On application of Porter generic strategy model and Bowman model it is identified that Barclays Bank must focus on cost control in its business. In order to earn more profit mentioned bank need to curtail cost in the business. Barclays Bank needs to differentiate itself from rivals. In this regard, Bank can use BI technology in its business. As part of business strategy to be more competitive Barclays bank can use BI for optimizing marketing operations and improving performance of sales force. Out of all these strategic options (performance analytics, marketing) online marketing using BI tool as strategy is selected. This strategy is recommended because by implementing it Barclays Bank can create customers at fast pace in its business which will make it more competitive than before. It is recommended that as part of this strategy Barclays Bank must follow AIDA model in its business and must use BI tool to perform marketing efforts in better way.
Barclays Bank is the British multinational investment bank and financial services company. The firm is engaged in investment banking, personal banking, corporate banking, wealth management and investment management. In terms of plausible trends BI is selected for the Barclays Bank because by using it bank can optimize its marketing and internal business operations. By using BI bank will monitor performance of its ad and extent to which its traffic is satisfied from its online consultancy service. In the present research study, porter generic strategy and Bowman model is applied to form a strategy for the Barclays Bank. Four strategies are developed and out of these specific one is chosen for the firm. Ways in which strategy can be implemented by the Barclays is explained in detail in the report. This section is divided into multiple parts like marketing phase and influencer marketing. At end of the report, conclusion section is prepared.
Background of industry
In the UK banking industry currently numbers of banks are present like Barclays, Lloyd Bank, HSBC, Royal Bank of Scotland etc. Industry is very competitive as banks time to time launch new attractive products. Retail banks and commercial banks earn majority of revenue by charging interest on loan (Amuakwa–Mensah and Boakye–Adjei, 2015). Noninterest income is also major source of income for banks in the UK. Demand of the home mortgage loans and other loans decreased significantly in the UK due to poor economic conditions.
Identification of potential market and segment
Barclay bank business structure can be classified into three parts namely investment banking, corporate banking and investment banking. These are main income segments for the bank. Barclays Bank is known all around the world for its corporate banking and investment banking services. Bank also needs to focus on retail segments because due to economic recession and short term jerks profitability in the corporate banking and investment banking decline sharply. Barclays bank is present in the number of nations of the world like UK, USA, India, Germany, Singapore, Hong Kong etc. UK, USA and India are one of the major markets where firm is doing business on large scale. In UK Barclay Bank observe turnover of £12,311 million and in USA Bank earn £7,486 million as well as in India Barclays bank earn turnover of £600 million. Thus, these three nations are potential markets and retail, corporate and investment banking is major segments.
On the basis of the above discussion, it is concluded that social media marketing is an effective tool for marketing of the product. By implementing specific strategy using BI technology Barclays Bank can receive multiple benefits in its business. Out of all marketing strategy is chosen because it will give results in the short term and will result in earning of more revenue in the business. NPA and sales force performance below expected level are the some of the problems that Barclays Bank is facing in its business. By using BI technology on time actions can be taken to handle problem. Thus, it can be said that there is huge significance of the BI technology for the Barclays Bank.
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