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concept of financial services marketing we will understand the meaning of financial services marketing marketing is the process by which companies create customer interest in products or services it generates the strategy that underlies sales techniques business communication and business development it is an integrated process through which companies there is strong customer relationships and create value for the customers and for themselves marketing is used to identify the customer to keep the customer and to satisfy the customer with the customer has the focus of its activities it can be concluded that marketing management is one of the major components of business management marketing people are involved in marketing 10 types of entities goods services experiences even persons places properties organizations information and ideas physical goods constitute the bulk of most countries production and marketing effort services include airlines hotels and maintenance and repair people as well as professionals such as accountants lawyers engineers and doctors many market offerings consists of the variable mix of goods and services marketers also promote time-based events such as Olympics claim shows sports reasons and artistic performances the production packaging and distribution of information are one of society's major industries and at last but not the least every market offering has a basic idea at his score in essence products and services are platforms for delivering some idea or benefit to satisfy a core need financial services refer to services provided by the finance industry the finance industry encompasses a broad range of organizations that deal with the management of money among these organizations are banks credit card companies insurance companies consumer finance company's stock brokerages investment funds and some government-sponsored enterprises thus the efforts done to create and retain the customers for such products are called financial services marketing after studying this lesson we should be able to discuss the basics of financial services marketing understand the formulation of marketing mix for financial services analyze the promotional strategy for bank and insurance sector understand the concept of relationship marketing now let's discuss marketing mix the marketing mix for banking and insurance sector would include product price place promotion people process physical evidence the first one is product the services offered by a bank and insurance company would be its products banking products include various types of accounts loans certificates of deposit commercial papers etc while insurance products are various types of insurance schemes and policy like life non life insurance policy and child plans etc in the formulation of marketing mix the pricing decisions occupy a place of outstanding significance the pricing decisions include the decisions related to interest and fee or Commission charged by banks and premium and bonuses of insurance policy pricing decisions are found instrumental in motivating or influencing the target market place represents the manner in which the products are being distributed to the customers this decision includes the location of banks and insurance company it also includes decisions regarding ATMs credit card debit card etc the promotion mix includes advertising publicity and sales promotion word-of-mouth promotion personal selling and telemarketing each of these services needs to be applied in different degree banks and insurance sector both are advertising heavily these days to attract customers state bank of india held a home loan mela and property fairs as markets became competitors icrc I and HDFC opened up call centres to assist customers banks have also tied up with various other companies for mutual benefit as well as customers benefit for instance ICICI Bank has tied up with hpcl to offer a credit card to customers which offer them many discounts and freebies banks have also tied up with various petrol pumps to open up their ATMs at the petrol pump to facilitate customer usage similarly in the insurance sector promotional activities have increased personal selling is one of the most effective tools for promotion the sales personal needs to be assertive and courteous in order to convince a person to take up the policy the insurance companies tie-up with many banks credit card companies and automobile companies to promote their brands for example Maruti Suzuki has tied up with bajaj allianz and National Insurance Corporation to provide insurance services to its customers next one is the role of people's sophisticated technologies no doubt inject life and strength to our efficiency but the instrumentality of sophisticated technologies start turning SARS if the human resources are not managed in a right fashion we can't deny the fact that a foreign banks are performing fantastically it is not only due to the sophisticated information technology they use but the result of a fair synchronization of new information technology and a teamwork personally committed employees the process of dealing with customer also influences a lot all the major activities of banks follow RBI guidelines there has to be adherence to certain rules and principles in the banking operations while insurance sector have to follow regulations of IRDA the physical evidences include signage reports punch lines other tangibles employees dress code etc the company's financial reports are issued to the customers for emphasis or credibility even some of the banks follow a dress code for the internal customers this helps the customer to feel the ease and come now let's discuss relationship marketing relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction rather than a dominant focus on sales transaction as a practice relationship marketing differs from other forms of marketing in that it recognizes the long-term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages with the growth of the internet and mobile platforms relationship marketing has continued to evolve and move forward as technology opens more collaborative and social communication channels this includes tools for managing relationships with customers that go beyond simple demographic and customer service data relationship marketing extends to include inbound marketing efforts PR social media and application development the long and the short of it is that building relationships with customers and marketing for it is the key to an intangible and offer as services customer relationships are key to your marketing strategy we can use these resources to learn why it is important and how you can improve the service you provide to your customers and clients now let us check if we have understood the various concepts discussed in this lesson clearly marketing is used to identify the customer to keep the customer and to satisfy the customer right or wrong right emergence of information technology has led to reduce the significance of people in banking and insurance industry right or wrong wrong physical evidence includes the proof which make the intangible product a tangible one that is giving intangible services a tangible proof right or wrong right let's revise as a part of the economic reforms banking industry has been deregulated and made competitive new players have added to the competition Bank marketing refers to all those activities that cater to the financial and other related needs of the customers keeping in mind the objective of customer satisfaction marketing mix of any service firms includes seven major decisions regarding product or service offering pricing decisions promotion plays the service channels people pluses and physical evidence or service cape banks use different promotional techniques like personal selling advertising discounts mailers etc banks are also tied up with various patrol pumps to open up their ATMs at the patrol pump to facilitate customer usage the supply of insurance services tends to exceed demand and therefore multiples have to adopt a clear self promotional strategy to push their policies relationship marketing is attracting maintaining and in multi service organizations enhancing customer relationships the service marketer should concentrate on the service transaction process less with the intent to hook the customer and turn the encounter into a successful sales transaction and more with a view to complete satisfied his need