Declaration: Promotional Strategies of Icici Bank

PROMOTIONAL STRATEGIES OF ICICI BANK
DECLARATION
1
I, Miss Shabnam khan, a student of T.Y.B.Com (Banking & Insurance) Sem-5 of Rizvi College of Arts, Science and Commerce hereby declare that I have completed this project titled PROMOTIONAL STRATEGIES OF ICICI BANK for the academic year 2009-2010. It is an original and true work to the best of my knowledge.
Signature of Student [Shabnam khan] I, Prof Furquan Shaikh hereby verify that Miss Shabnam khan have completed this project titled PROMOTIONAL STRATEGIES OF ICICI BANK for the academic year 2009-2010. It is an original and true work to the best of my knowledge.
Signature of the Principal ordinator [Dr.S.G.A.Zaidi]
Signature of the Project Co[Furquan Shaikh]
ACKNOWLEDGEMENT
I have been proud to assign this project i.e. Promotional Strategies of ICICI Bank. Before I get into the thick of things I would like to add few felt words for the people who were parts of this project in numerous ways. So I take this opportunity to offer thanks to all those people without whose help this would have been a very difficult task indeed.
I wish to take this opportunity to thank My Guide Prof. for always being there to listen, to share, to advise, and to counsel. It has been a learning experience and a pleasure for me to work under her guidance. Without her support and guidance, the completion of this project would not have been possible.
I also extend my sincere thanks to our Principle Dr.S.G.A.Zaidi and the Vice Principal for supporting me and also the other students in an indirect manner.
And lastly, I would like to thank almighty and my Parents for encouraging and also for providing the funds for the successful completion of my project.
EXECUTIVE SUMMARY
This project speaks about the promotional schemes implemented by ICICI BANK. The project tries to highlight about the awareness among the customers regarding the various sources of promotion offered by ICICI BANK. The project also tries to throw some light on the popularity of ICICI BANK in terms of their promotional strategies. Sources of promotion of ICICI Bank use various tools for promotion and it is discussed in the project in brief.
An interview of the Branch Manager of ICICI Bank has been taken. This includes various questions which provide some practical data on the promotion aspect of ICICI Bank. For knowing the satisfaction among the customers/non-customers about the promotional schemes and products provided by the ICICI BANK, a survey was carried out in Mumbai .The sampling size of 50 for the survey was considered. It involves the use of the Questionnaire. The comparative analysis regarding the promotional policies adopted by ICICI Bank and other banks is undertaken. Survey is analyzed and then dealt in length. Later suitable recommendations are given which deals with improving awareness among the customers and how they can be served well
INDEX
,
SR. NO.
01
CONTENT
INTRODUCTION
PAGE NO.
06-09
02 03
PROMOTION MIX ICICI BANK-AN OVERVIEW
10-13 14-16
04
SOURCES OF PROMOTION
17-22
05
SHAH RUKH KHAN IS THE NEW ICICI BANK BRAND AMBASSADOR INTERVIEW SURVEY(RESEARCH METHODOLOGY ) DATA ANALYSIS AND INTREPRETATION RECOMMENDATIONS CONCLUSION
23-25
06 07
26-32 33-38
08
39-59
09 10
60-61 62-64
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BIBLIOGRAPHY
65-66
INTRODUCTION
Banking Industry is booming. When the customer seeks better services from the Banks, he does not bargain. Companies need to build trust and complete confidence in the minds of potential customers in order to expand their business. Banking Companies have realized that in order to beat the competition promotion can become a crucial weapon and can help them achieve their objective. Promotion is the generic term used for the communicational effort of the firm/Banks that are directed towards achieving the objective of a marketing strategy. The promotion serves as the links between the banks and the target segment of its markets (customers). Promotion thus means the Banks well organized, planned and goal oriented efforts which must be in congruence with its overall business goals and objectives in the desired market areas keeping in mind the specific needs of the customers. In the industry like Banking, promotion assumes all the more important position as what we really sell is the abstract thing that is services with the interest rates, range of products, etc., being more or less same, and the services given through proper promotional channels difference between two Banks in marketing context.
An appropriate promotion mix can be used not only to attract customers, but also to hold them by creating brand loyalty. Promotion Mix is a combination of Banks various activities and other sales promotional instruments. It may be in various shapes like a press advertisement, a sales campaign, word of mouth, personal interaction; direct mailing to customers, etc. The fundamental objective of a promotion campaign is to persuade a customer to buy its products in preference to other similar products available in the market. Promotion not only gives information to the customers but also stimulates demand, create differentiation and bring brand loyalty. Any marketing promotion campaign will have two basics objectives that are to inform the prospective customer and to persuade them. For example: When a Bank comes out with new a product, it makes its target audience aware of it only through marketing promotion. It may be in various shapes like a press advertisement, a sales campaign, word of mouth (WOM), personal interaction, direct mailing to customer, etc. Usually promotion mix is a combination of these activities and other sales promotional instruments. Making the customer aware may be enough for settling a firms deal if the product is unique or in great demand. However, this may not be so all the time. So, the second fundamental objective of a promotion campaign is to persuade the customer to buy their product in preference to other similar products available in the market.
