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Consumer Behavior Perspective on ICICI Bank

BY-

KUNAL BHASNEY

Flow of Presentation
Introduction ICICI BANK Major Competition 7 Ps of marketing in context with Banking industry Product Segmentation Targeting Positioning Perception Marketing Strategies Advertisements References

INTRODUCTION
The Industrial Credit and Investment Corporation of India Limited incorporated at the initiative of the World Bank, the Government of India & representatives of Indian industry, with the objective of creating a development financial institution for providing mediumterm and long-term project financing to Indian businesses

ICICI Bank
ICICI Bank is India's second-largest bank Largest private sector Bank in India Total assets of Rs. 4,062.34 billion (US$ 91 billion) at March 31, 2011 Profit after tax Rs. 51.51 billion (US$ 1,155 million) for the year ended March 31, 2011 The Bank has a network of 2,543 branches and 7,037 ATMs in India, Presence in 19 countries across the globe including India.

MAJOR COMPETITION
Public Banks State Bank of India Bank of India Bank of Baroda Central Bank of India Union Bank of India Canara Bank Dena Bank Allahabad Bank And many others Private & Foreign banks HDFC Axis Bank IndusInd Bank Standard Chartered HSBC Yes bank Barclays bank Deutsche Bank And many more

This what the customers wants

FUNCTIONAL WANT
Quick and 24 hrs service. Wide spread ATMs. Quick money transfer. Easy availability of loan.

7 PS of Marketing(Banking)

PRODUCT
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.

BASIS FOR SEGMENTATION


Occupation
Different products for different occupational segment identified

Income
Minimum balance serves as a income segment barrier

Geographical
Concentrated on Tier 1 & Tier 2 Cities trying to extend reach

Age
Different products like student account

Hum hain na!

TARGETING
Geographic: Most of the customers belong to Section (A) cities and urban areas of (B) cities. Demographic: Their target customers are mostly of Fullnest(I), Fullnest(II), and DINK. Psychographic: Their services are generally target towards

FULLFILLERS (principle oriented)


Mature/satisfied/comfortable/reflective Favour functionality /durability/value in products

EXPERIENCER (action oriented)


Young/enthusiastic/impulsive/rebellious.

TECHNO SAVVY
High Techno Savvy and Medium techno savvy.

TARGETING
Differentiated Marketing Strategy
Tailors its marketing campaigns to meet the needs of its target prospects Creates differentiated product offering for different segment Use of technology in tracking customer segment

Hum hain na!

POSITIONING
Billion Dollar Question in 2004 -

Which is Indias Largest Bank ?


SBI - the Big Daddy of Indian banking
- a bank which started nearly 200 years ago - continues to be more than 50 % owned by the RBI - known as the banker to the government. -assets of $ 126 billion (Dec 2005) -network of 13,813 branches

ICICI closest competition a distant second


assets of $42 billion (Dec 2005) network of 1400 branches.

POSITIONING
To Dominate Retail Business & Customers Mindshare in India
In 2001 03, SuperStar 'Amitabh Bachchan' as the Brand ambassador , complimenting the brand values: Towering personality Perceived as trustworthy Impeccable lineage
Mrs. Chanda Kochhar, the then Senior General Manager said, "Mr. Bachchan's universal appeal will help us to effectively communicate our brand message -- that customers will find it safer, simpler and smarter to transact with ICICI -- to a very diverse customer base encompassing people from all sections and life-stages."

POSITIONING
Reaching out to the Global Indian
In 2006, ICICI Bank Limited, signed up Bollywood superstar ShahRukh Khan as its global brand ambassador.
"Having established our leadership in the retail business over the last five years, the bank is now poised to scale new heights in the global arena" ICICI Bank MD & CEO KV Kamath said. ICICI Bank Joint MD., Lalita D Gupte said that the bank's association with SRK, whose global popularity has been increasing, brings synergy to the bank's growing global presence. SRKs image and popularity with the NRI segment will further reinforce ICICI Bank's global identity, the bank said in a statement.

MEASURING PERCEPTION

FOCUS AREAS OF MARKETING EFFORTS


Target marketing and customer acquisition Share of wallet Channel strategy and management Relationship management and database marketing Product development & innovation Credit approval

MARKETING STRATEGY
Introduced concept of branding in the Indian banking industry Process, People and Physical evidence brought to life by ICICI

Cash on the celebrity fever Introduced the concept of brand


ambassadors Unleashed the power of the internet introduced the concept of net

banking and e-mail marketing


First bank to focus on retail banking as a driver for growth Comprehensive data centre availability & data protection solutions

Described by the competitors and industry expert in one word


Aggressive

PROMOTION
ICICI has spent Rs 185 crore in 2006/07 on advertising and even roped in Amitabh Bachchan as brand ambassador and latest being Shahrukh Khan to come close to its customers. The Cheques presented to winners in the first 2 versions of the famous game show - Kaun Banega crorepati were ICICI Bank cheques. Coupons system at bank counters, mobile alerts, better customer service build up differential advantage for ICICI bank.

A man strolls down a beach, "Zindagi naam hai, mushkil ko aasaan banaane ka. Zindagi naam hai zindagi ko aasaan baane ka."

Cut to a house, a man addresses the members, "I am Ajay Sharma from ICICI. Ma'am your home loan has been sanctioned."

Amitabh Bacchan turns to face the camera, "Bas. Ek bharosemand saathi hona chahiye."
Hum hain na!

MVO: "Saathi jo zindagi ko aasan banaaye." Super: 'ICICI Group. Saral. Surakshit. Samajhdar.'

A couple enter ICICI Bank and are served coffee as they wait to open an account.

Super: How long does it take to open an account with ICICI Bank?

The man takes a swig from his cup... Super: Before your coffee goes cold. The executive smiles at their...

Hum hain na!

... disbelief and hands over the documents. VO: Have you opened an ICICI Bank account as yet?

REFERENCES

www.icicibank.com www.google.com IIBF Vision A monthly Newsletter on Banking and Finance Business Today Weekly Business Magzine Newspapers
Hum hain na!