In our previous article, we have discussed in detail the SWOT analysis of NatWest. In this article, we are going to elaborate on the marketing strategy of Natwest.
The objective of this blog is to provide a detailed insight on Natwest, considered one of the Big four clearing banks in the UK.
Marketing is much more than just selling and advertising. Marketing allows us to be influenced as consumers by showing us a standard of living that can be achieved or providing opportunities to live a certain way. If you are interested in digital marketing, then you should definitely check out IIDE’s Free MasterClass on Digital Marketing 101 by our CEO and Founder, Karan Shah.
We will cover the entire marketing strategy of Natwest in this blog. Before we begin our in-depth study let us start with learning the company’s story, target audience and digital presence.
About Natwest – Bank Overview
NatWest came into being in 1970 by the merging of three well-known banks of the time: Westminster Bank, National Provincial Bank and its subsidiary District Bank. In 2000, through a 21 billion dollar deal, the Royal Bank of Scotland acquired NatWest – this was the biggest deal in British history at that time. This group continued to grow and operated several other banking brands. However, after the economic downturn in 2008, the RBS became highly vulnerable and became partially owned by the government. The group’s name was changed to NatWest.
Today, NatWest has over 3400 cash machines all over the UK and 960 branches to serve nearly 7.5 million customers and 850,000 small business accounts. In 2019, NatWest reported a profit of 1,326 GBP million in comparison to the 3,526 million GBP in 2018. This decrease can be attributed to impairment losses and an increase in operating expenses.
With assets worth £799.491 billion and equity of £43.824 billion as of 2020, it can be said without a doubt that NatWest is an integral part of the British economy. The group has a net worth of $32.27B as of November 30th, 2021. In addition to having a primary share listing on the London Stock Exchange, it is also listed on the New York Stock Exchange.
|Area Served||the United Kingdom|
|Industry||Banking Financial Services|
|Market Share/ Revenue||2.54% of the domestic market share|
|Vision||We champion potential, helping people, families and businesses to thrive.|
|Tagline||We are what we do|
Marketing Strategy of Natwest
NatWest’s marketing strategy examines the brand using the marketing mix framework, which includes the four Ps (Product, Price, Place, Promotion). Product innovation, pricing strategy, promotion planning, and other marketing strategies exist. These business strategies, based on the NatWest marketing mix, aid in the brand’s success.
Segmentation, Targeting, Positioning
STP begins with segmentation, in which organizations break their marketing into distinct categories depending on factors such as those listed below.
It identifies the group of buyers based on differences in their desires or requirements. From the beginning, the products of Natwest 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 Natwest’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. Natwest positions itself as a bank that is simple to use, convenient, and safe.
In this campaign, we are reminded that it is never too early to begin good financial habits. MoneySense, the bank’s free financial education programme, teaches UK children aged 5 to 18 how to be financially confident.
The campaign was run on youtube and it was indeed a success with 4,96,223 views and amazing video content by Kate Allsop, Howard Green, Matt Wood and Tom Loveless, and directed by The Bobbsey Twins through Blink.
“Extraordinary” by Pablo
Pablo, Natwest and ITV launched this campaign on youtube to support SME’s boosting them with a unique blend of business support and media collaboration.
In collaboration with ITV and Pablo, the ad encourages other small businesses to visit the NatWest website for a chance to win one of three TV spots worth more than £150,000 each business. This campaign performed well and received 1.6k views. It was launched in 2020.
“Tomorrow begins today” campaign
Tomorrow Begins Today’s launch to show how NatWest empowers people to take action today so that they can achieve their goals for tomorrow sooner.
The campaign launched in December, with radio, digital audio, social, and print media planned by Zenith. The NatWest Brand Creative Collective, which includes members of the The&Partnership London, co-created the new visual identity and tone of voice for the campaign. The new brand logo incorporates a new brand character, the ‘caring matriarch,’ who is knowledgeable, compassionate, and encouraging, demonstrating to clients that NatWest genuinely cares about them achieving their objectives.
This campaign was indeed a success as it created a new visual identity for the brand.
Social Media Marketing
Natwest is present on various social media platforms like Facebook, LinkedIn, Twitter, Youtube and Instagram.
NatWest posts promotional posts on Instagram. For NatWest Business, LinkedIn is an important platform because of its B2-B targeting.
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, Natwest has 245k+ organic keywords and it’s out of the box. That means the digital marketing of Natwest is gaining an outstanding number of insights.
Also, the traffic per month is around 6 million+ which is unbelievable. Hence, Natwest Bank has outstanding SEO strategies while working hard enough to keep the brand soaring in the Google organic SERP results.
Through its new campaign, NatWest x Gaming Creator Collective, NatWest is collaborating with influencer marketing agency TAKUMI to shed light on the issue of scams and online fraud threats for young people.
The campaign begins with a one-hour panel discussion at 1 pm on Wednesday, September 8, 2021, and focuses on the gaming industry, which is frequently targeted by fraudsters.
NatWest has begun testing new technology that will allow customers to make secure purchases online or on their mobile devices without the use of a debit or credit card. Customers will immediately see their balance, updated in real-time, avoiding any surprise transactions or overdraft fees. This is the first service of its kind to be trialled by a UK bank.
This mobile app makes day-to-day banking easy, quick and secure. Take the hassle out of banking. The NatWest smartphone app allows account holders to manage their money on the go. One useful feature is its Get Cash service, which allows you to withdraw cash from a NatWest or RBS machine without using your card. The app sends you a one-of-a-kind code, which you enter into the machine.
It’s available to customers aged 11+ with compatible iOS and the UK or international mobile numbers in specific countries
Content Marketing Strategies
Their focus is to champion potential, and help people, families and businesses to thrive. Honister Slate Mine and Alison Hammond feature in the new NatWest and ITV advert. They cover a lot of promotional and informative content on their social media platforms that include their marketing campaigns, tutorials on how to use their mobile app, business climate and so on.
This ends the elaborative marketing strategy of NatWest. Let us conclude our learning below from the marketing strategy of NatWest.
Conclusion – What’s Unique in Natwest’s Marketing?
The bank has had a proud history of ‘firsts’ and working out clever solutions to problems – leading the growth of cash machines during the late 1960s and 1970s.In the 1980s, the Switch debit card was introduced.
NatWest’s marketing strategy assists the brand/company in establishing a competitive market position and achieving its business goals and objectives. The bank is hoping to get the best of both worlds by gradually improving its digital app alongside taking a human-centric approach to banking.NatWest has launched a new TV ad, which first aired on 23 September and has the slogan ‘We are what we do’, which signifies major changes to the brand.
Digital marketing allows you to stay in touch with your target audience at all times. Though digital platforms provide limitless opportunities for businesses, they can also be detrimental to a brand’s reputation if not handled properly. You can build market trust with a strong website and social media channels. Learning about the ever-growing field of digital marketing is an important first step.
If you would like to learn more and wish to gain some practical experience, do checkout IIDE’s 4 Month Digital Marketing Course for more information. If you would like to learn more and develop skills, check out 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 NatWest has given you a good insight into the company’s marketing strategies.
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