Now, this persuasion, too, can be in a different ways, for instance, by working on an emotional plane, by an objective presentation of benefits of the product, by identifying the product with some strong need of the customer, etc. Marketing promotion can be driven by other subsidiary objectives like image building of the organization, promoting growth of a nascent industry, etc. But, the two objectives mentioned at the beginning the most fundamental objectives, governing all other derived objective. Promotion is a process of communication involving information, influence and persuasion. It includes all types of personal and impersonal communication with customers as well as intermediatories.
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Marketing promotion can be carried out through various means like press advertisement, personal interaction with customers, etc. Basically, there are four major components of a promotion strategy. They are:
Advertising Involves non-personal mostly paid promotions often using mass
media outlets to deliver the marketers message. While historically advertising has involved one-way communication with little feedback opportunity for the customer experiencing the advertisement, the advent of computer technology and, in particular, the Internet has increased the options that allow customers to provide quick feedback.
Sales Promotion Involves the use of special short-term techniques, often in
the form of incentives, to encourage customers to respond or undertake some activity. For instance, the use of retail coupons with expiration dates requires customers to act while the incentive is still valid.
Public Relations Also referred to as publicity, this type of promotion uses
third-party sources, and particularly the news media, to offer a favorable mention of the marketers company or product without direct payment to the publisher of the information.
Personal Selling As the name implies, this form of promotion involves
personal contact between company representatives and those who have a role in purchase decisions (e.g., make the decision, such as consumers, or have an influence on a decision, such as members of a company buying center). Often this
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occurs face-to-face or via telephone, though newer technologies allow this to occur online via video conferencing or text chat. An important aspect of both advertising and sales promotion activity is that during this process, the bank directly talks about itself, and pays for doing so. In other words, the bank when advertising its products explains to the customers how its products are better than others in the market, how customers need can be fully satisfied through them, etc. As against this, in publicity it is the customer who says how and why he likes or dislikes the products of the bank. Depending upon whether he is a satisfied or dissatisfied customer, he will appreciate or criticize the bank and its products. Accordingly, the bank will have either good publicity or bad publicity. Thus, the important factor to note is that, in advertising and sales promotion, the bank itself proclaims how good it is, while in publicity (of a good variety) the customer says how good a particular bank is. The impact on other customers, and the public at large, is obviously going to be difficult in these situations. When one proclaims himself how good he is, it may have some impact. But when a disinterested person tells how good that particular person is, that will certainly have a better impact. That is why; publicity is an important promotional tool. Unlike publicity that comes free of cost, advertising needs money for its promotion. Keeping this in mind, one should not think to stop advertising because it has a crucial role to play at the macro-level of a bank.
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Promotion can also be carried out through presentation that is, advertising like ICICI Bank Hum hain naa through billboard, T.V., news paper, etc., or through short term incentives such as sales promotion like coupons, discount, contest, exchange offer, etc., or through face-to-face presentation i.e., personal selling like meeting, canopy pr stall at hot spots, etc., or through direct marketing by making use of the internet or T.V., telemarketing, etc., or may be in the form of public relations and publicity like press conferences, speeches, sponsorship, annual reports, etc. Banks make use of all tools of promotion. For instance, the ICICI home loans has launched a scheme which involves conversion of other banks home loan into ICICI home loan at concessional rate as a sales promotion, Rahul Dravid is saying Sab kuch badal raha hai, humara Bank bhi badal raha hai for Bank of Baroda in an advertising, publication of annual reports by every bank as a public relation and publicity and door step services by private banks like HDFC Bank, IDBI Bank, etc as a personal selling.
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AN OVERVIEW
ICICI Bank (Industrial Credit and Investment Corporation of India) is India's largest private sector bank in market capitalization and second largest overall in terms of assets with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
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ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. The principal objective was to create a development financial institution for providing medium-term and longterm project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. ICICI Bank has listed its equity shares on stock exchanges at Kolkata and Vadodara, Mumbai and the National Stock Exchange of India Limited, and its ADRs on the New York Stock Exchange (NYSE). The Bank is expanding in overseas markets. The Bank now has wholly-owned subsidiaries, branches and representatives offices in 18 countries, including an offshore unit in Mumbai. This includes wholly owned subsidiaries in the UK, Canada and Russia, offshore banking units in Singapore and Bahrain, an advisory branch in Dubai, branches in Sri Lanka, Hong Kong and Belgium, and rep offices in the US, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia. In particular, the bank is targeting the NRI (Non Resident Indian) population.
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After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.
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DIFFERENT WAYS OF PROMOTION ADOPTED BY ICICI BANK.

