A Study On The Marketing Strategy Of Personal Wealth Management Business Of ZX Bank

Thanks to the sustained and stable development of Chinese economy in recent years,residents’ demand for personal wealth management services has been rising year by year,which provides commercial banks with a rich source of income,as well as an opportunity to enhance customer viscosity and enhance market competitiveness.The increase of the total demand will inevitably bring the diversification of demand forms.With the participation of various capital parties,the wealth management market has gradually entered the Red Sea situation of "multiple forms,multi-participation,more sales and less gains".As one of the largest commercial banks in China,ZX Bank’s personal wealth management business has always been in a leading position in the industry.However,by horizontal comparison with other industries and vertical comparison with commercial banks with leading marketing level,the marketing strategy of personal wealth management business of ZX Bank has been exposed as backward,inefficient and other defects.In this context,ZX Bank should update its marketing strategy sustainably to meet the needs of customers and enhance its competitiveness in the personal wealth management market.Based on the above background,this paper first takes the 7Ps marketing theory as the framework and conducts an in-depth analysis on the current marketing strategy of ZX Bank’s personal wealth management business from seven aspects: product,price,channel,promotion,personnel,process and tangible display.Next,the author conducted a questionnaire survey and in-depth interview with clients and account managers of ZX Bank’s wealth management business,and summarized and presented the survey results to provide data and factual support for the proposal of the question.Then,based on the7 Ps marketing theory and combined with the data collected and sorted out by the author,the author summarizes the seven problems existing in the marketing strategy of ZX Bank’s personal wealth management business.In this process,the problems are screened based on SWOT analysis and PEST analysis results,the results of consumer research and analysis are oriented to problem solving,and the author’s field visit records are supplemented with arguments.Finally put forward such as relatively single product line,high pricing and lack of differentiation,online and offline marketing channels lack of customer acquisition ability,promotion methods and content are too conservative,marketing personnel lack of professional quality,sales service is weak,digital display effect is not good.Finally,combined with the results of STP marketing theory analysis,aiming at the current problems in ZX Bank’s personal wealth management business marketing strategy,fifteen optimization suggestions are put forward from seven aspects:Introduce high-quality products,develop customized products,optimize rate structure,introduce price preferential policies,strengthen online customer service,enhance network marketing capabilities,optimize promotion methods,outsourcing cooperation in different industries,etc.In order to ensure the implementability of the optimization suggestions,three safeguard measures are put forward: optimizing the construction of network marketing,attaching importance to the construction of financial technology,and improving the professional level of marketing personnel.Favorable market environment provides rich soil for the development of wealth management industry.This paper aims to further enhance the market competitiveness of ZX Bank by optimizing and improving the marketing strategy of its personal wealth management business.At the same time,we hope to achieve a win-win situation of improving customer satisfaction and satisfying customers’ demand for wealth management.