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What Is The Role Of Marketing In Banking Sector?

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Connor Sephton answered
Banks play a large role in the economy of every country in the world. They offer a large and ever expanding number of services to the public and private sector such as long and short-term loans, annuities, savings accounts, mortgages, financial advice, and other financial services. Today people want more and more innovative services and with more competition in the banking  industry, advertising has become much more common and it is vital for banks looking to survive in a tough market.

One of the main jobs for a banking executive today is to identify who their target market is and to market services that will appeal to that segment. Part of identifying your target market is determining the age, race, and ethnic make-up of the main customers and designing a campaign that will appeal to that group of people. If the target market for example is young married couples a good marketing campaign may involve long-term savings programs, college funds for any children they may have, and loans for a home.

If the target market is older couples who are in general better off financially the focus should be accounts that pay a fair market rate in interest. Since people in this category tend to have larger bank balances offering them more for their money makes it much more likely that you'll land their business and loyalty.

Banks are getting more serious about marketing and it shows. All you have to do is watch television for a short period of time and you'll see a number of ads for banks that have branches all over the country. Expect this trend to continue as banks add more services in attempt to get more return on their money. In a competitive marketplace, effective marketing can be the difference between success and failure.

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