1. T.V. COMMERCIAL
--
ICICI launched a scheme stating HUM HAIN NA which was
promoted by the brand ambassador Mr. Amitabh Bachan. This scheme was basically for the best deals for loans at your doorstep. The scheme worked out as a good success and that was all because of the peoples trust on the host of the great TV show K.B.C. by this scheme both the clients as well as the company earned a good business as the entrepreneurs earned easy loans and the company earned a huge database of the clients.
2.
SALES PROMOTION
-- The ICICI home loans has launched a scheme which involves conversion
of other banks home loan into ICICI home loan at concessional rate as a sales promotion.
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3.
THROUGH NEWSPAPERS
ICICI Bank also advertises through various print Medias like newspapers, magazines, etc. For instance, in the newspaper NAV BHARAT TIMES, ICICI Bank has advertised regarding the LOAN AGAINST PROPERTY.
The bank has advertised regarding its bank account for the Indians across the globe.
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4.
THROUGH RADIO.
If youve been listening in on Radio City 91 FM, chances are you would have heard the latest ICICI Bank advertisement. The ad goes something like this . Attention all NRIs. Just walk-in to the nearest ICICI bank branch, open an account, and collect your free gift. Gifts as per RBI guidelines.
5.
THROUGH BROACHERS
The following are some samples of the broachers with all the details which ICICI Bank uses for creating awareness about its various innovative schemes/services among the public
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6.
THROUGH INTERNET
With the increasing population of internet users ICICI Bank have also made attempt to promote its products/schemes through internet. In fact it is a latest method of communication and gathering information. The user can click on the displayed advertisement to get into the details of the product/scheme.
7.
THROUGH MOBILE PHONES.
Mobile advertising is an innovative and a customer-centric approach to reach promising customers. It includes advertising in the form of SMS, mobile alerts, MMS, mobile games and videos. ICICI Bank promotes its products like Demat, Credit Card and Loan accounts through mobile advertising. At times the bank also give a call to the prospective customers to make them aware about the new schemes and to convince them to avail such facility.
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8.
THROUGH BANNERS
ICICI Bank also places big banners outside their banks, in order to attract the attention of the people.
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Shah Rukh Khan Is the new ICICI Bank Brand Ambassador.

