A presentation of the 7 P's in a bank's environment: Prices, Product, Place, Promotion, People, Physical Evidence, Process & Partnerships.Applying the framework to it's online banking and e-commerce.

1. HIGHLIGHTED IN THE FIRST
CITIZENS BANK WEBSITE

2.  In our world of the informed consumer companies are
finding it difficult to sustain a competitive advantage
especially in the service industries as banks.
 We have seen the emergence of relationship marketing
and the growing importance of e-CRM not only to
create but restore value with the aim of creating that
„win-win‟ situation.
 The traditional marketing mix incorporated the 4p‟s
which laid the framework for marketers to assess their
markets. Today that has evolved into 7p‟s with the
eighth „P‟ being optional.

3.  The banks offers a wide range of Deposit and Loan
Services which can be offered online. The customer
thus only have to visit the bank for physical and
tangible elements e.g. Cash, ATM cars, credit cards etc.
 This helps to enable “mixed mode buying” i.e.
browsing online and buying offline, for instance, loan
applications.
 In addition to being online information needed are
readily available which complements an extended
product.
 Online value proposition exploits the site vast amount
of information available, interactivity of the site, easy
to use, faster, all which creates a memorable customer
experience.

4.  Their are no fees attached to using the site but
encourages the customer to conduct their
transactions online rather than coming into the
bank as it may be more costly for the bank to
facilitate those same transactions.
 The site also updates it foreign buying and selling
rates so customers can compare and determine
where to change /purchase their currencies, thus
creating a window to cross sell products &
services.

5.  The principle here is to increase your presence and
be widely available to target customers.
 With a somewhat disintermediation( eliminating
middlemen) occurring, “Brick & Mortar” branches
still add to the value chain as it gives confidence to
the customers to interact in.
 Affiliates are customers transformed into sales
people , this the top of the loyalty ladder at which
the bank would want its customers to reach. This
distribution channel can occur easily once your
customer has been delighted constantly in your
brand and become advocates of it.

6.  There are ten communication tools that are used
offline to promote the product/service which can
be used online as well. Some used by the bank are:
 Advertising: Interactive display ads,
 Sales Promotion: Rewards, special offers, campaigns
 PR: newsletters, awards
 Sponsorship: e.g. pink card
 Guidelines for effective promotion are:
 Mix- Look for the right combination of tools
 Integration- of the online and offline communications
 Creativity- logical or emotional appeals to customers
 Interaction- e-mails, interactive ads
 Globalization-site adapted to your market
 Resourcing

7.  As with service industries customer is one of the
differentiating factor and people are a key aspect
of that.
 On the online world automating services such as
auto responders, call-back facility, (FAQs), on-site
search engines can aid the time constrained
consumer and cut the banks cost.
 The human element is not to be eliminated and
proper training and motivation must be provided to
them should in case the online element fails.
 Happy Staff=Happy Customers=Happy “Howai”

8.  Physical evidence is sought by customers for
reassurance that they can trust the service or brand.
 Such cues can be
 credit ratings e.g. Standards&Poors
 Security icons
 Awards
 News clippings & notices, financials, economic
newsletter etc.
 Privacy policies
 Group of companies
 Logo

9.  Processes can damage a brand if not managed
correctly as well it can create a competitive
advantage if managed properly.
 Optimization must be present and a smooth flow
should also be the norm so that the online element
may start the transaction but the process is finished
offline.
 Thus integration of the process into the business
operations is vital for its success.

10.  Partnerships are now emerging along with affiliate
marketing. In my view along with e-CRM, it
would fall under the umbrella of relationship
marketing. In a customer centric bank FCB has
strived to develop that line of marketing and which
to build its brand around.