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Financial Marketing

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Financial marketing is a branch of marketing that's responsible for the study and positioning of banks, the image of entities, the determination of prices, the design of distribution channels, as well as advertising campaigns and product promotion and services offered by financial institutions.

For a financial institution to achieve its objectives, it'll be key to design a marketing strategy, that is, a set of promotional, advertising and environmental studies. In financial marketing it'll be necessary to know the needs of each type of client and offer financial products and services according to their demands.

Financial Marketing Strategies

According to the needs of the environment and according to the characteristics of the competing banks, entities can develop the following strategies:

- Cost-based strategies: It seeks to have the lowest possible costs. It involves charging differently to different categories of customers, depending on the level of use of the services.
- Differentiation strategy: It seeks to improve the brand image, it's about giving a quality image. The new technologies are a great opportunity to improve the quality of banking products and services, allowing to expand the financial offer and the markets in which the different entities can operate.
- Segmentation strategy: It's about adapting banking products to each customer segment, let us understand by customer segment a group of customers with common characteristics.

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