Company introduction
This report shows the brief discussion towards the commonwealth bank of Australia. It demonstrates the SWOT assessment as well as competitive analysis. Moreover, it shows the digital marketing objectives and evaluates the branding, targeting, and positioning approaches. Moreover, this report shows the digital marketing communication goals and DMC approaches with respect to the commonwealth bank of Australia. It demonstrates the monitoring and controlling approaches with respect to the commonwealth bank of Australia.
Company introduction
The Commonwealth Bank of Australia was established at 1911 from the authorization of commonwealth bank act. This bank offers certain banking business to the specified consumers named saving banking business and general banking business. These banks have expanded their band as now this organization has approximately 800,00 shareholders and 52000 of workforces (Commonwealth Bank of Australia, 2016).
Competitive analysis
Threats of New Entrants
From the application of Porters, it is evaluated that the threat of new entrants is lower of the Australian banking industry as compared to other industry. Furthermore, it is examined that the new technology could be imperative for operating the business process and each organization is not aware of the implantation of technology (Andrews & Shimp, 2017). Thus, it is evaluated that the organization invests in the banking sector of Australia.
Bargaining Power of Suppliers
The bargaining power of supplier is higher due to the higher cost of new entrants. There is a lack of suppliers of the banking industry hence organization could invest in this sector make their monopoly to obtain higher competitive benefits (Batra & Keller, 2016).
Bargaining Power of Buyers
It is also examined that the bargaining power of the buyer is lower due to the lower availability of supplier in Australia. It is examined that the demand of the product is higher but there is a lack of supplier that could be effective for this organization to launch their goods and make profits in Australia.
Threats of Substitute Products or Services
From the application of this tool, it is evaluated that the Australian banking industry has higher threats of substitute products or services that could be quite ineffective for the firm to make a profit. Furthermore, it is examined that there is a certain organization who has offered substitute’s products to a buyer named Westpack, national Australian banks, and ANZ (Blakeman, 2018).
Rivalry among the Existing Competitors
The rivalry among existing consumers could be higher as compared to other industry. The commonwealth bank of Australia will face higher competition in among the existing market players that could negatively impact on the business. It could develop the complexity in the getting profitability for the Commonwealth Bank of Australia.
SWOT analysis
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Strength · Higher growth · Positive image · Different brands such as commonwealth insurance limited, commonwealth securities limited, and ASB banks. |
Weakness · Lack of employees skills · Failed to employ new techniques · Weak product development |
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Opportunities · A positive image of the organization support to attract huge numbers of the consumers towards the products and services of the firm (Royle & Laing, 2014). |
Threats · Lack of product development could influence the overall financial condition and sustain their position in the marketplace for long-term (Chaffey, 2015). |
Identification of Target market (s) and relevant Branding and positioning strategies
Undifferentiated marketing approach will be practised by the Commonwealth Bank of Australia with respect to attract the consumers towards the brand of this firm. This marketing approach will be more suitable as compared to others approach as it not only concentrates on the products sale but also influences huge numbers of consumers. It could be effective in making a higher profit (Bowie, Buttle, Brookes, & Mariussen, 2016).
Competitive analysis
Positioning
This organization will select urban as well as the rural area of people to offers their services due to improving the situation of the rural area. The organization will take more effort to influence the consumers of rural as it could be quite complicated but it could influence the growth level of the firm.
The strategy of a social media campaign
Owned Media Design & Placement will be used by the Commonwealth Bank of Australia to deliver their services for their targeted consumers. There are certain sources that will be involved by this organization named mobile site, the blog of the corporation, company website. It will lead to pool the consumers towards the products and services (Stone & Woodcock, 2014).
Paid Media Design & Placement
Paid Media Design & Placement is an imperative tool for spreading awareness towards banking services of Commonwealth Bank of Australia and retain huge numbers of consumers. Moreover, this company will implement many social media sites to encourage their consumers to have the services of bank named pay per click, LinkedIn, YouTube, and paid social (Taiminen & Karjaluoto, 2015).
Earned Media & Social Listening Plan
Earned Media & Social Listening Plan will also be implied by the researcher to attract consumers and make a final decision in the context of consumer buying behaviour. It also supports to make a trustworthy relation with others (Piercy, 2016).
Digital marketing communication objectives
- To increase banking services awareness from 45% in the upcoming 6 months.
- To increase the consumer’s demands by 50% in the next 9 months.
- To improve the revenue of the firm by 40% in the next 7 months.