He comes in place of Amitabh Bachchan as ICICI did not renew its deal with Amitabh after it expired in 2002. Announcing this, the bank said that that Shah Rukh Khan was a truly global Indian, who embodied the Indian winning spirit. So after his super hit film 'Main Hoon Na, it is about time King Khan and ICICI bank say 'Hum Hain Na' , which incidentally is the banks extremely popular slogan . While on ICICI, the Bank has established its presence in 12 countries including the UK, Canada, US and the Middle East. Shah Rukh's image and popularity with the Non-Resident Indian (NRI) segment is expected to further reinforce ICICI Bank's global identity.
Life-On your terms' - ICICI Bank's new TVC

What is it that drives you to live life on your own terms; to be so passionate about that something which ignites your otherwise silent eyes? Is it that noiseless but arduous obsession to be an absolute unique? Or, is it that fervent desire to be second to none? Maybe, you are still awaiting the answer. Maybe, you already have it but are beyond all expressions, living the answer sheltered within the womb of an intense feel.
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Shah Rukh is all calm and poised, sitting in his half lit study, wondering what exactly it is that drives him to be what he is. He meditates over the thought and tries to satiate his soul with varied answers. He tries to find a clue to that driving element within his closed self which helps him reach his every passionate desire.
As he sits pondering over his thoughts, his musings evolve into a passionate monologue and finally he finds the answer - answer to that question which was otherwise left unattended.
And finally Khan declares the truth which states that human drive cannot be understood it can only be felt, rather, it has to be felt. He says, "I don't know what drives me. I can't explain it, but I can feel it. When I walk under the lights, when the camera comes on, I can feel it. Every moment I live."
So it chose to launch this new commercial with brand ambassador SRK, skewed only towards those who desire to see those millions in their accounts. And, Ad Pick believes that ICICI has actually hit the bulls eye.
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The energy and innovation, which Khan represents coupled with his popularity, definitely makes him the ideal choice for this ad. Also, the mood that the TVC delivers is absolutely classy, like SRKthus, talking to only those successful gentlemen who vouch upon their inner drive to excel. Since this ad targets a niche market, it really does not have to worry about the universal appeal factor. And consequently, the target hit rate graph definitely rises higher.
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INTERVIEW OF THE BRANCH MANAGER OF ICICI BANK (MIRA ROAD )

I have conducted an interview of Mr., the branch manager of ICICI Bank (Bandra branch) and tried to gather information about the promotional measures adopted by the bank. The following are the details which I was able to acquire from the interview by asking him the following questions. 1. What is the promoting formula of ICICI Bank used to promote their products/schemes? The promoting formula of ICICI Bank is to promote their product is as follows; Media Advertising Direct Mail Press releases Trade Shows Catalogs Sales Guide Magazines/News letter Seminars Word of Mouth Customer relation
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2. Which source of promotion, according to you, is more effective and fetches higher returns in the form of increased customer base? According to me, satisfied customers are our best advertisements. Although, ICICI Bank has its own name and goodwill but still faces competition from other banks. Only way to win the competition is to satisfy the customers to the highest possible extent by serving them better. A satisfied customer will share his experience with other ten and will definitely bring many other customers.
When a person disinterested in the organization speaks good about the concern then it is given worth a lot by the public. It is more trusted by the customers as compared to the formal promotional activities.
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3. Are you coming up with any new advertisement? The bank is coming up with a new T.V. commercial and the tag line is 'Read to Lead'. It is an initiative by ICICI Bank to facilitate education for 1,00,000 children who are currently out of school. It will provide underprivileged children, including the girl child, tribal children and children from remote rural areas, with access to education. The 'Read to Lead' initiative will not create a parallel education system, but will strive to make the current system stronger.
4. How much you spend on promotional activity? In the past two years, the bank has spent Rs 185 crore on advertising and publicity
5. Do you provide any special service in respect of product information to your existing customers? From time to time, ICICI Bank sends information on the latest products and services to their customers. They convey such information by letter, e-mail or the phone and only to those who they think will find these products and services interesting and beneficial. They do respect customers privacy, and appreciate that some of them may not want to be contacted over the phone for telemarketing activities.
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6. What is Moment of Truth? A customer is the one who receives a product or services from us. Caring for customer therefore becomes the focal themes of any marketing strategy. Anytime we deal with the customers, It is a moments of truth. It can occur in three ways: 1. 2. 3. Face to Face Over the telephone Through written communication
Each contact with a customer becomes a Moments of Truth. If we try to do something extra by setting measurable standards and monitoring each moment without giving any chance for dissatisfaction or complaint, it becomes the best services. We should always put ourselves in customers shoes which require a lot of empathy but surely enables to give our best for better customer services which is the soul of marketing of banking services.
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7. Have you come up with any innovative and unique way of promotion? If you need product information and you would like to talk to ICICI Bank executive, ICICI Bank brings you a unique facility Click 2 Call which is absolutely Free! Click to call is a new concept, which ICICI is using for promoting its products and schemes. By this method, ICICI Bank is able to reach to huge number of people because of the success of internet. Due to which more and more information can now be available with its customer. You can let them call you and help you make your decisions
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8. How do you define target audience before you formulate your promotional strategy? It depends upon the scheme or product which we offer. Some scheme is suitable for the higher income group whereas some scheme is suitable for middle income group and so we define our target audience depending upon the scheme. 9. How frequently you modify your promotional strategy and on what criteria? ICICI Bank, at regular intervals collect feedback from the customers and ask them what points they recall, how many times they saw the ad, suggestion for any changes and such other details. Based on this information they modify the strategy.
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RESEARCH METHODOLOGY.
A survey for the better understanding of ICICI Banks promotional strategy was carried out. In the survey, an attempt has been made to find out the comparative analysis regarding promotional policies which are adopted by ICICI Bank and other Banks which includes HDFC Bank, Axis Bank, State Bank of India, Canara Bank and Bank of Baroda. The survey was conducted in Mumbai city. The sample size of the survey was 30 and it involves the use of questionnaire which consists of multiple choice questions. Questionnaire was framed in such a manner that it could be filled up within 5-10 minutes by the person thus saving the time of the interviewee. The profile of the sample customers indicates that only 06 people are between the age of 18-25, because at this stage, a few people start earning, 06 people are between the age group of 25-30, because at this stage, people start earning but spend more instead of saving, 10 people are between the age group of 30-35, at this stage, they begin their financial planning and 08 customers are of 35+ among total sample customers. In the sample plan, about 22 are male customers and 08 are female customers. Only 08 customers are undergraduate, 12 are graduates, 06 are post-graduate and 04 have completed their other professional courses and diploma. Out of the total sample customers 15 were the customers of ICICI Bank, whereas 15 were the customers of other banks like Bank of Baroda, Canara Bank Axis Bank, SBI, etc. Data is represented in TABULAR form and GRAPHICAL form.
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QUESTIONNARIE FOR THE PURPOSE OF THE PROJECT ON PROMOTIONAL STRATEGIES.

