Western Union Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Western Union analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Western Union marketing mix, help the brand succeed in the market. Let us start the Western Union Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Western Union Product Strategy:
The product strategy and mix in Western Union marketing strategy can be explained as follows:
Western Union is one of the most well spread financial services company in the world. The company has played a pivotal role in the steadily growing economies of the world by bridging gaps in the financial services sector in different countries. Its product and services portfolio in its marketing mix includes bill payment services, store value prepaid cards, money transfer facilities, business solutions and money orders. There are more than 100000 WU ATMs and around 500000 agents spread across the world. The aim of Western Union is to make money available in the desired form, any time, anywhere in the world. The Western Union has a website which can be used by its customers to facilitate various services online. Apart from providing services, the website is used to promote awareness regarding fraudulent activities that can trap users and steal their money. The Western Union provides mobile apps which serve as M-bank and M-wallet and facilitate quick money transfers.
The Western Union launched its new service called Western Union Connect by tying up with Viber and Wechat. This service allows users of Wechat and Viber to send 100$ to China, US, and various other countries. Apart from these, users can visit western union offices and send funds to any country and use all the products in their portfolio. The company also provides business solution to companies and help them compete with other global companies. Its industry expertise in international finance, extensive industry knowledge, and exposure helps other companies design customised business solutions. The company caters to both C2C and B2B payments and receipts.
Image: Wikimedia
Western Union Price/Pricing Strategy:
Below is the pricing strategy in Western Union marketing strategy:
The pricing of its services is done keeping in mind the bank charges and charges of the new age fintech companies. Due to high competition in the financial services segment, Western Union keeps its pricing competitive to keep its brand loyal customers intact.
It also provides period discounts and promotions to attract new customers.
Read more about Western Union
Western Union Place & Distribution Strategy:
Following is the distribution strategy in the Western Union marketing mix:
There are more than 100000 WU ATMs and around 500000 agents spread across the world. The aim of Western Union is to make money available in the desired form, anytime, anywhere in the world.
The company has its headquarters situated in Englewood, Colorado, United States.
Western Union Promotion & Advertising Strategy:
The promotional and advertising strategy in the Western Union marketing strategy is as follows:
Western union spreads awareness about its products and services through various media like newspaper, magazines, hoardings and online advertisements. The Western Union is heavily involved in sponsorships to increase its brand visibility. They have sponsored the UEFA Europa League from 2012 to 2015. The Western Union is the jersey union of the national basketball association for the session 2017-18. Its foundation often donates to charitable causes. In the year 2004, the company donated US$1,000,000 towards the Tsunami relief fund. On 9 August 2017, it was announced that Western Union is the sleeve sponsor for the famous club Liverpool FC. The deal has been inked for 5 years. It has various other promotional schemes like:
1. Western Union Reunion: Users have to send money to various countries which need to be collected from certain mentioned banks. Lucky winners will get a free flight to the country they sent money, to meet their near and dear ones.
2. My WU membership programme: Users need to send money via WU online platform and in return, gain points for every such transaction. The collected points are then redeemed to buy products.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Western Union.
Process:
Western Union uses state of the art technologies, big data and its years of expertise to successfully deliver its services and increase its portfolio of offerings. Western Union (WU) ties up with various banks in countries where people still have more faith in Banks over other bodies. The banks are then used as a hub for the transfer of funds. On an average, Western Union executes 29 transactions per second.
People:
Western Union has over 10000 employees working in over 50 countries, speaking more than 35 languages. Western Union provides various family and employee benefit programmes to its employees to take care of their immediate and long-term needs. The company believes in hiring local talent as no one knows a place better than the locals. This helps WU make their approach in a place more personalized. In the year 2015, Western Union hired 2500 people from over across 40 countries. WU has a workforce with the diverse cultural background. This makes Western Union a truly global company.
Physical Evidence:
Western Union is spread across 200 countries. It has more than 100000 ATMs and more than 500000 agents. It has several tie-ups with banks in various countries to facilitate quick remittance of funds. Western Union also provides facilities via online solutions in form of its website, mobile app and tie-ups with messenger services like WeChat, Viber. This completes the marketing mix of Western Union.
About Western Union:
Western Union Company is a financial services and communication company, based in America. Samuel L. Selden, Hiram Sibley, and others together established the company in the year 1851. It was called the New York and Mississippi Valley Printing Telegraph Company.
Western Union (WU) was established as a telegram exchanging service provider initially. Soon they came up with various other services like money transfer, money order, business payments, 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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