The world’s renowned financial institution Bank of America has a full range of financial products/ services from asset management to investing & banking, to address the growing and changing needs of the customers. With 4500+ retail touch points, 16000+ ATMs and technologically advanced & seamless online banking platform Bank of America is emerging as a global leader in the financial market.
Segmentation, targeting, positioning in the Marketing strategy of Bank of America –
Bank of America (BOA) uses demographic, psychographic segmentation variables to cater the financial needs of the customers. It helps BOA to remain focused and provide tailor-made financial services to retail and corporate customers.
It uses selective targeting strategy to target the particular set of customer segments and mobilize maximum business out them through cross-selling and up-selling.
Bank uses products/services and pricing based positioning strategies to the create perception in the mind of the consumers.
Marketing mix – Click here to read the Marketing mix of Bank of America.
SWOT analysis – Click here to read the SWOT analysis of Bank of America.
Mission- “Making financial lives of people who do business with us better”
Vision- “Not available”.
Tagline-“Life’s better when we are connected”.
Competitive advantage in the Marketing strategy of Bank of America –
It has Diversified and a full range of financial products whether it is investment banking, wealth creation or banking products/services, it is helping the company in maintaining a long-lasting relationship with the customers at the same time augmenting the fee-based income of the company.
The customer profile is one of the most important aspects when it comes to customer acquisition cost and operational cost. BOA have tech-savvy, middle or upper-middle-income customers who are more inclined to online rather than branch banking, which is helping the company to be innovative and at the same time control its cost thereby maximising its profit.
BCG Matrix in the Marketing strategy of Bank of America –
In the BCG matrix, Bank of America has business lines which are Stars in their segment and is one of the leading players in the markets it is operating.
Distribution strategy in the Marketing strategy of Bank of America –
With its network of ATMs and retail financial center, BOA has created the touch points to address the needs of the customers. 71 % of the consumers of BOA out of total 46 million are the active users of online banking and more than 45% are active users of the mobile app of Bank of America.
Brand equity in the Marketing strategy of Bank of America –
Positive word of mouth, working closely with 81 % of the fortune 500 companies has helped the company to have high TOMA (Top of mind awareness). Believing in Glocal strategy and increasing its referral business from 300000 referrals in 2010 to 5 Million Referrals in 2015 has helped the company in pitching its brand in the potential market.
Competitive analysis in the Marketing strategy of Bank of America –
Bank of America has the presence in Banking & wealth management services to cater to the growing needs of the customers. Merrill Lynch & U. S trust is the famous subsidiaries that the BOA has which helped the company to be competitive and at the same offer the bouquet of financial products/services under one roof.
Market analysis in the Marketing strategy of Bank of America –
The company is facing stiff competition from national, MNC and NBFC’s who are eating up the market share of Bank of America. Being present and leading in some of the developed nations has helped the company to be way ahead of its competitors.
Customer analysis in the Marketing strategy of Bank of America –
Mobilising saving funds and motivating people to start investing is the basic objective of the banking industry and BOA is not an exception to this. Customers of BOA are middle-income group individuals who are looking for the financial solutions.
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