Royal Bank of Scotland (RBS) Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Royal Bank of Scotland (RBS) analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Royal Bank of Scotland (RBS) marketing mix, help the brand succeed in the market. Let us start the Royal Bank of Scotland (RBS) Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Royal Bank of Scotland (RBS) Product Strategy:
The product strategy and mix in Royal Bank of Scotland (RBS) marketing strategy can be explained as follows:
Royal Bank of Scotland (RBS) provides the customer with wide range of services in financial, banking and insurance sectors. The services as a part of its marketing mix includes personalised and commercial banking, wealth management, insurance, capital markets and investor services. Royal Bank of Scotland also offers various Fintech services that enables the use of digital technology for its services. RBS has been using mobile van services for its rural markets form the year 1946. RBS provides services like loan, credit and savings account and deposits for its customers including commercial business.
The RBS also provides support services which include procurement, payments, technology, anti-money laundering etc. The subsidiaries are involved in providing certain specialised services in different geographies. This helps Royal Bank of Scotland in catering different services as per the need of the customers.
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Royal Bank of Scotland (RBS) Price/Pricing Strategy:
Below is the pricing strategy in Royal Bank of Scotland (RBS) marketing strategy:
RBS has been facing severe financial crisis after the recession of 2008, in the year 2016 it has even reported losses of RBS has been facing severe financial crisis after the recession of 2008, in the year 2016 it has even reported losses of £52 billion since its bailout. Thereafter there has been severe attempts to downgrade the operation costs by closing some of its branches and reducing some of its operational reach.
This has been done with the prime focus of freeing the capital for some other resources and offer major services efficiently. RBS also has Bankline fees where the charges for different banking services are tailor made for customers based on their availing of services.
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Royal Bank of Scotland (RBS) Place & Distribution Strategy:
Following is the distribution strategy in the Royal Bank of Scotland (RBS) marketing mix:
RBS has the physical reach to its customers through 3300 branches across the world including its subsidiaries. It has presence in almost every continents with its branches, regional headquarters and ATM services. Royal Bank of Scotland also has strong online presence thereby offering customers with internet banking and mobile banking. This facilitates ease in rendering different services to customers without maximising efforts in having higher physical reach. Also they help in providing information regarding various services offered by the bank.
Also different services are sold through different channels, for instance the NatWest Markets are generally involved in the investment banking providing debt financing and investment advisory services.
Royal Bank of Scotland (RBS) Promotion & Advertising Strategy:
The promotional and advertising strategy in the Royal Bank of Scotland (RBS) marketing strategy is as follows:
Royal Bank of Scotland has excelled in reaching out to its customers with its marketing and advertising. Being one of the oldest financial service provider for more than two centuries RBS has been associated with various kinds of services it offers especially in United Kingdom. The brand logo has been designed in the form of four inwards pointing arrows known as the Daisy Wheel. RBS has different promotions for its subsidiaries including The Royal Banks of Scotland which is the retail banking arm of the parent company. Major medium of promotion has been direct selling where the potential customers are identified for different kinds of services and they are kept in tab about updates of various services offered by RBS. Also they have used traditional means of advertisement like television and printed advertisement in newspapers and magazines. RBS has also its share of outdoor campaign wherein it has been associated with Williams F1 team and Canadian Grand Pix in the past. They have been sponsoring tennis sensation Andy Murray.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Royal Bank of Scotland (RBS).
Physical Evidence:
Royal Bank of Scotland has a strong presence as a part of its physical evidence. The major form of physical evidence is the branches located in different part of the globe along with ATM services. Also the online presence of RBS has been stronger where different services can be availed through click of the mouse or smartphone. The other form of physical presence is the credit and debit cards, banknotes and the company logo of RBS which has been a synonymous to the banking and financial service of Scotland.
People:
RBS has a strong global presence with millions of customers and thousands of employees to serve them. With over 90 thousand employees all over the world and through its subsidiaries it offers services to its customer in front and back end. The employees comprises of well trained and with distinguished professional and academic background striving to provide better and efficient financial services to the customers. Also with various process addition they have made customer friendly environment.
Process:
There has been various initiatives undertaken by RBS to provide efficient and innovative services to its customers. It has developed the big data analytics ‘personology’ to connect with its customers. This has been done with purpose of understanding the needs of customers and provide the required services accordingly. Here the customers receive notifications regarding various banking and financial schemes and also help them getting detailed information about it. Also today entire process has been digitalized with the aim of providing better convenience to the customers. Hence this completes the marketing mix of Royal Bank of Scotland (RBS).
About Royal Bank of Scotland (RBS):
Royal Bank of Scotland (RBS) is one of the major banks based in United Kingdom with more than 700 branches in Scotland and provides major financial and banking services. The retail bank based in Edinburgh, Scotland, UK has been in service from 1727 and has been among top 50 banks in the world. The company has strong international presence with almost 80,000 employees all over the world.
RBS has reported revenue of 12.590 billion £ in the year 2016. RBS also has its own set of subsidiaries including Natwest, Ulster Bank, Isle of Man Banks, etc.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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