Research On Marketing Strategy For Mobile Payment Products Of CIB

In recent years,mobile payment products that are created combining with Internet technology and financial payment has developed rapidly around the world.At present,mobile payment has occupied a large market in China's domestic consumption field,and the penetration rate has been constantly increasing in the first-tier cities as well as the second and the third-tier cities.In the mobile payment market,services in non-banking payment institutions are growing much faster than banking institutions,and commercial banks are gradually expanding the market and leaning towards mobile payment businesses.This is undoubtedly a big shock to the banking industry,which has developed to a more mature stage both in terms of business and layout.In this context,China Industrial Bank(CIB)has gained a considerable lead as the first banking institution to carry out the marketing work of mobile payment products.The description of marketing characteristics of the mobile payment products in CIB includes customer resource advantages;small and medium-sized customer occupies compared to higher ones;high reproducibility of the product in the same industry;a variety of compatible products;transfer cost reducing client-side rate etc.Then the problems in current marketing of mobile payment products and their causes are further analyzed.The main problems are limited development of product technology,limited innovation ability,fierce competition among competitors in the same industry and third parties,influence of nodes layout,significant regions limitation,lack of special mobile payment product marketing personnel,and lack of human resources investment.In order to solve the problems in marketing that have been mentioned above,the marketing environment of CIB's mobile payment products including economicenvironment,technology environment,social environment,macro environment which contains policy and law environment,and the micro environment which mainly involves with consumers and competitive enterprises was analyzed accordingly.In addition,SWOT analysis was used to demonstrate the strengths,weaknesses,opportunities and threats of CIB's mobile payment products.Evidently,the advantages mainly are capital,customer advantages,channel advantages and advantages of security.And the disadvantages are poor customer experience,lack of financial innovation,bad application situation and weak cooperative partnership.Moreover,the opportunities mainly are huge e-commerce market potential and rapid development of Internet technology.Finally,the major threats are lost of customer resources,encroachment of traditional businesses,and lack of user large data analysis.Based on the analysis above,the mobile payment product market of CIB can be divided into small and micro customers,medium customers and large customers market according to customer contribution.And according to customer type,it can be subdivided into consumers and merchants.Furthermore,target market and market positioning of CIB's mobile payment will be illustrated.It concludes that the future development trend of mobile payment is to meet the personalized needs of customers,and to make contributions to building the “wisdom city”.Therefore,it can be achieved by developing and upgrading mobile payment products of commercial banks,promoting and widely using modern payment methods in the economic life.Then it will make commercial banks' mobile payment products become the innovation of government's new service pattern,and increase the interaction between citizens and the administration.Eventually,it will provide new energy of stimulating urban economic transformation and promotion.What is more,the design of the marketing strategy combination includes several strategies,which are the differentiated product portfolio strategy based on Mobile Payment Mobile Phone Bank,CIB E-payment,and “Third-party Mobile Payment Platform + CIB”;pricing strategies based on initial market pricing and timely competitive adjustment;publicity strategies based on advertisement,public service payment platform construction,and charity platform building and so on;marketing strategies based on offline channelmarketing strategy,online channel marketing strategy and external channel cooperative marketing strategy.According to the analysis,the marketing strategy implementation insurance of CIB's mobile payment products mainly are building professional mobile payment marketing team,accelerating the innovation of mobile payment business,building “wisdom city”,using large data analysis to achieve accurate marketing,strengthening risk prevention,and safeguarding financial security.