AGE: ______________ SEX: ______________ QUALIFICATION: ______________ 1. Through which source you came to know about your Bank or its schemes? -Reference -Advertising -Sales Promotion -Past Generation 2. Opinion regarding the frequency of internal displays of your Bank noticed by you? -Very High -High -Average -Low 3. Opinion regarding the frequency of advertisements of your Bank noticed by you within a week? -Not at all -Once -Twice -More
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4. How frequently you have noticed trade shows of your Bank? -Frequently -Sometime -Never 5. Opinion regarding getting various materials as a special advertisement by you of your bank? -Frequently -Sometimes -Never 6. What are the various materials used for internal display within the bank premises observed by you? -Framed Posters -Hanging Posters -pamphlets -All 7. Opinion regarding the usefulness of the information/advice provided by your Bank through personal selling i.e. by the staff/employees? -Strongly useful -Moderately useful -Not at all useful
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8. Opinions regarding the sales promotional tools adopted by your bank like gifts on occasions, discounts, etc.? -Not satisfactory -Satisfactory -Good -Excellent 9. Which source of promotion do you find more informative? -Personal selling -Advertisements -Word of mouth -Trade shows -Others: _________________ 10. How do you find your Banks performance with regards to its promotional tools? -Not Satisfactory -Satisfactory -Good -Excellent
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FINDINGS OF THE SURVEY.

