Lloyds Bank Marketing Strategy & Marketing Mix (4Ps)
Published in Services category by MBA Skool Team
Marketing Strategy of Lloyds Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Lloyds Bank marketing mix, help the brand succeed in the market. Let us start the Lloyds Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Lloyds Bank marketing strategy can be explained as follows:
Lloyds Banking Group offers financial guidance and support to almost 1 millions of customers present in almost all communities with its wide range of services and products. The services and products provided are more focused on retail and financial services and operate via segments like consumer finance, insurance, commercial banking and retail. The main USP of the services and products offered by Lloyds bank is understanding the needs of its customers and coming up with different offers to fulfill their needs.
The bank believes in forging a relationship between the communities it serves helping Britain to prosper. Lloyds Bank has a diversified product and service portfolio in its marketing mix that includes:
• Current Account
• Credit cards
• Private Banking
• Share Dealing
• Car Finance
• Travel Services
Lloyds Bank Price/Pricing Strategy:
Below is the pricing strategy in Lloyds Bank marketing strategy:
Lloyds bank, being one of its own kinds, provides unique and specialized services and products to its customers. The pricing strategy used for such services and features, in general, is value based pricing and Lloyds Bank practices the same.
Lloyds Bank believes that the value is the most important driving force as value focuses on the price the potential customers are willing to pay based on the benefit offered by the business. Not only in the products and services, Lloyds Bank also provide diversified pricing range by providing both high and low rates depending on the type of products and services. The whole concept behind using the Value-based pricing strategy by Lloyds Bank is to make prices based on what benefits the customers perceives from the product or service rather than accounting the exact cost which is being incurred in developing that service and product.
Following is the distribution strategy in the Lloyds Bank marketing mix:
Lloyds Bank serves almost customers with their services not only in the UK but also at international level. Services like banking services to strategic financing and international trade solutions are offered in Sterling, Euro, US and Asian Fixed Income markets. Apart from this, Lloyds Bank has on the ground presence in key locations like Paris, Frankfurt and Amsterdam. In Asia, through the services offered in Commercial Banking sector, Lloys’s bank provides a client-oriented approach to support UK customers who have operations in Asian countries and customers who are willing to invest in the UK.
The bank has a branch in Singapore since 1973 and a newly opened Commercial Banking Asian hub in 2015, to provide its local customers a rich banking experience.
Lloyds Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Lloyds Bank marketing strategy is as follows:
Lloyds, one of the most trusted brands in the United Kingdom has implemented several marketing plans to remain in limelight. It maintains its publicity by coming up with different advertisements to promote its products and services among the masses. In the last 10 years, several brand awareness campaigns were initiated by the brand. In 2011, Lloyds bank launched the campaign to its new free online money tracking service Money Manager through “Money Manger” campaign. In 2014, Lloyds became the part of a multi-brand campaign by Lloyds group of banking to express the deep gratitude for the support given to the Lloyds banking group by the UK. In 2016, the bank launched a new campaign with the theme “ for your next step” and in 2017 another new campaign “New Dawn” was launched. In all these campaigns, the bank’s mascot “black horse” has been a major part. Apart from this, the bank has been part of various events as sponsors and partners.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Lloyds Bank.
Lloyds Bank relies completely on its work force for its success. The total workforce of Lloyds Bank is almost 45,856 employees. The bank has highly trained professionals which work across different sectors. These trained professionals form the specialist teams having expert knowledge across these sectors. Lloyds bank has divided all its resources as per their qualifications as senior team, regional specialists, sector specialists, product specialists, economic specialists and area directors.
Lloyds Bank provides online services for its customers to avail the services and products. The bank has its own mobile and tablet app as well as internet banking which is easily accessible by its customers. These apps help the customers to understand what the bank provides for its customers. The firm also provides telephonic customer care support with special advisors to help customers with any kind of issue. The customers also can check about their account status by the text alerts which the company sends on the regular basis.
The customer can avail the services provided by Lloyds bank either by online mode or by offline mode. In offline mode, particular sector experts will be helping the customer with their needs 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. Lloyds bank also provide its customers an online service like Apps and internet banking services where every customer can see the details of the services and products.
This completes the Lloyds Bank marketing mix.
About Lloyds Bank:
The story of Lloyds Banking Group begins in 1765 and since then Lloyds Bank is serving the households, businesses and communities of Britain. In 2015 Lloyds banks completed 250 years of its valuable services to the people.
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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