Axis Bank Marketing Strategy & Marketing Mix (4Ps)
Published in Services category by MBA Skool Team
Marketing Strategy of Axis Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Axis Bank marketing mix, help the brand succeed in the market. Let us start the Axis Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Axis Bank marketing strategy can be explained as follows:
Axis Bank is one of the leading banks in the world. Being in a very competitive environment Axis Bank is offering a plethora of products/services to its customers. Axis Bank services the customers in Large, Mid and MSME segments. It also caters to customers in Retail business and Agriculture. Axis Bank offer many financial services under its marketing mix product strategy.
Let us look into Axis Bank’s product offerings: Accounts – savings, current, salary accounts, bank lockers; Deposits – Fixed and recurring; Loans – home, personal, vehicle, educational and gold; Cards- debit, credit and travel cards; Forex - Forex Card, International fund transfer, foreign currency cash, cheques and DD; Investments – mutual funds; Insurance- Life, health and general insurance. These Axis Bank products/ services are just an indicative and not exhaustive. All these services can be accessed through direct Axis Bank branches, internet, mobile and telephone banking channels established by the bank.
Axis Bank Price/Pricing Strategy:
Below is the pricing strategy in Axis Bank marketing strategy:
Axis Bank pricing decisions should follow the regulations set by RBI. The main sources include Interest rates, commission charges and consulting fees.
The interest rates should reflect the interest rates established by the central bank. Commission rates are monitored by the Indian Banks’ association. These pricing policies set by the banks have immediate impact in attracting the customers and the volume of transactions they do. Also Axis Bank, like the other banks, should follow the suggestions and regulations by Government of India to serve and help the economically backward class and senior citizens through their plans. So all this makes the pricing a very complex and critical part of marketing mix. Currently the interest rates for Fixed deposits are at 7% for amounts less than 1 crore and 6.25% for amounts between 1-5 crores. For loans the interest rates are as follows- Home:9.45% p.a (MCLR+0.15%), personal loans costs about 15.5% -24%. This covers the Axis Bank marketing mix pricing strategy.
Following is the distribution strategy in the Axis Bank marketing mix:
Axis bank is now present in 2900+ branches in India and also working in 9 international offices. One of the most important place for the banks where customers go to apart from their branches is ATM. This where most of the customers take their money and Axis Bank is having 12,000+ of them across the length and breadth of our country. This shows the strong place strategy in the marketing mix of Axis Bank. With the emergence of new technology Banks are embracing it for the convenience of customers, these include internet and mobile banking services where customers can transact without ever going to a bank. This also helps banks in reducing costs. Axis bank has setup a strong It infrastructure for its internet and mobile banking services.
Websites and Apps are built with best of the security features.
Axis Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Axis Bank marketing strategy is as follows:
Axis bank is promoting its offers and products aggressively through different channels. These include print advertisements, TVC, and digital marketing channels. Axis Bank also gives discounts and offers to its customers on interest rates and gift hampers in lucky draws for those who take loans. Wheels of fortune is one such lucky draw for loan holders, winners of this draw would receive gifts and prizes. Bollywood actress Deepika Padukone is the brand ambassador for Axis bank in its promotional activities. Recently their digital campaigns are also featuring models and actors. Axis Bank also uses direct marketing to attract corporate employees and students.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Axis Bank.
Axis Bank is a people centric company, whether it is employees or customers. People, a very important piece in the whole scheme of operations in service industry. They decide the fate of the company. As the representatives of the Axis Bank they directly interact with the customers and other stake holders. They help in realizing the companies dream. Axis bank employs a little more than 50,000 employees. Axis Bank values the contributions of these employees and focus on their training and development activities for further enhancing their capabilities which in turn reflect in company’s performance and customer satisfaction.
All the processes initiated by Axis bank are best in the industry. These processes result in the customer satisfaction and operational efficiency. Every day operations like dealing with customers, cash and other transactions are designed to derive optimum results. The flow of customers/ operations in the bank are standardized for quick turnaround time. Also the Axis Bank counters are segregated for different operations they perform. Some counters are customized for special requirements/plans required by the customers. Also technology is used to Axis Bank’s advantage where simple transactions like withdrawal and deposits are done through machines without any employee interaction.
The logo of Axis bank is designed when it changed its name in 2007. The Axis Bank logo suggests strong base and going to develop in future. Axis Bank releases financial stamens every year for investors and customers. The website and Apps are also designed user friendly. It significantly reduced its paper usage with software’s helping the staff to perform all the daily activities. Axis Bank also uses billboards at busy places and near junctions for promotions with its tagline “Badthi ka Naam zindagi” suggesting company’s philosophy of progress in life. Hence, this covers the marketing mix of Axis Bank.
About Axis Bank:
What is known as Axis Bank today has started its journey in 1993 as UTI bank after the government of India allowed the establishment of private sector banks, in its attempts of liberalization. It is promoted group of insurance companies - LIC, Oriental Insurance, Unit Trust of India, GIC, NIC, The New India assurance company and United India insurance company. UTI bank changed its name to Axis Bank in 2007 and it did a lot of rebranding exercise to do this. Ms. Shikha Sharma is the current MD & CEO of the Axis Bank. Head quartered in Mumbai, Axis Bank is listed in NSE, BSE and London Stock Exchange also.
It is now the third largest private sector bank in India. Axis Bank is also performing international operations in nine offices located in places like Singapore, Shanghai, Dubai and Colombo.
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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