1. Through which source you came to know about your bank or its schemes? Customers came to know about the bank through various sources like friends , colleagues, or through advertisements on T.V., radio, newspapers ,etc. or through their parents or through sales promotion schemes like discounts , special offers, etc. used by banks. This question has been added to about the various sources of through which the sample customers came to know about the banks.
TABLE 01 SOURCES REFERENCES ADVERTISEMENTS PAST GENERATION SALES PROMOTION ICICI BANK 02 11 04 03 OTHER BANKS 05 05 09 01
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It is clear from the TABLE 01 that most of the customers of ICICI Bank came to know about their bank through advertisements, some of them came to know through past generation and through sales promotion and very few through references. In the cases of other banks, maximum customers came to know about their banks through past generation and some of them came to know through advertisements and through references. There was hardly any customer who came to know through sales promotion. The following Graph is plotted based on Table 01
GRAPH 01.
12 10 8 6 4 2 0
ICICI BANK OTHER BANKS
Ref.
Advg
Past Gen.
Sales pro.
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2. Opinions regarding the frequency of Internal Displays noticed by the sample customers of their banks? It is very essential to find out regarding the opinions of the sample customers about the frequency of internal displays of their banks noticed by them. Internal Displays include every effort done by bank inside its premises to influence the customers coming for any transaction or any enquiry. A scale consisting of various degrees were provided to the sample customers, so that they can easily mark their opinions. Internal Display is not exactly a part of Advertising but its simultaneously used with advertisements.
TABLE 02 FREQUENCY VERY HIGH HIGH AVERAGE LOW ICICI BANK 12 03 00 00 OTHER BANKS 09 04 02 00
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It can be interpreted that ICICI Bank comparatively adopt better internal displays to influence the customers coming to their bank. The following is the graphical representation of Table 02
GRAPH 02
12 10 8
ICICI BANK
6 4 2 0
VERY HIGH HIGH AVERAGE LOW
OTHER BANKS
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3. Opinion regarding the frequency of Advertisements of your banks noticed by you WITHIN A WEEK? This throws light on the frequency of advertisements watched by the customers.
TABLE 03 FREQUENCY NOT AT ALL ONCE TWICE MORE ICICI BANK 00 01 08 06 OTHER BANKS 02 08 05 00
It is clear from the observation that most of the sample customers watch advertisements of their banks and ICICI Bank is the one whose advertisement is being watched by every sample customer.
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The number of sample customers who have never watched the advertisements of their banks are comparatively higher in case of other banks. Every customer of ICICI Bank have watched the advertisements at least once in a week. It can be noted that advertising policies of sample banks are sufficient enough to create awrareness. Most of the sample customers already has basic knowledge of their banks advertisements. It is clear that the customers of ICICI Bank watch the advertisements more frequently than the other banks.It means that ICICI Bank is highly promoting their products, not only to create trust and goodwill but also to attract customers towards their innovative services.
GRAPH 03
8 7 6 5 4 3 2 1 0
NOT AT ALL
ONCE
TWICE
MORE
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4. How frequently you have noticed the road shows/stalls of your
concerned bank? This question has been added to find out whether the banks follow the promotional activities in the form of road shows during the trade fairs or not. This kind of activity is not a part of any banks advertisements, but it is used as a promotional tool to create a synergetic effect on advertisement. Generally, road shows are conducted at the hot spots of the city and stalls are hired in trade fares in every city to touch the maximum number of potential customers of the city.
TABLE 04 OPINION FREQUENTLY SOMETIMES NEVER ICICI BANK 07 08 00 OTHER BANKS 04 09 02
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The above table states that many banks are not following this kind of activity. Because some of the sample customers were not able to state clearly their pinion about the frequency. ICICI bank among all other banks is conducting maximum road shows which is noticed by every sample customer. This is a part of their strategic selling policy. The graph states the same
GRAPH 04
9 8 7 6 5 4 3 2 1 0
FREQUENTLY SOMETIMES NEVER
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5. Opinion regarding frequency of getting various materials as a speciality advertising by the sample customers? Specialty advertising includes distribution of stationary materials like pens , calendars, diaries, etc. to the employees and customers. On one hand, it is helpful in promoting the products of a bank and on other hand, it makes their employees and regular customers happy. These items are generally provided on special occasions like new year , diwali, etc. as gifts. This question gives details about the status of speciality advertising adopted by the sample banks.It is clear from the table that the distribution of speciality advertising is high in the case of ICICI Banks in comparison to the other banks.
TABLE 05 OPINION FREQUENTLY SOMETIMES NEVER ICICI BANK 09 06 00 OTHER BANKS 04 07 04
GRAPH 05
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9 8 7 6 5 4 3 2 1 0
FREQUENTLY
NEVER
It can be interpreted that the frequency of receiving various stationary items is very high among the sample customers of ICICI Bank. It means that these banks are trying to create a long term relationship and are still trying to retain their existing customers.
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6. What are the various materials used for internal displays within your bank premises noticed by you? This question has been added to find out about the various materials used by the banks for internal displays within their premises noticed by the sample customers. Display advertising is one of the conveniences advertising The exterior display is known as window display and interior display is known as counter display. Various forms of internal displays namely framed posters, hanging posters, pamphlets, etc. have been provided to the sample customers as options. And the last option has been provided for the sample customers who have noticed all types of internal displays in their banks premises.
TABLE 06 OPINION FRAMED POSTERS HANGING POSTERS PAMPHLETS ALL ICICI BANK 02 02 03 08 OTHER BANKS 01 07 03 04
