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Benefits for Banks

Convenience
Online Loan Mela will serve as Internet marketing enables you to be open for business around the clock without worrying about store opening hours/ venues or overtime payments for staff. Offering your products on the Internet is also convenient for customers. They can browse your online store at any time and place for orders (Apply for loan or other services offered by the bank) when it is convenient for them.
Reach
By online Mela/ marketing on the Internet, you can overcome barriers of distance. You can sell all different types of services offered by your bank in any part of the country without setting up local outlets, widening your target market. You can also build an export business without opening a network of distributors in different states. It also helps you to cater your services to more than one client at a given point of time as you will not require an individual executive of representative to handle individual clients.
Cost
Marketing for your services on the Internet costs less than marketing them through a physical retail outlet or setting up a physical Loan Mela. The cost of venue, staffs deputed to organize and run the event, transportation cost, stationery, furniture hired, and there are β€œn” no of hidden costs when it comes to organize a stall in such given events. You do not have the recurring costs of property rental and maintenance. You do not have to purchase stock for display in a store. You can order stock in line with demand, keeping your inventory costs low.
Personalization
This Loan Mela enables you to personalize offers to customers by building a profile of their purchasing history and preferences. By tracking the web pages and product information that prospects visit, you can make targeted offers that reflect their interests. The information available from tracking website visits also provides data for planning cross-selling campaigns so that you can increase the value of sales by customer.
Relationships
The Online Loan Mela provides an important platform for building relationships with customers and increasing customer retention levels. When a customer has opted for a particular service or product (Loan etc) from this online Mela, you can begin the relationship by sending a follow-up email to confirm the transaction and thank the customer. Emailing customers regularly with special, personalized offers helps to maintain the relationship.
Social
Online Loan Mela enables you to take advantage of the growing importance of social media. β€œAn article on the Harvard Business School Executive Education website highlighted the link between social networking and online revenue growth. According to the article, a group of consumers that responded most strongly to the influence of social networks generated increased sales of around 5 percent. You can take advantage of this type of influence by incorporating social networking tools in your Internet marketing campaigns.” Customer chain increases with this platform as the crowd these days are tech savvy and prefers to save time and opt for options available online rather than physically going out to purchase or avail the services.
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