Citibank Marketing Strategy | Marketing Strategy Citibank

by Shamsul
Citibank Marketing
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Citibank Marketing Strategy | Marketing Strategy and Tactics of Citibank

 

With the experience of 200+ years, Citibank is determined to serve its customers through its saving decisions and investment. Certainly, Citibank Marketing Strategy makes their customer’s life easier. This is basically a consumer bank, institutional securities, and banking client group services and markets business. For the full year 2020, Citigroup reported a net income of US$11.4 billion on revenues of US$74.3 billion, compared to the net income of US$19.4 billion on revenues of US$74.3 billion for the full year 2019.

Targeting, Segmentation, and Positioning in Citibank’s Marketing Strategy

With its presence in 100+ countries, it uses a combination of geographic and demographic segmentation variables that help in catering to the demands of institutional and retail customers respectively. Its differentiating strategy of targeting provides better-suited services to its clients of the security market, retail banking, or institutional client’s banking and services. Citigroup has positioned itself as a hi-technology financial/banking institution that brings disruptive changes in the market, these changes make it easier and suitable for clients to handle and meet their financial aims and goals.  Its mission is to provide its customers with better financial services that will enable their progress and growth.

Competitive Advantage of Citibank’s Marketing Strategy:

Among the service industry, people belonging to a company play an important role in its success. Nearly 2, 30,000 greatly skilled employees are serving with aim of helping this company in strengthening, executing, and implementing its global strategy. This highly regulated industry affected by different counting factors. It includes work culture, living standard, compensation with or according to other industry, retains talents can be named as a challenge. During the last few years, this company has started being more focused and concerned for its key business-like, institutional group or consumer banking and this goal is being achieved by reducing the workforce, network branches and assets by 28000, 30 % and 150 $ million respectively, which in return helped company with 25 % net income increase for the year 2015 with respect to the year 2013 and 130 % + net income increase in 2015 when compared with 2014.

BCG Matrix Analysis of Citibank Marketing Strategy:

Business segments of Citi group consist of security and banking services for institutional clients, global client banking. The performance report of all these segments is different in different geographic areas but their overall performances are the star in BCG matrix.

Distribution Strategy as a part of Citibank’s Marketing Strategy:

Whether it is a network or digital platform of its different branches, Citibank’s main objective is to provide its services to its valuable customers in a better and convenient way. With its 4,000+ ATM-based networks and 5,000+ branches; Citigroup has made its services easily accessible by its customers.

Brand Equity as a part of Citibank’s Marketing Strategy:

Citigroup’s branding framework is very effective and active on all of the related platforms. It acts as a product sponsor for the 2016 Rio Olympics and is a sponsor partner for the USA team in Rio Olympics. Its high visibility is helping it to spread positive word-of-mouth and to maintain high top-of-mind-awareness (TOMA) in the global market. This world’s largest issuer of credit cards has started working as partners with different companies to come up with an effective executed idea of co-branded cards for the market.

Customer Analysis as a part of Citibank’s Marketing Strategy:

The government-imposed regulations of any country play a great role in the financial industry deals and work of that country. Competitive landscape also defines the financial industry grounds, as companies of industry have a competition with each other based on technological advancement, customer care services, services/product pricing and, the most important one, deposits.

Market Analysis as a part of Citibank’s Marketing Strategy:

The presence of different local and national banks, non-banking financial companies are making the banking industry further competitive. Their struggle of eating each other’s market shares of respective businesses is really competition.

Customer Analysis as a part of Citibank’s Marketing Strategy:

Customers of this bank vary from individuals to different corporate customers. They find various available financial services provided by Citibank. It includes banking, credit cards, investment services, wholesale banking, international cards, and wealth management-based services.

 

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Read More:

Banking SWOT | SWOT Analysis of Banking

The Rising Inequality Along with the Polarization

Marketing Strategy of ICICI Bank | ICICI Bank Marketing


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