US Bank Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of US Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on US Bank marketing mix, help the brand succeed in the market. Let us start the US Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
US Bank Product Strategy:
The product strategy and mix in US Bank marketing strategy can be explained as follows:
US Bank is one of the most prominent banking institutions in America. US Bank is into various financial services and provides its customers with a wide variety of banking services. Apart from retail banking and credit cards, the bank also has a stronghold in the domains of commercial business and Investment banking services as a part of its marketing mix. Financial analysis and Private equity are also dealt by the bank which has got the expertise to cater to every sector of the financial institutions with precision and seamless process. With operations into banking, investment, mortgage, trust and payment services, the firm is a complete economic institution.
In the middle and the western part of the united states alone, the bank has more than 3000 branches. With more than 4800 ATMs US Bank serves to all the needs of its customers. The company owns Elavon, which is a processor for the credit card payments.
Image: Wikimedia
US Bank Price/Pricing Strategy:
Below is the pricing strategy in US Bank marketing strategy:
US Bank always concentrated in building the business and focuses on constant interest regime. The bank is the seventh largest bank in the United Nations.
JP Morgan Chase is at the top of the list in the US market, which is followed by Bank of America and other banks like Wells Fargo and Citigroup. With most of the top banks in the nation adding up to the list, the pricing of the US Bank has been aggressive at the same time very competitive. US being is one of the prime markets for any financial institution, having a competitive pricing is always the way to forward. The bank has got good reach in the market as well as it is technologically advanced in all terms. Hence competitive pricing works in this case. According to the results of 2016, the net income of the company is US$6 billion, Total Assets are US$440+ billion, and the bank has a Total equity of 47+ billion.
US Bank Place & Distribution Strategy:
Following is the distribution strategy in the US Bank marketing mix:
The mere number of branches and the ATMs that US Bank speaks about the thought process and foresee in establishing the bank in different places of United States. The US Bank has got the strategy right when looked in the areas where their service is provided. US Bank primarily is based in the Midwestern markets of the United States. The bank has been technologically on par with all the latest developments.
It offers its service on all the platforms including the digital and web services.
US Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the US Bank marketing strategy is as follows:
US Bank uses all media channels to ensure a good brand awareness is there among the customers. Advertising through TVCs, print ads, online ads, OOH etc boost the presence of the brand. US Bank also sponsors many events for companies and financial institutions, which help the brand build a stronger reputation for its customers. Regular updates are given to customers through emails, SMS alerts etc. All this help create a strong brand awareness for US Bank.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of US Bank.
People:
People involved in the banking industry is the primary source of revenue generation because the hotel staffs are the service providers to the customers. In this case, US Bank has maintained the standard to provide world-class services to its customers. It always recruits staffs and employees by their knowledge and experience and molds them according to the company guidelines by giving proper training sessions, workshops, and seminars. Customers are the sole reason for the existence of any banks.
Process:
US Bank has many business processes for its banking solutions. As every service of banks has shifted online, the customers can access the offer from anywhere at any point in time. The mobile application for all the mobile devices has a sophisticated process for all the services offered by the bank be its account information, be it investment services, be it request for demand draft and many more. The US Bank website also gives an idea about that how the company works, if a customer wants to purchase any service, how it can be approached and achieved, the procedure is given on the website as well as on the mobile application.
Physical Evidence:
US Bank branch offices are its main physical evidence. Apart from this, the documentation, logo, website etc add to its physical presence. Every area is guided by the sign mark so that the customers can quickly go wherever he/she wants to go to avail the service at the bank. The website also gives an idea about that how the company works. The employees are also well dressed and groomed to provide an excellent visual satisfaction to the customers. This completes the marketing mix of US Bank.
About US Bank:
US Bank is based out of Minneapolis, Minnesota and the firm is a bank holding company. In the banking and financial services sector, the firm is a Public Company. It is one of the top 10 ranked banks across the world. The bank is currently ranked seven on the list of largest banks in the united states regarding total assets. With only a few banks ahead of US Bank, this is one of the prominent players in banking services in the country of United State of America. The US Bank has been in service for more than 49 years. The firm was founded in the year 1968, in September o 9th.
The firm has Richard K. Davis as the Executive chairman and Andrew Cecere as President and CEO of the firm.
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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