Marketing Of An Financial Institution

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2. Literature Review 2.1 Introduction Marketing of an financial institution is different from other industries. A Financial institution has a very unique product range. Lets take a credit card as an example: You have done the market research, using focus groups, surveys and on-line market-research to identify the features that will be of value to your target market. To differentiate your product from competitors you will identify the advantages and communicate them to the prospective clients. This is all classic product marketing. The internet has changed the way consumers went about deciding on a service provider or product. In the past informal opinions were exchanged with in a trusted circle of family and friends to reach a final…show more content…
This new media may be disruptive to old business models and practices but opens the door to an enhanced and real-time consumer relations (Henning-Thurau, et al., 2010). Social media popularity is growing at an exponential rate and consumers give their opinion on products and services on electronic channels. There is no need for surveys and pols, marketers need to adapt to the new forms of consumer conversations. In the past collecting consumer opinion was timely and expensive using focus groups and surveys. Today the daunting amount of data gathered on social media is inexpensive to collect but sometimes a challenge to derive insight from. The consumer data is unstructured and thus hard to classify, summarise and derive meaning from. With the advent of cognitive computing and the technology platforms like IBM Watson, these type of problems seems surmountable. 2.2 Evolution of Data Analytics As shown in Fig 2 data volume has grown exponentially in recent years. Not only did the volume of data grow, but also the ways in which data is collected as well as the type of data collected have grown immensely. This called for much more sophisticated analytics technology and processing power in order to gain insight from disparate data sources and big data volumes. Figure 2 The exponential growth of data volume and type (Source: Dell, 2015:2) During the last few years, analytics progressed through three distinguishable stages, bringing us to the current era of
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