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Marketing Starategy
Marketing Starategy
Marketing Strategy
Market Vision
To be the market leader among Islami Banks in Bangladesh and to make significant contribution to market development through uniquefinancial service.
Marketing Mission
To increase customer base through Shariah based services to clients
To provide quality services to customers through quality products.
To set high standards of integrity through social/societal marketing.
To make quality investment for different market segments.
To ensure sustainable growth in business.
To ensure yearly profit target.
To ensure maximization of Shareholders' wealth.
To extend our customers innovative services acquiring state-of-the-art technology blended with Islamic principles.
Core Values
During working session of Strategic Planning of Shahjalal Islami Bank Limited participants brought up and suggested a few number ideas which are following below:
Professionalism
We play by the rules (meaning the regulations of the financial service industry, laws of our operating jurisdiction and our own code of conduct).
We introduce absolute integrity and honor our promises.
We provide special service for every market segment in their ways.
We always maintain a neat and tidy appearance and environment.
We hold on high standards from the perspectives of societal marketing.
Sustainability
We emphasize on profit maximization by not sacrificing sustainability.
We do your utmost to maintain the high quality of earnings through diversified products.
We abide by the sustainability principles of the Bangladeshi banking industry which promotes the positive social, environmental, economic impact of the organization.
Financial Inclusion
We preserve sustainable marketing strategies in respect of our customers, premises, technology and information.
Marketing by focusing there is no asset liability mismatch.
Customer Focus
The expression of the customer sets our priorities.
We look for achieving the highest levels of customer loyalty and advocacy
Our customer-driven decisions must generate economic value for our shareholders.
We prioritize customer satisfaction and service more than products since products are less differentiable in service marketing industry like banks.
Excellence
We take care the highest operating standards and marketing principle (people, processes, environment, appearance, infrastructure, suppliers, financial, customer, compliance and risk metrics).
We offer competitive price for qualitative service to maintain our competitive edge in the market.
We center on continuous improvement in everything we do.
Market Segmentation , Targeting and Positioning:
Market Segmentation means how the market to be served is divided among same group of customers.Targeting means decide which segment to serve. There is no single way to segment market. Positioning means market leader or follower that is how customer perceive the organization.There can be geographic, demographic, psychographic and behavioral segmentation. Like many other conventional banks SJIBL at first prefers geographic segmentation . For this most of its branches are in Dhaka zone. The issue of demographic segmentation comes when SJIBL prefers Shariah banking to draw the additional attention of religious customers of the muslim-dominated country like many other Islamic banks. The banks has recently gone to psycographic segmentation by introducing premier banking for upper class privilege section of Bangladesh. Among Islamic banks market position, SJIBL is the market leader as a shariah compliant bank.
For marketing, SJIBL follows below strategies:
LIABILITY MARKETING STRATEGY
Bank will hunt mostly for low cost and no cost deposit so that cost of fund can be minimized.
Bank will encourage its branch managers to collect large fund for term deposit which bank will be able to utilize for long term investment.
Develop and modify deposit products time to time as per business need.
Deposit Campaign will be ongoing process and non-stoppable.
In case of deposit greater than investment to an abnormal stage, Bank will go for de-marketing of term deposit collection to some extent. It means bank will discourage higher cost term deposit collection.
Marketing Division will issue circular time to time giving instruction on deposit trend to all branches.
Branches will be given monthly and yearly deposit target and different types of letter will be sent to branches based on that:
a) Appreciation Letter will be sent to branches who achieved 100% deposit target.
b) Caution Letter is sent to branches who failed to achieve deposit target and became loss branch.
c) Other branches will be served letter based on their proportionate monthly performances.
Meeting with branch managers will be called time to time at Head office level to expedite liability mobilization.
Monitor deposit products, their rate and how they are advertised in media including banks own website.
Consulting and advising Public Relation Division of the Bank on highlighting banks deposit products both in printed and digital media.
Communicating with large deposit clients and ensure their invitation on banks programs.
Develop and monitor banks liability marketing related MIS.
Circulation among branches to reduce lead time for a particular service to the customer.
Bank will go for aggressive marketing for balanced growth when there is less deposit/ liability but more asset/ investment and switch to moderate level marketing when there is no asset-liability mismatch.
Bank will emphasize upon societal/ social marketing by not welcoming deposit of those business which are detrimental in terms of sustainability like environment, health.
