Standard Chartered is a British global bank. This universal bank operates in consumer, corporate, and institutional banking and treasury services. The bank gets 90% of its revenue from Africa, Asia, and the Middle East. There is no doubt that the bank is developing rapidly.
The bank, despite being a technical invention and growth, managed to retain its position in the market over the years and offer strong competition to others only because it has a robust marketing strategy. In this conventional period, technology and marketing are related to each other. In this article, we are going to write a case study on the marketing strategy of Standard Chartered Bank. But first of all, we have to learn about Standard Chartered Bank in detail.
A Short Overview Of Standard Chartered
Standard Chartered is one of the oldest banks in the history of multinational banks. The name standard has come from the two original banks from which it was built—– “Chartered Bank” of India, Australia, China, and “Standard Bank” of British South Africa.’
The headquarter of this British financial service and global banking firm is situated in London. The bank has over 1200 branches and outlets in more than 70 nations. The bank is supposed to be the largest in terms of global foothold. 87,000 workers are working under the bank. The bank has a friendly culture among its workers.
The bank gene was created in 1853 but the name Standard Chartered was created in 1969. The bane of the bank is documented on the London stock exchange and this is a member of the FTSE 100 index and the bank is also the main supporter of Liverpool football club.
What is the Marketing Strategy of Standard Chartered?
We have given below a detailed more on the marketing strategy of Standard Chartered Bank.
Segmentation, Targeting, and Positioning
STP starts with segmentation in which companies split their marketing into various types considering various factors like:
- Demographics Segmentation
- Geographical Segmentation
- Location-Based Segmentation
It helps to identify the group of buyers depending on distinctions in their longings or needs. From the outset, the products of Standard Chartered are classified based on consumers belonging to identical geographical regions. Moreover, geography, psychographics, and demographics are also evaluated.
This is a marketing technique that divides a large market into smaller groups to concentrate on a precise part of that market. It specifies and caters to a specific client segment based on its unusual characteristics. Most of the target audience of Standard Chartered banks is people with higher revenues or big industry proprietors.
This displays where your product and goods stand with other firms’ products that sell products that are comparable to yours. Standard Chartered positions itself as a bank that is simple to use, convenient, and secure as its clients are seen as affluent, they engage a premium positioning procedure.
Marketing Campaigns of Standard Chartered
To celebrate the 17 years of constant coalition with LFC, Standard Chartered ran a marketing campaign in which the bank provided 10 lucky fans some LFC products in return for testing their LFC knowledge of what season each jersey was worn.
Users are required to have a StanChart account to qualify. Through this drive, the bank also advertised its mobile application.
22 weeks back Standard Chartered conducted numerous advertising drives of announcing its all-new SC Women’s Banking in which hashtags #WomenEnough, #Scwomenbanking, & #Womenwinningwithwealth were used to publicize the drive.
SC Women’s Banking is intended for providing quality financial and non-financial aid to Women and their businesses.
Some of the advantages are as follows:
- Access to Finance and deduction of banking expenses.
- Access to non-financial offerings like free business advisory services on multiple topics.
- Boosting female gender inclusion and female client database.
- Women’s banking was officially founded on the 29th of March 2022. The occasion hosted the Board and Management Team of Standard Chartered Bank Nigeria, the WomenInTech Finalists, stars, and influencers amongst others.
- This prevailing contest by Standard Chartered on Valentine’s Day in which 20 lucky people, obtained tickets to either @bankywellington & @adesuaetomi #TheBAADExperience or @sagadeolu Sip & Paint event in place of translating emojis. Participants were asked to solve an emoji love story to be placed in an opportunity of winning tickets for Valentine’s. The bank performed various Valentine’s actions on its Instagram page for weeks.
Social Media Marketing
Standard Chartered is in severe competition on Social media with different firms in its sector. US bank has a huge number of followers, engagement on posts, and an incredible social media presence on Facebook, Twitter, Instagram, LinkedIn, etc in addition to its website.
Standard Chartered is available on social media sites such as Facebook and Twitter. It has nearly 13.1K followers on Twitter. They offer their most current news updates. They even have a different Twitter handle for settling customer problems and connecting with them.
They make posts on social media platforms, particularly Instagram. The posts are associated with individual stories, saving advice, pools, FAQs, product advertisements and information, etc., and many more. On the other hand, the posts on LinkedIn are more on the skilled side which comprise inside stories from the corporate, C-level leader’s discussions, meetups and event announcements, etc.
As per the SEO rankings, the number of keywords- below 500 is poor, above 1000 is good, and 10000+ is remarkable. As we can notice, https://www.sc.com/in/ has 613k organic keywords, and it is supposed to be out of the league. That is why, the digital marketing of Standard Chartered is earning a surprising number of insights.
Also, the organic traffic per month is 4 million which is also very remarkable. As a result, Standard Chartered is putting full effort into its SEO methods for better publicity of the brand. The brand is working badly enough to boost its position in Google SERP results.
Standard Chartered Bank has its website where users can get access to all of its banking services and know about the latest incidents at Standard Chartered comprising the latest deals and offers on credit cards and home loans. It also has an app that gives its clients a pleasant user experience. Both Android and iOS versions of the software are functional.
Standard Chartered Bank has a few mobile apps which are available on both Android & iOS smartphones. The company has a mobile app called SC Mobile India. It enables its users and consumers in the online handling of credit cards and other activities. The app interface or UI is very easy and knowledgeable for the user which improves the user experience, moreover, the app is fully safe.
Do you know that 61% of consumers say that they prefer to purchase from a brand that builds custom content?
Content generates faith, which generates the confidence to invest in a company’s products and services. Your financial institution will not be able to do very well if your consumers do not 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, starting up in May and continuing through the summer, there were nearly ten posts per month. 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.”
Conclusion: What is Special in Standard Chartered Marketing?
Standard Chartered is a popular and stable bank in the United Kingdom. From deposits to investments, the institution delivers a wide range of banking services. It provides a wide array of services to its consumers, and we can see that Standard Chartered is determined to regularly shift its laws.
Standard Chartered utilizes a lot of marketing methods to increase company development and recognition among consumers and industry suppliers. Standard Chartered is proud of itself for its obligation to assist societies and corporate colonial obligation.
Digital marketing is important as it correlates a firm with its customers when they are online and is useful in every sector. It connects industries with ideal customers through SEO and PPC on Google, social media marketing, and email marketing. We hope that this article on the marketing strategy of Standard Chartered has provided you with an adequate understanding of the company’s marketing techniques. If you want to learn more about it you may contact My Assignment Writing Help.
FREQUENTLY ASKED QUESTIONS
- What is Standard Chartered Bank well-known for?
Standard Chartered is a leading multinational banking group, with a presence in 59 of the most dynamic markets of the world and serving clients in a further 85.
- What is the vision of Standard Chartered?
The vision of Standard Chartered is to develop and make wealth and play a role in making a more sustainable world and provide their consumers and neighborhoods with the scope of growing economically while also boosting their well-being and quality of life all over Africa, Asia, and the Middle East.
- What is the tagline of Standard Chartered?
The tagline of Standard Chartered is ” Your Right Partner”.