In our previous article, we learnt in detail about the SWOT analysis of CIBC. In this article, we are going to elaborate on the marketing strategy of CIBC – The Canadian Imperial Bank of Commerce.
The purpose is to learn and acquire insights into CIBC’s transition from two ordinary banks that were yet to merge to a global financial institution which became one of the ‘Big Five’ banks to dominate the banking industry of Canada.
Businesses would literally have no clue what their customers want in a world without marketing, and buyers would have no idea which businesses have the commodities they need!
Consumers would never know which goods or products are most suited to their requirements if it weren’t for marketing. In short, the entire market supply chain would go haywire without the concept of marketing.
Hence it plays a vital role in our everyday life, especially in this digital era. If you want to learn about digital marketing and its fundamentals in this new age, then you should definitely check out IIDE’s Free Masterclass on Digital Marketing 101 by our CEO and Founder, Karan Shah.
In this blog, we’ll be understanding the marketing strategy of CIBC in detail by going over its overview and STP analysis. Before we embark on this journey, let’s start by understanding the company’s story, targeted audience, and digital presence.
Canadian Imperial Bank of Commerce is headquartered in Toronto, Canada is one of the two North American financial institutions. They provide a wide range of financial products and services to more than 11 million clients in Canada, the United States and around the world.
The bank works on four strategic units named Canadian Commercial Banking and Wealth Management, Canadian Personal and Business Banking, Capital Markets, U.S. Commercial Banking and Wealth Management. The Canadian Imperial Bank of Commerce has international operations in the United States, the Caribbean, Asia, and the United Kingdom.
CIBC is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange. CIBC has more than 1,100 branches and 3,900 ATMs across Canada, the United States, and the Caribbean with its banking and financial services.
|CEO||Victor G. Dodig|
|Industry||Financial Services Banking|
|Market Share/ Revenue||$20.0 Billion (2021)|
|Vision||To be the first choice for financial services in the region by putting our clients at the centre of everything we do.|
|Tagline||For What Matters|
Marketing Strategy of CIBC
CIBC is focused on building a modern, relationship-oriented bank. It is committed to establishing a modern, relationship-oriented bank and executes its innovative marketing strategies such as content marketing, social media marketing (SMM), e-commerce marketing, and search engine marketing (SEM).
Segmentation, Targeting and Positioning
STP stands for Segmentation, targeting and positioning.
Segmentation is a term that refers to gathering prospective buyers into segments or groups with similar needs and responses to a marketing action. CIBC has been in the banking industry for over a century and a half and specialises in Credit cards and bank accounts, lending, insurance, mortgages, and investments.
CIBC offers a full range of financial products and services to 11 million personal banking, business, public sector, and institutional clients in Canada, the United States, and around the world, and their target group includes Lower/middle/upper-market companies, entrepreneurs, and low to high-net-worth individuals and families.
CIBC has secured itself a higher position due to its wide network, marketing strategies, and a broad range of portfolios, creating value for its clients and entrusting its business culture to common values of trust, teamwork and accountability.
CIBC launched this campaign with the help of GoodFood in utmost appreciation to Canada’s frontline healthcare workers and their unwavering dedication throughout the pandemic. 100,000 meals were delivered directly to hospitals in cities and communities across Canada as part of the “Plate it Forward” initiative for healthcare workers to take home.
Beginning May 12, CIBC and Goodfood collaborated to distribute the meals. Over the course of four weeks, Goodfood trucks visited the communities across Canada to deliver meals and support the frontline healthcare heroes. Canadians were invited to show their appreciation for their frontline healthcare heroes on social media #PlateItForward. The bank also formed the ‘CIBC Future Heroes Fund Bursary Program’ to assist the next generation of healthcare workers in achieving their dream of having a career in healthcare.
CIBC partners up with Juniper Park\TBWA to introduce a new brand and advertising campaign centred on ‘Ambitions Made Real.’ The new branding was introduced on Wednesday (September 22nd, 2022) and will go into market on September 23rd, 2022, including in the ad campaign running all over TV, out-of-home, digital (including video, social and display) and print.
