Free Registration for IIDE's Digital Marketing 101 Masterclass ends in

Enrol Now

×

In-Depth Analysis on Marketing Strategy of Scotiabank – 3rd Largest Canadian bank

Updated on: Sep 8, 2022
Marketing Strategy Of Scotiabank - Featured Image

The last time we did an elaborated SWOT analysis of Scotiabank. This time we will look at the Marketing strategy of Scotiabank – a Canadian Multinational Bank.

Scotiabank, one of Canada’s big five banks, ranks second in the largest Canadian bank by deposits and market capitalization. Scotia bank is a Canadian multinational banking and financial services company. The bank serves more than 25 million customers around the world with more than 89,000 employees working with them. They offer a variety of services such as personal and commercial banking, wealth management, corporate, and investment banking.

The success in terms of capital and its positioning along with its top-notch IT infrastructure and skilled employees definitely have to do with their strong digital marketing skills. Digital marketing has become one of the most important marketing skills these days for reaching out to customers as everything is shifting towards digital and everyone is present on digital platforms. If you would like to find out about digital marketing and its scope, do check out Free Digital Marketing Masterclass by Karan Shah, the founder, and CEO of IIDE.

In this blog, we will go through the marketing strategy of Scotiabank, but before that, let us have a brief understanding of what Scotiabank is all about.

Digital-Marketing-MasterClass

About Scotiabank – Company Overview

 Marketing Strategy of Scotiabank - Scotiabank Digital

Scotia Bank was established in the year 1832 in Halifax as ‘the Bank of Nova Scotia and later adopted Scotiabank as its worldwide brand name. It has its headquarters now in Toronto, Ontario, and is led by President and CEO Brian J. Porter.

Scotiabank’s former President, CEO, and Chairman Cedric Ritchiewas was the President of Scotiabank from 1974 to 1995. Under his guidance, Scotiabank expanded into more than 40 countries and grew to 33,000 employees. The bank underwent a rebranding in 2019, modifying its wordmark logo. They introduced a new corporate font based on its design. 

Scotiabank has billed itself as “Canada’s most international bank” due to its acquisitions primarily in the Caribbean, Latin America, and Europe, and parts of Asia. Scotia bank has more than 89,000 employees and assets of CA$1,136 billion (according to the 2020 annual report).

Quick Stats on Scotiabank
CEO Brian J. Porte
CMO Laura Curtis Ferrera
Area Served Worldwide
Industry Money & Banking, Financial Sector
Market Share/ Revenue C$31.25 billion (2021)
Vision “We’ll be one of the world’s leading brand marketing companies by 2020. We’ll work with global clients to develop branding strategies for new and existing products.”
Tagline Customer First

 


Marketing Strategy of Scotiabank 

Without any further delay, let’s look at the marketing strategy of Scotiabank.

Segmentation, Targeting and Positioning

Scotiabank has a customer base of both males and females of around 20-45 years & 45-60 years because these are the age groups who will be needing services for their financial work and would want someone to help them take care of their finances, money etc.

 They have the target market of middle to upper-class people, who are ambitious and have a  desire to purchase high-end consumer products.

They have positioned themselves by focusing on Mass Marketing and influencing all segments.


Marketing Campaigns 

The company makes use of traditional marketing channels as well – such as TV, magazine adverts, and out-of-house placements along with digital marketing.

 Marketing Strategy of Scotiabank - Campaign 1

This  Campaign seeks to raise awareness for fair salaries among both women and men, eliminating the gender wage gap.

(As Peru has one of the highest rates of the gender wage gap in Latin America (29.6%), Scotiabank, one of the largest banks in Peru, made a public commitment to change this. With the help of Wunderman Thompson Peru, and on the occasion of International Women’s Day, Scotiabank surprised all its female clients who opened).

 Marketing Strategy of Scotiabank - Campaign 2

The Campaign was about Mobile banking

Scotiabank’s mobile banking services operate on the same security platform as Scotia Online Banking, allowing customers to do the same banking transactions that they would do on their computers with additional security measures made for mobile phones. It was launched on June 14 in Trinidad, Barbados and Bahamas, June 20 in Jamaica and October 4 in Canada.


Social Media Marketing 

To sustain in a digital era, Scotiabank is not backward at all. They are active on all social media platforms. They have a high number of followers on Instagram with a follower base of around 53.6K followers wherein they post content around finance, money, current matters related to finance and matters affecting their country in economic terms.

They are also active on Facebook with 777,655 people following them wherein they post content on Global views, news and facts about Scotiabank. Similarly, they are active on Linkedin and Facebook respectively & have 810,627 followers and 5485 followers respectively. 

So, if we analyze then we can say they post informational & educational content on all their social media handles.

SEO Strategies 

 Marketing Strategy of Scotiabank - SEO

As per SEO ranking, it is said that the number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is fantastic.

As of www.Scotiabank.com, we can see it has organic keywords of 396,643, which is an amazing & fantastic job done by Scotiabank.

Also, the Organic Traffic to the website is 6865514 or 6 Lac organic traffic which is a good number and Scotiabank is doing an amazing job by having a good foolproof SEO Strategy which is helping them to touch these numbers.


Influencer Marketing

They use Influencers to gain direct, on-ground engagement. Influencers interact with consumers directly, or through their channels of communication as a means of content creation and endorsing the Scotiabank brand and thereby gaining popularity around the world.

Ecommerce Strategies

The company doesn’t have any online store but they issue ScotiaCard™ cards equipped with Chip technology via which customers can use their Debit card to shop online locally and use it at  Sale machines and ATMs as well. 

BENEFITS OF IT:

  • No annual fees
  • No monthly bill
  • No interest in transactions
  • Unlimited transactions

To learn more about these newly launched cards and payment methods, you can visit this site to gain in-depth knowledge of them.

Mobile Apps

 Marketing Strategy of Scotiabank - Mobile App

The company has a Mobile banking facility as well by launching its app for mobile phone users which will not only help mobile users but also desktop users in situations wherein they cannot use their laptop but avail of the facility simultaneously through the mobile app.

Facilities mobile app of Scotiabank provides:

  • Pay bills and see a history of your bill payments
  • View and search your transactions
  • Check your balance without signing in with Quick Balance


Content Marketing Strategies

Scotiabank is active on all social media platforms plus it has its blog or article page wherein it publishes blogs on Stories, insights, analysis and thought leadership. 

If you are interested in reading blogs on financial matters etc, you can refer to their blog section.

This ends with an elaborative marketing strategy of Scotiabank. Let us conclude our learning below from the marketing strategy of Scotiabank.

Digital-Marketing-MasterClass

Conclusion – What’s Unique in Scotiabank Marketing? 

Scotiabank is using all the means of digital marketing strategies to market itself, its brand and the company as a whole. Scotiabank is good at almost all kinds of marketing but it would have been great if Scotiabank made use of the E-Commerce strategy properly. It could use an e-commerce strategy to establish its online stores wherein it can try to provide services online that they are giving offline.

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 Scotiabank 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 Scotiabank check out our IIDE Knowledge portal for more fascinating case studies.

Thank you for taking the time to read the marketing strategy of Scotiabank, and do share your thoughts on this case study marketing strategy of Scotiabank in the comments section below.

Share post via

Aditya Shastri

Lead Trainer & Head of Learning & Development at IIDE

Leads the Learning & Development segment at IIDE. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. He has been a guest speaker at prominent colleges in India including IIMs......[Read full bio]

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Posts