Portfolio Pitch & Brief For Advertising Agency: ANZ Bank Case Study

ANZ Bank Description

The Australia and New Zealand Banking group, in short ANZ, is considered as the fourth bank in Australia based on the market capitalization (Dean and Bank, 2005, pp 20). The Commonwealth Bank, Westpac, and the National Australian Bank are listed first, second and third respectively. Mainly, the bank’s operations are based in Australia offering retail and commercial banking. In New Zealand, ANZ is regarded as the largest bank. Between the years 2003 and 2012, the bank operated as two brands, the National Bank of New Zealand and ANZ. In 2012, the National brand was closed and several of its branches were retired and others changed to branches of ANZ. In addition to serving in Australia, ANZ also has operations in other nations.

In 2008, ANZ was recognized as the bank having the greatest sustainability globally. In 2007, the bank also took the same position and shared the title with the Westpac bank, another bank in Australia.The bank was started on 1^st October 1951 after the Union Bank of Australia merged with the Bank of Australia (Doyle 2009, pp 45).

Fig. 1. A table summarizing the four major banks in Australia.

Normally, markets are divided based on the demographics, geography, and preferences. Moreover, the onset of technology has led to the addition of one more aspect of market segmentation. The customers’ need for personalization has put more pressure on banks. Hence, many banks globally have initiated the use of innovate technology to provide customized and efficient services to their consumers. The ANZ bank’s headquarters are located in Melbourne and serve in 32 nations (Hauser and Shugan, 2008, pp 90). Also, the bank has over 8 million clients, 4100 ATMs and 1300 branches globally (Walker et al., 2005, pp 330). The bank provides a variety of banking and financial services to small businesses, corporate, and retail clients. Also, the bank serves customers from various age groups, backgrounds, and social affiliations.

Moreover, the bank uses the available technology to reach more customers in the society. According to a survey conducted by Ernst and Young, 47% of global customers considered internet banking as the most suitable means for making simple transaction regarding banking. Despite the financial sector being slow in the incorporation of digital media, the Australia and New Zealand Banking group has embraced Instagram for its communication and marketing strategies. Actually, the ANZ bank has invested a lot of money in digital media. ANZ’s presence in other social platforms such as Twitter and Facebook is also significant. Figuratively, the bank has more than 60,000 followers on twitter and approximately 192,000 Facebook likes. It is evident that the bank largely uses the social media to reach its target market. Also, ANZ plans to reach the Chinese customers who include large multinationals and parastatals in the near future.

ANZ was founded on the 1^st of October year 1951 and renders its services to millions of people all across the globe (Sadiq, et al 2004, pp 208). The clients are offered facilities such as safe keeping of their money, they get to borrow money for settlement and other individual uses, and also get covers from risks such as illnesses or death from the bank (Sadiq, et al 2004, pp 208). This institution’s success has come by as a result of the good marketing strategies. One great marketing strategy the bank has utilized is the use of social media to get new customers. This has been seen by the large number of people following the bank’s social platforms both on Facebook and Twitter.

Target Market and Service Positioning

A marketing strategy enables individuals and institutions to study their market and give special attention to customers’ needs by using the most efficient marketing strategies. The use of internet can be a special marketing technique for ANZ Bank. This is because of the far reach associated with the use of internet. In the modern world, the use of internet has given rise to a new method of marketing. Therefore, the bank should aim at achieving its objectives through the use of internet marketing. Some of the objectives would include reaching more customers and offering quality products and services at affordable prices.

ANZ Bank is in the banking sector and hence some important factors need to be put into consideration when advertising. To start with, there is need to consider the target audience. The process of identifying audiences involves studying the manner in which the people behave, think or feel. Also, a few questions need to be answered. These questions include who are the target audience? Where are the customers located? Which method of communication will be used to communicate? And what else need to be identified about the target audience. Additionally, an advertisement should not be limited. This means that all the genders, ages, and locations should be considered.

The purpose of advertising to any business institution is to achieve more sales and generate profit. Hence, the advertisement procedures should be conducted with a motive to improve the bank. The advertisement should also aim to inform the customers about the new products and services in the market.

The 7 Ps give an explanation of the concepts and theories of service marketing. The first P stands for the product that the consumers want. The second P stands for the location that the consumers can access the product. The third P indicates the price or the value of a certain product. The fourth P stands for the marketing activities which include personal selling, advertising, and sales promotion. Organizations depend on people who are tasked with various responsibilities such as management and sales promotion. Also, processes are involved in the theory. For instance, the delivery of products to the customers is a process. Finally, the theory also includes the physical evidence. This may be a document showing the proof of a service or product provided.

As mentioned earlier, the 7 Ps explain the service marketing theories. Below is an analysis of the 7 Ps, the objective and recommendations.