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Hence, it can be interpreted that ICICI Bank is doing every effort to prove its presence in the competitive market and to capture the maximum market share. In this order, banks are going with every type of internal display to influence every customer coming to its premises.
GRAPH 06
8 7 6 5 4 3 2 1 0
FRAMED POSTERS PAMPHLETS
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7.
Opinion regarding the usefulness of the information/advice
provided by your Bank through personal selling i.e by the staff/employees? This form of promotion involves personal contact between company
representatives and those who have a role in purchase decisions (e.g., make the decision, such as consumers, or have an influence on a decision, such as members of a company buying center). Often this occurs face-to-face or via telephone, though newer technologies allow this to occur online via video conferencing or text chat.
TABLE NO.- 07 OTHER BANKS OPINION STRONGLY USEFUL ICICI BANK 09 04
MODERATELY USEFUL NOT AT ALL USEFUL
05 01
07 04
The above table states that the customers find the information provided by the employees/staff of ICICI Bank through personal selling as strongly useful. There are 05 customers who find the information as moderately useful. Only a single customer out of the sample customer states that the information provided is not at all useful.
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The responses of the sample customers regarding the information provided is very positive. Maximum of them find it as moderately useful, 04 of them find it as strongly useful, whereas the remaining customers find it as not at all useful. The table is represented in the graphical form below.
GRAPH 07
9 8 7 6 5 4 3 2 1 0
STRONGLY USEFUL
NOT AT ALL USEFUL
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8. Opinions regarding the sales promotional tools adopted by your bank like gifts on occasions, discounts, etc.?
TABLE NO.-08 OPINION NOT SATISFACTORY 06 04 ICICI BANK OTHER BANKS
GOOD
07
07
EXCELLENT
02
04
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The above table clearly indicates that Other banks are adopting better sales promotional strategies than ICICI Bank. 07 customer of ICICI bank finds it good and only 02 of them find it excellent, whereas 06 of them find it not satisfactory. On the other hand, 07 customer of other banks find the sales promotional strategies of their banks good and 04 of them rate it as excellent. But 04 of them even have the opinion that it is not satisfactory.
The graph gives a clearer picture regarding the opinion of the customers
GRAPH 08
55
7 6 5 4 3 2 1 0
NOT EXCELLENT
SATISFACTORY
9.
Which source of promotion do you find more informative?
This question was added to find out which source of promotion the customers find more informative. The customers of ICICI bank view personal selling as most informative followed by trade shows and then advertising and they consider word of mouth as least informative.
On the other hand, the customers of other banks view trade shows as least informative followed by advertising whereas again personal selling is more informative according to them.
56
TABLE NO.-09
OPINION
ICICI BANK
OTHER BANKS
ADVERTISING
02
02
PERSONAL SELLING
06
012
TRADE SHOWS
04
01
WORD OF MOUTH
03
00
The following graph explains the above table in a simpler way
GRAPH 09
57
8 7 6 5 4 3 2 1 0
ADVERTISING TRADE SHOWS
10. How do you find your Banks performance with regards to its
promotional tools? This question was added to know abour the overall performance of banks regarding their promotional tools. It was found that none of the customer of ICICI bank is unsatisfied with its promotional tools and 09 of them rate it as good whereas the remaining rate it as excellent.
In case of other banks, maximum have rated it as good and 03 of them have given the rating as excellent. But 04 of them are not satisfied with the promotional tools adopted by their bank.
58
TABLE NO. -10
OPINION
ICICI BANK
OTHER BANKS
NOT SATISFACTORY
00
04
GOOD
09
08
EXCELLENT
06
03
The above table can be better understood by considering the following graph.
GRAPH 10
59
9 8 7 6 5 4 3 2 1 0
NOT SATISFACTORY EXCELLENT
60
RECOMMENDATIONS
61
Some of the recommendations suggestible for promotional strategies of ICICI Bank or other banks are as follows. Some of these suggestions are also based on the findings of the survey. 1. 2. 3. 4. 5. Banks can provide online facility for searching and comparison of Banks can also create rooms to increase warm relationship with their Banks can provide various web based trouble shooting software to Other sample banks are already enjoying brand loyalty, in spite of this Click2call model can go a long way in saving cost and time and can
various banking products present in market. customers. assist customers. they need to emphasize on their sales promotion and advertising. be a very good channel of promotion as well. As it is a new concept the chances of going well is higher. 6. Word of mouth is the best way for a good publicity and therefore the banks must try to satisfy the customers to the highest level. The satisfied customer is the best advertisement.
62
CONCLUSION
63
The conclusions are based on the findings of the survey, personal observation and the interview. 1. Most of the customers of ICICI Bank came to know about it through
their advertisements and the customers of other banks came to know about their banks through past generation. 2. Number of customers who have seen the advertisements of their banks more frequently are more in case of ICICI Bank. Hence it can be concluded that advertising frequency is high in ICICI Bank. 3. Internal displays in the form of posters, banners, etc., within the bank premises is high in ICICI bank to influence every customer who are coming to the bank. 4. 5. ICICI bank is decorating its internal premises by using framed ICIC bank is conducting trade shows during trade fairs more posters, hanging posters, pamphlets, etc.but it is less in case of other banks. frequently as compared to other sample bank sand it is also providing their own printed pens, diaries,etc to their concerned customers. 6. All the sample banks are providing their own printed diaries, calendars, pens and other stationery as gifts to their customers on special occasions but the executive bags are provided by ICICI Bank only to their executives. 7. The information provided by the personnel of banks is found to be more informative in case of ICICI Bank as compared to other banks.
64
8.
The customers of ICICI Bank are highly satisfied with the
promotional policy of the bank. And the customers of other sample banks find it good i.e neither unsatisfactory and nor excellent. 9. It has been found that there is an insignificant difference between the promotional policies of ICICI Bank and other sample banks.
65
66
BIBLIOGRAPHY
MAGAZINES:
-Professional Banker (April 2007, January 2008, March 2008 ) -Advertising Express (Novenber 2007, Febrary 2008, Juna 2008)
ICICI BANKS JOURNALS.
ICICI BANKS BROUCHERS.
WEBSITES:
-www.agencyfaqs.com -www.icicibank.com -www.advertisingexpress.com
67

