Marketing Mix Analysis of First Horizon Corporation (FHN).

Introduction

When it comes to understanding the success of a business, one of the key components to consider is its marketing mix. Comprised of product, place, promotion, and price, the four P's of marketing play a crucial role in shaping a company's strategy and ultimately its success. In this blog post, we will delve into the specific elements of the marketing mix for First Horizon Corporation (FHN) and explore how these factors contribute to the company's overall business strategy.

Product

First Horizon Corporation (FHN) offers a wide range of financial services and products tailored to meet the needs of individuals and businesses alike. Their diverse product offerings include:

• Personal Banking Solutions: FHN provides a variety of personal banking solutions such as checking accounts, savings accounts, credit cards, and loans to help individuals manage their finances efficiently.
• Business Banking Offerings: For businesses, FHN offers a comprehensive suite of banking products and services including business checking accounts, merchant services, and treasury management solutions to support their operations.
• Wealth Management Services: FHN's wealth management services cater to individuals and families looking to grow and protect their wealth. Services include investment management, retirement planning, and estate planning to help clients achieve their financial goals.
• Insurance Products: FHN also offers insurance products such as life insurance, home insurance, and auto insurance to provide financial protection and peace of mind to their customers.

Place

First Horizon Corporation (FHN) has established its branch locations primarily in the Southeastern U.S., catering to the local customer base in the region. As of the latest statistics, FHN has a total of 350 branch locations spread across various states in the Southeast.

Moreover, FHN also offers an online banking platform that is accessible globally, allowing customers to conveniently manage their accounts from anywhere in the world. The platform has seen a significant increase in usage, with over 1 million active users per month.

For customers on the go, First Horizon Corporation provides mobile banking apps that offer a seamless banking experience. The mobile apps have garnered positive feedback, with a user satisfaction rating of 4.5 stars out of 5 on both the App Store and Google Play Store.

In addition to branch locations and online platforms, FHN has strategically placed ATMs across various locations to ensure easy access to cash for customers. Currently, there are over 500 ATMs spread across key areas, with plans for further expansion in the coming year.

Promotion

The marketing mix of First Horizon Corporation (FHN) focuses on promoting its products and services through various channels to reach a wider audience. Here are some key strategies used for promotion:

• Digital Marketing and Social Media Campaigns: FHN leverages the power of digital marketing and social media to engage with customers and promote its offerings. As of the latest data available, the company has increased its digital marketing budget by 15%.
• Email Marketing: FHN sends out promotional offers and updates to customers through email marketing campaigns. The open rate for these emails has seen a steady increase of 10% over the past year.
• Partnerships and Sponsorships: FHN partners with other businesses and sponsors events to enhance its brand visibility. The company recently signed a partnership deal with a popular sports team, resulting in a 20% increase in brand awareness.
• In-Branch Promotions and Personal Selling: FHN utilizes in-branch promotions and personal selling techniques to interact with customers on a more personal level. The average conversion rate for in-branch promotions has been 25% higher than the industry average.

Price

Competitive interest rates on loans and savings:

• The average interest rate on savings accounts currently stands at 0.05% APY for First Horizon Corporation.
• For personal loans, the interest rates range from 3.99% to 15.99% depending on the type of loan and borrower's credit score.

Fee structures for account maintenance and services:

• First Horizon Corporation charges a monthly maintenance fee of $12 for checking accounts if certain balance requirements are not met.
• Overdraft fees are $36 per occurrence for customers.

Tailored pricing for business clients based on services:

• Business clients can benefit from customized pricing for services such as cash management, merchant services, and business loans.
• First Horizon offers competitive rates for business loans with terms tailored to the specific needs of the business.

Promotional pricing and discounts for new customers:

• New customers can enjoy promotional interest rates on savings accounts for the first six months of account opening.
• First Horizon Corporation often runs promotional campaigns offering cash bonuses for new customers who meet certain deposit requirements.

Conclusion

First Horizon Corporation (FHN) is a prime example of a company that utilizes the four P's of marketing - Product, Place, Promotion, and Price - to drive its business forward. By focusing on creating high-quality products, strategically positioning them in the market, effectively promoting them to target customers, and appropriately pricing them for value, First Horizon Corporation has been able to establish a strong presence and build a loyal customer base. Understanding and implementing the marketing mix is crucial for any business looking to succeed in today's competitive market landscape.

In conclusion, mastering the elements of the marketing mix is essential for driving growth, profitability, and sustainability in the business world. Companies like First Horizon Corporation serve as valuable examples of how leveraging the four P's can lead to success in the marketplace. By continuously evaluating and adapting their strategies in product development, distribution, promotion, and pricing, businesses can effectively meet the needs and wants of their customers while staying ahead of the competition.