In the face of stiff competition, the people in businesses make decisions such as decreasing the cost of their goods or services other than strategizing from their current points and see how they can draw advantage from them (Mundt, Dawes, & Sharp, 2006, pp 466). Each enterprise has a status it fights for and shields from the rest of the opponents that might endanger its existence and success. If the establishment has an advantage over those in competition in terms of its sales position, then it will have the upper hand in the overall market. The secret to holding the proper status is not only in identifying the special sales positions but also, focusing on the factors that anchor you in your current location.

Integrated Service Marketing Plans

The factors that best position a business include the cost of the goods or services offered by the business, the goods themselves, the location of the establishment, and the operations taking place in order to create a better image for the business (Mundt, Dawes, & Sharp, 2006, pp 466). If any of the four factors is compromised, the enterprise’s current status will be tempered with. Example, if you create a very efficient commodity with these best and rare qualities then enhance its sales using common marketing plans or even worse sell it from the road side, the status of the commodity in the market will be damaged. The first step to ensuring a good stand for your establishment is to begin by identifying the characteristics that set it apart from the other businesses of the same type.

Mostly this uniqueness comprises of the people you are working with, the way by which the clients are served and also the goods or the services rendered. The aim is to ensure the customers are aware of the benefits of working with you over your competitors. Secondly, ask questions about the quality of the service or the commodity after sales. Thirdly, make use of the vast resources to get information about the state of the market. Study your opponent and find out what makes make them different and how the customers view them. With this knowledge, their status will be clear and you will also be able to stand out more since you will focus on the features of your establishment that make it unique. Pay attention to the outcomes in the long run and identify a point that will be advantageous for a long period. Finally, make a choice about the status that you want to uphold and what it is going to take to maintain it.

Being that ANZ has very many customers, it makes sure of very high standards for its workers (Merrett, & Seltzer, 2000, pp 134). The type of treatment that the workers get only compares to very few institutions in all countries of the world. Their focus is on healthy living for their employees and their kin. Also, the workers are allowed reductions on trusting ANZ with their money(Wooden, et al 2001, pp 42). The clients also receive high standard facilities and are also treated with a lot of respect despite their social status (Pomering, &Dolnicar, 2009, pp 286). The aim for these good relations is to ensure everyone feels welcome and ANZ is the institution to work with. A lot of success happens when the clients and employees feel a sense of belonging in the institution they are under.

ANZ services are updated with the technology. Clients can get the balances to their accounts through their cell phones either by calling the number on their website or by dialling certain numbers and then get the balance through a message. With a certain card, they are giving to their clients, regular visits to the banks will not be necessary as they can get all their work done in the comfort of their homes. Example, when money is deposited to the bank account of a person with a card, they get a message confirming that the money has been deposited, and also showing the new balance. The aim is to ensure that this organization is up to date with the technology so it can healthily compete with its rivals around the world (Manning, 1985, pp 47). Being a large successful organization goes in hand with competing with other organizations like itself.

Marketing Strategy and Objectives

The ANZ bank offers a wide range of services and products. In terms of financing, the bank offers loans, finance solutions and cash flow. Other services offered are the transaction services which include credit cards, electronic solutions, and account structuring. Investment services including managed funds, investment accounts, and investment products are also offered (Cravens and Piercy, 2006, pp 181). Moreover, ANZ offers some products to protect businesses against commodity, interest movements and currency. Some of the international services the bank offers include foreign exchange, hedging products, risk management and trade finance. Finally, superannuation and insurance services are also provided by the bank.

By providing the listed products, the bank intends to achieve some objectives. To start with, the bank offers loan to small businesses and corporations. These loans play a huge role in the improvement of the economy. Other products such as credit cards and internet banking are provided with the objective of efficiency and convenience. For instance, customers can pay for bills and services anywhere anytime by using credit cards. Similarly, the use of internet banking has removed the inconveniences associated with the traditional banking such as having to withdraw money over the counter. Moreover, the provision of insurance products offers the entrepreneurs and corporates a chance to protect their businesses.

ANZ bank should also consider improving the services and products offered. One way of improving the products offered is by concentrating on the needs of the existing customers. Appropriate changes should be made based on the feedback received from the customers. The feedback also allows the bank to regulate the prices charged to customers such as interest rates charged on loans. Finally, the feedback will enable the bank to attract more clients whose needs were not met before (Shimp and Andrews, 2012, pp 105). It is important that the bank makes sure that the changes made are aimed at increasing the profitability of the bank. Moreover, the bank should increase its marketing strategies more so in the social platforms such as Facebook and Twitter. The use of internet has increased over the years since the onset of technology and hence selling products via the internet would be a good idea.

