CBIZ, Inc. (CBZ): Marketing Mix Analysis [11-2024 Updated]
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CBIZ, Inc. (CBZ) Bundle
In 2024, CBIZ, Inc. (CBZ) stands as a formidable player in the financial services landscape, delivering a diverse range of offerings that cater to niche markets. With a revenue of $1,004.2 million from financial services in just nine months, the company is not only expanding its reach through strategic acquisitions but also enhancing its market presence across the United States. Discover how CBIZ's marketing mix—spanning
- Product
- Place
- Promotion
- Price
CBIZ, Inc. (CBZ) - Marketing Mix: Product
Offers comprehensive financial services.
CBIZ, Inc. provides a wide range of financial services, which include traditional accounting, tax-related services, and consulting. For the nine months ended September 30, 2024, the revenue from the Financial Services practice group was approximately $1,004.2 million, representing a growth of 7.7% compared to $932.4 million for the same period in 2023.
Provides benefits and insurance services.
The Benefits and Insurance Services practice group reported a revenue increase of $13.7 million, or 4.6%, reaching $309.9 million during the nine months ended September 30, 2024. This growth was primarily driven by increases in employee benefit and retirement services.
Specializes in national practices for niche markets.
CBIZ specializes in national practices aimed at niche markets, with the National Practices group generating $39.2 million in revenue for the same nine-month period, reflecting an increase of 11.7% from the prior year.
Revenue from financial services reached $1,004.2 million for nine months in 2024.
The financial services segment's revenue accounted for approximately 74.2% of total revenues for CBIZ, underscoring its significance in the company's overall performance.
Acquisitions contribute to service expansion and revenue growth.
During the nine months ended September 30, 2024, CBIZ completed three acquisitions totaling $22.5 million, which contributed approximately $30 million in incremental revenue.
| Service Group | Revenue (2024, $ millions) | Revenue Growth (%) | Contribution to Total Revenue (%) |
|---|---|---|---|
| Financial Services | 1,004.2 | 7.7 | 74.2 |
| Benefits and Insurance Services | 309.9 | 4.6 | 22.9 |
| National Practices | 39.2 | 11.7 | 2.9 |
| Total CBIZ | 1,353.2 | 7.1 | 100.0 |
CBIZ, Inc. (CBZ) - Marketing Mix: Place
Operates primarily in the United States
CBIZ, Inc. operates predominantly within the United States, leveraging its extensive presence to serve a diverse clientele across various states. As of September 30, 2024, the company reported total revenue of $1,353.2 million, reflecting a growth of 7.1% compared to $1,263.6 million in the same period of 2023.
Services delivered through a network of affiliated CPA firms
The company delivers its services through a robust network of affiliated CPA firms, which enhances its reach and operational efficiency. Revenue generated from these affiliations amounted to approximately $60.9 million for the three months ended September 30, 2024, compared to $60.5 million for the same period in 2023.
Utilizes administrative service agreements for client interactions
CBIZ employs administrative service agreements (ASAs) to facilitate client interactions and streamline service delivery. For the nine months ended September 30, 2024, fees earned under these ASAs totaled approximately $217.7 million, up from $211.2 million during the same period in 2023.
Expanding presence through strategic acquisitions in high-growth markets
CBIZ is actively pursuing strategic acquisitions to expand its market presence, particularly in high-growth sectors. In the nine months ended September 30, 2024, the company completed three acquisitions for a total cash outlay of $22.5 million. This strategy is designed to strengthen their service offerings and increase their footprint in key markets across the United States.
| Metric | 2024 (9 Months) | 2023 (9 Months) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $1,353.2 million | $1,263.6 million | $89.6 million | 7.1% |
| Fees under ASAs | $217.7 million | $211.2 million | $6.5 million | 3.1% |
| Acquisition Spend | $22.5 million | N/A | N/A | N/A |
CBIZ, Inc. (CBZ) - Marketing Mix: Promotion
Focuses on building strong relationships with clients
CBIZ, Inc. emphasizes relationship-building as a cornerstone of its promotional strategy. With a focus on personalized service, the company aims to enhance client satisfaction and retention. In 2024, CBIZ reported a net income of $131.8 million for the nine months ended September 30, reflecting a strong financial performance that supports ongoing client engagement efforts.
Engages in targeted marketing strategies for different service lines
CBIZ employs targeted marketing strategies tailored to its various service lines, including Financial Services and Benefits and Insurance Services. For the three months ended September 30, 2024, the Financial Services segment generated $322.3 million in revenue, an increase of 8.0% compared to the same period in 2023. This targeted approach allows CBIZ to effectively reach diverse client segments with relevant messaging.
| Service Line | Revenue (Q3 2024) | Revenue (Q3 2023) | Change (%) |
|---|---|---|---|
| Financial Services | $322.3 million | $298.4 million | 8.0% |
| Benefits and Insurance Services | $104.0 million | $100.3 million | 3.7% |
| National Practices | $12.5 million | $11.9 million | 5.6% |
Leverages brand reputation for attracting new clients
CBIZ's strong brand reputation plays a significant role in its promotional activities. The company’s commitment to quality service and expertise has led to an increase in client acquisition. The total revenue for the nine months ended September 30, 2024, was $1.353 billion, a 7.1% increase from $1.264 billion during the same period in 2023. This growth is indicative of the effectiveness of their promotional strategies in enhancing brand visibility and trust.
Participates in industry events to showcase expertise and services
CBIZ actively participates in industry events and conferences to promote its services and showcase its industry expertise. By engaging with potential clients at these events, CBIZ enhances its visibility and reinforces its commitment to providing comprehensive business solutions. This strategy not only builds brand awareness but also facilitates networking opportunities that can lead to new business relationships.
CBIZ, Inc. (CBZ) - Marketing Mix: Price
Pricing model based on service offerings and market conditions
The pricing model for CBIZ, Inc. (CBZ) is structured around its diverse service offerings, which include Financial Services, Benefits and Insurance Services, and National Practices. This model adjusts according to market conditions and competitive dynamics.
Revenue grew by 7.1% to $1.35 billion in nine months of 2024
For the nine months ended September 30, 2024, CBIZ reported revenue of approximately $1.35 billion, marking a 7.1% increase compared to $1.26 billion for the same period in 2023.
Competitive pricing strategy to enhance market share
CBIZ employs a competitive pricing strategy to bolster its market share, adjusting fees based on the value provided and the competitive landscape. This includes pricing flexibility to accommodate various client needs across its service lines.
Fees earned under administrative service agreements totaled approximately $217.7 million
During the nine months ended September 30, 2024, fees earned under administrative service agreements amounted to approximately $217.7 million, compared to $211.2 million in the same period in 2023.
| Period | Revenue ($ million) | Growth Rate (%) | Fees from ASAs ($ million) |
|---|---|---|---|
| Q3 2023 | 1,263.6 | - | 211.2 |
| Q3 2024 | 1,353.2 | 7.1 | 217.7 |
In summary, CBIZ, Inc. (CBZ) effectively leverages its comprehensive financial services and strategic acquisitions to enhance its market presence in the United States. With a strong focus on client relationships and targeted marketing, the company has achieved a revenue growth of 7.1% in 2024, reaching $1.35 billion. By maintaining a competitive pricing strategy and expanding through affiliated CPA firms, CBIZ is well-positioned to capitalize on growth opportunities in high-demand markets.
Updated on 16 Nov 2024
Resources:
- CBIZ, Inc. (CBZ) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CBIZ, Inc. (CBZ)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CBIZ, Inc. (CBZ)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.