With the help of this campaign, CIBC unveiled a new look that symbolised the bank’s mission of helping clients in making their ambitions a reality.
Canada’s Got Talent’s outstanding performers to include a wide range of singers, dancers, magicians, comedians, plays, skits, and any other talent you can think of! The winner gets a huge sum of cash prizes and many other outstanding opportunities!
Canada’s Got Talent unveiled a list of four brand partners, one of which was CIBC. Through content integrations and promotions, CIBC became involved with Canada’s Got Talent. CIBC was awarding the show’s champion a $150,000 grand prize as well as a financial advisor to assist them in achieving their career goals.
Social Media Marketing
Facebook: 408,410 followers
Instagram: 38.5k followers
LinkedIn: 372,381 followers
Twitter: 120.979 followers
CIBC shares relevant posts, stories, videos, images, etc which contain all the relevant information regarding their collaborations, client experience/ reviews, offers, sponsorships, features and much more through all these social media apps from time to time.
They are most followed on Facebook, where they have approximately 408,410 followers and are active on all pages.
According to SEO rankings, the number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is amazing. Here, as we can see CIBC has some awesome SEO strategies as its official website has more than 490,000 keywords, followed by 5.6 million+ monthly organic traffic, which means they have a very good number of insights. Hence, this shows that CIBC executes some good SEO strategies while working hard enough to keep the business afloat in Google organic SERP results.
CIBC has collaborated with many foundations, online apps, influencers, etc. An influencer is a person who has a large number of followers on social media, YouTubers or celebrities or even the head of a company themselves. They have also included athletes like Connor McDavid and Mitch Marner in their marketing campaign, who are professional ice hockey players and have a huge number of Instagram followers. Through this influencer marketing, their brand gets more reach and their social media attracts more followers.
CIBC has their own website where you can apply for different types of bank accounts such as chequing accounts, savings accounts, and smart plus accounts while saving on account fees. You can easily go through the lending process where u can apply for different types of loans, apply for cards, carry out online transactions, invest through online and mobile trading and much more.
CIBC has an app called ‘CIBC Mobile Banking’ which is available on both iOS and Android devices. You can just sign in to your registered account and carry out all your online banking tasks in the comfort of using your phone. There also are some mobile-only features available such as, you can use your phone’s camera to deposit a cheque, you can instantly check your credit score without impacting it and you can also use the app on your Apple Watch to check your accounts and make account transfers.
Content Marketing Strategies
We saw that CIBC posts relevant information and is active on almost all social media platforms. However, from the website point of view, they also conduct marketing through blogs, articles and even podcasts. They have a lot of articles and reports published there. The CIBC US, which is a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC) provides a wide range of information through blogs in their private wealth section. Apart from blogs, they even have podcasts by their experts which are available on Google Podcasts, Apple Podcasts, Spotify, etc. With this CIBC definitely have got all their marketing strategies and planning on point.
This ends the elaborative marketing strategy of CIBC. Let us conclude our learning below from the marketing strategy of CIBC.
Conclusion: What’s Unique in CIBC’s Marketing?
CIBC is one of Canada’s most reputable banking institutions. There are two things which let CIBC have an edge over its competitors. One would be its digital transformation and the second one is its commitment to being the leader in client relationships. CIBC offers ‘Simplii Financial’ which is an exceptional direct-to-consumer digital bank that features a no-frills, cost-free banking experience.
This and their focus on building a modern, relationship-oriented bank, by creating value for their clients made CIBC secure the position that it is in today. The company’s website marketing strategy is pretty good, but its social media marketing is lower than the mark. This is because the audience engagement rate is very low, i.e., the number of interactions (likes/comments/number of shares), etc is less compared to their followers on their respective websites.
In this digital era, everything revolves around technology and hence, digital marketing has never been more important. Digital marketing is one of the best careers to get into right now with respect to hiring demand and pay.
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 CIBC has given you a good insight into the company’s marketing strategies.
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