Marketing Strategy of Scotiabank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Scotiabank marketing mix, help the brand succeed in the market. Let us start the Scotiabank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Scotiabank marketing strategy can be explained as follows:
Scotiabank is a leading banking and financial institution based out of Canada. With the 5 major integrated values of enhancing leadership, diversity, serving customers in an organized manner and reduced cost, digital transformation and forging relationship with its customers, Scotiabank has made its name in the globe. The bank works in the three major business lines as a part of its marketing mix product & service offering:
1. Canadian banking: Scotiabank bank offers financial advice and banking solutions to retail and small business, commercial banking and wealth management. Canadian banking also includes providing alternative self-directed solutions to over 2 million Tangerine bank customers. The Canadian banking majorly works on the below mentioned three areas:
• Retail and Small business banking: This includes providing financial advice and solutions and daily banking products like credit and debit cards, cheques, investments, mortgages and loans, insurance to small and retail business.
• Commercial banking: This is related to medium and large scale business.
This includes providing financial advice on lending, depositing, investing, cash management and trade finance solutions majorly to automotive sector dealers and their customers.
• Wealth management: This includes investment and wealth management advice, services, products and. This service is essential for both retail and institutional investors. The customer associated with wealth businesses includes private customer, online brokerage, full-service brokerage, pensions, institutional customer services and an independent advisor channel.
2. International banking: Scotiabank International Banking (IB) varied financial products, solutions and advice to retail and commercial customers in regions outside of Canada.
3. Global banking and markets: Scotiabank Global Banking and Markets (GBM) provides corporate, government and institutional investor clients with several banking solutions.
Scotiabank Price/Pricing Strategy:
Below is the pricing strategy in Scotiabank marketing strategy:
With the base of 23 million customers, Scotiabank provides unique and specialized services and products to them. The pricing strategy used for such services and features, in general, is value based pricing and Scotiabank practices the same.
Scotiabank believes that the quality is the most important while serving the customers and that’s why the pricing is done based on benefit offers provided by that particular service. Scotiabank provides 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 Scotiabank is to make prices of the services based on what benefits the customers perceives from the product or service and creating more and loyal customer base.
Following is the distribution strategy in the Scotiabank marketing mix:
As already mentioned, Scotiabank provides International and Global financial services and serves in 55 countries across the globe. And for this, they have branches across different regions of the world apart from Canada. International banking provides its services in Latin America as well Pacific Alliance countries of Peru, Chille, Mexico, Colombia and the Caibbean and Central America.
Global banking and markets provides its services to wholesale bank and investment dealer in Canada and Mexico, in the U.S., Latin America (excluding Mexico), and in selected markets in Europe, Asia and Australia.
Scotiabank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Scotiabank marketing strategy is as follows:
The Scotiabank as its roots in Canada and this made them choose engaging with Canadian communities by contributing to their passions. The bank has always been associated with sponsoring different events in the field of hockey, arts, marathon and other community events to promote itself. Some of these include Scotiabank Skaters Program, Scotiabank Hockey Club, Scotiabank Giller Prize, partnership with Canadian Photography Institute etc. Recently in 2015, Scotiabank bank launched its first ever global advertising campaign in 55 countries. The theme of this campaign was “One” with the aim of promoting brand name rather than particular services or products.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Scotiabank.
Scotiabank relies completely on its work force for its success. With a team of more than 89,000 highly trained professionals which work across different sectors, the bank has teams having expert knowledge across these sectors. These professionals provide all the guidance and introduce the loyal as well as potential customers to new and customized products and services which the bank provides. The bank even has a specialized sales team to create more business opportunity for the bank.
Canadian banking provides its services to more than 10 million retail and small business through its network of 980 branches and more than 3500 automated banking machines along with internet, mobile and telephone banking. For International banking, Scotiabank has a well-established chain of franchise to server more than 14 million customers. The bank provides around 50,000 employees working in more than 1800 branches and a network of contact and business support centres.
The customer can avail the services provided by Scotiabank 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. Scotiabank also provide its customers online services like internet banking services where every customer can see the details of the services and products. This completes the marketing mix of Scotiabank.
Scotiabank, also known as the Bank of Nova Scotia, is a multinational Canadian bank. It is one of the largest bank in Canada by deposits and market capitalization. The bank serves a huge volume of customers and is spread across the country.
It has many branches, offices and ATMs to serve its customers. The bank's website and app also empowers the customers to do their banking from anywhere.
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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