Effectiveness of Digital Marketing Initiatives in Improving the Performance of Banks with Special Reference to HDFC Bank

Abstract

Digital marketing is an umbrella term for all online marketing efforts by an organization. Businesses use Google search option, own and others websites, emails and various social media platforms to connect with consumers. This study aims to identify the impact of digital marketing effectiveness on sales performance, take insights from customer responses, identify gaps and give recommendations, which will boost sales productivity. Sales performance or productivity increase through retaining existing customers as well as acquiring new ones. In this study retention, approach is considered as retaining new customers is less costly and less time consuming than acquiring new ones. The major issue that is focused on this study is sales performance of the bank. The mode of increasing the sales is via digital marketing. This problem has effects on current practices and business. Low income results in low profit, which in turn means dividend paid to shareholders is less. This also means retained earnings are low which in turn implies that capital available for investment in new businesses and reinvestment in existing businesses and less. Inefficient use of digital marketing potential could mean lost sales. In this digital era, customers as well as potential customers may switch to competitors if they are unsatisfied with digital marketing of the bank. However, out of the two factors identified, only website and emails effectiveness have significant impact on sales effectiveness.