Marketing management assignment on: ANZ banks & its target market , Ernst & Young, David Jones

Target Market and their media usage

            Segmenting markets and targeting the desired segment effectively is the primary objective of the marketers. Markets are usually segmented on the basis of geography, demography and preferences. Advent of digital technology has added one more dimension for market segmentation. The rules of marketing and reaching the customers are being rewritten for mobile technology in all industries.

ANZ- Demand for personalization has created a challenge for service industries like banking. Leading banks all over the world are using state-of-the-art information technology in innovative ways to provide highly customized services to its customers. With its headquarters at Melbourne, ANZ operates in 32 countries and serves more than 8 million customers with 1300 branches and 4100 ATMs around the globe (ANZ, 2012). ANZ’s serves a large base of retail, small business, corporate and institutional clients through its host of financial and banking services. Consumers come from varied backgrounds, age groups and social statues and are looking for different set of services from their Bank. However, the banking technology has helped banking penetrate to every strata of the society. The importance of banking technology is validated by the results of a survey by Ernst and Young (2012) which found that 47% of the consumers globally preferred to use internet banking for simple baking transactions. comScore rated Australia in top 10 countries to have maximum online banking penetration (comScore, 2010).  However, there is a subset of customers which prefers physical branches. The age-wise preference of technology backed banking services is tabulated below.

            The statistics clearly indicate that while all age groups prefer to use internet baking to access their account and perform simple transactions while large section of customers depended on branch personnel for complex transactions or banking advice.

David Jones- With a history of more than 100years in the retailing business and over 75 stores all over the country, David Jones is one of the most sought after brands in apparels and lifestyle items.  The company boasts of a large base of elite customers who are served through a chain of premium stores and online web stores. A range of more than 450 brands has fetched the company sales revenue of $1800 mn in 2011 (David Jones, 2012).

            David Jones has been targeting high income elite group of customers since its inception. Lately, the retailer has also started following the youth. The company is now focusing heavily on the online community and gearing up to become an Omni Channel retailer by integrating shopping options across its online store, mobile web store and social commerce store. The store is actively trending on social networking sites to position itself in the new market segment of the young and fashion conscious. This segment not only seeks advice from the social community but also interacts with the company proactively. The statistics from comScore survey which say that the total e-commerce spending in 2011 in USA was $161 billion, 13% increase from 2010 reflect the engagement of this community in online shopping (comScore, 2012).

Target Market Behavior

            The customer segment for ANZ and David Jones share certain similarities in terms of age, income and social status. Owing to accessibility and technological knowhow, the engagement of this segment in digital applications is also high. Since the internet enabled applications have no geographical boundaries, the users become a part of a community with common interests. Though the opinion of the community members may differ on a certain issue, the members actively seek advice about trends, products and services and attach high importance to this advice.  First time users are known to rely heavily on such advices and experiences. According to a survey by Nielson (2009), every 9 out of 10 internet users trust recommendations from people they know. Also, every 7 out of 10 people actively posted experiences and opinions online.

            Use of digital applications in marketing has changes the total equation. Instead of having commercials which communicated information only from company to the consumer, the companies are now actively seeking feedback from the consumers through websites, social media and mobile applications. This, however, has equal benefits and challenges for the marketers. While such interaction gives feedback about products which can be used to improve the product, it also exposes the companies to negative publicity. The leading companies across the world are investing heavily in understanding and utilizing this digital age marketing tool. The well-informed and well-connected target segment of ANZ and David Jones depend on the users’ view of the product and services and research the claims made by the companies before actually making the purchase.

