Marketing of Financial Services

Rationale

With competition increasing every day and the mounting pressures that characterize tough economic times, you need proven marketing techniques to generate demand for your products and services.

Banks, Insurance companies and many other financial services offer similar products and services mostly. What distinguishes one from another therefore will be the quality and uniqueness of services rendered, plus the marketing strategies deployed. This programme is packaged to deepen the participants’ knowledge in service delivery and also enhance their marketing skills that will position them for innovative and excellent service delivery.

In addition to the classical concepts the course offers, the course employs a wide array of case studies, templates, and Excel sheets to help participants acquire the right marketing competencies and apply them in a seamless and professional manner.

By the end of the course, participants will be able to:

• Define the marketing framework of a financial organization
• Conduct marketing audits and analysis to better examine the micro and macro environments
• Combine best practices, tools and models to implement an effective marketing and sales management system
• Develop strategies, initiatives and programs to build and sustain a competitive market advantage
• Apply planning and the execution of advanced marketing strategies to enhance organizational results
• Appreciate how to make financial services and products unique and do their marketing in a special way
• Acquire detailed knowledge of marketing concepts, techniques, skills and tools needed as operators in the financial service industry

The training course will be of interest to a wide range of marketing, PR, communications, sales and operations professionals. It is of special value to marketing managers in firms, businesses, organizations and institutions of all sizes and in all sectors.

• Marketing planning of financial services
• Marketing audits in financial sectors
• Macro and micro environments analysis
• Marketing communications
• Marketing research
• Marketing & selling of financial services

Course Coverage

DAY ONE

Overview of Marketing and Financial Services.

• Marketing concepts and definition: marketing vs. sales
• Marketing of services and marketing of physical goods
• Characteristics of financial services
• Need for marketing in the financial services industry
• Variables in the financial services environment
• Constraints on the effective marketing of financial services
• Conditions for effective marketing of financial services.

Financial Services Marketing Strategies

• Rationale for marketing strategies
• Formulating marketing strategies
• Element of creative marketing strategies
• Strategic options in financial service
• Types of marketing strategies

Marketing Planning

• Marketing planning horizon (Short term, Medium term & Long term)
• Objectives of marketing plan
• Process of developing marking plan
• Benefits of marketing plan
• Element of marketing plan
• Conditions for successful implementation of marketing plan
• Success factors in marketing plan
• Reasons why marketing plans go wrong

DAY TWO

Marketing Research in Financial Services

• Objectives, Scope, Types (market-oriented analysis and consumer-oriented analysis) and uses of marketing research
• Procedures / processes of marketing research 
• The role of research of marketing of financial services
• Sources of marketing research information
• Characteristics of a good marketing researching
• Benefits of marketing research

Understanding Consumer Behaviour

• Internal influences on consumer behavior, attitudes, motivation, personality and self-concept, learning and perception
• External influences on consumer behavior, groups social cultural factors
• Consumer buying process / bank selection process and criteria and its marketing implication in the banking industry
• Marketing implications of consumer behavior in the banking industry

Promotional Mix

• Objectives of promotion
• Communication mix
• Determinants of promotion
• Advertising: Definition, media type, basis for selection of media for effectiveness
• Personal selling concepts: Merits and Demerits
• Professional Selling Skills & Motivating the marketing officers
• Sales promotion: objectives, factors influencing it, tools, implementation and evaluation of promotion results
• Publicity: Definition, implementation of publicity plans

DAY THREE

Customer Relationship Management

• Basic concepts of customer relation
• Principles of customer relationship management
• Framework for customer relationship management
• Implementation of customer relationship management programme
• Customer relationship management strategies.

Customer Care for Business Success

• An integral part of customer relationship management
• Defining the customer: (internal, external, existing, former, potential, indirect and ultimate customer)
• Customer management stage analysis
• Why and how customer care fails
• Customer care is people business

Ethical Marketing

• Ethics in banking/financial marketing
• Setting and monitoring ethics standards
• Developing and maintaining an ethical organizational environment
• Empirical examples of unethical practices in marketing and the sanction