Previously, we had done the absolute SWOT analysis of Standard Chartered – A British Multinational Bank. Let us now do an in-depth marketing strategy of Standard Chartered.
Standard Chartered is the universal bank that operates in consumer, corporate and institutional banking, and treasury services. The bank consumes around 90% of its profits from Asia, Africa and the Middle East and it is growing exponentially without any doubt.
Over the years, despite technical innovation and development, they managed to keep their position in the market and give strong competition to others only because of a strong marketing strategy. In this modern era, technology and marketing go hand in hand. If you are interested in learning about marketing – check out our Free MasterClass on Digital Marketing 101 by the CEO and Founder of IIDE, Karan Shah.
Before we go into the Marketing strategy of Standard Chartered, let us know about Standard Chartered as a company.
About Standard Chartered – An Overview
Standard Chartered Bank is one of the oldest banks in the history of international banks. The name “standard” derived from the two original banks from which it was founded – “Chartered Bank” of India, Australia, China, and “Standard Bank” of British South Africa.’
Standard chartered bank is a British financial service and multinational banking company and its headquarter is located in London. With more than 1,200+ branches and outlets across more than 70 countries, the bank is the largest in terms of worldwide foothold. The bank employs around 87,000 people following a friendly culture among its people.
The bank gene dates back to 1853 but the name Standard Chartered was constituted in 1969. It is listed on the London stock exchange and is a constituent of the FTSE 100 index and the bank is also the main sponsor of Liverpool football club.
|Area Served||Britain & Asia|
|Market Share/ Revenue||Price (Rs)36.35|
|Vision||To grow and create wealth and play our part in creating a more sustainable world and provide our customers and communities with the opportunity to grow financially, while also improving their wellbeing and quality of life, across our unique footprint in Asia, Africa and the Middle East.|
|Tagline||Your Right Partner|
Marketing Strategy of Standard Chartered
Let’s have a look at the marketing strategy of Standard Chartered. And among other things, how Standard Chartered conducts its marketing effort.
Segmentation, Targeting, and Positioning
STP begin 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 Standard Chartered are segmented based on 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 Standard Chartered banks’ target audience is individuals with higher incomes or big business owners.
Positioning shows where your product and goods stand with other company products that sell products that are comparable to yours. Standard Chartered positions itself as a bank that is simple to use, convenient, and safe. Because their clients are seen as wealthy, they employ a premium positioning technique.
Marketing Campaigns of Standard Chartered
To celebrate the 17 years of continued partnership with LFC, Standard Chartered run a marketing campaign to celebrate in which the bank gave 10 lucky fans some LFC goodies in return for testing their LFC knowledge of what season each jersey was worn.
To qualify users needed to have a StanChart account to qualify. Through this campaign, the bank also promoted its mobile application.
22 weeks ago Standard Chartered conducted multiple advertising campaigns of announcing its all-new SC Women’s Banking in which hashtags #WomenEnough, #Scwomenbanking, & #Womenwinningwithwealth were used to promote the campaign.
SC Women’s Banking is aimed at providing quality financial and non-financial support to Women and their businesses.
Some Benefits include:
– Access to Finance and reduction of banking costs.
– Access to non-financial offerings like free business advisory services on numerous topics.
– Increasing female gender inclusion and female client database.
Women’s banking officially launched on the 29th of March 2022. The event hosted the Board and Management Team of Standard Chartered Bank Nigeria, the WomenInTech Finalists, celebrities and influencers amongst others.
This exciting contest by Standard Chartered on Valentine’s day in which 20 lucky people, received tickets to either @bankywellington & @adesuaetomi #TheBAADExperience or @sagadeolu Sip & Paint event in place of translating emojis. Participants were asked to decode an emoji love story to stand a chance of winning tickets for valentine. The bank conducted different valentine’s activities on their Instagram page for weeks.
Social Media Marketing
On social media, Standard Chartered is in fierce competition with other companies in its sector. US bank has an overwhelming number of followers, engagement on posts and a great social media presence on Facebook, Twitter, Instagram, LinkedIn, etc in addition to its website.
Standard Chartered is present on social media sites such as Facebook and Twitter. It has a maximum of 13.1K followers on Twitter. They provide their most recent news updates. They even have a distinct Twitter handle for resolving consumer issues and connecting with them.
They post on social media platforms especially on Instagram the posts are related to individual stories, saving tips, pools, FAQs, product promotions and informational etc. and many more. On the other hand, the posts on LinkedIn are more on a professional side which include inside stories from the corporate, C-level leader’s discussions, meetups and event announcements etc.
According to SEO rankings, the number of keywords- below 500 is bad, above 1000 is good, and 10000+ is amazing. As we can see, https://www.sc.com/in/ has 613k organic keywords, and it is considered out of the league. Hence, the digital marketing of Standard Chartered is gaining an unexpected number of insights.
Further, the organic traffic per month is 4million+ which is again very astonishing. As a result, Standard Chartered is putting full effort into its SEO strategies for better promotion of the brand. While the brand is working hard enough to strengthen its position in Google SERP results.
Standard Chartered bank has its own website where users can access all of its banking services and know about the latest happenings at Standard Chartered including the latest discounts and offers on credit cards and home loans. It also has its own app that gives its clients a pleasant user experience. Both Android and iOS versions of the software are available.
Standard Chartered bank has several mobile apps which are available on both Android & iOS smartphones. The company has a mobile app called SC mobile India. It helps its users and consumers in the online handling of credit cards and other activities. The app interface or UI is very simple and familiar for the user which enhances the user experience, moreover, the app is fully secured.
Did you know that 61% of customers say that they’re more likely to buy from a brand that creates custom content?
Content generates trust, which generates the confidence to invest in a company’s products and services. Your financial institution won’t do very well if your customers don’t trust you.
The site (which functions similarly to a blog) only had two postings in its first two months: one in February and one in March. However, beginning in May and continuing through the summer, there were close to ten posts per month. Customers and consumers of financial services now have access to a growing resource with content organized into four main categories of “My Money,” “My Credit,” “My Home,” and “My Vehicles.”
We know you also want to attract and engage your desired target audience without forcing them to make purchases. Well, for that, you’ll need to muster a basic understanding of how to create a holistic content marketing strategy to ultimately convert them into paying customers without insisting they pay.
This ends with an elaborative marketing strategy of Standard Chartered. Let us conclude our learning below from the marketing strategy of Standard Chartered.
What’s Unique in Standard Chartered Marketing?
Standard Chartered is a well-known and stable bank in the United Kingdom. From deposits to investments, the organization offers a comprehensive range of banking services. It provides a wide range of services to its customers, and we can see that Standard Chartered is committed to regularly changing its rules.
Standard Chartered uses a number of marketing techniques to boost company growth and recognition among customers and business suppliers. Standard Chartered prides itself on its commitment to helping communities and corporate social responsibility.
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 Standard Chartered has given you a good insight into the company’s marketing strategies.
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