HSBC was established in 1865 to finance the growing trade between China and UK. Being an early starter to penetrate into this geography, HSBC was able to fully utilize the untapped business potential available and thereby capture a huge chunk of the market.
Despite growing in almost 80 countries all over the world, HSBC has been successful in positioning itself in Worlds local bank. As the bank constantly works hard to maintain a local feel and local knowledge, customers feel comfortable to bank with an international brand like HSBC. Consequently it has ensured high customer loyalty and HSBC has been able to retain its large customer pool.
Another key factor of success is the …show more content…
Points to be watch out for
1.It should closely follow the strategies adopted by its competitors and redesign its strategy accordingly with a proper emphasis on its strength i.e. Worlds local bank. 2. Also it should be careful that the customers do not feel any un comfort or uneasiness while dealing with the bank personnel.
3. It should also watch out for potential customer and new business segments. Internally,
4. it should ensure that the employees are motivated enough in their job to deliver maximum productivity.
5. It must continue to understand the local market and to continue to make the
“connection” with local communities. 6. Rapid changes to their target markets (demographic changes, psychological changes, etc.) in the local and national levels.
What recommendations would you make to senior marketing executives going forward? What should they be sure to do with its marketing?
a. Do not get complacent or overly comfortable with their successes. Avoid becoming
“big” for “bigness sake.” b. going forward executives have to learn native cultural activities such as local festivals, likes and dislikes of local