In our previous article, we have done the SWOT analysis of TD Bank. In this article, we will be doing an analysis of the marketing strategy of TD Bank.
TD Bank or Toronto – Dominion Bank is a bank which is providing financial services to its customers and its headquarter is in Toronto, Canada. The bank and its subsidiaries are known as TD Bank or Toronto – Dominion Bank.
It was the merger of two banks, Bank of Toronto and The Dominion Bank, founded in 1855 and 1869 respectively. Finally, the bank was created in 1955. TD Bank is one of the top five banks in Canada which was founded in Toronto.
Nowadays Marketing has been an essential component of a business that may make or ruin it. Marketing has migrated to the digital sphere along with users from all over the world. IIDE’s website is a must-visit if you’re interested in modern digital marketing where you can also register for Free MasterClass on Digital Marketing by our CEO and Founder, Karan Shah.
By the end of this blog, we will have learned about the marketing strategy of TD Bank. Let’s start with the company’s history, target market, and online presence before diving deeper.
About TD Bank
With the mergers between predecessor companies Bank of Toronto and The Dominion Bank the name came, Toronto-Dominion Bank is a Canadian financial service and multinational banking company founded in 1955 and headquartered in Toronto, Ontario. It has a proud heritage of more than 165 years old as its predecessors and 65 years old as TD Bank, it is among the top 10 big banks in North America, and the largest banking group in the Canadian region.
Over 26 million clients are served with banking and financial services by the financial institute, which employs over 89,000 people globally. TD Bank Bank serves consumer and business banking services via 1,200 branches throughout its operations in Canada and the United States. TD Bank Bank, in addition to banking services, provides investing services.
| CEO | Bharat Masrani |
|---|---|
| CMO | Betsey Chung |
| Area Served | Canada |
| Industry | Banking |
| Market Share/ Revenue | CA$ 43.1 Billion |
| Vision | To be a better bank |
| Tagline | The best banking service |
The Marketing Strategy of TD Bank
The most important marketing strategy used by TD Bank is they provide convenience to customers and they are known as the best bank in America. TD Bank has very loyal customers and its market position is very strong.
Segmentation, targeting, positioning
Segmentation
Usually, the company’s segments include Canadian Retail, U.S. Retail, Wholesale Banking, and corporate. Customers in the Canadian personal and Commercial banking, wealth, and insurance industries are served by the Canadian Retail Segment. Canadian banking’s revenues grew from around 24.33 billion Canadian dollars in 2020 up to around 25.5 billion in 2021.
There are 4 basic market segments. They are:-
- Demographic
- Psychographic
- Geographic
- Behavioural
Targeting
This bank always tries to target small business owners and small loan takers who want to take loans for something, they also try to target medium loan takers, corporates, etc. Targeting in marketing also breaks the target audience into different segments that will reach out to the segment which are responsive to its efforts.
There are several rules used to target a market. They are:-
- Identify Potential customers:-
Identifying potential customers is one of the most important tasks in targeting a market if we do not identify the customer we will not be able to provide necessary services to our loyal customers.
- Conducting Market research:-
Conducting market research is the next step in targeting a market if we do not conduct any research we will not find out whom to target and whom to not.
- Choosing a target market:-
After conducting the market research and the survey we will compile the result and see which market to target and which market not to target.
- Compiling a customer profile:-
After choosing the target market we will compile the customer profile which will be helpful for sales efforts for the organization.
Positioning
The positioning of TD Bank bank is strong and has a loyal customer base. This bank generates a good amount of revenue as they have a loyal and strong customer base who are very much into this bank. The most important strategy of TD Bank bank is their
“Ready to change” strategy and they strongly followed this strategy which caused them to have a strong position in the banking industry.
Marketing campaign
TD Bank wants their customers to be loyal and strong for their company so TD Bank has given surprises to their valuable customers for showing interest in their bank.
As TD Bank always focuses on small and medium loan takers, they give surprises to their customers like baseball tickets, movie tickets, and flight tickets to see their sick family members. From this campaign, TD Bank has gained a lot of popularity among the other banks.
