Previously, we had done the absolute Marketing strategy of Citi – The Third-Largest Financial Service and Investment Banking Corporation. Let us now do an in-depth marketing strategy of U.S. Bank.
The U.S. Bank, one of the fortune 500 companies, is the fifth-largest commercial bank by assets in the United States, Its parent company is U.S. Bancorp. It has received lots of awards namely as World’s Best Bank 2021 and it was also ranked in the 72nd position for World’s Best Employers 2021.
U.S. Bank is one of many giant banks that have become more active regarding digital banking in recent years. Their mobile banking app was highly rated for the best customer experience. If you are also interested in learning some digital marketing skills and don’t know where to start, you can watch this quick Masterclass on Digital Marketing 101 by our founder Karan Shah.
Before we go into the Marketing strategy of U.S. Bank, let us know about U.S. Bank as a company.
About US Bank – An Overview
Incorporated in Delaware, U.S. Bancorp is an American banking company based in Minneapolis, Minnesota. It is the fifth-largest banking institution in the United States and It is the parent company of the U.S. Bank National Association.
It has over 3,106 branches spread across the world and 4,842 ATMs. The U.S. Bank was ranked 113th on the Fortune 500 list and is considered an important bank by the Financial Stability Board.
(U.S. Bank closed its hundred of branches as customers are going digital, Source: American Banker)
It is a publicly held company traded as USB on the NYSE and is known for its best customer service through digital platforms as 80% of its transactions now happen online. They have made banking with them easy and convenient for their customers by investing in digital capabilities.
| CEO | Andrew Cecere |
|---|---|
| CMO | Beth McDonnell |
| Area Served | The USA |
| Industry | Financial services |
| Market Share/ Revenue | 2,272 crores USD |
| Vision | Adding value for our customers and making the necessary investments to ensure long-term success. |
| Tagline | The power of possible |
Marketing Strategy of U.S. Bank
Let’s have a look at the marketing strategy of US Bank. And among other things, how US Bank conducts its marketing effort.
Segmentation, Targeting, and Positioning
Segmentation
STP begins with segmentation, in which organizations break their marketing into distinct categories depending on factors such as those listed below.
- Demographics Segmentation
- Geographical Segmentation
- Location-Based Segmentation
It identifies the group of buyers based on differences in their desires or requirements. From the beginning, the products of US banks are segmented based on customers belonging to similar geographical areas. Besides geography, psychographics and demographics are also considered.
Targeting – is a marketing technique that separates a large market into smaller groups to focus on a specific portion of that market. It identifies and caters to a certain client segment based on its unique characteristics. The majority of US bank banks’ target audience is individuals with higher incomes or big business owners.
Positioning shows where your product and goods stand with other company products that sell products that are comparable to yours. US bank positions itself as a bank that is simple to use, convenient, and safe. Because their clients are seen as wealthy, they employ a premium positioning technique.
Marketing Campaigns of U.S Bank
U.S. Bank advertises itself on news channels to ensure that clients are aware of its brand. Advertising on online channels and in print increases the bank’s visibility. U.S. Bank supports financial institutions and other events, resulting in a positive brand experience. It also sends out regular email updates.
The US bank has been running a campaign ‘Power of Possible’ in selected markets since 2016. The campaign highlights the stories of customers working hard towards their goals with persistence and determination and how support from the right partner — helps bring the vision to life.
The campaign appeared on major network channels including physical and digital footprint. Stories of many customers were featured and how U.S. Bank helped customers navigate those “in-between” moments toward achieving their goals.
The U.S. bank launched a campaign 4 months ago aired on Youtube in which the ad “Redo” highlights a couple who desperately needs to renovate their basement, and Alex the Banker is there with a solution. In the ad, Alex is seen introducing “the U.S. Bank – Home improvement loan” to the couples and how the U.S. Banks are always ready to help their customers to plan their tomorrow. The Youtube advertisement got a successful viewership of more than 1.6 Million.
