MARKETING OF FINANCIAL SERVICES
Today, one of the most competitive and most lucrative fields is financial services. A change in government regulations, has not only attracted many competitors but also changed the needs and requirements of customers.
The following are the financial services that are rendered
A. Marketing: Banking Services
Bank marketing deals with providing services to satisfy customerâ€™s financial needs and wants. This is the total of all functions, directed to provide services to satisfy customerâ€™s financial and related needs and wants more efficiently and effectively than the competitors. The marketing aspect helps in achieving the organizing objectives of the bank. The ultimate aim of a bank is to keep the customer satisfied. Therefore, marketing of banking services should ultimately take care of customer satisfaction.
B. Marketing: Portfolio Management Services (PMS)
PMS refers to the services provided to the investors wherein the agency takes the responsibility of using the investorâ€™s funds effectively to obtain the maximum profits to the investor. The attraction of a good return in a short period of time is very attractive to the investors. PMS begins with investorâ€™s objectives, preferences and constraints. The basic objective in PMS is satisfying two expectations, i.e. credibility and professional relationship. The marketing should concentrate mainly on these two aspects. The former is built over a period of time whereas the latter is obtained by qualified personnel with considerable skills.
C. Marketing: Factoring Services
Factor services covering the collection of receivables (Bills) and financing them. Basically, this is an arrangement in which receivables on account of sale of goods or services are sold to the factor at a specified discount. In marketing the above service, as the consumer happens to be the focus for developing the business, the need to undertake the study of consumer preferences along with the services has to be taken care off. The marketers of factoring should advertise the importance of the factoring to its customers.
Professional Services Marketing
This would be almost pure service marketing as there is no involvement of the goods when compared to the other services. This is such a vast field to discuss all the areas, thus only a few important services are discussed below:
1. Marketing: Hospital Services
The advent of new technology has changed the fields of medicine. Latest and sophisticated medical equipment along with new medicines have invaded the market. With the growing competition in medical field-the marketing strategy should emphasize on the patient care, various services rendered (i.e. if any special services are provided), various equipments that are available, the specializations and experiences of all Doctorâ€™s should be highlighted while marketing the Hospital Services.
2. Marketing: Consultancy Services
In India Management consultancy is a growing and increasingly professionalized field. This service is client oriented service where the management consultant would find the requirements of the client such as appraising a project, conducting a market survey, advising he options that are available to the clients in the Industry. The marketing strategy should include the experience of the professionals engaged in the services, the type of service they render to the clients etc.