In this marketing campaign, the bank focuses on debit cards. As they focus on small loan takers the customers always have fear of losing their debit cards. So the bank gave them hope to get the debit card without any fear or hesitation. They don’t want to lose even their small things, so a debit card is a very big thing for them. This Marketing campaign also turned out to be a successful marketing campaign.
In this marketing campaign, they are talking about credit cards. They use very high-quality securities for the cards and if the card is lost then the customer can inform the bank to lock it. Once the card is locked they will get a new card and they can again use their card without any hesitation.
Social Media Marketing
This Generation is very much into social media and they are aware of “likes”, “comments”, “shares” etc. Still, TD Bank is doing very well without social media marketing or social media platforms.
- Facebook Fan Followers:- 8,38,579 fans
- Instagram Followers:- 43.2k followers
- Twitter followers:- 11.1k Followers
- Linkedin Followers:- 6,40,903 followers
They are mostly followed on Linkedin and Facebook as compared to any other social media platforms. As nowadays people are on every social media platform and most of them are on Facebook so this can be a very good marketing strategy for TD Bank where they can post most of their ads.
They mostly launched their products on Twitter as this platform is mostly used for promotions, product launches, promotions, offers, etc. So, we can consider twitter for their promotion, product launch, etc.
SEO Strategies
SEO of Search Engine Optimization is one of the most powerful weapons from which TD Bank has been doing business so well. SEO helps TD Bank in many ways as every one of us uses some of the Search Engines to gather information, TD Bank used SEO tools for optimizing the searches of the customers or the users.
TD Bank has a number of organic keywords of 8,97053. It has monthly organic traffic of 16,487,704 which is outstanding. The domain authority of the website is 69. It shows that the website of the company is so well optimized. The backlinks of the website are 23,240,591.
SEO helps in achieving your long-term goals for your brand. A good ranking and a favourable placement help in raising the profile of your brand. In short, SEO strategies are crucial for the development of the website and to provide more visibility to the relevant audience.
Influencer Marketing
As the small and medium loan takers get attracted to TD Bank bank, the bank has promoted the bank celebrities like Regis Philbin and Kelly Kipa who are American talk show hosts and actors. The medium and small loan takers are attracted by this influence marketing strategy of TD Bank bank. Regis Philbin gives the slogan to the bank “America’s Most convenient bank”.
E-Commerce Strategies
TD Bank has a website where customers can open a savings account anytime via the Internet or Mobile Banking App. TD Bank’s website can fulfil users’ banking needs from anywhere, anytime. Through the website, one can access each and every detail of his/her account. Users can gain the benefits of ways of doing banking online.
Many companies have collaborated with TD Bank bank as it is the most convenient bank in America. The companies which are collaborating with TD Bank are Fispan which is a fintech company and Starbucks Canada. As TD Bank is a bank so a fintech company can be a very useful collaboration as Fispan is a fintech company. Starbucks Canada also collaborated with TD Bank bank as they help their customers to unlock even more value in their everyday purchases of the customers.
Mobiles Apps
Toronto-Dominion Bank also has a mobile application as it is a banking company and they are providing banking services to the customers, so they need an app where the customer can use their services very conveniently and easily. This application gives the customer the-gon-t access to their account and they can use it very easily.
Content Marketing Strategies
TD Bank also has a blog page where they post their upcoming plans, benefits for the customers, new updates in the banks, etc. They always try to keep their customers up to date as they want their customers to be loyal and strong about the organization. The bank also has a website where they can get up-to-date results on what the company is doing.
This ends with an elaborative marketing strategy of TD Bank. Let us conclude our learning below from the marketing strategy of TD Bank.
Conclusion – What’s unique in TD Bank’s Marketing strategy?
TD Bank or Toronto-Dominion bank is a bank for millennial people. This bank always tries to help small and medium loan takers so it is named “America’s Most Convenient bank”.
In a world where everything is digital, TD Bank bank also grabs the marketing which is done digitally. As nowadays everything is on social media TD Bank used many ways to approach customers digitally like social media marketing, digital marketing, etc.
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 TD Bank has given you a good insight into the company’s marketing strategies.
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