Bank of India’s (UBI) 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 Union Bank of India decides to segment the overall market into smaller segments and groups that have similar attributes, buying behaviour, socio-economic 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, Union 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.
Union 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 Union Bank of India
Marketing campaigns are around as long as there have been products and services to promote. Marketing campaigns are proven to help businesses in reaching a wider demographic. A marketing campaign implies employing various kinds of media and online platforms for promoting a product.
Let’s see the marketing campaigns initiated by the Union Bank of India.
UBI’s Home Loan Marketing Campaign – Name Plate
This campaign was launched in November 2019. The bank had prepared a video advertising in which a woman was the homeowner to promote its house loan.
Building your Dream Home or Moving to a Newly Purchased one, we stand by you to help you own Your Home.
In the commercial, a woman asks, pointing to the nameplate, “Why is only her name printed and not his husband’s name as well?” “The name of the individual who bought the house is inscribed on the nameplate,” the man said.
Union Bank of India also emphasises how, for the past 100 years, they have assisted people in obtaining their own homes.
UBI’s Car Loan Campaign
The purpose of this advertisement was to inform the public that Union Bank of India’s products and services are handled faster than those of its competitors.
The goal was to take real-life situations and turn them into stories about the aspirations and desires of ordinary people. This campaign was created by the brand in September 2013.
Personal Loan | Live Your Life | Union Bank of India
Fulfil your bucket list of wishes, with personal loans from #UnionBankofIndia with attractive interest rates and repayment tenure.
The idea behind this advertisement is to promote and provide people with personal loans to live their dreams and follow their passion for life.
Social Media Marketing
The Union Bank of India is available on various social media platforms promoting its services and serving the people
By looking at the numbers above the Union 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 313,008 which tells us that the SEO strategy of the Union Bank of India is quite amazing. Of about 35,226,63 organic monthly traffic will you find, which means that people visiting the website of Union Bank of India monthly is quite outstanding.
SEO strategy has no other alternative and Union Bank of India uses it to the fullest extent. As we have already seen, most of its traffic comes from searches made online. Union Bank of India drives around 30 million of its organic traffic and the rest comes from paid marketing campaigns. This proves that Union 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 Union 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.
Union 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 Union 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 Union Bank of India which can be easily accessed from the play store or any Apple device.
Content Marketing Strategies
The Union Bank of India keeps their customer updated with the special discounts 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 Union Bank of India. Let us conclude our learning below from the marketing strategy of Union Bank of India.
Conclusion -What’s Unique in the Union Bank of India Marketing?
UBI, 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 Union Bank of India has given you a good insight into the company’s marketing strategies.
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