Research On Marketing Strategy Of ‘Farmer’s Wallet’ In PanShi Jiyin Rural Bank

With the deepening reform of the new rural construction, coupled with the rapid development of the Internet and information technology, as well as the increase in farmer’s needs for more convenient and personalized services from the bank, expanding mobile banking services in the rural areas in the county has become a new main battlefield. Therefore, it is an inevitable choice for the rural financial institutions to vigorously expand the mobile phone banking services, which can make themselves more competitive in the financial market.Through the analysis and study of the development of the marketing strategy “Farmer Wallet” in Panshi Rural Bank of Jilin, three main problems have been discovered. First, the product is more homogeneous, which results in more intense competition. Second, the marketing strategy is single, and lacks of effective tracking and re-sale services. Third, there lack of a marketing team to promote the product. The main causes of these problems are that 1) the product design concept does not come from the point of views of the customer; 2) the marketing activities are not integrated into the overall marketing concepts of the bank; 3) there lack of reasonable allocation of technology resources and human resources as well as effective evaluation system.In order to develop a scientific product marketing strategy in Panshi Rural Bank of Jilin, SWOT analysis is adopted to analyze the macro-marketing environment and the micro-marketing environment of the bank. The macro-marketing environment includes political, economic, social and technological environment; while the micro-marketing environment covers market and competitors of the bank, and its own development. The advantages are that the bank has a good brand image, high quality of products and services, and effective customer manager teams. The disadvantages are that the presence of the customer base is relatively weak; the marketing system has not really been established; there lack of effective utilization of the data. The good opportunities are the dramatic development of technology of Internet as well as the rapid social and economic changes. At the same time, there are still some challenges from other state-owned banks and Internet banking. Accordingly, it is good opportunity to develop "farmer wallet" marketing strategy for a long period of time in the future.Through the analysis of individual customers in Panshi area, the target market and market position of “farmer wallet” is clarified. Using 4P theory, new marketing strategies are developed, including:(1) Product strategy. Mainly based on customer demands, products are innovated, product features are improved, and goods and services are deepened.(2) Price strategy. Penetration pricing strategy is adopted in order to seize the sales channels and consumer groups, which makes it more difficult for the competitors to enter the market.(3) Promotion strategy. Brand marketing strategy is used, coupled with multiple channels and media resources for precision marketing and experiential marketing.(4) Channel strategy.The network channel marketing is mainly improved. Other marketing channels are innovated, such as personal selling, advertising and promotions. Meanwhile, proposed safeguards are proposed to guarantee the implementation of the marketing strategies: first, adjusting the internal organizational structure;second, strengthening the training of human resources; third, establishing corresponding performance appraisal system; fourth, strengthening the maintenance of customer relationships.