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Segmentation and Targeting

State Bank of India employs various segmentation strategies, including demographic, geographic, behavioral, psychographic, and digital, to cater to diverse customer needs. Targeting strategies are tailored based on age, income, occupation, and lifestyle, with specific marketing approaches for urban and rural areas. The bank also focuses on both tech-savvy and traditional customers through digital services and in-person banking options.

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Anwesha Baruah
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3 views3 pages

Segmentation and Targeting

State Bank of India employs various segmentation strategies, including demographic, geographic, behavioral, psychographic, and digital, to cater to diverse customer needs. Targeting strategies are tailored based on age, income, occupation, and lifestyle, with specific marketing approaches for urban and rural areas. The bank also focuses on both tech-savvy and traditional customers through digital services and in-person banking options.

Uploaded by

Anwesha Baruah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Segmentation :

State Bank of India (SBI) uses several strategies to serve its wide range of
customers. Here’s a simplified breakdown:

1. *Demographic Segmentation*:

- *Age*: Offers different accounts for children, young adults, and seniors.

- *Income*: Provides special services for high earners and affordable


options for those with lower incomes.

- *Occupation*: Has special loans and accounts for government employees,


teachers, and defense personnel.

2. *Geographic Segmentation*:

- *Urban and Rural*: Offers tailored products for city and village customers,
promoting financial inclusion in rural areas.

- *Regional Needs*: Adapts services to local languages and market


conditions.

3. *Behavioral Segmentation*:

- *Usage*: Offers different accounts based on transaction frequency, like


high-transaction accounts for businesses.

- *Loyalty*: Rewards loyal customers through a points system, which can


be redeemed for benefits.

- *Benefits*: Provides products based on customer needs, like low-interest


loans or convenient digital services.

4. *Psychographic Segmentation*:

- *Lifestyle*: Offers luxury banking for affluent clients and digital services
for tech enthusiasts.

- *Values*: Provides both safe investments like fixed deposits and more
dynamic options like mutual funds.
5. *Digital Segmentation*:

- *Tech-Savvy Customers*: Offers advanced digital banking through the


YONO app.

- *Traditional Banking Customers*: Maintains branches for those who prefer


in-person banking.

Targeting strategies

1. **Demographic Targeting**:

- **Age**: Targets children and young adults with “SBI Minor Accounts” and
“Yuva Accounts” through school and college campaigns. For seniors, they
offer “Pension Accounts” with added benefits.

- **Income**: Markets premium services like wealth management to high-


income clients through personalized banking. Basic savings accounts are
promoted to lower-income individuals using mass marketing, especially in
rural areas.

- **Occupation**: Directly targets government employees, teachers, and


defense personnel by offering exclusive loan schemes and discounts through
partnerships and special promotions.

2. **Geographic Targeting**:

- **Urban and Rural**: Uses separate marketing strategies for cities and
villages. In urban areas, SBI focuses on digital services and convenient
banking, while in rural areas, it emphasizes financial inclusion through simple
banking products and microfinance.

- **Regional Needs**: Customizes marketing materials in local languages


and adapts its services to fit local cultures, targeting customers more
effectively in different regions.

3. **Behavioral Targeting**:

- **Usage**: Identifies high-transaction customers (e.g., businesses) and


offers them premium accounts with higher transaction limits. Low-usage
customers are targeted with basic accounts and simplified banking services.
- **Loyalty**: Targets loyal customers through its “SBI Rewardz” program,
encouraging more frequent use of banking services by offering points and
rewards for regular transactions.

- **Benefits**: Directly targets customers based on their specific needs,


like offering low-interest loans to those looking for affordable credit or
promoting convenient digital banking to busy professionals.

4. Psychographic Targeting:

- **Lifestyle**: Targets affluent clients with luxury banking and personalized


services through exclusive events and dedicated relationship managers. For
tech-savvy individuals, SBI promotes its digital products like the YONO app
through online advertising.

- **Values**: Tailors marketing to align with customers’ financial values,


promoting conservative investments like fixed deposits to risk-averse
customers and dynamic investment options like mutual funds to those
looking for higher returns.

7. **Digital Targeting**:

- **Tech-Savvy Customers**: Uses digital marketing campaigns to promote


the YONO app, focusing on convenience and the wide range of services it
offers, like banking, shopping, and investments.

- **Traditional Banking Customers**: Uses local advertising and community


engagement to target those who prefer in-person banking, highlighting SBI’s
extensive branch network and personalized services.

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