Marketing Mix of ICICI Bank and 7Ps (Updated 2024)

The Marketing mix of ICICI Bank analyses the 7Ps of ICICI Bank, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of ICICI Bank. ICICI Bank is an Indian Public Ltd. company providing finance and banking services. This multinational bank is India’s second-largest in market capitalization and assets. This banking and financial institution was founded in 1994. The bank’s present chairperson is Mr. K. V. Kamath, and Ms. Chanda Kochhar is the CEO and MD. ICICI Bank is determined to improve the understanding between the employees and the customers for a long-lasting relationship.

The bank’s objectives include creating and expanding private concerns with modern facilities and banking infrastructure. It has also initiated ‘Go Green’ to develop environmental awareness. ICICI Bank has created a platform that single-handedly gives all its customers options of online banking, i-mobile banking, internet banking, and IVR banking under one roof.

ICICI Bank marketing mix shows it has many competitors in the banking arena, which motivates it to give its best possible services. Some of their chief business rivals are as follows.

• State Bank of India
• Bank of Baroda
• Axis Bank
• Bank of Punjab
• HDFC
• Central Bank of India

About ICICI bank

• Type: Commercial bank
• Industry: Banking
• Founded: 1955
• Founder: World Bank, Government of India
• Headquarters: Mumbai, India
• Area served: India, US, UK, and other countries
• Key people: R.K. Bansal, MD and CEO, ICICI Bank UK
• Number of employees: Over 200,000

ICICI Bank Product Strategy

ICICI Bank provides a variety of banking products for all its customers. The primary product of ICICI Bank is its excellent customer service. The bank is known for its 12-hour operation and out-of-the-box customer service initiatives. It has an equal focus on retail customers and customers belonging to the corporate world.

The new Product Mix of ICICI Bank in 2024 is as follows (Source).

1. Consumer Banking: This encompasses various deposit accounts like savings, recurring, and fixed deposit accounts. Special accounts are also available for senior citizens and teenagers.
2. Cards: The bank offers a variety of cards, including credit cards, travel cards, and debit cards.
3. Investment Banking: Customers can access various options such as Tax Saving Bonds, Mutual Funds, Foreign Exchange Services, and investments in pure gold.
4. Loans: ICICI provides personal loans, loans for medical and farm equipment, vehicle loans, and loans against securities.
5. Finance: The bank has a strong portfolio in channel finance, among other financial services.
6. Corporate Banking and Insurance: Offering an extensive portfolio of insurance options and services tailored for corporate clients.
7. Wealth Management and Private Banking: Focused on providing personalized financial solutions and services.
8. Mortgage Loans: A significant part of ICICI’s revenue comes from mortgage loans, with systems in place to ensure they are offered to reliable customers.

ICICI Bank Pricing Strategy                                                             

ICICI Bank’s pricing strategy is a nuanced blend of competitive positioning and value-based pricing designed to cater to a diverse customer base while maintaining a solid market presence. Here’s an expert breakdown of their strategy:

1. Value-Based Pricing: ICICI Bank’s services are priced based on the perceived value they offer to customers. This approach aligns the price with the comprehensive benefits and conveniences the bank’s products provide, ensuring that customers feel they are receiving fair value for their money.
2. Premium Positioning: Compared to public sector or second-tier banks like Kotak Mahindra, ICICI positions itself as a premium bank. This premium pricing reflects its high-quality services, innovation, and the sophisticated banking experience it offers.
3. Competitive Market Strategy: Operating in a highly competitive environment, ICICI Bank’s pricing is crafted to be attractive and competitive. The bank regularly analyzes market trends and customer behavior to adjust its pricing strategies, ensuring it remains a strong contender in the banking sector.
4. Revenue through Volume: Targeting a substantial market share, ICICI Bank’s pricing model is based on generating revenue through volume. This involves an aggressive pricing policy focusing on acquiring low-cost funds and offering competitive rates to attract and retain a broad customer base.
5. Dynamic Pricing Models: ICICI Bank frequently evaluates and adjusts its rates to align with its financial objectives and customer needs. This dynamic pricing strategy is vital in responding to economic changes and market conditions, ensuring flexibility and relevance in its offerings.

ICICI Bank Place Strategy

ICICI Bank’s operation has spread all over the globe, and it has subsidiaries and branches in 19 countries like Russia, the United Kingdom, Canada, Singapore, the US, Hong Kong, and Qatar.

In India, ICICI Bank has a vast setup of 11,162 ATMs and 3,800 branches. Suitable places to set up ATMs and Branches are shortlisted and finalized so that services can be provided to a maximum number of people. While setting up such places, the safety and security of both the bank personnel and the security risk of the users are kept in mind.

