With more than 200 years of experience, Citibank is making the life of its clients easier by helping them with their investment & saving decisions. Citibank primarily is in Consumer Banking, Institutional Client group banking & institutional securities markets & services businesses. In the year 2015, the net revenues of Citigroup stand at $76.3 Billion while net income at $17.2 bn.
Segmentation, targeting, positioning in the Marketing strategy of Citibank –
Being present in more than 100 countries Citibank uses a mix of demographic and geographic segmentation variables to cater to the needs of the retail and institutional customers respectively.
It uses differentiating targeting strategies so as to provide best-suited services to consumers whether it is retail banking, securities market services or banking to the institutional clients.
Citigroup position itself as a hi-tech Banking/ financial institution bringing disruptive changes in the industry while making it easy and convenient for the customers to deal with their financial goals.
Marketing mix – Here is the Marketing mix of Citibank.
Mission- “To provide financial services to the customers for enabling their growth and progress”
Vision-“Not Available”
Tagline-“Citi Never Sleeps”.
Competitive advantage in the Marketing strategy of Citibank –
In a service industry, the kind of people a company have plays important role in the success of the company. It is 2, 30,000 highly skilled employees strength worldwide is helping the company in implementing and executing the global strategy and achieve the same. In an industry which is highly regulated and is affected by many other factors like compensation of other industry, living standards and work-culture; it’s challenging for the company like Citigroup to retain talents.
In last three years Company has become more focused on its core businesses i.e. consumer banking and institutional group banking and to achieve that company has reduced its workforce by 28000, network branches by 30%, assets by $150 million and all these have helped the company an increase of 25% in Net Income in the year 2015 as compared to the year 2013 and over 130% increase in net income in the year 2015 as compared to the year 2014.
BCG Matrix in the Marketing strategy of Citibank –
Citi Group business segments consist of Global consumer banking and Banking & securities services to institutional clients. The performance of these segments differs across the geographies but by and large, it is in Star in the BCG matrix.
Distribution strategy in the Marketing strategy of Citibank –
Whether it comes to the digital platform or network of its branches, Citigroup’s objective is to make its services available to its customers and in more convenient way. With its 5000+ branches and 4000+ ATM networks worldwide, Citigroup is making its services available to the customers.
Brand equity in the Marketing strategy of Citibank –
Citigroup is very active on all platforms when it comes to branding itself. It is the product sponsor of the Rio-Olympics 2016 and is sponsor partner of the team USA in the Rio-Olympics. Citigroup has high visibility in the global market which is helping the company in spreading positive word of mouth and maintaining High TOMA (top of mind awareness). It has partnered with many companies for coming up with co-branded cards in the market and is one of the world’s largest credit card issuer.
Competitive analysis in the Marketing strategy of Citibank –
Working in the Financial industry is based on the regulation imposed by the government of the particular country and the competitive landscape. Moreover, companies in this industry compete with each other for customer service, technological advancement, products/ services pricing and most importantly deposits.
Market analysis in the Marketing strategy of Citibank –
The banking industry is highly competitive due to the presence of the various local, national and banking & NBFC (Non-Banking Financial Company) MNCs which are trying hard to eat up each other’s market share in the respective businesses.
Customer analysis in the Marketing strategy of Citibank –
Customers of Citibank are the Individual and corporate customers who are looking for varied financial services offered by Citibank like those of Credit cards, Banking, investment services, wealth management services, wholesale banking and international cards, etc.
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