In a previous article, we learned about the detailed SWOT analysis of BBVA. In this blog, we will go over the marketing strategy of BBVA (Banco Bilbao Vizcaya Argentaria), a multinational banking group.
The goal is to learn about BBVA and how it became the second-largest Spanish financial institution in terms of assets.
As you can see, the world has gone completely online, and marketing is the backbone of every industry. If you want to learn more about marketing, attend our Free Masterclass on Digital Marketing taught by Karan Shah, the CEO and founder of IIDE.
So let’s have a look at the Marketing Strategy of BBVA.
About BBVA: Company Overview
Banco Bilbao Vizcaya Argentaria (BBVA) is a multinational banking group based in Spain. It was formed in 1999 by the merger of the 1857-founded Banco Bilbao Vizcaya and Argentaria. It offers financial services in more than 30 countries. The group holds a dominant position in the Spanish market, where it has been active for over 150 years.
It also has subsidiaries in South America, where it is the largest financial institution in Mexico. It is one of the top 15 banks in the United States, with a presence in the Sunbelt region. BBVA acquired 49.85 percent of GarantiBank, Turkey, in March 2017.
As part of its active portfolio management philosophy, BBVA is constantly analyzing the market in search of attractive and lucrative investment possibilities in order to maximize shareholder value.
On May 28, 1857, in Bilbao, the bank was founded as Banco de Bilbao. The operational headquarters of BBVA is in Madrid, at the “Ciudad BBVA” complex. It is Spain’s second-largest bank after Banco Santander. Its shares are traded on the Madrid Stock Exchange, the New York Stock Exchange, and the Mexican Stock Exchange.
BBVA’s assets were around €676 billion as of December 31, 2018, making it the second-largest Spanish financial institution by volume of assets. It had 7,963 offices, 125,627 employees, and 74.5 million customers, and was present in over 30 countries at the time.   It was ranked on April 2, 2018.
|Area Served||Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas|
|Market Share/ Revenue||€5.07 billion in 2021|
|Vision||The aim is to bring everyone into the age of opportunity.|
Marketing Strategy of BBVA
BBVA is Spain’s second-largest bank after Banco Santander. What is the reason behind that? Let us now analyze BBVA Bank’s marketing approach to determine the factors that contributed to its current success.
Segmentation, Targeting, and Positioning
Market segmentation is the strategy of breaking your target market into approachable groups. Market segmentation divides a market into subgroups based on demographics, requirements, goals, similar interests, and other psychographic or behavioural characteristics that help the target audience be better understood.
BBVA provides personal and small business banking products such as checking and savings accounts, credit cards, loans, investments, and business merchant services.
BBVA targets a specific market after identifying various consumer segments in the marketplace. An organization has the marketing capabilities, operational skills, and financial resources to target a specific consumer segment. The bank also has a reputation as a small business lender; from lines of credit to SBA loans, BBVA offers a variety of options to small business owners looking to expand their operations.
In today’s competitive environment, brand positioning and value proposition positioning are key to market success. BBVA places its products in such a manner that it produces a distinct image and gives a distinctive identification/reference point of the goods and services in the mind of the client. Brand positioning and product distinction have become increasingly important as the Money Center Banks business has reduced manufacturing costs and gained direct access to customers through e-commerce and other online retailing tactics.
The “Your Bank for Life’s Opportunities” campaign focuses on a message of strength in the face of financial uncertainty, highlighting the bank as a responsive partner and valuable resource. On August 10, advertisements in multiple media markets began airing on TV, radio, digital, and social media platforms, with some markets focusing solely on digital and social channels.
“Even before the pandemic, BBVA invested in technology, products, and services, resulting in tools for people to use on the road to recovery,” Cornish Stanton said. “We want people to realize there is a light at the end of the tunnel and that BBVA can be an ally along the way.”
3rd marketing campaign
BBVA’s top concern during the global COVID-19 pandemic has been the health and safety of our workers, clients, and communities. We then promptly turned our attention to how we could ensure operational continuity so that our client’s financial demands could be fully met. This new campaign aims to emphasize both of these principles, which have guided every decision we’ve made.
Social Media Marketing
A social media proposal is a roadmap that outlines your social media goals, techniques for achieving them, and metrics for measuring success.
BBVA is present on social media platforms like Facebook, Youtube, Twitter, and Instagram. They have more followers on Facebook than on Instagram and Twitter combined. Around 187K people follow them on Instagram and 5M on their Facebook page. They have around 3 million subscribers on YouTube. A few posts are about the launch of their new product, but the majority are promotional and instructive.
As per SEO ranking, it is said that the Number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is amazing. As we can see, it has www.bbva.com/en/ 762,425 organic keywords and it’s considered good. That means the digital marketing of BBVA is gaining a good number of insights. BBVA digital marketing is attracting a large number of visitors. The monthly traffic is in the 6 million range, which is considered the best.
But this is not enough if the company has to set a benchmark in front of its competitors or to remain at its peak in this industry i.e. BBVA needs to work on its SEO strategies so that it can attract a large amount of organic traffic to their site which leads to an increase in their sales which is good for the company.
Influencer marketing is a sort of social media marketing that relies on endorsements and product mentions from influencers—individuals who have a large social following and are regarded as experts in their field.
Till now they haven’t collaborated with any social media influencers or any famous celebrities, but they should collaborate with the influencers so that more people know about their services.
When it comes to e-commerce strategies, BBVA has a number of websites and different websites for different geo-locations where they sell their services, such as opening an account online or applying for a loan. Aside from that, it has mobile apps from which the same tasks and more can be done.
The users can avail service of smart Banking and can also Enjoy 24×7 access to their funds through BBVA App and BBVA NetBanking, a video banking facility and more according to users’ convenience.
BBVA provides WhatsApp Banking services to their customers. The savings account can be opened by just texting the bank via WhatsApp and can also find one’s nearest branch at their convenience.
Content marketing is a strategy that uses relevant articles, videos, podcasts, and other media to attract, engage, and keep an audience, and that’s what BBVA does.
To stay connected to customers and to provide them with any information about any upcoming schemes that could be beneficial to them.
They write blogs on their various websites, post on Instagram and Facebook, and make and upload reels on a regular basis.
This ends the elaborative marketing strategy of BBVA. Let us conclude our learning below from the marketing strategy of BBVA.
Conclusion – What’s Unique About BBVA Marketing?
The company has outperformed its competitors, and the main reason for this is the incredible marketing efforts to expose the brand to its customers. Marketing is one of the most important pillars of any business, and it is currently undergoing a rapid transformation. Learning about the ever-growing field of digital marketing is an important first step.
Check our Online Digital Marketing Course if you want to learn more and improve your marketing skills. 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 BBVA 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 BBVA check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for taking the time to read the marketing strategy of BBVA, and do share your thoughts on this case study marketing strategy of BBVA in the comments section below.