Brand strategy in the retail banking sector: Adapting to the financial services revolution

Abstract

Segmentation has long been regarded as the cornerstone of a successful marketing strategy and acts as a substantive source of differentiation and competitive advantage. The alternative is an unfocused generic strategy not based on the specific needs and wants of a defined target group. For instance, in the car market, companies such as Mercedes and Volvo clearly design, price and brand their offerings to compete in very specific sectors of the market and to appeal to defined psychographic groups.