Marketing Plan for Lloyds TSB Essay Example

interest rates over 10% on savings accounts in the past year. Additionally, personalized bank accounts with unique features have become popular for current account holders. While Lloyds offers specialized accounts for students and children, they do not currently provide one for senior citizens.

For enhanced appeal to specific consumer groups, to enable targeted marketing, and to increase profitability, current account products should be further segmented. Lloyds TSB has introduced recent banking innovations, such as offering "black" credit cards to a wider customer base. These cards were once invitation-only and provided benefits to affluent individuals. However, as customers look for more financial benefits, black cards are now available more broadly. Lloyds TSB pioneered the "build your own benefits" card, which provides a range of attractive extras. They also offer premium account holders various benefits and perks in exchange for a monthly fee. In the highly competitive financial services sector, Lloyds TSB must take advantage of all opportunities to maintain profitability and differentiate themselves from their rivals. Packaged accounts have proven invaluable for current account providers in this respect.

Lloyds TSB's promotional material has been criticized as misleading by the Advertising Standards Authority. Recently, a leaflet produced by the bank was deemed deceptive. The leaflet was designed to look like a handwritten note, while another circular and mailing appeared to be personally redirected by a neighbor. The ASA found that the home insurance leaflets were unclear about their advertising nature and had the potential to "mislead readers." Lloyds TSB apologized for any confusion caused and discontinued the leaflets immediately.

Lloyds TSB Bank participates in various community initiatives, such as a Welsh language scheme and a partnership with Help the

Hospices. An annual corporate social responsibility report is published, which can be accessed on their website. The company's expansion approach should prioritize organic growth, concentrating on drawing in more deposits from new customers while keeping the existing ones satisfied. This campaign will specifically target students, affluent professionals, and OAPs, as research suggests that these customer groups have unique requirements and expectations when it comes to banking services.

There is an increasing demand for additional financial services among students, affluent professionals seek higher interest rates, and senior citizens desire increased security measures. The market is also divided by wealth. Our objective is to reach both male and female customers according to their financial situation whenever possible.

Our attention shifts towards the communication objectives once we have identified the target audience.