Mix Marketing Of HDFC Bank
Since its establishment in 1978, Housing Development Finance Corporation, or HDFC as it is called locally in India, has actively participated in financial and supportive financial operations for businesses and services across the country.
In 1994, when India was undergoing a financial revamp and the entire structure was being privatized and liberalized for the improvement of the financial framework, HDFC became well-known as a private bank.
Since then, the bank has developed and evolved to the point that it is currently among the best in the country with the most trustworthy customers.
One of the top two banks in India is HDFC thanks to its strategic marketing, attractive financial product development, aggressive expansion, and, most importantly, first-rate customer care. (ICICI and HDFC are constantly at odds)
The marketing strategy for HDFC is covered in this article. The company’s rise is largely down to its marketing mix, which has elevated it to the status of one of India’s most coveted banks.
Table of Content :
— Product Strategy
— Pricing Strategy
— Place Strategy
— Promotion Strategy
Product Strategy Of HDFC Bank :
Although HDFC focuses primarily on providing banking services, it also provides a wide range of other financial products. Products like HDFC ergo, HDFC life, and HDFC home loans are among them. The breadth of financial products that HDFC offers is huge.
The USP of HDFC is that it creates products that are competitive, ensuring excellent market reaction and virtually endless business life. Given its size, HDFC has developed its products to meet the escalating demands, wants, and expectations of its clientele. In terms of banking, its products include its services, such as Net Banking and ATMs.
A major driving force behind its success as a bank is the fact that it continues to live up to its heritage as a housing finance corporation and offers a wide range of loans for buying homes, building and renovating them, buying housing land, apartments, etc. with maximum loan coverage of up to 85% and maximum repayment periods of up to 20 years.
Given that the company is in the services industry, the distribution provides the main support for the product. As a result, after the product, the location and distribution of HDFC bank services are crucial to the company’s success.
Pricing Strategy Of HDFC Bank :
Because of its acceptable yet profit-driven price structure for its services, HDFC is well recognized for controlling a sizable portion of the Indian banking market. To some extent, this is justified because any business must contend with market challenges and maintain inflation. Premium competitive pricing is offered by HDFC Bank.
The price is higher when compared to national and PSU banks since a large minimum deposit is needed to create an account. However, there are also several regulations that follow RBI principles and are competitive in nature, such as home loan interest.
As a result, the market, not the company, determines how much these things cost. It offers affordable loans with a maximum repayment period and no interest. rates to both current and potential clients.
In addition to ordinary fees, it does not charge anything for ancillary and related services such as cheque replacement, advance loan repayment, takeover, etc., which is quite justifiable. As a result, HDFC is sometimes priced higher than the competition, while in other locations it is priced similarly.
Place Strategy Of HDFC Bank:
Amazingly, the bank has 3488 branches spread over 2231 cities in the world. Its main office is in Mumbai, India. In India, HDFC Bank operates 11,426 ATMs. The bank’s services are also provided via a first-rate net banking service, phone banking, mobile banking, and SMS banking in addition to ATMs and branches.
In order to focus on its sizable business clientele and be available for its retail consumers, HDFC makes sure it is present. Banking is a complex activity since it involves some sensitive and security-sensitive procedures that must be carried out regularly with little room for error and that cannot operate in a dangerous environment.
To ensure that all daily confidential processes are carried out when these requirements are properly satisfied, placing these facilities becomes a very thoughtful function in and of itself.
HDFC has overcome these obstacles by locating its operational facilities in some of the most easily accessible locations throughout cities and towns, which are made available to its numerous account holders at strategically placed branches.
Promotion Strategy Of HDFC Bank:
HDFC has always planned and carried out its marketing initiatives in a way that is appropriate for its service portfolio. It also maintains a 360-degree approach to the design of its advertisements, campaigns, and marketing initiatives in general.
These marketing initiatives include a range of subtly messaged television commercials, a more recent and creative technique of promotion through the placement of signboards and milestones in rural areas of the nation in the local or native language, and the posting of “No Parking” signs in front of homes and businesses.
These activities have promoted its connection with the general public and made a potential client base associated with the name, i.e. HDFC. Utilizing generic marketing strategies, HDFC primarily aims to introduce its financial solutions to everyone.
mainly because banking services are mass-market goods. However, Relationship managers and wealth managers with extensive training are utilized to keep HNI clients with HDFC. As a result, this service is also a marketing tool for HDFC. The goal of the promos is to publicize HDFC as widely as possible at the end.
Do you desire more information? Visit our website to learn more. You can also look at the Digital Marketing course offered by ediify.com if you’re interested in learning more.
Also Read:
— MIX MARKETING OF KOTAK MAHINDRA BANK
— SWOT ANALYSIS OF KOTAK MAHINDRA BANK
— Detailed Case Study on Marketing Strategy Of Kotak Mahindra Bank
