Citibank Leverages Social Networking as Marketing Tool

In a world connected through online social forums and networks that are gaining importance in terms of market research and clientele acquisition for companies and organizations alike, Citibank has recently invested in the same direction by introducing the reward points through the Facebook social network platform. This trend which was until recently being adopted by socially conscious organizations like non-profits and NGOs and Citibank is one of first few corporates to leverage the user activity on Facebook as a means of inviting potential client interest and marketing their brand.

Citibank is in fact a well positioned financial services organization owing to its international presence in 100 countries strong. Besides banking services, through which the bank draws its highest market value, the organization also offers investment products, credit cards and insurance options. Although Citibank has remained a largely traditional organization with a highly contemporary outlook, the current set of marketing initiatives come as a fresh start for its financial services wing after the global financial crisis of 2008-2009 in which it suffered huge losses in subprime mortgage value. Post-crisis, it also became one of the few ones to repay all its loans in full back to the government of US.

In the current innovative streak of marketing and campaigning, the Citibank’s Facebook application will be available to its rewards program users through the ‘Thank you Points Sharing’ tab on their Facebook page. What users will be required to do is to first download the application and have their Citibank account connected to it. Once this is accomplished, a rewards pool can be initiated with the help of other Citibank account users who have also downloaded the application and connected their accounts. The power social connectivity can help users accumulate interest from friends and fellow users to pool in their rewards towards social causes like educating school kids or sponsoring charities etc. The sharing of reward points can help individual users achieve their personal goals for causes dear to self. A simple sharing of their rewards pool on one’s own facebook page can generate interest and in addition help Citibank with publicity and marketing through engaged customers.

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