What comes to mind when you hear the term branding? This is the brand that a retail company offers or a supermarket makes available for you. That is almost correct. Branding is simply the strategy of putting a brand apart from the others for customers to realize its significance.
Due to this, there is an increase of demand for it even if there are other brands of the same purpose. Branding is therefore a very strategic technique in retailing. But did you know that it is already being used by banks due to its success? A good example is the branding strategy at Citibank.
Citibank is one of the top tier banks in the world and though with that reputation, it has already ventured into the branding strategy in its vision of improving and increasing its jurisdiction in the business.
So, what does the Citibank hopes to achieve by its newfound technique in banking? Here are some of the prospect results if the branding strategy at Citibank:
1. Free or low-cost advertisement. One of the possible results of the branding strategy at Citibank is getting free or at least low-cost advertisement from partnering businesses.
As you know, there are hundreds of thousands of banks that the affluent, influential, and top tier corporations can make choices from. What it takes to be known and be chosen by this preferred clientele is advertisement. But paying for an awareness campaign is definitely expensive, but not if Citibank can ride it with its branding strategy which it does.
2. Improved services. Giving importance to those businesses who give Citibank its name in the industry is one of the targets of the branding strategy at Citibank. This offers better services to the point of ‘spoiling’ these top tier businesses to ensure their loyalty with the bank.
3. Maximize clientele. The branding strategy at Citibank is being applied to improve and maximize the numbers of to be gained clientele within its promotion.
This is a good thing not only to its big customers, but even to the small-time depositors because the more financing aid the bank gets the better services and facilities they can offer their customers across all tiers. That way, the branding strategy at Citibank is a win-win situation for everyone in the same business or to all those associated with the bank.
4. Tap possible business opportunities. Though it may seem that the banking industry is almost saturated, the branding strategy at Citibank proves this belief wrong.
You see, there are still so many avenues in banking and financing that has not been saturated by the promotion drives of all the banks in the world.
Tapping any possibly business in the banking and financing is therefore, one of the major targets of the branding strategy at Citibank. To date, this strategy has been giving the bank a lot of new alleys in the business and is therefore, the right banking technique for the present situation of the bank and the industry.
These are just some of the essential things you need to know about the branding strategy at Citibank.