Target Audience and Creative Examples - Citi
The target customer for Citi's standard savings account is an institution or individual aged above 18 years and with a savings balance of $500 — $10,000. Unfortunately, no creative marketing examples were uncovered, explicitly focusing on Citi's standard savings account — the Access Account package. The only promotional content marketing the Access Account package were website reviews that compared how Citi stacks up against the packages offered by other banks.
CITI STANDARD SAVINGS ACCOUNT TARGET CUSTOMER
- Individual customers and corporates looking for broad financial services such as banking, credit cards, investment services, wholesale banking, etc., make up Citi's target audience.
- Citi designs business products and services that are ideal for institutions and wealthy customers. However, the bank also caters to the needs of all customers with products such as Citi's standard savings account — Access Account package.
- Citi's target audience must be over 18 years, and a U.S. citizen with a physical address and social security number.
- The Access Account package is Citi's standard savings account package. Its specifications reveal that it targets low-income earners since it has the lowest average monthly balance requirements of $500 to waive a $4.50 monthly service fee.
Annual Percentage Rate by Savings Amount
- The minimum balance in a savings account significantly influences the account's APY (annual percentage yield). Higher savings balances attract higher returns compared to low savings balances.
- As Citi's APY changes with savings balance, accounts with balances above $500,000 get an APY of 0.06% for the basic banking and access account packages, 0.13% for the Citibank Account package, and 0.15% for both the Citi Priority package and Citigold package.
- Savings account with $100,000 — $499,000 get an APY of 0.06% for the basic banking and access account packages, 0.10% for the Citibank Account package, and 0.12% for both the Citi Priority package and Citigold package.
- Likewise, savings account with $25,000 — $99,000 get an APY of 0.06% for the basic banking and access account packages, 0.08% for the Citibank Account package, and 0.10% for both the Citi Priority package and Citigold package.
- Savings account with balances from $10,000 — $24,999 get an APY of 0.04% for the basic banking, access account, and Citibank account packages, while both the Citi Priority package and Citigold package get an APY of 0.06%.
- For savings less than $10,000, the individual gets an APY of 0.04% across all packages.
- Unfortunately, the research efforts did not uncover any creatives designed to market the account packages. Most creatives by the company focus on general banking products and services, including its global diversity.
- The creatives explored on YouTube, and iSpot TV lacked specificity towards the types of packages offered. These creatives were either marketing new technology, product, service, or campaigns for causes such as education.
- The only creative marketing examples uncovered are product-based and not audience focused. These creatives are also in the form of product reviews on websites that compare Citi packages against those of other banks.
- Further, there were no marketing or promotional material on Citi's savings account page.
In determining the target audience for Citi's standard savings account and recent examples of creatives used to market and target these consumers, we started by examining Citi's website, in particular, the business products and services section. The site featured rich data on the applicable APY based on savings balance and a few details on eligible individuals. Therefore, the requirements of Citi's standard savings account were examined to establish the ideal target audience for Citi's standard savings account.
Unfortunately, the website and its press releases and blogs did not feature any information regarding the creatives being used for marketing and targeting these consumers. On that note, we opted to explore Citi's social media pages, specifically Facebook, Twitter, and YouTube, where the company has a strong presence. Unluckily, there were no creatives found marketing Citi's standard savings account, following a thorough analysis of the company Twitter, Facebook, and YouTube profiles.
Next, we explored advertising analytics platforms such as iSpot TV, hoping to find recent video posts by Citi on the same, but still, found none. It emerged that most of the commercials on both iSpot TV and YouTube focused on marketing the general products and services of the company. The company's new marketing creatives seem to focus on technologies such as mobile banking applications and products, as opposed to existing products.
Third, we proceeded to search for any marketing campaigns published online that focus on Citi's banking products and services. We searched through reports published by credible digital branding and marketing agencies, along with marketing analytics websites. Still, we found no creatives targeting Citi's standard savings account customers. Only comparative analyses by review websites featured some non-marketing information on Citi's standard savings account. These websites, such as Nerdwallet compared Citi's standard savings account packages against those of other banks based on the APY but lacked information on the target customers.
In closing, recent campaigns by the company indicate that its focus is beyond the existing products and services unless they are new technologies such as mobile banking apps or courses such as education.