In the past, BIDV always considered SOEs as the target market and credit operation as the main product. The main activities of BIDV were to mobilize idea capital from individuals to lend SOEs. The convenience and interest rate were the main competition factor in mobilizing capital. BIDV has opened many branches and Fund Mobilization Counter over all Vietnam provinces and cities. The credit customers were SOEs with long relationship. BIDV seemed to lack marketing activities in the past.
Recently, on the pressuring of market competition, BIDV has conducted many marketing activities concentrating on profitable SOEs as well as individuals. Marketing departments were established in the headquarter as well as all BIDV branches with their main tasks being to collect marketing information, to conduct marketing research and to identify the customer needs and the strength of competitors. The objectives of each department were delivered to all staff. The front-desk staffs are trained banking and communication skills.
The bank usually measure the performance of front-line staff and quality of products from customer complaints and formal customer serveys about the quality of the product and service and the relationship they have with BIDV and staff. Many advertising and promotion programs are implemented to deliver BIDV’s images and products to customer. On deposit service, BIDV is pursuing special “customer care” policies to target the “billionaire” customers, deposit customers with big sums of money will enjoy an additional interest rate.
The marketing strategy of BIDV seems to change from a product-oriented to a customer-oriented marketing strategy. However, the marketing activities of BIDV can not undergo a big change in such a short time, the marketing activities of BIDV lacks profession, BIDV staff still is not good at communication skills. Today, the world is changing rapidly with the help of globalization trend, modern technologies, and deregulation. That has significantly affected the external environment of BIDV, brought many challenges and opportunities to BIDV business.