Deploying SEO in marketing campaigns

            Internet is practically strewn with millions of websites and thousands are added daily. It is a phenomenal challenge for the new websites to get noticed. Though the content of the website leads to the actual purchase decision, the real task is making the website relevant enough to get featured in the search results of any search engine. Search engines are the programs which help users to find specific information from the internet. These programs use keywords or meta tags to relate the search query to the webpage and give relevant results. Search engines can be automated programs that “crawl” the internet and make a list of all available meta tags and links to web pages. Human powered directories are also used as search engines in which data is submitted and updated by humans. The most commonly used search engines are a hybrid of automatic and human powered directories which seek the most relevant information from the internet as per the request of the user. Since there may be millions of websites with the matching keywords, those with the maximum number of meta tags per page are listed in preference to those with fewer keywords. Users usually browse only first few pages of the results. Hence, it becomes imperative to feature in the top most results to increase the chances of getting users to a website.

            Search engine optimization or SEO is the process of enhancing the visibility of a website in search engine results. It is usually done by increasing the number of relevant keywords, updating and editing the content and codes of the web page and promoting back links i.e., links from other relevant websites. SEO plays a significant role as an internet marketing tool as this is what brings the users to the online store. Marketers use various strategies to increase traffic to their web sites using SEOs.

            Some strategies that can be used by ANZ and David Jones to increase visibility across the web are listed below:

• ANZ should extensively use the campaign key words such as “instant money transfers”, “goMoney app” to attract the tech savvy consumers to its website.
• The bank needs to integrate its mobile and social marketing strategies with its SEO objectives.
• David Jones should actively market its offers and discounts through its SEO to increase clicks on the home page URL using inward links and back links.
• The organization should market all its benefits such as elite brands, loyalty programs, ease of shopping, and premium retail experience through ad banners linked to the home page.
• Both the organizations need to devise a well-planned strategy to not only update their web content according to the current trends but also understand the changing scenario and incorporate the demands in the products or services.

Mobile Marketing at ANZ and David Jones

            Mobile phones and more importantly smart phones have brought about a revolution in the world of communication and marketing. Mobile technology has penetrated all strata of society and the techno savvy users are using mobile apps for practically everything. Access to internet through smart phones has given a huge range of opportunities to the users as well as marketers to reach the customers anytime anywhere.

            Mobile marketing refers to the promotional activities designed for mobiles, smart phones and tablets. It is usually a part of a multi-channel marketing campaign which includes internet marketing, TV and print ads and other promotions. Though many marketers consider mobile marketing as an extension of internet marketing, there are certain issues that are specific to mobile marketing. For example, mobiles do not provide a standard operating system platform. Hence, an ad or an application compatible with android may not give exact results with Blackberry or Apple smart phones. The varying screen sizes also pose a challenge for advertisers to create ad banners. Mobile marketing has limited time to make its impact as compared to internet or TV commercials. A promotional SMS may get lost in the numerous messages or the user may simply not be interested to read the message. In spite of these challenges, mobile marketing has become extremely lucrative for the companies looking to connect to the customers and increase visibility. The Kelsey group, a leading marketing and research firm, predicts that mobile advertising industry in the US will grow from $664 million in 2011 to $ 5.8 billion in 2016.

            Certain mobile marketing strategies that can be employed by ANZ and David Jones in sync with the complete digital marketing campaign are listed below:

• The websites should be made mobile friendly for use on smart phones keeping in mind the increasing use of mobiles to access internet and shop online.
• Easily downloadable and user friendly applications for mobile phones to be marketed making access to services viable through these gadgets.
• David Jones should invest strategically in using location based services to provide highly customized shopping experience for the customer. ANZ should update the customers with the information about the nearest ATMs or branches using location based services.
• Short and lucrative marketing texts to be designed for mobile users.
• Mobile technology has made it easier to stay connected with the customers 24*7 and this should to be utilized optimally. Banner ads and free downloadable apps create awareness about the latest services provided by the Bank.
• Banks all over the world are facing immense competition in terms of services and products. Intangible factors such as services make a deep impact in banking industry. Newsletters and advice on banking products or financial services can be sent to mobiles to create a top of the mind recall for the customer.
• David Jones goal to position itself in the youth segment needs immense analysis and latest technology in mobile marketing because the usage of smart phones is the highest this segment. Information about latest offers, discounts, shopping vouchers, promotional events and latest trends should be relayed effectively using mobile marketing to create a buzz word about the brand.

