Citibank Marketing Strategy – Marketing Strategy of Citibank: With over 200 years of experience Citibank has been helping its customers easier by assisting clients with their investment and savings choices. Citibank mostly operates in consumer Banking and the Institutional Client group of institution securities markets and services. In 2015 the total profits of Citigroup total $76.3 Billion while net income is $17.2 billion.
Citibank At A Glance – Marketing Strategy of Citibank
Company : Citibank
CEO: Jane Fraser
Founder: Samuel Osgood
Year founded: 16 June 1812, New York, New York, United States
Headquarters: New York, New York, United States
Annual Revenue: 7,430 crores USD
Profit | Net income: 1,100 crores USD
Number of employees : 5,500
Products & Services: Personal Loans and Lines of Credit, Purchase Mortgages, Refinance Mortgages, Home Equity Loans and Lines of Credit, Individual Retirement Accounts (IRAs), Self-Directed Trading, Managed Investment Portfolios, Private Banking.
Citibank Fun Facts: Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex.
Marketing Strategy of Citibank
Citibank’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Citibank? Let us discuss.
Segmentation, Targeting, Positioning – Citibank Marketing Strategy
With its presence in over 100 countries, Citibank utilizes a variety of demographic and geographical segmentation variables to meet the requirements of retail and institutional customers, respectively.
It employs differentiating targeted strategies to provide the most appropriate services to clients, whether that is retail banking as well as security markets services, or banking for institutions.
Citigroup is positioned as a high-tech Bank and financial institution that is bringing revolutionary innovations to the business, as well as making it easy and accessible for its customers to manage their financial objectives.
Citibank Mission Statement
“To provide financial services to the customers for enabling their growth and progress”
Citibank Vision Statement
“responsibly providing financial services that enable growth and economic progress”
“Citi Never Sleeps”.
Competitive Advantage – Citibank Marketing Strategy
In the service sector, the type of employees the company employs plays a vital role in the success of the business. There are 2,30,000. highly skilled employees worldwide aiding the company with implementing its globally-based plan and achieving the same. In an industry that is highly controlled and subject to other influences such as compensation from other industries such as living standards, work culture, and so on It is difficult for a firm such as Citigroup to keep talent.
In the past three years Company has been focusing more on its core business i.e. banking for consumers and institutional group banking, and to do that, it has cut its staff of 28000 employees, increased the number of network branch numbers by 30%, and assets of $150 million and this has resulted in to see a 25% increase in net income in 2015 in comparison to 2013. There was also more than 130% growth in net income for the year 2015 when in comparison to 2014.
BCG Matrix – Citibank Marketing Strategy
Citi Group’s business segments consist of Global consumer banking as well as Securities and banking services for institutional customers. This efficiency for these business segments is different across all regions but, in general, they are within the Star within BCG’s matrix. BCG’s BCG matrix.
Distribution Strategy – Citibank Marketing Strategy
When it comes to its digital platforms or the network of branches, Citigroup aims to make its services accessible to customers in more efficient ways. With its network of 5000 branches and more than 4000 ATM networks around the world, Citigroup is making its services accessible to customers.
Brand equity – Citibank Marketing Strategy
Citigroup is engaged across all platforms when it is marketing itself. The company is the brand sponsor of the Rio Olympics 2016 and is a sponsor partner for the Olympic team USA at the Rio Olympics. Citigroup is well-known across the globe, which is helping the business to spread positive news and maintain its High Toma (top consciousness). It has formed partnerships with numerous companies to develop co-branded credit cards available on the market. It is also one of the largest credit card issuers.
Competitive Analysis – Citibank Marketing Strategy
Working in the financial sector is based on the regulations enforced by the government of the country and the landscape of competition. In addition, businesses within this sector are competing against each other in terms of the best customer support technology, products/ services prices and the most important thing is deposits.
Market Analysis – Citibank Marketing Strategy
The banking industry is extremely competitive because of the numerous local as well as national banking and NBFC (Non-Banking Financial Corporation) MNCs that are working to devour each one’s shares of the market in their respective industries.
Customer Analysis – Citibank Marketing Strategy
The customers of Citibank are individuals as well as corporate clients that are seeking a variety of financial products and services offered by Citibank including credit cards, banking Investment services, and wealth management services. wholesale banking, international cards, etc.
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