In a previous article, we learned about the detailed Marketing Strategy of AU bank.
In this blog, we will elaborate on the marketing strategy of UOB(United Overseas Bank)–a Singaporean multinational banking corporation headquartered in Singapore, with branches primarily found in most Southeast Asian countries.
This article’s goal is to provide you with information about the various financial services that UOB offers through its global network of branches, offices, subsidiaries, and associates, including personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, and futures broking.
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In this study, we will examine the Marketing Strategy of UOB as well as their other marketing techniques. So let’s get going!
About United Overseas Bank (UOB)
Source – Logos download
United Overseas Bank Limited, also referred to as UOB, is a worldwide financial organization with its headquarters in Singapore and offices primarily in Southeast Asian nations.
Wee Kheng Chiang, a businessman from Sarawak, founded the bank in 1935 under the name United Chinese Bank (UCB), together with a number of other merchants who were of Chinese descent. In terms of total assets, the bank ranks third in Southeast Asia.
UOB launched its first branch in Mumbai in December 2009, providing corporates, businesses, and consumers with retail and wholesale banking services, including loans, treasury, and trade finance products.
Private banking, asset management, corporate finance, venture capital, investment, and insurance are all services offered by UOB in addition to personal, commercial, and corporate banking. It operates 68 locations in Singapore and has more than 500 offices across 19 nations and territories in Western Europe, North America, and the Asia Pacific.
Quick Stats Of UOB
|CEO||Wee Ee Cheong|
|Area served||Most Southeast Asian countries|
|Vision||We are committed to build a better tomorrow.|
|Tagline||Right By You|
Marketing Strategy of UOB –
Let’s begin the marketing strategy of UOB with its STP Analysis.
Segmentation, Targeting and Positioning
The process of segmenting a targeted market into contactable segments is called segmentation.
In order to better understand the target audience, market segmentation separates a market into subgroups based on demographics, needs, priorities, similar interests, and other psychographic or behavioural features.
Global Markets, Group Wholesale Banking, and Group Retail Banking are UOB’s three main business sectors, which together offer a broad range of financial services to customers across the world.
Picking the possible clients that a business wishes to sell its goods or services to.
Segmenting the market, choosing the most pertinent segments, and determining the products that will be offered in each category are necessary steps in the targeting method.
The target market of UOB is to put the attention on expanding the lead in the region and in Singapore’s targeted customer and product sectors.
Positioning is essential for acquiring a competitive edge in the market.
They are well positioned to offer financial solutions to help their customers manage their current and future demands, whether simple or complex, thanks to the Asian network and strong in-country capabilities across ASIAN.
Marketing Campaigns of UOB
The 80-year-old United Overseas Bank, which has its headquarters in Singapore, is launching a significant regional advertising campaign.
In a news statement issued today, the company also introduced a modified version of its logo that does away with the original’s Chinese characters.
The new motto, “Right by you,” attempts to depict a bank established on the “timeless ideals” necessary to act in the best interests of its stakeholders.
To commemorate UOB’s 80th anniversary, we recreated their opening day announcement as a 1935 Straits Time newspaper front page, complete with the original 1935 masthead, transporting viewers 80 years back in time.
Social Media Marketing
The Z Generation is aware of how important “likes,” “follows,” “comments,” and “shares” are for a business to grow. But even without a social media network, UOB is still impressive.
- Facebook Followers: 2,247,177
- Instagram Followers: 29k
- LinkedIn Followers: 3,73,879
Source – Ubersuggest
According to SEO standards, organic keywords below or around 500 are bad, more than 1000 are good and more than 10,000 are amazing. And as we can see UOB has 45K+ organic keywords which is amazing.
Also, monthly traffic above 20,000 are amazing and UOB has 259K+ monthly visits which is impressive.
UOB has a website on which you can access all the services it provides.
Given the rising popularity of online shopping and consumption, it is crucial for physical businesses to create an online presence and look into new distribution channels.
In addition, Singapore’s government has been actively encouraging small companies to establish an online presence even as it concentrates on the nation’s economic recovery during the circuit-breaker phase.
Influencer marketing is crucial for spreading the word about your brand on social media, but it also has other uses.
UOB does not perform any influencer marketing strategies but if it does then the marketing technique will aid in anything from rebranding to altering how consumers view your company. In order to market new services, banks might also work with influencers.
Financial institutions can learn what their target audience thinks of them with the aid of influencer marketing. Analyzing the feedback you get on your postings is the simplest way to find out this information.
There are plenty of inventive ways to stand out on social media with the aid of banking influencers.
The all-in-one banking app UOB TMRW was created with both your and business needs in mind. It offers AI-driven insights, Rewards+ rewards that are personalized for individuals, and SimpleInvest investments that are made simple.
For a flawless banking experience whenever and wherever the app is optimized.
This app has ratings of 4.6 and 10L+ downloads on the Play store.
Content Marketing Strategy
United Overseas Bank (UOB), a multinational bank, employed AI and machine intelligence to provide an SME content strategy focused on the audience in five South East Asian regions.
This brings us to the conclusion of the marketing strategy of UOB.
Conclusion – What’s unique about the marketing strategy of UOB?
Through knowledge of our products and markets, as well as its commitment to always acting morally, UOB is dedicated to developing a long-lasting relationship with its clients.
UOB has a strong global presence today, particularly in Asia, and few companies can match its expertise in Asian markets, corporate cultures, and business mindsets.
Its solid presence in Singapore, Malaysia, Indonesia, Thailand, and China puts everyone in a good position to expand consumer access and regional expansion.
As a result of increased rivalry in a crowded sector like banking, businesses must compete by stepping up their marketing initiatives to gain clients.
All marketing aficionados must be proficient in digital marketing in today’s dynamic environment because of its critical importance.
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