Again, in this Youtube advertisement similar concept like the above ad ‘Redo’ was followed in this ad ‘Tiny Pies’ too. The ad features the two quirky owners of Petite Pies — a tiny pie bakery — who were facing issues with tiny payments and how Alex the Banker who helps them with some solutions, for their business.
In the ad, Alex is seen introducing “the U.S. Bank – Business Essentials” to the owners and how it helps to manage a comprehensive point of sale system. She also introduces the U.S. Bank business loans for purchasing new assets for the business and the ways to make the business boom.
Social Media Marketing
On social media, the US Bank is in fierce competition with other companies in its sector. US bank has an overwhelming number of followers, engagement on posts and a great social media presence on Facebook, Twitter, Instagram, LinkedIn, etc in addition to its website.
U.S. Bank is present on social media sites such as Facebook and Twitter. It has a maximum of 44.5K followers on Twitter. They provide their most recent news updates. They even have a distinct Twitter handle for resolving consumer issues and connecting with them.
They post on social media platforms especially on Instagram the posts are related to individual stories, saving tips, pools, FAQs, product promotions and informational etc. and many more. On the other hand, the posts on LinkedIn are more on a professional side which include inside stories from the corporate, C-level leader’s discussions, meetups and event announcements etc.
SEO Strategies
According to SEO rankings, the number of keywords- below 500 is bad, above 1000 is good, and 10000+ is amazing. As we can see, https://www.usbank.com/index.html has 752k organic keywords, and it is considered out of the league. Hence, the digital marketing of US banks is gaining an unexpected number of insights.
Further, the organic traffic per month is 5million+ which is again very astonishing. As a result, the US bank is putting full effort into its SEO strategies for better promotion of the brand. While the brand is working hard enough to strengthen its position in Google SERP results.
E-commerce Strategies
The United States Bank has its own website where you can access all of its banking services and learn about its new strategies. It also has its own Apps that give its clients a pleasant user experience. Both Android and iOS versions of the software are available.
Mobile Apps
US bank has several mobile apps which are available on both Android & iOS smartphones. The company has a mobile app called US bank. It helps its users and consumers in the online handling of credit cards and other activities. The app interface or UI is very simple and familiar for the user which enhances the user experience, moreover, the app is fully secured.
Content Marketing
Did you know that 61% of customers say that they’re more likely to buy from a brand that creates custom content?
Content generates trust, which generates the confidence to invest in a company’s products and services. Your financial institution won’t do very well if your customers don’t trust you.
U.S. Bank unveiled its “Achieve Your Goals” content site.
The site (which functions similarly to a blog) only had two postings in its first two months: one in February and one in March. However, beginning in May and continuing through the summer, there were close to ten posts per month. Customers and consumers of financial services now have access to a growing resource with content organized into four main categories of “My Money,” “My Credit,” “My Home,” and “My Vehicles.”
We know you also want to attract and engage your desired target audience without forcing them to make purchases. Well, for that, you’ll need to muster a basic understanding of how to create a holistic content marketing strategy to ultimately convert them into paying customers without insisting they pay.
This ends with an elaborative marketing strategy of U.S. Bank. Let us conclude our learning below from the marketing strategy of U.S. Bank.
What’s Unique in US Bank Marketing?
U.S. Bank is a well-known and stable bank in the United States. From deposits to investments, the organization offers a comprehensive range of banking services. It provides a wide range of services to its customers, and we can see that the US Bank is committed to regularly changing its rules.
US Bank uses several marketing techniques to boost company growth and recognition among customers and business suppliers. The U.S. Bank prides itself on its commitment to helping communities and corporate social responsibility.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of U.S. Bank has given you a good insight into the company’s marketing strategies.
If you like such in-depth analysis of companies just like the marketing strategy of U.S. Bank check out our IIDE Knowledge portal for more fascinating case studies.
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