Yes Bank Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Yes Bank through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Yes Bank Product Strategy:
Yes Bank is one of the most prominent banks in India. Yes Bank has products in its marketing mix that have been broadly divided into personal banking, corporate banking, business banking and digital banking. The personal banking is further divided into products that caters to domestic individuals’ and NRI customers’ needs. The Yes Bank products are loans, bank accounts, various deposits, insurance, locker services, government welfare schemes, investments and wealth management services.
The corporate banking segment of Yes Bank provides investment banking solutions, treasury and risk management solutions, loans and transaction banking solutions. The business banking segment trade finance services, capital market and escrow account, cash management services, current account services, loans, SME banking services, fixed deposit services, agriculture and food business services, institutional banking services and various types of cards. In the digital banking services Yes Bank provides mobile banking, online banking, payment solutions, secure banking, SMS banking, missed call banking, upi payment services, wallet services etc.
Image: company website
This concludes the product strategy in Yes Bank marketing mix & strategy.
Yes Bank Price/Pricing Strategy:
Below is the pricing strategy in Yes Bank marketing mix strategy:
Yes Bank’s strategy of prices has to go in line with that of other major banks regulated under the central bank, RBI. It also has to keep it charges competitive to attract customers as it is a very young bank and needs to grow to compete with other major banks.
The interest rates is something what Yes Bank talks about more for its saving accounts which goes to the tune of 7%p.a. It also has to keep it charges competitive to attract customers. The Yes Bank service charges although vary for various products and the customers keeping good and frequent transaction records are given preference as well as may charges are waived for the same customers. Also to promote the lower income segments to use it minimum services and loans it has nil charges for the same. The charges are also quite flexible and customizable due to which certain products and more attractive than competing banks. These have service charges as low as 1% of total amount taken up to Rs.2 lacs. The service charges also depend on the loan tenure with longer loans being charged more. Yes Bank captures more on penalty and non-compliance to the terms where it makes more of its revenue. The check bounce or late payment for example for the bike loans are around Rs750 per instance. The MCLR is currently 8.8% for the bank for 1 year according to which all the interest rates are set.
Yes Bank Place & Distribution Strategy:
Following is the distribution strategy in the Yes Bank marketing mix:
Yes Bank has a quite visible with 950 domestic branches at over 650 locations and more than 1,760 ATMs. The majority of the branches are focused in Maharashtra and in the regions around Delhi. The bank also provides its services in unified manner and hence provides customers the convenience to easily find the branches. Yes Bank has recently its first international office in Dubai. It has tied up with various organizations to get best of the products and services on board and provide the customers excellent experience. Some of the major partnerships are CISCO, IBM, American Express, MasterCard, Max Life Insurance, Bajaj Allianz etc.
Yes Bank also has presence online through its mobile app and websites for its online customers which give a plethora of services.
Yes Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Yes Bank marketing mix is as follows:
Yes bank uses various methods of promotions mostly via TV commercials, print advertisements through major newspapers, print advertisements on its branches. Yes Bank also uses online platforms like twitter, Facebook and YouTube to promote its brand via various commercials, communicating new offers and also various proceedings in the company. It also takes part in various CSR activities to support the community and make its brand visible. It also offers various privilege programs to customers to gain customer loyalty and encourage transacting via Yes Bank credit cards and online methods. It ties up with various b schools to disseminate knowledge to the education community and also attract top talent to the bank. It organizes various events to make people aware of various issues and hence also make the brand popular among people. Yes Bank is also associated with IPL and hence popular among the cricket watching crowd and attract other investors because of its presence.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Yes Bank.
People:
Yes Bank has 18000+ employees out of which top management consists of 80+ employees, senior management consists of 180+ and middle management consists of middle management and hence it is flatter pyramid downwards. Yes Bank hires interns from top b schools and nurtures them with its work culture and trains them for the present business scenario and hence also attracts candidates to join its organization. It has designed an employee engagement model to improve various skills of the employees and imbibe its values for better representation of the company. Yes Bank has got a mentorship program to promotes its culture and enhance the skill set of its employees while ensuring that they comply with provided guidelines and learn about office upkeep & maintenance work. Yes Bank organizes various events to reward the employees for their performances and also has many team building activities to improve the team productivity and even individual productivity.
Process:
Yes Bank has tried to make the processes hassle free by integrating them on its website and other online platforms. It also educates its customers about its products through online documents. Yes Bank also provides services via many social networking apps and other messaging apps and also through the android apps. It also has various products through which people can manage their financials and also provides tips to make investment in profitable ventures. Yes Bank also alerts about various transactions to its customers via SMSs as well as facilitates various processes through online as well as online. The processes of the company are regulated by the central bank of the country. It also has made majority of its processes supported with ERP infrastructure which makes its processes more efficient. It also innovates many processes and services to builds core competencies.
Physical Evidence:
Yes Bank has many branches across the country strategically placed to cater to the identified customers and also make its presence. It has got dedicated executives and managers to cater to specific segments in majority of its branches. The bank provides credit cards, debit cards and prepaid cards to facilitate transactions at various point of sales as well as various other avenues. Yes Bank also provides locker facilities to the customers to store their valuables at minimal charges. It also provides proofs for various transactions for reference purposes. It also provides with other consulting services to provide insights and other financial decision making support services for prospect clients so that they choose the products. Yes Bank also provides customer support for various services on phone and also answer to any queries or issues they face while accessing the services. Hence, the marketing mix of Yes Bank is covered as above.
About Yes Bank:
Yes Bank is a private sector bank in India which was founded in 2004 by Rana Kapoor. Yes Bank is now tagged as a full service commercial bank which caters to sunrise sectors. Yes Bank is headed by Rana Kapoor who is MD & CEO of the bank with an employee base of 18,531 as of September, 2016. The banks has earned revenues to the tune of Rs.23,500 crores and net income of Rs.3,000 crores.
Yes Bank is the only Indian bank to feature in Dow Jones Sustainability Index. Yes Bank has also featured in Forbes Global 2000 list of 2016 as the youngest Indian company.
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