Digital marketing communication Mix plan
This bank could imply the digital marketing communication mix plan due to directly interacting with specified consumers and get favourable comments towards the products and services of the organization. This company could use this tool to sustain their position in Australia and beat to the competitors (Tiago & Veríssimo, 2014). There are certain sources that could be considered by the organization named social media management and SEO that are discussed s below:
Social media management
Commonwealth Bank of Australia could imply the social media management and make their goodwill in the market by handing all issues of social media. From the application of this approach, the firm will be capable to make a relationship between banking facilities and targeted consumers. Moreover, firm will use many sources named Facebook, Pinterest, Snapchat, and Twitter (Valos, Haji Habibi, Casidy, Driesener, & Maplestone, 2016).
It is also evaluated that the social media marketing could eliminate the possibilities of challenges occurrence on the websites of organization. Furthermore, it is examined that Commonwealth Bank of Australia could enable the organization to offer appropriate services to consumers and react on their feedback to make a positive relationship with others. Through this method, organization will be capable to make their positive image among the consumers. Organization will collect the unfavorable feedback and make positive relation with others (Valos, Haji Habibi, Casidy, Driesener, & Maplestone, 2016).
Content marketing
Content marketing method is also practiced by the by Commonwealth Bank of Australia to get the authentic data. This organization could consider storytelling method and spread the awareness of goods and services of bank among specified consumers. It could facilitate to specify the consumer for getting maximum benefits. Furthermore, the content marketing method could also lead the firm to make the liaison with their specified customers in the upcoming period (Valos, Haji Habibi, Casidy, Driesener, & Maplestone, 2016).
SWOT analysis
SEO (search engine optimization)
SEO will lead to Commonwealth Bank of Australia to demonstrate their content on top of search engine. Consequently, it would be effective for attracting huge numbers of consumers (Kannan, 2017). For making a higher profit, the organization will use such sources named Yahoo, Google, and Bing.
Monitoring and control
Feedback
Feedback method could also be effective for collecting the views of the consumers towards the products and services experience as it would lead to comprehending shortcomings of goods. From their method, organizations get once chance to improve their products and make positive relationships with their consumers (Payne, Frow, & Eggert, 2017).
From the application of ROI, organization will keep the cash flow of the organization make their decision with respect to the financial situation. Return on investment could support the organization to make the record of spending in particular activities (Kaufman & Horton, 2014).
Conclusion
With respect to the above discussion, it can be concluded that commonwealth bank could imply the Porters five force model to evaluate the external factors that will influence the business. SWOT analysis method will also be used by the organization to comprehend the internal situation. It can also be summarized that the organization could use the digital marketing strategy to increase the sale of the organization.
References
Andrews, J.C., & Shimp, T.A., (2017). Advertising, promotion, and other aspects of integrated marketing communications. UK: Nelson Education.
Batra, R. & Keller, K.L., (2016). Integrating marketing communications: New findings, new lessons, and new ideas. Journal of Marketing, 80(6),122-145.
Blakeman, R. (2018). Integrated marketing communication: creative strategy from idea to implementation. UK: Rowman & Littlefield.
Bowie, D., Buttle, F., Brookes, M., & Mariussen, A., (2016). Hospitality marketing. Routledge.
Chaffey, D. (2015). Digital business and e-commerce management. UK: Pearson Education Limited.
Commonwealth Bank of Australia. 2016. Our history. Retrieved from: https://www.commbank.com.au/about-us/our-company/history.html
Kannan, P. K. (2017). Digital marketing: A framework, review, and research agenda. International Journal of Research in Marketing, 34(1), 22-45.
Kaufman, I., & Horton, C. (2014). Digital marketing: Integrating strategy and tactics with values, a guidebook for executives, managers, and students. UK: Routledge.
Kavoura, A., & Stavrianea, A. (2014). Economic and social aspects from social media’s implementation as a strategic innovative marketing tool in the tourism industry. Procedia Economics and Finance, 14, 303-312.
Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467-489.
Piercy, N. F. (2016). Market-led strategic change: Transforming the process of going to market. UK: Routledge.
Royle, J., & Laing, A. (2014). The digital marketing skills gap: Developing a Digital Marketer Model for the communication industries. International Journal of Information Management, 34(2), 65-73.
Stone, M.D., & Woodcock, N.D., (2014). Interactive, direct and digital marketing: A future that depends on the better use of business intelligence. Journal of Research in Interactive Marketing, 8(1), 4-17.
Taiminen, H.M. & Karjaluoto, H., (2015). The usage of digital marketing channels in SMEs. Journal of Small Business and Enterprise Development, 22(4), 633-651.
Tiago, M.T.P.M.B. & Veríssimo, J.M.C., (2014). Digital marketing and social media: Why bother?. Business Horizons, 57(6), 703-708.
Valos, M.J., Haji Habibi, F., Casidy, R., Driesener, C.B. & Maplestone, V.L., (2016). Exploring the integration of social media within integrated marketing communication frameworks: Perspectives of services marketers. Marketing Intelligence and Planning, 34(1), 19-40.
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