Research On Marketing Strategy For Personal Financial Products Of Industrial And Commercial Bank Of China A Branch

With the continuous accumulation of disposable assets of domestic residents,the residents’ awareness of financial management is increasing,and their concept of financial management is also advancing with the times.The demand for investment and financial management is getting stronger and stronger,which has brought a very broad prospect for the development of personal financial management business of commercial banks.In recent years,the personal financial products of commercial banks in the market are changing with each passing day,the sales channels are increasingly abundant,and the transaction scale is constantly expanding.However,the personal financial services of Branch A of ICBC have stagnated,and the market share has continued to decline.It is found that the bank has a large shortage in the marketing of personal financial products through investigation,which has further affected the overall operating status and profit level of ICBC A Branch.How to formulate and implement a perfect marketing strategy with the characteristics of ICBC based on the needs of customers in the target market,so as to foster strengths and circumvent weaknesses among many competitors in the market,is an urgent problem to be solved for ICBC A Branch to gain sustainable competitive advantage.Accordingly,the research work carried out in this paper is as follows:Firstly,it analyzes the current situation and problems existing in the marketing of personal financial products of ICBC A Branch.Taking the behavior of A Branch as the research object,this paper deeply analyzes the actual situation of the bank’s personal financial business data,marketing model and marketing channel,adopts the methods of questionnaire,interview and PEST analysis,by using customer evaluation survey and variance analysis finally finds that theer are several obvious issues such as ICBC A Branch has failed to innovate and design targeted financial products according to its own target customer groups in personal financial business,low product profitability and lack of competitiveness,insufficient tangible display during the service process,and poor customer experience during the service process.Secondly,according to the analysis of the key marketing problems of ICBC A Branch’s personal financial business,the marketing strategy is re-planned.With the help of market segmentation theory and 7Ps marketing theory,the existing sales strategy scheme has been optimized and improved.Corresponding optimized strategies were proposed from four aspects: Product,Price,Physical evidence and Process.Finally,according to the formulated optimization strategy,measures were proposed to ensure the implementation of the strategy from three aspects: ideology,system and manpower.By studying the actual situation of the development of personal financial business of ICBC A Branch,this paper draws a research conclusion aiming at the problems in its marketing: ICBC A Branch needs to accurately grasp the changes of customers’ needs in the target market,pay attention to the trends of competitors in the market,and optimize and adjust its marketing strategy in time.Through the research and analysis of the marketing strategy of ICBC A Branch’s personal financial products,this paper provides some new insights for the bank’s development of personal financial services,hoping to enhance the bank’s market competitiveness,and at the same time provide reference for the marketing of personal financial products of domestic commercial banks.