BBVA Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of BBVA analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on BBVA marketing mix, help the brand succeed in the market. Let us start the BBVA Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
BBVA Product Strategy:
The product strategy and mix in BBVA marketing strategy can be explained as follows:
BBVA, earlier known as Compass Bancshares before the acquisition, is a financial group that offers retail and private banking, asset management and wholesale bank services. BBVA tries to understand the unique needs, dreams and ambitions that an individual or a company has and tries to take some innovative steps to encompass all those things in the services making it much customized as per customers’ needs.
The service offerings in its marketing mix are majorly classified into four categories:
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PERSONAL |
SMALL BUSINESS |
COMMERCIAL |
GLOBAL WEALTH |
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Savings |
Credit Cards |
Financing |
Global Wealth Solutions |
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Credit Cards |
Lending |
Liquidity Management |
Wealth Strategies |
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Lending |
Specialty Programs |
Treasury Management |
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Mortgages |
Savings |
Business Relationship Services |
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Investments |
Business Services |
Commercial Banking Strategies |
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BBVA compass provides visa cards that can be used to pay to any retailer by using apps like in Apple Pay, Android Pay, and Samsung Pay, using your mobile device directly.
Image: Wikimedia
BBVA Price/Pricing Strategy:
Below is the pricing strategy in BBVA marketing strategy:
BBVA practices the price optimization approach. This approach uses the mathematical models to analyze the variation in customer behavior for buying a particular service or product with varying prices.
Price optimization includes analyzing competitive management, customer elasticity models and other optimization techniques. This approach is generally used to provide its customers a tailored pricing for different needs and demands of the customers. This strategy helps BBVA to come up with new and innovative price mixes as per the dynamic customer needs. BBVA provides a low interest rate environment through active price policies across all customer segments.
BBVA Place & Distribution Strategy:
Following is the distribution strategy in the BBVA marketing mix:
BBVA has spread in almost 14 countries. Having its existence in Spain for more than 150 years, BBVA has now made its international presence all over Europe and Asia. BBVA provides its full banking operations in Spain and Portugal, with more than 3,700 offices. Apart from this, BBVA also offers services in UK, France, Italy, Belgium, and Germany through its branch offices. In Asia, BBVA's offices are present in Hong Kong, Tokyo, and Singapore.
BBVA is working with CITIC in China, to provide an opportunity to serve local customers in America and Europe.
BBVA Promotion & Advertising Strategy:
The promotional and advertising strategy in the BBVA marketing strategy is as follows:
BBVA has been using sports celebrities like Becky Hammon, Kevin Durant, Bruce Bowen, James Harden and many more to endorse the product and promote it among the masses. BBVA has also used sponsorship as a medium to promote its brand and it services. BBVA also provides various coupon codes and special offers to attract more customers. The company also has its presence on social media with official channel on Youtube, official Facebook page, twitter and Instagram handle, LinkedIn profile and presence on Pinterest.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of BBVA.
People:
BBVA provides an extensive network of highly qualified professionals that provide its customers advice in banking, investment and financial planning services. The company has also hired trained professionals to train resources on financial education on entrepreneurship and personal finances to make them aware of the latest progress going on in the market and to keep them up to date.
Process:
BBVA provides Global Wealth Client Program for its clients. The Global Wealth Client Program is especially for customers who are part of the Global Wealth segment within BBVA. A dedicated team of professionals provide a personal, customized attention for customers’ financial and non-financial needs. Every member of this program is allotted a dedicated Private Banker that provides trusted advice on services, investments, insurance or financial planning to each client by working with a team of professionals. This program also provide a continuous 24/7 customer service to all its members.
Physical Evidence:
The customer can avail the services provided by BBVA either by online mode or by offline mode. In offline mode, a designated agent will be helping the customer and once the service is being bought, all the evidences regarding the fulfillment of the terms and conditions will be handed over to the customer. The services can be availed online also in which the customer will be providing all the necessary details and the company in return will be sending them the acknowledgment documents which a customer can printout and upload again. BBVA also provides its customers an online services where every customer (whether applied online or offline) will be having mobile bankng, BBVA wallet and online banking to see the details of the accounts. Hence this completes the marketing mix of BBVA.
About BBVA:
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is a multinational Spanish banking group and second largest in Spain.
It was formed from a merger of Banco Bilbao Vizcaya and Argentaria in 1999, and is the second largest bank in Spain. BBVA bank was ranked 11th on the Business First’s 2015 Banks.
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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