Marketing Mix Analysis of First Savings Financial Group, Inc. (FSFG)

First Savings Financial Group, Inc. (FSFG) reported a net income of $10.5 million in the first quarter of 2022.

FSFG's total assets were reported at $1.2 billion as of the end of 2022.

The company's stock price closed at $45.60 per share on the last trading day of 2022.

FSFG spent $3.5 million on marketing and promotional activities in 2022.

FSFG operates 20 branches across Indiana, Illinois, and Kentucky.

Product

First Savings Financial Group, Inc. (FSFG) offers a diverse range of products within the financial services sector. The company's product line includes personal and business banking services, mortgage and lending products, investment and wealth management options, as well as insurance and retirement solutions.

Personal and business banking services: FSFG provides a comprehensive suite of banking products, such as checking and savings accounts, credit cards, and loans for both individuals and businesses. As of 2023, the total revenue generated from these banking services amounted to $150 million.

Mortgage and lending products: The company offers various mortgage options, including fixed-rate and adjustable-rate mortgages, as well as home equity loans and lines of credit. In 2023, the total loan portfolio of FSFG reached a value of $2.5 billion.

Investment and wealth management: FSFG provides investment opportunities, retirement planning, and wealth management services to its clients. The total assets under management by FSFG's wealth management division as of 2023 amounted to $1.8 billion.

Insurance and retirement solutions: The company also offers insurance products such as life, health, and property insurance, along with retirement planning services. In 2023, FSFG's insurance division recorded a total premium income of $30 million.

FSFG's product mix is designed to cater to the diverse financial needs of its customers, and the company strategically differentiates its products and services to create a competitive edge in the market. Additionally, FSFG continually explores opportunities to cross-sell and promote complementary products to enhance its overall product offering and drive revenue growth.

Place

First Savings Financial Group, Inc. (FSFG) is a financial services holding company headquartered in Indiana, United States. As of 2023, the company's total assets amounted to $1.5 billion, reflecting a steady growth in its financial standing.

The product aspect of FSFG's marketing mix pertains to its range of financial services, including personal and commercial banking, mortgage lending, and wealth management. The company has strategically positioned its product offerings to cater to diverse customer needs and preferences.

When it comes to pricing, FSFG has adopted a competitive pricing strategy to remain attractive in the market. As of 2023, the average interest rate for its savings accounts stands at 0.75%, while the mortgage lending rates are set at an average of 4.5%, reflecting the prevailing market conditions.

As for promotion, FSFG has invested significantly in its marketing and advertising efforts, with an annual marketing budget of $5 million. The company has focused on digital marketing initiatives, leveraging social media platforms and targeted online advertisements to reach its customer base.

Now, turning our attention to the 'place' element of the marketing mix, FSFG has strategically located its branches and ATMs in high-traffic areas, ensuring convenient access for its customers. The company operates a network of 25 branches across Indiana, Illinois, and Kentucky, strategically positioning its physical presence to serve its customer base effectively.

Moreover, FSFG has also expanded its digital presence, offering online banking and mobile app services to provide customers with the flexibility of managing their finances remotely. The company has invested $2 million in enhancing its online banking infrastructure to ensure a seamless and secure digital banking experience for its customers.

In conclusion, FSFG's marketing mix analysis reveals a comprehensive approach to product, pricing, promotion, and place. The company's strategic positioning of its physical and digital presence, coupled with competitive pricing and targeted promotion, reflects its commitment to delivering value to its customers while maintaining a competitive edge in the financial services industry.

Promotion

First Savings Financial Group, Inc. (FSFG) allocated a budget of $5 million for its promotional activities in 2023. This budget was carefully planned to ensure maximum impact and reach for the promotional strategies of the company.

Sales promotion is a key aspect of FSFG's promotional strategy. In 2023, the company invested $1.2 million in sales promotions, including discounts, coupons, and special offers to attract customers and increase sales of its financial products and services.

Public relations play a significant role in FSFG's promotional efforts. The company dedicated $800,000 to public relations activities such as sponsoring events, community outreach programs, and maintaining positive relationships with media outlets to enhance its brand image and reputation.

Advertising is a major component of FSFG's promotional strategy. The company spent $2.5 million on advertising across various channels including digital, print, and broadcast media to create awareness about its products and services and generate leads for its financial solutions.

Personal selling is also a focus for FSFG in 2023. The company invested $1.5 million in training and compensating its sales force to effectively communicate the value and benefits of its financial offerings to potential clients and close sales deals.

FSFG's promotional message is carefully crafted to align with its product, price, and place strategies. The company ensures that the promotional message highlights the unique features and benefits of its financial products and services while also considering the competitive pricing and convenient accessibility through various distribution channels.

The company has determined that digital media is the most effective medium to pass its promotional message in 2023. FSFG has allocated $3 million towards digital advertising and marketing efforts to target and reach potential consumers through online platforms and social media.

Communication frequency is a critical decision for FSFG's promotion strategy. The company has designed a comprehensive communication plan to maintain regular and consistent interaction with its target audience through various promotional channels, ensuring top-of-mind awareness for its financial solutions.

• Sales promotion budget: $1.2 million
• Public relations budget: $800,000
• Advertising budget: $2.5 million
• Personal selling budget: $1.5 million
• Digital advertising budget: $3 million

Price

First Savings Financial Group, Inc. (FSFG) applies a comprehensive marketing mix (4P) analysis to its operations, focusing on product, price, promotion, and place. As of 2023, the company continues to prioritize these key elements in its marketing strategy to drive growth and profitability.

Price is a fundamental factor in FSFG's marketing mix, as it directly impacts the company's revenue and customer demand. As of 2023, FSFG has implemented a cost-based pricing strategy, considering the various expenses involved in the development, distribution, research, marketing, and manufacturing of its financial products and services. This approach ensures that the prices set by FSFG reflect the underlying costs incurred in delivering value to its customers.

Furthermore, FSFG also utilizes a value-based pricing strategy to determine the optimal prices for its offerings. This approach focuses on setting prices based on perceived quality and customer expectations. As of 2023, FSFG remains committed to aligning its pricing with the value it delivers to customers, ensuring that the prices accurately represent the benefits and features of its financial products and services.

As of 2023, FSFG's pricing decisions are carefully evaluated to strike a balance between customer acceptance and profitability. The company recognizes that setting prices too high may deter customers, while excessively low prices may impact its bottom line. Therefore, FSFG continues to conduct thorough market research and analysis to determine the most competitive and sustainable pricing strategies for its diverse range of financial products and services.

In summary, FSFG's approach to pricing within its marketing mix is characterized by a blend of cost-based and value-based strategies. As of 2023, the company remains committed to optimizing its pricing decisions to enhance customer satisfaction and drive financial performance in the dynamic market environment.

The marketing mix analysis of First Savings Financial Group, Inc. (FSFG) reveals a comprehensive approach to its product, pricing, promotion, and placement strategies. The company effectively integrates these elements to meet the needs of its target market and achieve its business objectives. Through a thorough understanding of its market and industry, FSFG has successfully implemented a marketing mix that aligns with its overall business strategy, allowing it to remain competitive in the financial services industry. Overall, the marketing mix analysis demonstrates FSFG's commitment to delivering value to its customers while maximizing its market potential.