BNY Mellon Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of BNY Mellon through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
BNY Mellon Product Strategy:
Bank of New York Mellon is one of the leading financial and banking institutions of the world. As BNY Mellon belongs to the banking sector, it offers both the products and services to its clients and customers. It has various products and services in its marketing mix like Corporate banking, Global wealth management, Financial analysis, private equity, and investment banking and services. In investment services, it provides a comprehensive range of investment services that are incomparable in scale, precision, and quality. Bank of New York Mellon always delivers expertise at each stage of the investment cycle.Under the section of wealth management, the company uses its exceptional resources and highly skilled people to provide wealth management solutions to individuals, families, offices, and institutions. It builds its clients by focussing on what serves, not what sales, while seeking the success that matters most to them.
Image: company website
This concludes the product strategy in BNY Mellon marketing mix & strategy.
BNY Mellon Price/Pricing Strategy:
Below is the pricing strategy in BNY Mellon marketing mix strategy:
Bank of New York Mellon belongs to banking and financial service sector, in this case, pricing influences many essential and strategic management domains, some of them are as follows:
1. Client acquisition and retention
2. Client profitability and value contribution
3. Product Risk-adjusted profitability and value contribution
4. Product innovation and management
5. Risk Adjusted Return on Capital(RAROC) and Economic Value Added(EVA)
6. Operational efficiency (Cost to income management)
BNY Mellon focuses on Value-based pricing system; this strategy evolves with the growth of the firm and a solid belief in the value which is delivered by the business. The company uses asset-based pricing in offering loans services to its clients.
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BNY Mellon Place & Distribution Strategy:
Following is the distribution strategy in the BNY Mellon marketing mix:
Bank of New York Mellon is headquartered in Manhattan, New York, U.S. It has a very strong channel of distribution with the operations in 35 countries including North America, South America, Europe, the Middle East and Africa(EMEA). This strong distribution channel has made BNY Mellon a trustworthy bank in the eyes of the target audience.
The richness of digital platforms has also helped this company to proliferate in so many ways such as the mobile application has become the place for the customers to check and use services of the banking and financial services.
BNY Mellon Promotion & Advertising Strategy:
The promotional and advertising strategy in the BNY Mellon marketing mix is as follows:
The Offline and online media promotions help Bank of New York Mellon to launch any new service for the customer, and it helps to reproduce positively. The offline promotions such as having a canopy in a mall or any educational fair, TV advertisements, Newspaper advertisements, etc. are the primary methods used by the company. The mobile application itself has a notification push, wherever any offers or new service is launched. The online promotion of Bank of New York Mellon is done on digital platforms also through Youtube ads, Search engine optimization, pay per click, Facebook page, e-commerce site, etc. The online website, as well as mobile application, provided a platform that has helped the company to increase the market share.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Bank of New York Mellon.
People:
People involved in the Banking industry is the main source of revenue generation because the hotel staffs are the service providers to the customers. In this case, Bank of New York Mellon has maintained the standard to provide world-class services to its customers. BNY Mellon always recruits staffs and employees by their knowledge and experience and molds them according to the company guidelines by giving proper training sessions, workshops, and seminars. Customers are the sole reason for the existence of any banks.
Process:
Bank of New York Mellon has several business processes which help the company serve its customers with banking services. As every service of banks has shifted online, the customers can access the offer from anywhere at any point in time. The mobile application for all the mobile devices has a sophisticated process for all the services offered by the bank be its account information, be it investment services, be it request for demand draft and many more. The website also gives an idea about that how the company works, if a customer wants to purchase any service, how it can be approached and achieved, the procedure is given on the website as well as on the mobile application.
Physical Evidence:
The ambience and interiors of Bank of New York Mellon office are very well placed. The customers can have a pleasant atmosphere in the bank. Every area is guided by the sign mark so that the customers can quickly go wherever he/she wants to go to avail the service at the bank. The BNY Mellong website also gives an idea about that how the company works. The employees are also well dressed and groomed to provide the customers an excellent visual satisfaction to the customers. This completes the marketing mix of Bank of New York Mellon.
About BNY Mellon:
The Bank of New York Mellon or simply BNY Mellon is an American BFS (Banking and Services) holding company, which was formed in the year 2007 by merging the Bank of New York with Mellon Financial Corporation. After the merger, the holding company has become one of the largest custodian banks and services companies in the world.
The total revenue of BNY Mellon is approx $15 billion, and net income is approximately $3 billion. The vision of this merger is to create an environment where it’s client’s expectations and company’s shared, enduring values drive the decisions and behavior of the entire organization.
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