Designing a Digital Marketing Excellence Model (A Case Study of Commercial Banking)

Document Type : Research Paper

Authors

1 PhD Candidate, Department of Business Management, Qom Branch, Islamic Azad University, Qom, Iran.

2 Prof., Department of Business Management, Tarbiat Modares University, Tehran, Iran.

3 Assistant Prof., Department of Industrial Management, Faculty of Humanities, Qom Branch, Islamic Azad University, Qom, Iran.

4 Associate Prof., Department of Business Management, Faculty of Humanities, Qom Branch, Islamic Azad University, Qom, Iran.

10.22059/jibm.2024.376605.4785

Abstract

Objective
In response to global advancements in the banking sector and the increasing competition in Iran, with new banks and financial institutions entering the market, commercial banks must leverage digital marketing to differentiate their services and secure a significant market share in the industry. Therefore, it is necessary that marketing excellence models provide solutions to create a sustainable competitive advantage. This study aims to discover and explain the antecedent and consequent components of the digital marketing excellence model in commercial banking and to provide solutions to improve digital marketing excellence in commercial banking.
 
Methodology
The current research is applied-developmental in terms of its purpose. In terms of the method of data collection, it is included in the category of non-experimental research. To address the research problem and develop the model, a qualitative research approach was employed, specifically utilizing data collection methods from grounded theory.
 
Findings
The findings indicate that implementing the marketing excellence model in commercial banking enhances the customer experience by anticipating and addressing future needs, increasing customer appeal, personalizing services, and expanding the range and diversity of offerings. Additionally, it improves employee well-being, establishes effective communication with audiences, and leverages digital technologies and strategies. This approach allows customers to interact with the bank through digital channels and choose their preferred method of engagement at any time.
 
Conclusion
Many organizations increasingly adopt new technologies to gain a larger market share. Embracing technological advancements is crucial for economic success in today's era, making digital marketing a key tool for achieving the latest methods of customer interaction and engagement. In a market-based economy, banks are forced to use new marketing tools and take advantage of digital marketing to be effective in monetary and financial markets, perform better and surpass competitors, and prepare their financial resources. Value creation is one of the consequences of digital banking. Banks that have accepted the marketing philosophy are constantly trying to create and increase the value of their customers. Customers compare the values they receive from different banks and choose a bank that offers more value to them. Processes that have transitioned from physical platforms to information technology platforms offer services more efficiently and rapidly than ever before. For instance, whereas previously individuals had to visit a bank in person for various transactions, the advent of banking software now allows them to complete these tasks at any time, day or night, from the convenience of their own devices

Keywords

Main Subjects

References

 
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Journal of Business Management
Volume 16, Issue 3
2024
Pages 596-617

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