Here’s the place strategy of ICICI Bank.

1. Global Presence: ICICI Bank has expanded its operations globally, with branches and subsidiaries in 19 countries, including major financial markets like Russia, the United Kingdom, Canada, Singapore, the United States, Hong Kong, and Qatar.
2. Extensive Domestic Network: Within India, ICICI Bank boasts a substantial setup with 11,162 ATMs and 3,800 branches, ensuring widespread customer accessibility nationwide.
3. Strategic Location Selection: The bank carefully selects locations for its ATMs and branches to serve the maximum number of people while considering the safety and security of both bank personnel and users.
4. 24/7 Service Availability: ICICI Bank’s physical locations, including branches and ATMs, serve as distribution channels for its banking facilities, offering services around the clock to accommodate customer needs at any time.
5. Emphasis on Modern Facilities and Information Centers: All branches are equipped with modern facilities, and the bank has established various information centers to address customer queries, reflecting its commitment to combining technology with customer service.

ICICI Bank Promotion Strategy

The ICICI Bank’s marketing and promotion strategies comprise direct and indirect communication with the customers. Besides emphasizing the modernization of its banking facilities, stress is also laid on the benefits of using the bank’s services. The benefit of each product is highlighted so that the clients become impressed and are forced to take advantage of the services of this bank.

Under the promotional strategy, ads have been placed in the print media, and famous personalities have been roped in for visual media. It has been a massive boost for ICICI Bank to hire Amitabh Bachchan, the renowned actor, in the advertisements. All the ads related to the bank denote ‘trust,’ which has helped them immensely as trust is a rare commodity in financial transactions today.

Promotions are also done through films like Baghban. Technology has been used to its maximum potential in the bank branch, tracking customers’ wishes and demands. ICICI and Amway have allied with a credit card that can be used internationally. The bank has also patched with Indian Railways, and many services are provided for the customer’s benefit.

ICICI Bank’s tagline, ‘Hum Hain Na,’ is very appropriate because it promotes credibility, trust, and financial solutions to every customer. It has been successful in its endeavor to project a sophisticated image with modern concepts.

Some Recent Video ads and Print ads for ICICI Bank are:

ICICI Bank People Strategy

The “People” component of the Service Marketing Mix is crucial, especially for a financial institution like ICICI Bank. It encompasses not only the employees and management but also the culture and the value they bring to the customer experience. Here are several points highlighting the “People” aspect of ICICI Bank:

1. Employee Training and Development: ICICI Bank strongly emphasizes training and developing its staff to ensure they have the necessary skills and knowledge. This includes in-depth training programs on customer service, product knowledge, regulatory compliance, and ethical banking practices.
2. Customer Service Excellence: The bank prioritizes high-quality customer service, with staff members trained to handle inquiries and issues promptly and efficiently. This commitment to service excellence helps in building customer trust and loyalty.
3. Diverse Workforce: ICICI Bank boasts a diverse workforce, with employees from various cultural, educational, and professional backgrounds. This diversity enriches the organization, fostering innovation and a more comprehensive understanding of customer needs across different demographics.
4. Performance Management System: The bank has a robust performance management system to evaluate employee performance. This system rewards high performers and identifies areas for improvement, ensuring that the team remains motivated and aligned with the bank’s objectives.
5. Leadership and Management: ICICI Bank’s leadership plays a crucial role in shaping the organization’s culture and guiding its strategic direction. The management team is known for its visionary leadership and strategic thinking, driving the bank toward achieving its long-term goals.
6. Customer-Centric Culture: At its core, ICICI Bank fosters a customer-centric culture, encouraging employees at all levels to focus on delivering value to customers. This culture is embedded in the bank’s operations, decision-making processes, and strategic initiatives.
7. Innovation and Adaptability: The people at ICICI Bank are encouraged to innovate and adapt to changing market conditions and customer needs. This mindset helps the bank to stay ahead in the competitive banking sector by continuously improving its services and offerings.
8. Community Engagement: ICICI Bank and its employees actively participate in community service and social responsibility initiatives. This engagement reflects the bank’s commitment to giving back to society and building a positive brand image.
9. Digital Savvy Workforce: Given the bank’s focus on digital banking solutions, the workforce is trained to be digitally savvy and capable of supporting and promoting the bank’s digital platforms. This ensures that customers receive the best possible experience across all digital touchpoints.
10. Ethics and Integrity: The employees of ICICI Bank are expected to uphold the highest standards of ethics and integrity. This commitment to ethical practices ensures trust and reliability in the bank’s operations and dealings with customers and stakeholders.

