Marketing Strategy of Bank of America – Bank of America Marketing Strategy: The world’s most renowned bank Bank of America offers a wide array of products and services, including asset management, investment, and banking to meet the ever-changing and evolving demands of customers. With over 4500 points of contact for retail, more than 16000 ATMs, and technologically advanced and smooth courses banks Bank of America is emerging as a world leader in this financial marketplace.
Did You Know About Bank of America?
Company : Bank of America
CEO: Brian Moynihan
Founder: Amadeo Peter Giannini
Year founded: 1998
Headquarters: Charlotte, NC
Annual Revenue: US$85.52 billion
Profit | Net income: US$17.89 billion
Products & Services: Loan and Advances including term loan and Over Draft Facilities. Value added Deposit Accounts (Current, Fixed Time Deposit, Special Saving) Payroll Administration solution Service.
Competitors: JPMorgan Chase | U.S. Bancorp | Truist Financial | Huntington Bancshares | WesBanco | Frost Bank | Peoples Bancorp Inc.
Bank of America Fun Fact: Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
Marketing Strategy of Bank of America – Segmentation, Targeting, Positioning
Bank of America (BOA) makes use of the demographic, psychographic segmentation variables to cater to the financial requirements of its customers. This helps BOA to stay focussed and offer customized financial services for corporate and retail customers.
It employs a selective targeted approach to concentrate on specific customers, and then to draw maximum profits from them by up-selling and cross-selling.
Bank uses products/services as well as pricing in conjunction with marketing strategies to create impressions in the minds of customers.
Bank of America Mission Statement
Bank of America’s mission statement is “to help make financial lives better by connecting those we serve with the resources they need to be successful.”
Bank of America Vision Statement
Bank of America’s vision statement is “to be the world’s finest financial services company.”
Bank of America Tagline
“‘Life’s better when we’re connected”
Marketing Strategy of Bank of America – Competitive Advantage
It offers a Diversified and full spectrum of financial products, whether it’s financial services, investment banking, and wealth creation, or other banking products and services, it assists the business to maintain an ongoing relationship with its customers, while increasing the revenue from fees for the business.
The customer profile of the customer is among the most crucial factors in terms of customer acquisition costs and operational costs. BOA is tech-savvy, middle – or upper-income customers who are more likely to shop courses instead of branches, and this allows the company to be more innovative and, at the same time, manage its costs, thereby increasing the profits it earns.
Marketing Strategy of Bank of America – BCG Matrix
Within the BCG matrix, Bank of America has business lines that have been deemed Stars in their field and are among the most prominent companies in markets it operates in. markets it operates.
Marketing Strategy of Bank of America – Distribution strategy
With its ATM network and a retail financial center, BOA has designed the contact points that meet the requirements of its customers. 71 % of customers from BOA out of a total of 46 million are most active customers of courses banking, and more than 45% are regular clients of the mobile application from Bank of America.
Marketing Strategy of Bank of America – Brand equity
Positive word-of-mouth and working closely with 81 percent of Fortune 500 companies has allowed the company to attain an impressive TOMA (Top of Mind Awareness). Adopting a Glocal strategy and growing the number of referrals it receives to 300000 referrers in 2010, up to 5 million referrals by 2015 has assisted the company in promoting the brand to the market.
Marketing Strategy of Bank of America – Competitive Analysis
Bank of America has a presence in banking and wealth management to satisfy the increasing requirements of its customers. Merrill Lynch & U. S trust is one of the most well-known subsidiaries which the BOA has that has allowed the company to remain successful and offer a wide array of financial services all under one umbrella.
Marketing Strategy of Bank of America – Market Analysis
Bank of America is facing tough competition from national MNC and NBFC’s that are consuming some of the portions of the market for Bank of America. Being at the forefront and leading in many of the world’s developed nations has allowed the company to stand out from its competitors.
Marketing Strategy of Bank of America – Customer Analysis
The mobilization of savings funds and the motivation of individuals to invest is the primary goal of the banking sector and BOA is no one of the exceptions to that. The customers who are members of BOA are middle-income people seeking the right financial solutions.