In our previous article, we learned in depth about a well-known company with a distinctive marketing strategy, American Express Bank. In this article, we will go through the marketing strategy of Nordea – a leading Nordic Universal Bank.
The goal is to provide you with insights into Nordea’s transformation from an ordinary bank to a bank with its mission of enabling dreams and aspirations for the greater good. They aim to accomplish this through Nordea’s continuous efforts to assist consumers to fulfil their requirements, growing digitally and committing to becoming a sustainable member of the communities it serves.
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We’ll go through Nordea’s comprehensive marketing plan in this blog, so you can see how well the company is utilising the newest digital marketing tools. Let’s start by getting to know the company, its background, STP, mobile app, and online presence.
About Nordea Bank
Nordea companies trace its roots back to 1820 as Sparekassen for Kjøbenhavn Og Omegn in Denmark around 300 banks including some of the oldest banks in the Nordic region. Nordea’s credit portfolio is distributed across Finland(21%), Denmark (26%), and Norway approximately (21%). Nordea expanded its company’s market strategy to Poland, the Baltics and Russia in the early 2000s, with 2% of total revenues from the Poland and Baltics region.
Nordea Bank Ab, commonly referred to as Nordea, is a European financial services group that operates in Northern Europe and is based in Helsinki, Finland. The bank is the result of the successive mergers and acquisitions of Finnish, Swedish, Danish and Norwegian banks of Nordbanken, Unibank, Mertia bank and Kreditkassen which took place between 1997 and 2001. It serves 9.3 million private and 5,30,000 active corporate customers including 2,650 large corporations and institutions.
|Area Served||Nordic countries are Nordea’s home markets they serve. The Nordic countries they operate in are Denmark, Finland, Norway and Sweden as well as other major cities in Europe. Besides this, they are also present in 16 countries worldwide such as Chile, the US, China and Singapore.|
|Industry||Banking and Financial Services|
|Market Share/ Revenue||Market capitalisation is approximately EUR 34.14bn. The company’s current revenue (TTM) is EUR 10.10 B.|
|Vision||To be the preferred partner for customers in need of a broad range of financial services – driving for a sustainable future.|
|Tagline||Making it possible|
Marketing Strategy of Nordea
Following is the marketing strategy of Nordea bank,
Segmentation, Targeting and Positioning
Nordea has divided the market based on the different user groups and delivery services regions. Personal banking services are offered to household users, large corporations and institutions, as well as small and medium-sized corporations. They provide products and services in the key Nordic regions, as well as in certain other parts of Europe and other countries.
They primarily target the Nordic nations of Denmark, Finland, Norway, and Sweden with their products and services. Large, small, and medium-sized enterprises, as well as household customers, are among their target clients.
They have well-positioned themselves as a bank that is ready to serve the needs of every type of customer with their diverse financial services.
Nordea again proudly partners with Pride
Nordea had partnered with Pride for a bright and inclusive parade. Employees from Nordea branches including those in Estonia, Denmark, Finland, Poland, Norway, Sweden, and the US, had marched.
Local events were also part of their drive to highlight the value of diversity and inclusivity in the workplace.
A successful campaign launched in the summer of 2022 demonstrated that its goal was to illustrate that Nordea is an inclusive workplace that embraces diversity with pride and treats all of its workers and those who interact with them and their environment equally.
As per Nordea, social responsibility has to be at the core of every business. They focus on developing financial skills and supporting entrepreneurship through 20 well-designed programmes and partnerships.
Due to various lockdown measures, their most physical activities faced hard efforts in 2021. However, in 2021, almost 1000 Nordea workers volunteered for 6500 hours.
It operates two campaigns: one in which employees are allowed to volunteer for two paid work days each year, and the other in which employees of Nordea are given a chance to visit schools each year to impart financial literacy.
In this approach, they hope that Nordea’s expertise in banking and finance can lead to positive societal results.
Nordea Bank together with Slush, a non-profit event organised by a group of entrepreneurs, investors, and students, has launched an Investor Speed Dating initiative to connect growth companies with investors.
One of the successful 2021 matchmakings was created between the companies ONEio and Fairpoint Capital. Investor speed dating operates in both online and offline modes.
In the Nordic region, Nordea has 4,500 customers and knows hundreds of investors (venture capital funds, corporate venture capital companies, angel investors), their idea was to bring them together, enabling entrepreneurs to find the ideal match among potential investors and create scalable platforms for future growth.
Social Media Marketing
Facebook: 9943 followers
Nordea maintains active profiles on social media platforms like Youtube, LinkedIn, Facebook, Twitter, and Instagram in order to grow with modern digital technologies and be present wherever its target audience is. They provide a variety of content on these social media sites, including educational, promotional, mobile banking, partnerships, investor reports, employee experiences, and other sorts of content.
Nordea is most followed on LinkedIn and is most active on LinkedIn, followed by Twitter and Facebook. They do not have a common Nordea Instagram page. Their branches in Denmark (Denmark), Sweden (Sverige) and Finland (Suomi) have verified Instagram accounts with the content posted in the regional language.
Optimising web pages for SEO helps websites rank higher on search engine result pages like Google. It is significant since it raises the website’s exposure, which results in more visits, the opportunity for lead conversion into sales, brand recognition, etc.
As we can see, Nordea’s website is ranked for 44,033 organic keywords in organic search results. It produces 93,910 organic monthly visits, a great number of people that come to its website every month as a consequence of organic results.
Thus, it can be claimed that Nordea has put a lot of effort into its SEO strategy to improve its visibility on search engine results pages.
An influencer named Joanna Swica appeared on a Nordea episode of Get Savvy. She was invited to talk about influencer marketing here. Influencer marketing should be used by Nordea to increase consumer discovery.
Banks are also transitioning from a conventional method of providing services to a digital method of providing services and products. Customers of Nordea Bank can purchase or use their services online through the bank’s website.
The omnichannel customer experience is important to Nordea. Their customers may quickly access their banking and financial services with the aid of their smartphones due to the Nordea mobile app and Nordea ID app. Both of their applications are compatible with iOS and Android smartphones.
Content Marketing Strategies
Podcasts on themes like finances, investing, and saving are organised by Nordea Bank. Their social media cover channels offer informative campaigns, corporate culture, employee experiences, etc. content.
Additionally, they post reports on their website regarding sustainability, diversity, and inclusion, money, stocks, annual reports, and other reports. On its website, it posts news and press releases that may be read to get the most recent information. On its website page, Nordea Bank shares a number of blogs about personal finance and global financial trends.
This ends the elaborative marketing strategy of Nordea. Let us conclude our learning below from the marketing strategy of Nordea.
Conclusion – What’s Unique in Nordea’s Marketing?
To be a trusted partner for its clients who require a wide variety of financial services, Nordea strives to become a digital leader while maintaining sustainability at its heart. They stand out from other businesses because they provide society with sustainable solutions through their financial services.
Today, digital marketing is the heartbeat of an organisation’s marketing efforts and the one which can stay ahead of its competitors through using innovative digital marketing strategies is the one that leads the industry.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
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 Nordea has given you a good insight into the company’s marketing strategies.
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