Declaration: Promotional Strategies of Icici Bank

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PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

Signature of the Principal ordinator [Dr.S.G.A.Zaidi]

Signature of the Project Co[Furquan Shaikh]

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTION MIX ICICI BANK-AN OVERVIEW

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

Advertising Involves non-personal mostly paid promotions often using mass

Sales Promotion Involves the use of special short-term techniques, often in

Public Relations Also referred to as publicity, this type of promotion uses

Personal Selling As the name implies, this form of promotion involves

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

DIFFERENT WAYS OF PROMOTION ADOPTED BY ICICI BANK.

ICICI launched a scheme stating HUM HAIN NA which was

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

THROUGH MOBILE PHONES.

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

Shah Rukh Khan Is the new ICICI Bank Brand Ambassador.

Life-On your terms' - ICICI Bank's new TVC

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

INTERVIEW OF THE BRANCH MANAGER OF ICICI BANK (MIRA ROAD )

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

QUESTIONNARIE FOR THE PURPOSE OF THE PROJECT ON PROMOTIONAL STRATEGIES.

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

FINDINGS OF THE SURVEY.

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

PROMOTIONAL STRATEGIES OF ICICI BANK

ICICI BANK OTHER BANKS

PROMOTIONAL STRATEGIES OF ICICI BANK