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SPECIFICS OF MARKETING CHANNELS USED FOR CONSUMER ENGAGEMENT ON MARKETS WITH LIMITED ACCESS TO CONSUMER INFORMATION
Abstract
The objective of this article is to analyze marketing channels used by economic entities to engage consumers of private banking services on the Russian market, which is characterized by significant limitations on disclosure of consumer information. The article also aims to identify specificities of designing marketing channels on such markets and define future trends of their development. Analysis of marketing channels, used to engage consumers of private banking services, is based on results of a survey and in-depth interviews conducted among actual consumers of these services, heads of private banking divisions and relationship managers of Russias largest banks. It is ascertained, that due to specific characteristics of this market, banks marketing management is limited in its marketing activity to a narrow range of marketing channels, namely, personal, professional and partner channels. The degree of impact of these channels on the process of recruiting new consumersof private banking services served as the basis for identification of active and passive channels. The article demonstrates that banks marketing management is able to influence the efficiency of personal contacts indirectly by focusing on improving the quality of service through offering values of functional, emotional, cognitive and associative nature. Banks may also actively develop professional channels and directly influence their effectiveness through resolution of conceptual issues in banks relationships with consumers and removing existing inefficiencies in providing private banking services. The article concludes that engagement of new consumers through banks partners, being currently a passive channel, can be made active through systematic efforts and creative approach to the development of this marketing channel. The article offers recommendations on the development of marketing channels for engagement of new consumers of private banking services that are expected to facilitate economic entities in expansion of their customer base even in conditions of its growth rate decrease.
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