This report demonstrates a brief discussion about commonwealth bank of Australia. It also explains the competitive position and SWOT assessment. Furthermore, it also demonstrates the objective of digital marketing and also illustrates the positioning, branding and targeting strategies. In addition, this report demonstrates the digital marketing communication objectives and DMC strategies for commonwealth bank of Australia. It also explains the control and monitoring approaches for corporation.
Commonwealth Bank of Australia was founded in the time period of 1911 under the commonwealth bank act. However, it has processed and operated in the year of 1012. This bank is certified for conducting different kinds of banking business such as general banking business and saving banking business. Under the existing situation, commonwealth bank has enlarged their business such as there are now more than 52000 of workforces and over 800,00 shareholders who are dealing in this bank. This bank offers a high range of financial plan in order to carry out all Australians and diminishes their financial issues (Commonwealth Bank of Australia, 2016).
In the Australian banking industry, the threat of new entrants is high. Because, new entrants generate innovation and implement a new technique to deal in the business so, it could create complexity for commonwealth bank of Australia. New entrants can practice the lower pricing strategy and providing new value proposition and reduces the cost to persuade the high amount of consumers. Therefore, there is a requirement to commonwealth bank of Australia to decline these hurdles and builds strategies to secure rivalry edge (Ryan, 2016).
In the banking sector, the company needs to acquire data from several suppliers. Furthermore, in a dominant place, suppliers can reduce the margins. However, there is a requirement to implement an effective approach. Thus, there is high bargaining power of the supplier because there are fewer amounts of suppliers under the Australian banking industry. Therefore, commonwealth bank of Australia should implement negotiation power in order to decline higher rates from the suppliers in the banking industry. The impact of higher bargaining power of suppliers may diminish the profitability of commonwealth Australian bank (Kaufman, and Horton, 2014).
In the banking industry, bargaining power of buyers is high due to the high accessibility of banks. It is evaluated that the demand of customers in the banking industry is high. Along with this, customers want to buy superior products as they can pay lower rates. It may generate difficulty for commonwealth Australian bank. Furthermore, the high bargaining power of buyer may influence long-term profitability. Consumers want to get discount in the higher extent that may indirectly affect the revenue of company (Tiago, and Veríssimo, 2014).
In the Australian banking industry, threats of substitute’s products and services are higher. Along with this, when new products and services attain needs of customers in a diverse way then, it may favorably influence the growth of the industry. For instance, there are certain substitutes of commonwealth bank of Australia such as ANZ, Westpack, and national Australian banks. In addition, the threat of substitute’s products and services are high because rivalry of commonwealth bank of Australia focuses on the value proposition. Hence, commonwealth should demonstrate the unique services among customers (Kannan, 2017).
While the competition amid current competitors in an industry is high then it will decline the expansion of an industry. Moreover, commonwealth bank of Australia trades in the rivalry banking sector. This competition may generate the difficulties for obtaining the higher profitability of commonwealth bank of Australia (Habibi, Hamilton, Valos and Callaghan, 2015).
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· Commonwealth bank has different brands named commonwealth insurance limited, ASB banks, and commonwealth securities limited. · Commonwealth bank provides different services such as investment banking, private equity, mortgages, insurance, corporate banking, credit cards, global wealth management, and consumer banking · Rapid growth in business and profitability of commonwealth bank of Australia (Blakeman, 2018). |
· Commonwealth bank has created a negative image in the mind of customers due to ineffective banking services offered by employees. · Inadequate skills and incompetent workforces create complexity in developing innovative product · Lack of knowledge regarding the execution of innovative technology (Järvinen, & Karjaluoto, 2015). |
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· Demonstrating a banking plan can encourage the bank to encourage the bank to build up their services at a high extent · Supportive behavior of employees of the bank is beneficial to persuade the consumers (Kingsnorth, 2016). |
· Under the commonwealth bank, weak development of a product can gain the chances of obtaining less advantageous. · There is a high threat from competitors on the local level (Chaffey, 2015). |
Commonwealth Bank of Australia will execute an undifferentiated marketing strategy in order to influence the buying attitude of consumers within a predetermined time and cost. This approach can be beneficial for the bank because it emphasizes on only one marketing mix strategy to target the bulk of consumers in attaining the higher profits (Kavoura, and Stavrianea, 2014).
Commonwealth Bank of Australia can emphasize on urban consumers to acquire more advantages from these consumers. The key aim of selecting these customers is that they utilize banking facilities more rapidly rather than other activities. It could be effective to accomplish a reliable outcome (Taiminen, and Karjaluoto, 2015).
Commonwealth bank can use different strategies for reducing the concern of company in less time period and fewer expenses. These strategies are earned media, paid media design and social listening plan with placement (Kumar, and Reinartz, 2018). These strategies are discussed as given below:
(Sources: Killian, and McManus, 2015).
Commonwealth bank can implement this tool in order to develop their products and services in the Australian and other nations. In addition, it is assessed that the company can obtain more profitability and goodwill by implementing different elements such as the blog of the corporation, mobile site and website of the bank (Piercy, 2016).
(Sources: Payne, Frow, and Eggert, 2017).