Customer first will be the motto of liability marketing.
Accurate deposit growth forecasting, because less competitive deposit rate can cause drastic failure of liability marketing to fill which gap banks hunt deposit at abnormal profit rate causing further disaster in profitability just like from frying pan to the fire.
Design and encourage deposit hunting from farmers, school children, leather employees etc under the banner of financial inclusion. Actually, financial inclusion has offered a paradigm shift of banking industry from class banking to mass people based banking which is just the opposite of conventional business. SJIBL marketing policy will develop keep this issue of financial inclusion as well as mass banking:
For proper cash management, deposit is the life blood of any business. Without deposit bank cannot sustain business and can suffer from liquidity crisis. Short term deposit is used to fund short term investment and long term deposit is used to fund long term investment for which collection of both CASA deposit and Mudaraba Term deposit are important for branches of the Bank. As such, branches of SJIBL will take following measures for ensuring collection of deposit effectively:
Branch will hunt mostly for low cost and no cost deposit so that cost of fund can be minimized.
Branch will encourage its employees to collect large fund/corporate deposit for term deposit which bank will be able to utilize for long term investment.
Deposit Campaign will be ongoing process and non-stoppable.
Branch will proactively response to all deposit campaign organized by Head office.
Corporate deposit that has tendency for frequent switch can be offered lucrative rate by taking initiative from the branch in consultation to the top management to prevent fund exit. On the other hand, our branches should search for many corporate deposit that might switch from other banks.
Branch should pursue Insurance companies to collect their premiums, the large Corporate houses salary accounts, accounts of the DSE members and try to become issuer of IPOs all of which will open up avenues for huge deposit for the Bank.
Branch should also hunt government collection accounts like DESCO, TITAS etc which ensure huge deposit at lower or no cost at all.
Branch may plan to set up booth in different convenient places in agreement with entertainment parks, trade fair etc which will certainly enrich banks cash management condition by accumulation of such floating deposits.
Branches can focus themselves by branding their branches, booths by banner, logo, festton, brochure, social media etc to draw customer attention on different products.
In service industry service differentiation is more important than product. As such, branch managers should ensure better service without hassle to the customers to draw more fund. The more the hassle, the less the customers will come which highly impact liability marketing.
Desk job can be relaxed to Executives/Officers who are more capable to bring corporate deposit so that they can exert more time in fund collection.
Senior executives at branch and Head office level can physically meet management of different organizations after giving responsibility to the 2nd man of the branch/division for corporate/large deposit collection.
Employees can welcome deposit from their friends and relatives which is one of the easiest way to collect fund.
Employees can collect deposit even from very unfamiliar places through physical visit and meeting to the management of any organization instead of passive attempt by phone call or letter.
Corporate and other deposit that have left our bank previously can be contacted with new offer.
Employees can be encouraged to open deposit scheme in their own bank branch instead of another bank which branch manager will consider during evaluation of A.C.R.
People living abroad can be encouraged to send remittance. Relatives of existing clients living abroad can be made as primary target.
There is a wise saying: Morning shows the day. From the first appearance of cash counter and customer service many clients take decision if they will maintain deposit in a certain bank branch. The officers of cash counter and customer service must be client-friendly and show manner & etiquette to clients of all types. Misbehavior or passive attitude of the employees specially of cash counter and customer service should be brought under disciplinary action.
Branch can also pursue their existing investment clients many of whom maintain huge term deposit, salary accounts in other banks. Persuasion in such case can open up the opportunity of obtaining huge deposit at lower cost.
Marketing for existing clients is more cost effective than new clients. As such, cash management focus or liability focus should be on both existing deposit and investment clients instead of inviting potential clients everytime.
Employees maintaining deposit in their own names should be considered by the branch managers.
Employees who are not capable to bring any deposit should be encouraged to maintain deposit in their own name in the form of MTDR, Monthly Savings Scheme etc. Otherwise, employees who did not bring any deposit throughout the year should be pointed out as non-performer during yearly evaluation.
New deposit products introduced for financial inclusion like School Banking A/C, Garment Workers A/C, Leather Employees A/C, Farmer A/C etc can also be increased to contribute as low cost deposit.
Opening booth at Educational institutions like Schools, Colleges Private Universities in consultation with HO and subsequent agreement with counterparty can help in getting huge liquid money/ cash. This idle cash of such institutions can be a great feedback in time of liquidity crisis.
