ING DIRECT (“ING-D”) Case Study - Marketing Fundamentals Free essay! Download now
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ING DIRECT (“ING-D”) Case Study - Marketing Fundamentals
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| Words: 2088 | Submitted: 05-Dec-2011
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DescriptionING marketing fundamentals
ING DIRECT (“ING-D”) Case Study
ING-Direct (ING-D) is a marketing orientated bank that has launched into established markets in the last decade using differentiation as a way to build competitive advantage.
This report splits into Section A, based on information provided by the ‘ING Direct USA – Rebel With A Cause’ Case Study by IMD International, and Section B which critically assesses the ING-D website.
The Nature of the ING-D’s Value Proposition
Customer Value Proposition Creation
By engineering processes and products from the customer inwards, ING-D aimed to construct a customer value proposition that offsets perceived sacrifices with higher levels of perceived benefits in areas which resonate strongly with customers.
Value Proposition Summary
The key perceived benefits offered to customers are simple, easy to use accounts with no fees or service charges, no minimum balances, great savings rates, the convenience of 24/7 internet banking and quality service from an award winning call centre.
The perceived sacrifices are principally the physical evidence aspects of the service marketing mix that are associated with the traditional banks, including branches and ATMs. The other key perceived sacrifice is that ING-D does not offer a complete portfolio of accounts due to the lack of a Checking Account. Therefore customers potentially need to operate a number of accounts with different organisations.
The value proposition is supported through integrated marketing communications which utilise a range of tools and channels in addition to basic advertising, including sales promotion, events and online educational services.
The use of less traditional communication methods underlines the strategy of using differentiation for competitive advantage. It sets ING-D apart from the mainstream banks in brand personality.
Value Proposition Effectiveness
ING-D created a viable customer value proposition as evidenced by high levels of customer advocacy and the growth in customer numbers and deposit levels.
The Evolution of ING-D’s Strategy Since its Launch in the US Market
The post-launch period saw ING-D US entering a period of significant growth.
At this time the bank was grappling with a range of challenges including pressure on margins, aggressive competitor activity, consumer confusion and increased internal reporting and control measures.
The marketing strategies employed principally focussed on evolving two key parts of the marketing mix; product and place.
Post-launch ING-D chose to implement a product development strategy as per the Ansoff Growth Matrix (Appendix 1).
This can be seen in the period from 2000 to 2002 when a range of new products, such as Mortgages, Certificates of Deposit, etc, were launched into the existing ING-D US footprint.
ING-D traditionally operated a direct to consumer distribution channel. This had the benefits of maintaining control over the relationship with the customer ensuring that the brand values could be executed consistently.
However, to address its balance ...
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