In our last blog, we discussed and studied the SWOT analysis of Bloomberg. Now let us have a look at the marketing strategy of Bloomberg.
Bloomberg L.P. is a privately based company in New York. The company provides services in financial, data, software, and as well in media. Bloomberg L.P. delivers financial software tools and enterprise applications like analytics and equity trading platforms, data services, and news media/journalism to financial companies and organisations.
Bloomberg L.P. has many strategies which help them to develop their marketing strategies and if you are interested in learning such strategies then check out the IIDE Free Masterclasses on Digital Marketing which offers an understanding of digital marketing and much more, taught by the CEO and founder of IIDE Karan Shah with his team members.
To know more about Bloomberg in a detailed way like how it deals with its consistent growth and amazing performance let us go through the Marketing Strategy of Bloomberg, but before jumping into the marketing strategy of Bloomberg let’s know more about Bloomberg.
Bloomberg was established in 1981 and the founder of the company is Michael Bloomberg. Bloomberg includes services like wire services which are Bloomberg News, a global television network, Radio stations, Subscriptions, New Letters, and Magazines. The company helps you to make better and smart decisions and gives you accurate decisions regarding the financial market.
Bloomberg is the global leader in financial, news, media, and business insights. The dominant revenue earner for the corporation is its Bloomberg Terminal which gives detailed information about financial markets.
|Industry||Financial Technology, Media|
|Market Share/ Revenue||The US $10 Billion per year|
|Vision||Delivering data news and analytics through innovative technology, quickly and accurately.|
|Tagline||Before you change the world. Bloomberg.|
Marketing Strategy of Bloomberg
It’s quite fascinating to see the company using every possible media and content type for its marketing purpose. You name it and they are present everywhere from Bloomberg Podcasts, Radio, and Television to Quicktake – their global video network.
Segmentation, Targeting and Positioning
They have demographically segmented their audience especially according to their age, Millennials( 26 to 41 years old) and Gen-Zs (10-25 years old) to provide the information they seek.
Their targeted audience is college students, business leaders, brand partners, and global decision-makers.
They made their positioning in the market as the business and market-moving news provider with in-depth, always-on global coverage whenever and wherever with the help of their articles, newsletter, podcasts, live streams, tv, radio and more that help the business leaders in prioritising their target audience and motivate in taking action ultimately to change the world.
- As Bloomberg is already a media, they do not actually seem to be advertising on other social platforms with campaigns but rather post the latest news, information and what they are doing as a company. They actually just post a little description in a post along with pictures or videos and provide a link to the full article at the bottom. This drives traffic to their website. This seems more like brand awareness than brand marketing.
- They have an ongoing marketing campaign called “Before you change the world. Bloomberg.” on their website which is mainly for their app (Bloomberg: Finance Market News) instalment and attracts subscribers for their website itself. It is based on providing accurate and fast financial data all over the world targeted to the business runners, investors and leaders.
- For Bloomberg Philanthropies, their mission is to ensure better, longer lives for the greatest number of people. They are focused on works that can make an impact on the world.
Social Media Marketing
Bloomberg can be found on major social networking sites, television, radio, news and browser. On every social media, they have at least 100k followers. Their social media followers are as follows:
- LinkedIn: 1.5M
- Twitter: 616K
- Instagram: 368K
- Facebook: 108K
They are mostly followed on LinkedIn and post mostly informational and promotional content more frequently on LinkedIn and Instagram. They post a lot of high-quality pictures and videos on their social media which are mostly about their Bloomberg Philanthropies, Bloomberg green and everything else they are doing as a company to contribute to a better world and greener earth.
They also show their support and spread awareness against any social or global causes through their social media platforms.
Bloomberg shows up for 17.6 million keyword searches on google which shows their A-level game on SEO. Their organic monthly traffic is 30.7 million, which means their website is being visited 30.7 million times per month which in itself shows their strategies of marketing working out perfectly. They are always one of the first to provide business and financial news that is comprehensive and accurate which serves their audience’s needs and keeps them coming back.
Influencer marketing is something that most companies are doing through which they can reach their target audience. Most importantly in this day and age of Youtube and Instagram, marketing is all through online methods and influencers.
That does not seem to be the case with Bloomberg as they are a media themselves and have their own podcasts, radio, television channel, etc. But they do partner up and work in collaboration with other organisations.
Recently they tied up with the President of France (Emmanuel Macron) on Open Data Steering Committee that will bring together global organisations, regulators, policymakers and data service providers to advise on how to create an open data public platform to collect, aggregate and standardise net-zero climate transition data based on private-sector climate commitments. This will force the companies to back up their word with action. The goal here is simply to provide accurate, consistent climate data.
They sell their plans and products from their own website and customers/subscribers can subscribe/pay then and right there from their official website. This keeps their audience on their website without having to log in to other e-commerce sites which in turn increases their engagement time on their own website.
In offering the service of purchase on their own website, they don’t provide any options to visit other sites in order to buy their products online. This kind of strategy is what increases your on-page engagement time which then contributes to climbing the rank ladder on the Search Engine Result Page(SERP).
They also have their own apps where they provide instant news and data to their customers which reduces the traffic to other websites or web portals if their customers want to enjoy their services.
They have four global mobile apps that are:
Bloomberg Finance Market News is the sixth top-grossing app in news and magazines. This looks like their main app where they provide their service of data, information and news. It is the most downloaded app among Bloomberg’s other apps.
Bloomberg B – Unit app verifies the identity of Bloomberg Professional users when accessing the Bloomberg Terminal. The B-Unit app makes it faster and more convenient – but also secure – for Bloomberg Professional users with supported Android phones to access the Terminal.
Bloomberg Professional gives unparalleled coverage of markets and securities with information across asset classes — from fixed income to equities, to foreign exchange, commodities and derivatives — integrated into one place and delivered in real-time to your desktop or mobile device.
BloombergNEF is a provider of strategic research on the pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition.
All their mobile apps are in use and functional in regards to what services they want to provide to their audience.
Having your own app as a news-providing media helps its users to receive the news they are looking for without any delays. If they are behind in providing the news than their competitors then all their users will switch to the other media sooner or later.
So, for a media news outlet, it is the major distinguishing factor in its success or failure and in Bloomberg’s case they are known for faster data and information-providing media which is why the reason they are the choice of many powerful business leaders because it helps them in analysing the market and making the right financial choices.
Content Marketing Strategies
They mainly focus on blogs and articles and provide information through their website and social media. They also post photos and videos on all of their social media accounts with the link to their articles on the website, mostly focusing on business and financial news along with some social and environmental cause news, urging the subscribers to take action.
This ends the elaborative marketing strategy of Bloomberg. Let us conclude our learning below from the marketing strategy of Bloomberg.
Conclusion- What’s Unique in Bloomberg’s Marketing?
For over forty years, Bloomberg has grown largely around the globe and it would not have been possible without its marketing strategies. They are set apart from others in the news field as they target a specific audience and provide quality content through their digital marketing plans.
They have also run ads on Google for any business or finance news which drives most of the people who are seeking the news to their website and from there on it is their quality service which plays a huge role in keeping their consumers.
In today’s day and era, it is a must to digitally market your company and companies like Bloomberg are always in search of the best of the best digital marketers.
Thus digital marketing is a great step taken by them which gives them a global sector for their products and services, if you want to learn about digital marketing, 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 Bloomberg 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 Bloomberg check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for taking the time to read the marketing strategy of Bloomberg, and do share your thoughts on this case study marketing strategy of Bloomberg in the comments section below.