Birla Sun Life Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Birla Sun Life through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Birla Sun Life Product Strategy:
Birla Sun Life is one of the largest insurance and financial services brand in India. Birla Sun Life is the first insurance company to come up with many creative schemes like Unit Linked Life Insurance Plans. Their target customers are the working population, especially youth (25 to 35 years) who aren’t burdened with heavy responsibilities yet. Apart from that, families for the child care programs. The main products offered in its marketing mix product portfolio are
- SLI Vision Plan
- BSLI Foresight Plan
- BSLI Rainbow Plan
- BSLI Bachat Money
There are several benefits like flexible premium payment, customizable benefits, affordable premium and online term plan. They also provide finances to SMEs, estate loans and loans against securities.
Image: company website
This concludes the product strategy in Birla Sun Life marketing mix & strategy.
Birla Sun Life Price/Pricing Strategy:
Below is the pricing strategy in Birla Sun Life marketing mix strategy:
Birla Sun Life has a capital base of nearly 2000+ crore. It aims at maximizing benefits and solution and thus, the margins of the services, it provides is low.
The rate of premium is comparatively less than competitors. It has several services and offers them at competitive prices for all its customers. Despite immense competition, the pricing is well in sync with customer needs, which helps them drive a strong business.
Read more about Birla Sun Life
Birla Sun Life Place & Distribution Strategy:
Following is the distribution strategy in the Birla Sun Life marketing mix:
Birla Sun Life’s key strength is its wide network of distribution. It consists of around 10,000 advisors, six hundred branches. It also has one hundred and fifty partnerships with banks with having operations abroad like Bermuda, Japan, and United Kingdom.
With the increasing the penetration of internet, the company has been able to foray using online solutions and provide services in remotest of locations as well.
Birla Sun Life Promotion & Advertising Strategy:
The promotional and advertising strategy in the Birla Sun Life marketing mix is as follows:
Birla Sun Life’s promotional policy includes employee benefit plans to increase employee productivity and loyalty. Part of their promotions, company sell policies through internet. It offers rebates, gifts, e-marketing and direct mail to customers. Other modes are billboards, internet, newspaper, magazines, radio and television. Digitally, catchy and relatable content like “when expenses don’t have an expiry date, why should your income?”, “small amounts today, for big smiles tomorrow” attracts attention of the potential customers who are eager to secure their future.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Birla Sun Life.
Physical Evidence:
Birla Sun Life’s offices are located pan India with headquarter in Mumbai and the locations include Bangalore, Delhi, Bhubaneswar. The brand logo has included sun and bright combination of red and yellow, displaying faith and hope. On the official site, there is an option of “advice” where one can make money for life planner, My Universe and help customer understand which service would be best for them.
People:
There are more than 88000 employees’ nationwide. People are asset for a service-based insurance company as most of the sales depends on the customer requirement and the salesman’s ability to convince the customer, staff’s behavior plays an important role in building trust. For customer’s benefit, Birla Sun Life mutual fund has an option of ‘investor education’ where there is a collection of articles on investment.
Process:
It's process includes company representatives contacting customers and make them aware of the benefits of the various financial services they have to offer. The customers also visit their nearest office to understand the services. They can access the details through the official website where there are options of investing, protecting, financing, advising. There is customer services option too to clarify doubts. It's mutual fund provides option of ‘do it yourself’, ‘goal-based planning’, or get a call. This completes the marketing mix of Birla Sun Life.
About Birla Sun Life:
It is a major company associated with insurance sector. It was funded in 2000 and joint venture between two trusted companies i.e. Sun Life financial Inc and Aditya Birla Group. The name comes under top 10 insurance companies in India.
Its an asset management company limited and a venture between Aditya Birla group of India and Sun Life Financial Inc. Apart from, asset management, there is insurance and mutual fund.
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