how to generate idea for a marketing product

1. FIXED DEPOSIT/TIME DEPOSIT
IDEA GENERATION
We calledameetingof ourbank employee andhada brainstorming sessionwherewe discussedto
introduce anewTD/FD in the market.Discussion wasbasedonvariousattribute of FD/TD.Suchas days
of maturity,Onlinebooking,ease of booking,Returnoninvestmentandtargetaudience.
1) An FD/TD with10 yeardurationwithslightlyhigherinterestrate
2) A fullyonline FDthatcan be openedwithanyone evenwhenhe isnotourbank customer.
3) A FD Speciallytargetedforworkingladieswithofferinghigherinterestrate.
4) Online FD/TDwhichcan be openedformaturitiesvaryingfrom 7daysto10 yearswithanyone even
whenhe isnot havinga bankaccount withus.
IDEA SCREENING
We screenedourideabasedonscore of below twomatrixes.
Product success
requirement(Idea4)
Relative Weight Product score Product Rating
Uniquenessof the
product
.40 9/10 .4
Income to cost ratio .20 7/10 .3
Lack of strong
competition
.30 9/10 .3
Total 1.00 .84
Factors Idea1Weight Idea1Rating Idea4Weight Idea4Rating
Marketing
Promotion methods
-Social Media
-Online/Digital Marketing
Salesthroughagent
50
25
25
2
2
50
25
25
4
4
Finance
Capital forinitial investment 10 4 10 3
Operationsandothers
NewWebinterface
BackgroundIT support
ManpowerhiringandTraining
40
15
15
10
0
0
0
40
15
15
10
3
3
3
Score 140 350
On bothmatrixesIdea4 forFD/TD scores highonotherideaso we will be selectingit.

2. Concept Development
Concept1: This is a product which will be positioned as a investment among 25 – 40 years age group,
who could be salaried individuals earning Rs. 20,000/- and above per month, Corporate and / or
Agencies from Tier 1 & 2 Cities. It will be a product based on convenience or a self service model for
internet savvy people. You can do this in your pajamas on any day.
Concept2: It will also be a very suitable product for those who are looking for safe investment option
such as retired employees and parents whose children are in higher education etc.
We conducteda marketsurveyforabove productand hada positive response.We foundthatourtarget
audience chooses their banking partner on below parameter:
1-Trust (Brand)
2-Convenience
We measure our concept on three parameters:
Communicability: On this we find that people are very clear about the benefit of a higher interest
earning which can be liquidated anytime.
Our tagline will be “Easy and Fast” and “Keep your FD in your pocket”
Believability: In our sample survey we find that people choose their banking partner on a perceived
trust. We being a small bank score medium on believability.
Likability: Score for this segment were high.
Our survey consist question like, what feature do you look for while opening an account? Rate them on a
scale of 1 to 6 and what is the best feature you like about your current bank account? Rate them on a scale
of 1 to 5
Link for the survey is below:
https://docs.google.com/a/iimraipur.ac.in/forms/d/1kOOnxymvQIf7Z3y9lWmLbVcqamFJT8K3XKt2Azp9
_gA/viewform?c=0&w=1
Throughthese surveywe alsofindthatmainpainpointof online customerare going through all logging
in and logging out process even for small thing such checking balance.
So we have decidedthatwe will have a separate link for our FD/TD account where users can view their
details easily.

3. Marketing Strategy
Main factors of TD/FD
a) Ease of service
b) Net Banking
c) Personalized Offering
d) High Deposit Rates
e) Access anywhere
e) Brand or Trust
f) Branch location
g) Interest rate
Two core factors that come in our survey are:
1) Brand of Issuing bank
2) Ease of service
3) Interest rate
Segmentation, positioning and Target market
Segmentation Target Positioning
Demographic
Age group(25-40)
Income>20000
Working professional
Retired servicemen
Geographic
Metro cities
Tier1 and Tier2
People who are in corporate or
govt.employees in metro or tier
1 and tier 2 cities. These people
earn min. 20000 if single and
more than 40000rs if married.
They are in job for 2-3 years or
more and now inclined towards
saving some part of their
income.
We will try to position this
product hassle free, convenient
and designed for internet savvy
confident people.
Marketing mix:
Product price Place Promotion
1-Online FD
2-Anyone can avail this
even if he don’t have
account with bank
3-Full self service based
4-High on convenience
even KYC documentation
will be online.
Free opening
No cancellation charges
7-31 day – 9%
31-120 day -10%
120 days onwards-
10.50%
First phase- Metro
cities
Second phase-All big
cities where DCB is
present
Online market place
1-Sport and event
sponsorship
2-Agent based
distribution
3-Social media(You tube,
twitter, Linkedin,
facebook)
4-Smart digital
marketing(A pop up on
some most visited
investment sites such as
money control)
5-can bring in
marycom,TVF etc

4. Business Analysis