ICICI Bank Process Strategy

The “Process” component of the Service Marketing Mix refers to the procedures, mechanisms, and flow of activities by which services are consumed. For ICICI Bank, a leading financial institution, this encompasses the entire customer journey, from initial inquiry to after-sales support. Here are several points highlighting the “Process” aspect of ICICI Bank:

1. Customer Onboarding: The process begins with a streamlined onboarding procedure for new customers, made efficient through digital forms, minimal paperwork, and quick verification methods. This ensures a hassle-free start to the customer’s relationship with the bank.
2. Banking Transactions: ICICI Bank has simplified banking transactions, such as deposits, withdrawals, transfers, and bill payments, through multiple channels, including online banking, mobile apps, ATMs, and physical branches. This multi-channel approach offers convenience and choice to customers.
3. Loan Processing: The bank has an efficient loan processing system, including application, documentation, verification, and approval stages. By leveraging technology, ICICI Bank has significantly reduced the turnaround time for loan disbursals.
4. Customer Service and Support: ICICI Bank has established a comprehensive customer service framework that includes 24/7 call centers, online chatbots, email support, and in-branch assistance. This ensures that customer inquiries and issues are resolved promptly.
5. Digital Banking Services: Digital banking is designed for ease of use, with a user-friendly interface, secure login mechanisms, and intuitive navigation. This enables customers to perform a wide range of banking activities online without the need to visit a branch.
6. Feedback and Resolution Mechanism: ICICI Bank has a structured process for collecting customer feedback and resolving complaints. This includes dedicated channels for feedback submission and a step-by-step process for addressing and resolving customer issues.
7. Product and Service Innovation: The bank continuously reviews and updates its product development and service delivery processes, incorporating customer feedback and technological advancements. This ensures that ICICI Bank’s offerings remain relevant and competitive.
8. Risk Management and Compliance: ICICI Bank follows strict risk management and compliance processes to ensure the security of customer transactions and adherence to regulatory requirements. This includes anti-money laundering (AML) checks, Know-your-customer (KYC) procedures and data protection protocols.
9. Cross-Selling and Upselling: The bank has processes to identify customer needs and offer relevant additional products or services. This is achieved through data analytics and personalized marketing strategies.
10. Continuous Improvement: ICICI Bank adopts a philosophy of constant improvement, regularly reviewing and optimizing its processes to enhance efficiency, customer satisfaction, and operational excellence.

ICICI Bank Physical Evidence Strategy

The “Physical Evidence” component of the Service Marketing Mix is essential for service-based companies like ICICI Bank, where the tangible aspects of the service help reassure customers about the quality and reliability of their service. Here are several points that highlight the “Physical Evidence” aspect of ICICI Bank:

1. Bank Branches and ATMs: The physical presence of ICICI Bank through its widespread network of branches and ATMs across various locations serves as a crucial piece of physical evidence. These facilities are designed to be welcoming and secure, reinforcing the bank’s commitment to accessibility and customer service.
2. Online and Mobile Banking Platforms: Although primarily digital, the design, functionality, and user experience of ICICI Bank’s online and mobile banking platforms are physical evidence of the bank’s technological prowess and commitment to providing convenient banking solutions.
3. Official Website: The bank’s official website is professionally designed, easy to navigate, and informative, serving as a digital front door for current and potential customers. It reflects the bank’s brand image and the quality of its services.
4. Banking Cards: Credit, debit, and prepaid cards issued by ICICI Bank are not only functional but also aesthetically designed, carrying the bank’s branding. These cards serve as a tangible reminder of the bank’s services and the relationship with the customer.
5. Marketing and Promotional Materials: Brochures, flyers, posters, and digital advertisements that showcase ICICI Bank’s products and services contribute to the physical evidence of the bank’s offerings and its market presence.
6. Official Documentation: Paperwork and documents related to banking services, such as account opening forms, loan agreements, bank statements, and financial reports, are professionally designed and branded, enhancing trust and confidence in the bank’s operations.
7. Customer Service and Interaction Points: Uniforms worn by staff, the interior design of branches, the layout of customer service areas, and even the welcome customers receive at branches all serve as physical evidence of the bank’s brand and its focus on customer satisfaction.
8. Security Features: The visible security measures in place at branches, such as security personnel, surveillance cameras, and secure transaction procedures, reassure customers about the safety of their transactions and personal information.
9. Corporate Social Responsibility (CSR) Initiatives: Tangible projects and activities under ICICI Bank’s CSR initiatives, which could include community service, environmental sustainability projects, and educational programs, serve as physical evidence of the bank’s values and its commitment to societal welfare.
10. Awards and Recognitions: Displaying awards, certifications, and recognitions received by ICICI Bank in branches or on its digital platforms serves as tangible proof of the bank’s excellence, reputation, and leadership in the banking sector.

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