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E-Marketing in Finance Service Assignment
E-marketing also known as a web marketing’ online marketing’ or internet marketing or digital marketing is the latest concept of marketing in which a products or services is marketed using modern and latest communication technology and world wide web. There are different tools available to be used in e-marketing campaign which is used for different promotional purpose and according to marketing strategy. There are various tools like e-mail campaigns’ websites’ personalized URL’S’ online directories’ advertisement and online banners’ virtual partnerships’ web 2.0 strategies’ search engines optimization etc which are used in an e-marketing campaign.
Financial services and banking
Banks are the largest financial service providers in UK. The other institutes are insurance companies’ nonbanking financial companies’ and financial advisors which deal in financial services. As if now financial service provider were conventionally slow than other industries in developing an integrated solution but now they are developing it with a rapid speed. The chief benefit of adopting services of e-bankingand financial services is that it reduces the cost of services to an unbelievably low level and gives the banks a competitive edge over others in market. It also makes the communication two ways and interactive in nature thus a scope of continuous evolvement is always present in it. (Rocco Ciciretti 2009)
The banks are adopting a multi model and multi-channel interactive system in today’s e-marketing era to make their system so robust in nature that they can provide personalized services to each customer and become so flexible in nature that it can adapt to any change in international market. Banks and financial services are providing personalized URLS to its big or important customers. Banks are able to provide secure connections to them by which they can transact from anywhere at any time. Majority of banks are connecting with each other through an integrated web network especially with foreign countries so that they can provide efficient and smooth services across borders. This collaboration has been made possible by internet only. The services like online transfers’ deposits’ internet banking’ is more and more used by today’s customer as it is more convenient for them to use rather than visit a branch.( Arthur, W. 1996),
Similarly marketing related skills like brand identity formation’ brand image management’ running different loyalty programs’ maintain customer services and marketing communication all are enhanced by using modern technology and e-marketing. The social networking sites are playing a very key role in building brand identity and image these days as these sites are more close to ground realities and pulse of young generation. Social media marketing is a powerful and exciting opportunity for financial services brands. But most companies are still not sure about it and not realizing that the one who moves faster will have an early mover’s advantage because they will be able to integrate it their sales, marketing and communication mix. Social media is making us able to listen to the ground reality and listening to the real opinions of customers not the refined or researched version. In today’s business environment staying close to the customer is the best way to keep on moving and growing companies who will not update themselves with these changes are going to be losing on build social media marketing strategies. Banks are hiring specialist who can manage their brands on social networking sites and blogs. (Applegate, L. 1995),
Governance in banking and financial institutions is also one very important issue which can be benefited by online services and e-marketing. Online services enhances transparency in procedure as human involvement is minimal so biased decisions or favours cannot be involved in them and thus they remain better governed and well respected. The services also remain more customer focused and market driven. This makes them flexible enough to respond to market needs and change accordingly.( Black, N. et.al2001),
With the help of e-marketing the banks will be able to target its market segments more specifically and focuses on their needs and requirements in a very efficient way. The service provided can be so personalized and customized to suit the individual needs that various market segments which were earlier not considered are now a very important segments. The latest example is of microfinance which was not in existence a few years back is now one of the most growing market of banking. It involves the bottom of the pyramid mass population as a segment. (Aladwani, A.M. 2001),
Digital marketing also enhanced the chances of cross selling of products or services. There are many banks or financial institutes which provides other products also like insurance’ policies’ mutual funds’ equity linked funds’ etc Once the customer visits the websites or talk to an interactive voice or executives they can give scheme by which customer can be attracted into various other products or services which are profitable to banks by linking them to other services.(Paulo guenzi 2003),
Day and Schoemaker have identified a framework for seven key issues in management of emerging technologies like e-marketing. They key issues are as follows
- Evolution of emerging technologies
- Designing and managing alliances
- Strategies for participating in emerging technology
- Developing products and services for new markets
- Designing organizations to compete in emerging technologies
- Management of intellectual property
- Evolution of emerging technology based industries
In the end the raising question among each marketer is about the long term sustainability of e-marketing. They are not sure if this is just a onetime fad which will get absolute if a competitive technology evolves in future which will provide better solutions or this is a real concept which will keep on evolving and developing with time. One thing is for sure that e-marketing has developed into a recognized branch of marketing now but it is different in so many basic concepts of traditional marketing that the traditional marketing guru are sceptical about its acceptance and still waiting for some time to see how the future of e-marketing goes and will it be actually able to replace the whole conventional concept of marketing.
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- Paolo Guenzi, (2003) "Antecedents and consequences of a firm's selling orientation", European Journal of Marketing, Vol. 37 Issue: 5/6, pp.12-23
- Aladwani, A.M. (2001), “Online banking: a field study of drivers, development challenges, and expectations”, International Journal of Information Management, Vol. 21 No. 3, pp. 25-112.
- Anderson, J.C. and Narus, J.A. (1990), “A model of distribution firm and manufacturer firm working partnerships”, Journal of Marketing, Vol. 54, January, pp. 42-58.
- Black, N., Lockett, A., Winklhofer, H. and Ennew, C. (2001), “The adoption of internet financial services: a qualitative study”, International Journal of Retail & Distribution Management, Vol. 29 No. 8, pp. 390-8.
- Business week (2001), Net Banks? No Thanks, available at: www.businessweek.com/archives/ 2001/b3718032.arc.htm
- Applegate, L. (1995), ``Electronic commerce: trends and opportunity'', Harvard Business School Case No. 9-196-006, October 6.