Commonwealth Bank of Australia can gain the awareness associated with banking facilities and schemes by implementing paid media design along with a placement tool. There are different sources to operate the bank that can be practiced by commonwealth Australian bank. These sources are paid social, YouTube, LinkedIn, pay per click, and display. Hence, it can be effective to promote the services and plans for the bank (Royle, and Laing, 2014).
Commonwealth bank can practice earned media together with a social listening plan in order to interact with potential and specified consumers and develops a trustworthy link with them in less time period. The key aim of this technique is that it aids a company for building two-way interaction amid bank and their consumers (Piercy, 2016).
Commonwealth bank can apply an effective digital marketing communication mix plan because this would lead to making direct interaction with the consumers and aids create favorable feedback. This corporation can utilize this advanced tool at higher extent for dealing their business in an effective way and get higher success (Piercy, 2016).
Content marketing can be used by commonwealth bank in order to acquire reliable and authentic information, and use storytelling for gaining the awareness of the brand. It would also support for targeting the consumers to obtain maximum advantageous. Moreover, it is assessed that content marketing plays a significant role in order to make liaison with their targeted consumers for a longer time period (Kavoura, and Stavrianea, 2014).
Social media management can be a significant factor for the Commonwealth Bank of Australia in the current business scenario as it can build the goodwill of the bank. An organization can enlarge the information about the banking facilities as well as a plan between targeted consumers by implementing social media. There are various sources like Snapchat, Facebook, Twitter and Pinterest that would aid to the company to accomplish the objectives. Moreover, it is assessed that social media management is the method that can aid to endorse the products and services of Commonwealth Bank of Australia (Piercy, 2016).
In addition, it is assessed that social media management is the method for attracting the bulk of consumers via one platform such as websites of social media. Moreover, social media can create capabilities for companies in order to share the data and offers a channel for improving direct communication with followers, competitors, customers, and partners. It can be a significant component to increase knowledge about schemes and services of the bank in front of the bulk of consumers in a feasible way (Chaffey, 2015).
It is assessed that social media marketing can avoid the challenges in order to perform direct interaction with specified consumers. Commonwealth Bank of Australia can facilitate effective customer services and respond significantly to their feedback via social media. Positive feedback on social media can be beneficial for persuading potential consumers. In addition to this, unfavorable feedback focuses on areas in which commonwealth bank of Australia can improve (Kannan, 2017).
Under the existing phenomenon, e-mail marketing can be an effective tool for the company in order to make an effective relationship with their consumers by consistently updating email. Moreover, commonwealth bank can improve the awareness regarding banking facilities and can support to increase comprehension associated with the demand of customers and needs of products and services (Kaufman, and Horton, 2014).
Search engine optimization is a key tactic that demonstrates content on websites hence search engine can demonstrate it on the top level while some keywords are assessed by the user. There are different search engines that can be practiced by consumers in order to increase the responsiveness of customers. These strategies are Yahoo, Google, and Bing. In addition, search engine optimization demonstrates keywords that can be typed by consumers in order to enhance the knowledge about products and services of Commonwealth Bank of Australia (Ryan, 2016). It is assessed that SEO can endorse the commonwealth bank of Australia in order to pool the attention of consumers on the single place and helps to reach out the particular conclusion.
Commonwealth bank can implement the feedback techniques and collects the belief and opinion of consumers in order to increase the knowledge regarding the real situation of the company. Along with this, feedback technique can also be helpful for the company to gain the awareness of the brand (Blakeman, 2018).
Under the digital marketing plan, the return on investment can be an essential strategy as it will assess the overall inflow and outflow of the cash. This technique may lead the corporation in order to spend money on a specific area for attaining the goal (Habibi, Hamilton, Valos, and Callaghan, 2015).
Conclusion
As per the above interpretation, it can be summarised that commonwealth bank can execute the competitive assessment tool in order to analyze the condition of the industry. In addition, SWOT assessment is used for assessing the condition of internal and external atmospheres in the marketplace. It can be concluded that the commonwealth bank of Australia may create the digital marketing objectives and supports in making the digital marketing approach for the corporation. It can be summarised that the commonwealth bank of Australia can emphasize on targeting, positioning and branding strategy. It can also implement different strategies related to digital marketing communication like social media, e-mail marketing, SEO and content marketing. It can be also concluded that commonwealth bank can also different approaches to monitoring and controlling like feedback and return on investment.
References
Blakeman, R. (2018). Integrated marketing communication: creative strategy from idea to implementation. UK: Rowman & Littlefield.
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
Habibi, F., Hamilton, C. A., Valos, M. J., & Callaghan, M. (2015). E-marketing orientation and social media implementation in B2B marketing. European Business Review, 27(6), 638-655.
Järvinen, J., & Karjaluoto, H. (2015). The use of Web analytics for digital marketing performance measurement. Industrial Marketing Management, 50, 117-127.
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.
Killian, G., & McManus, K. (2015). A marketing communications approach for the digital era: Managerial guidelines for social media integration. Business Horizons, 58(5), 539-549.
Kingsnorth, S. (2016). Digital marketing strategy: an integrated approach to online marketing. USA: Kogan Page Publishers.
Kumar, V., & Reinartz, W. (2018). Customer relationship management: Concept, strategy, and tools. USA: Springer.
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.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. USA: Kogan Page Publishers.
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.
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