Price is an important factor in marketing. The ANZ bank offers one of the most competitive prices in the banking sector in terms of interest rates and other financial products. However, there is a need for ANZ Bank to form the habit of re-examining their prices on a regular basis. Reexamining the prices ensures that the current prices are still relevant and considerable in the current market. In some cases, ANZ Bank needs to lower their prices. However, there may be times the bank may consider raising the prices. For instance, the bank may realize that a certain banking product takes a lot of effort and resources to produce while the profits do not match the effort (Armstrong et al, 2012, pp 341). In this case, the bank may consider raising the price for the specified product. Often, the raising of the prices of certain products and services is associated with loss of customers. However, the remaining proportion of the customers may help the bank generate enough profits for each sale of their banking product or service. Sometimes, the bank needs to consider changing the both the conditions and terms of sale. For example, ANZ Bank may consider spreading the prices of certain banking products over a number of weeks, months or years. By so doing, the bank can actually generate more income. The combination of services and products to give promotions or offers may also be appropriate.

Brief to Advertising Agency

Promotions entail how the customers are informed about certain products and services in the market. ANZ Bank offers promotions to both the new and existing customers. For instance, the bank is associated with a promotion aimed to give their customers up to 100 dollars back depending on their spending (Thackeray, Neiger, and Hanson, 2007, pp 332). Also, the bank offers deposit promotions by offering attractive and high-interest rates. The promotions offered are meant to keep the existing customers and attract new customers at the same time. Therefore, ANZ bank needs to realize that small changes in the promotion strategies may change the results achieved dramatically. Actually, minimal changes in the advertising techniques may greatly boost the sale of certain services and products. For example, copywriters may achieve a 500 percent increase in response by simply making adjustments on the advertisement headline (Cronin et al., 2011, pp 160). Hence, the ANZ Bank should consider making the small changes which can make a great impact to the bank. Just like other banks and financial institutions, the ANZ bank should continually explore the different methods of selling banking products and services, promotions and advertising. Also, it is important that the bank realizes that the methods of promotion used currently may become obsolete in the near future. The methods may stop working for known or unknown reasons. Either way, the method of promotion will stop working and hence the bank needs to come up with new ways of marketing and selling.

Place refers to the location where a service or product is sold. ANZ not only offers its services to the Australian and New Zealand customers, but also offers its products and services to thirty other countries (Hartline, Mirrokni, and Sundararajan, 2008, pp 189). It is important the bank reflects on the place the customers can access the bank efficiently. The bank may consider expanding to other places such as Africa and this would boost their profits rapidly. The ANZ Bank has recorded a tremendous effort in spreading the places it operates. However, the bank should consider exploring additional places. The bank may use the services of the salespersons who can offer direct sales by engaging the prospects (Hutt and Speh, 2005, pp 55). Telemarketing may also be an option for the bank. It is important that the bank makes the appropriate decision regarding the best place or location to offer their products and services to their customers.

From observing the elements of service marketing, it is evident that the service marketing elements play a great role the banking sector. To start with, the place or location of operation can be regarded as the target market. For the purpose of selling products and services, banks such as ANZ need to identify the specific places their customers are located. For instance, the lawyers are mainly located near the court buildings. Hence, the ANZ Bank should also make the extra effort of moving closer to its customers. Additionally, people and branding are equally important (Sharma and Bhardwaj, 2009, pp 31). In short, the right people in the banking industry or any other organization produce the desired results. Hence, the manner in which the management of the ANZ Bank will interact with the clients will determine its success. It is important that the ANZ Bank establishes a marketing strategy that is aimed at creating the bank’s success. It is also important that the bank realizes that the price is a major factor in marketing. However, the value is more important than price when marketing a product or service.

Therefore, I think the ANZ Bank should focus more on the value of a certain banking product more than the price. Relationships are also important to the bank. Relationships connect the bank to its customers. Hence, the bank will be able to gain a competitive advantage (Pires, Stanton and Rita, 2006, pp 123). Hence, the promotion efforts should be geared towards maintaining or gaining customers’ relationships. Finally, the products offered by the bank represent the customers. Good and efficient products attract more customers. On the other hand, defective and unreliable products drive away the customers. Banks and other institutions develop certain products and services with the desire to fulfill the customers’ needs. Hence, it is important that the ANZ Bank show their clients that their needs have been heard by creating messages on their products to show how the customers will benefit (Dubicki, 2007, pp 15).

Manning, H., 1985. The banking labour process.-How structural change in the banking industry has changed the nature of bank work. Journal of Australian Political Economy, The, (18), p.47.

Merrett, D.T. and Seltzer, A., 2000. Work in the financial services industry and worker monitoring: a study of the Union Bank of Australia in the 1920s. Business History, 42(3), pp.133-152.

Mundt, K., Dawes, J. and Sharp, B., 2006. Can a brand outperform competitors on cross-category loyalty? An examination of cross-selling metrics in two financial services markets. Journal of Consumer Marketing, 23(7), pp.465-469.

Pomering, A. and Dolnicar, S., 2009. Assessing the prerequisite of successful CSR implementation: are consumers aware of CSR initiatives?.Journal of Business Ethics, 85, pp.285-301.

Sadiq, S., Orlowska, M., Sadiq, W. and Foulger, C., 2004, January.Data flow and validation in workflow modelling.In Proceedings of the 15th Australasian database conference-Volume 27 (pp. 207-214). Australian Computer Society, Inc..

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order