Social Media Marketing

            Social networking is the most popular online activity worldwide accounting for nearly 1 in every 5 minutes spent online in October 2011, and it reaches 82 percent of 1.2 billion users global internet users (comScore, 2011). Social media is beyond the boundaries of cultural, nation, age or language. It has become a virtual platform for expression and connection with the community worldwide. Some of the latest and most happening events are relayed within minutes across the world. Being able to address such a huge community within relatively lesser time frame has made social networking a very lucrative medium for marketers to promote their brands and connect with the customers. In spite of certain disadvantages like being prone to negative publicity or exposure to competition, social media is an excellent option in terms of ROI, relevance and number of audience.

            A well designed and customized social marketing strategy can go a long way in increasing revenues and creating brand loyalty.

• Initiating social marketing needs a relevant, attractive and updated page on all leading social networks such as twitter, facebook, linkedIn, youtube, myspace and pinterest.
• Multi dimensional interaction is the basic principle in social media and hence organizations should employ personnel to attend to comments, feedbacks and queries. Since the target segment for both ANZ and David Jones is a well-informed and well-researched, it would be disadvantageous to assume that advertisements only result in actual purchase.
• Being a part of the social online community and customizing offers and products accordingly will keep the brands in the list of most preferred brands. Relatively low costs of updating the content makes it feasible for the organizations to advertise dynamically and maintain high level of interest about the campaign.
• Since the target segment is also highly conscious about their social responsibility, social media becomes a good platform to propagate the social initiatives by the organizations. Many successful social initiatives with involvement of the social networking community have been designed by leading brands. Such initiatives may not result in revenue immediately but they create a “feel-good factor” about the brand which is extremely important for top of the mind recall and long term association with the customers.
• Updates about the financial market, trivia about the industry and benefits of the banking products can be published regularly by the ANZ bank to maintain connectivity with the users. Attractive campaigns that encourage participation of the users should be devised with an aim to marketing the actual product.
• David Jones can use this medium effectively to create a strong brand virtually. Fan clubs and online contests are an instant hit with the youth. Redeemable vouchers for online purchase, loyalty programs, customized product offers etc are always successful for brand equity.
• Social networks are an excellent medium to interact with the customers. ANZ and DJ should encourage feedback or queries about the products. This will create a sense of belongingness amongst the customers and will result in closing in final purchases.

Integrated Marketing Campaign

            In the fast moving and dynamic digital world, direct mails may seem outdated to some marketers but it still remains the most effective marketing tool for creating personalized customer response. However, it needs a well planned and integrated approach considering all channels of marketing to create the desired result. Digital media has generated additional avenues for marketing along with direct mail marketing. Many researchers have proven the fact that customers still prefer to know about the new offers and products through direct mail rather than online resources. Hence, instead of relying on any one channel for promotion, marketers should create a cross-channel marketing approach to leverage the advantages of both the channels for best results.

• Identifying target segment – Online sources can be used effectively for mass marketing. Based on the response, a specific sub-set of users can be identified and contacted via direct mail.
• Encourage actions or response – Direct mail content should be attractive enough to result in a favorable action or it should have a direct perquisite leading to a end purchase. For example- enclosing a time bound shopping voucher or an enclosed token to be produced at the store for a discount can increase the chances of actual purchase. Direct mail can be integration with the digital campaign such as a code which can be used at automated call centers or websites to claim benefits.
• Sending highly customized content- Using latest CRM technologies that store the data of last purchases and preferences, the mailers can be sent with finely personalized offers.
• Promotional mailers- CRM enable storing personal data of a large number of customers. Promotional offers or a simple “best wishes” mailer should be sent on birthdates and other special dates to create a sense of belongingness in the customers.
• Combining online marketing with direct mails- Though the content of online marketing and direct marketing vary according to the target audience and other factors, there should be some uniformity which enables the customers relating all the ad and promotions to the brand.

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