In our last post, we learned about the marketing approach of Bank of Baroda. In this essay, we’ll look through the marketing strategy of China CITIC Bank.
China CITIC Bank is a global travel, banking, and network services firm. It was formed in 1987. The company offers charge and credit cards, as well as traveller’s checks and other stored-value products. Have you ever thought about the secret of success? Why is this bank dominant in the banking sector?
It is its digital marketing strategies that made the bank achieve the success that it has today. So, as you can see, the world is fully online now, and marketing is the rib of every industry. If you are interested to know more about marketing then do check out our Free Masterclass on Digital Marketing by the CEO and founder of IIDE, Karan Shah.
In this case study, we will go deep into the marketing strategy of China CITIC Bank like STP, marketing campaigns, social media marketing, influencer marketing, Mobile app, and Content marketing strategy.
About China Citic Bank
China CITIC Bank is a Hong-Kong based full-service commercial bank established in 1987 after the chairman at that time – Rong Yiren got approval from the People’s Bank of China to create a banking division under his company named CITIC group.
The bank promised to offer a broad spectrum of financial services spanning wealth management, personal banking, wholesale banking as well as global markets and treasury solutions. And no doubt they are standing on their promises. Not only this but the bank expanded its foothold to provide external financing, foreign exchange transactions, loans, international settlement, finance leases and deposits.
China CITIC Bank is one of the best providers of integrated financial services using the best class international standards and capabilities. By providing valuable financial solutions, they exceed both the wealth management and international business objectives of China and overseas customers. China CITIC Bank operates in almost 130 countries with over 78 branches in the mainland and 622 sub-branches in other parts of China in a total of 773 branches it has in China.
| CEO | Bi Mingqiang |
|---|---|
| CFO | Ms Sui Yang |
| Area Served | Worldwide |
| Industry | Banking |
| Market Share/ Revenue | $260.58 Billion (2022) |
| Vision | the best integrated financial services provider, with the best international standards and capabilities |
| Tagline | N/A |
Marketing Strategy of China CITIC Bank
Let’s now dive into the marketing strategy of China CITIC Bank and see what they have for us.
Segmentation, Targeting, and Positioning
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 China CITIC Bank are segmented based on the 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 China CITIC Bank’s target audience is individuals with lower and higher income or big business owners or normal individuals.
Positioning shows where your product and goods stand with other company products that sell products that are comparable to yours. China CITIC Bank positions itself as a bank that is simple to use, convenient, and safe.
Marketing Campaigns
A campaign to give underprivileged children a chance to learn
China CITIC ran a campaign in 1988 to give underprivileged children a chance to learn. It is the most famous campaign run by China CITIC Bank. Through this campaign, many underprivileged children have benefited.
The main theme of this campaign is “Small Change, Big Change”
The China CITIC International Bank always tries to take a step toward charity. At the start of 2008, the bank partnered with St James Settlement to create its “Knowledge Angel Project” which provides free tutorial classes for underprivileged families. The program receives matching grants from the Social Welfare Department’s Partnership Fund for the Disadvantaged and by 2011 had provided classes to more than 700 students.
So it’s only natural that China Citic Bank has contributed to the operation of Santa Claus for the past years.
The bank is committed to ploughing back resources to meaningful causes to demonstrate its care and concern for the underprivileged. The CITIC bank should try to come up with new marketing campaigns to increase its customers. The Bank has not run any campaign since 2008.
Social Media Marketing
China CITIC Bank is active on all the social media pages, all the pages are well maintained and also have a nice amount of audience.
LinkedIn is China CITIC Bank’s most popular social media network, With over 16.7k followers. It attracts new clients and retains existing ones, they mostly offer information about credit cards, intriguing promotions, and so on. So do their other social media networks including LinkedIn, Twitter, YouTube, Facebook, and Instagram. They have 16,625 followers on Linkedin.
SEO Strategies
The CITIC bank has worked on its SEO Strategy so well because all things provided here are perfect. Its monthly reach (traffic) on its website is too good and domain authority is also good because it is called the higher is the better. Backlinks also help to increase reach on traffic this can also be the reason for such a good organic monthly reach.
The organic reach of the website is 66k+ and the domain authority is 44 which is so good the company is also getting 45k+ backlinks which are huge in number and good to increase the site’s traffic.
Influencer Marketing
As a banking company, they haven’t touched the digital advertising side much. They are not involved in any kind of Influencer marketing that has been done for China CITIC Bank.
E-commerce strategy
China CITIC Bank has recently signed an MOU with Mastercard for the strategic corporation in virtual payments.
Mobile App
The bank has its mobile app called IN-Motion by which the bank provides all the services to its customers.
Content Marketing Strategy
China CITIC Bank is not very active on Social media. Their shared content is just about campaigns and offers. The source of posting content is Linkedin, Facebook, and Youtube. They are also active on Twitter but don’t tweet or post much.
This ends our elaborative marketing strategy of China CITIC Bank. Let us conclude our learning below from the marketing strategy of China CITIC Bank.
Conclusion – What’s Unique in China CITIC Bank’s Marketing?
China CITIC Bank is active in offering many banking services and products in its marketing mix to individuals, corporates, and small businesses who want to expand their business. Offering many kinds of services except banking makes it unique. The CITIC bank is not present on many social media platforms so we think it should be more active on other platforms except LinkedIn and Twitter. It should also run campaigns to make an impact on society and enhance its reach.
Almost every other firm, like China CITIC Bank, is striving to boost its digital presence and, as a result, is looking for digital marketers. Check our Online Digital Marketing Course if you want to learn more and improve your 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 China CITIC Bank has given you a good insight into the company’s marketing strategies.
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