Employees staying outside office for hunting deposit from several places has to use late coming/ early leaving application to inform his whereabouts to the concerned management/department.
Without liquidity Bank cannot run a single day for which deposit collection should be the center of all marketing activities of all branches of SJIBL. It can be mentioned that even higher yield in investment products cannot suffice for increasing operating profit if cost of deposit cannot be minimized through collection of huge deposit mix. Many banks with poor investment net yield is earning still better operating profit with the help of lowering cost of fund. Only a sustainable deposit mix can ensure sound cash management for SJIBL.
ASSET MARKETING STRATEGY
Circulate or advise concerned branches to circulate investment products to ensure investment diversification and risk minimization.
Develop and modify investment products time to time as per business need.
Meeting with branch managers will be called time to time at Head office level to expedite asset marketing.
Monitor investment products ,their rate and how they are advertised in media including banks own website.
Consulting and advising Public Relation Division of the Bank on highlighting banks investment products both in printed and digital media.
Communicating with large investment clients and ensure their invitation on banks programs.
Collection information of large investment clients, business environment , changing international marketing and business update and reset banks business goal based on them with approval from competent authority.
Review and update banks investment policy time to time.
Develop and monitor banks asset marketing related MIS.
Circulation among branches to reduce lead time for a particular investment related service to the customer.
Ensure profitability of the bank like through maintain spread, bringing in new customers and enhancement of facility to existing customers.
Marketing for increase of non-funded business like LC,BG that certainly contribute to increase of banks income.
Bank will go for aggressive marketing for balanced growth when there is less business / investment but more deposit/ liability and switch to moderate level marketing when there is no asset-liability mismatch.
Bank will emphasize upon societal/ social marketing by not welcoming investment of those businesses which are detrimental in terms of sustainability like environment, health.
Priority Banking will be the motto of asset marketing particularly to serve corporate clients.
Encourage investment for productive sector that means generating income and there by create employment opportunities.
Encourage investment diversification.
Accurate investment growth forecasting, because unpredictable investment growth can welcome high deposit crisis.
Encourage new business in the form of investment/ business takeover.
Discourage and consult with concerns to prevent takeover of profitable clients from SJIBL.
Marketing of Refinance schemes among existing clients of the Bank. The reduced rate of refinance will incentivize existing investment clients.
MARKETING RELATED TO ALTERNATIVE DELIVERY CHANNELS:
Banking industry of Bangladesh has been moving fast toward branchless banking concept for which following ADCs has become important:
ATM
Internet Banking
Mobile Banking
Agent Banking
Mobile Wallet etc.
Though SJIBL is not market leader in ADCs, SJIBL has been addressing the above Alternative Delivery Channels or ADCs to keep pace with market completion. Following are the facts SJIBL has been doing in this sector:
Develop and modify Alternative Market Delivery Channels time to time.
Increase customer transaction through alternative delivery channels.
To integrate all existing delivery channels.
Design and promote electronic product and services.
Formulate and implementation of Agent Banking Operation.
Evaluation of ADCs and comparative study with competitors.
MARKETING RELATED TO BRANDING & PRODUCT DEVELOPMENT:
Review and update banks deposit product time to time.
Develop and update banks investment product manual as well as operational manual by keeping pace with changing business environment.
To implementation promotional activities.
Market segmentation, market targeting and marketing positioning for different bank products.
Presentation of 04 Pís of marketing namely Product, Price, Place and Promotion in terms of banking product before the Management as well as before the board of directors.
Determine marketing budget for product launching (sample budget format is enclosed).
Co-Ordination with PRD regarding overall marketing issues of the Bank.
OTHER MARKETING ACTIVITIES
Oversee, monitor, control Off Shore Banking activities.
Oversee, monitor, control Treasury Front Office.
Ensure marketing of Agency Banking.
Hiring and monitor contractual sales employees and sales agent activities.
Promoting green products among existing customers as well as hunt new customers for green finance.
Lastly, CMYK(Cyan, Magenta,Yellow and Black) is the color code of the logo of Shahjalal Islami Bank Ltd which is supposed to be followed in banners, posters, leaflets and in everywhereelse for branding the Bank in uniform manner.
(Prepared by Business Development & Marketing Division of the Bank.)
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