The key to competitiveness is being able to understand why customers make the choices they do, how they feel about their choices and what they experience at each step when they engage with your organization. When accurate, that understanding can give marketers the interpretable ‘intelligent information’ of being able to predict customer behaviors and positively manage customers’ experiences.
Thank you to rapid increases in computer processing power and a multitude of data sources, marketers can find out what time of day their customers prefer to eat their favorite meal at a certain fast food restaurant and what they tell their friends about it. They have the ability to learn if a customer would rather get an email or a text to find out about an upcoming sale, also can learn through analysis how certain types of customers are likely to respond to specific offers, and even how what time and where those offers promoted.
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Based on what customers’ needs, we can strategy the right marketing plan to align in delightedness expectations more efficiently to create value for all stakeholders. Marketing management can be as simple as process of strategic planning and executing the conceptual, pricing, promotion and delivery of products, services or perhaps ideas to achieve customers’ satisfaction and meanwhile company achieves its goal.
Initially we need to have a unique, quality or outshine design of the product r services, identify the target group of public, reach them with advertisement and promotion through different effective channels create the awareness and attraction. Customer experience plays an important role during and after sales company sales target or goal can be met. The key to effectively achieve company sales target or create the good reputation on product or company image is we need to clearly understand own company standing in the market and what exactly the products or services are being offered by the competitor.
Marketing consists of activities in flow of products and services from the point of reduction to consumption. Vision and mission must be clearly conveyed to the entire company, from top management to bottom employee, with use of integrated of information system which are linked and interdependent to every department (example product or service owner, Human Resource, Finance Department, Manufacturing Department and Marketing Department), the intelligence interpretation of information are produced to strategy the appropriate marketing plan.
Embank is one of the leading financial institutions in business of retail, commercial and investment banking. With its variety range of products and services, Embank has insistently able to make a market customers in mind and heart with innovation banking products and customer centric. Following table will give you a complete overview of the products and services offered by Embank. At general level, enquiries customers are not been changed over a decade. Anyhow, expectations are rapidly evolving. . Treat me courteously in the early asses and asses are most important matter of reaching with good communication skills and smiley face to create a positive customer experience by giving training the manager and tellers on how to interact customers in the branch. Today, it is much more process-dependent and technology dependent, customers can easily do baking without human touch. For instance, ATM, internet and mobile banking. A decade ago, ‘be accessible’ meant of walk in to the branches.
Nowadays, contact centre plays an important role, probably with a toll free number, multiple access channels, well trained customer service agent and well equipped technology devices in helping customer to transact banking. With paper-based records, bank officer struggled to reach the right customers at the right time, which compromised their services efficiency as provided. Today, banks are focusing more to servicing to achieve the cross selling, which nowadays become important income to bank. customers are more knowledgeable, do survey with easy access to technologies through different channels and most likely will only select the best value products and services. Looking forward the future challenges to Embank: 1 . New rules or regulations – Bank rules and regulations are always tighten or monitored by the central bank, Bank Engage Malaysia, which banks are required to comply. 2. Strong competition of leading bank – (Please refer to Appendix 1) 3.
Efficiency – Bank needs to access the efficiency in the business to accommodate the demanding customer with better service, also a series of innovative products and services catering various consumer segment and specifically financial needs. 4. Customer loyalty – Customer tends to react to the value added offering. Customer becomes demanding and loyalties are diffused. Therefore, customer retention is a main concern which Embank is required to pay more attention. 5. Misaligned mindset – The changes in company to adapt the current market, always employees’ mindset are made to adapt the rapid change of conditions.
It becomes tedious especially for employees who resist changing. 6. Competency gap – Placing the right people with right skill to the right is the success exterminator. Nowadays, consumers need solution instead of product. Which financial institution can provide the solution, it will increase the opportunity to cross sell and retain them as loyalty customer. 7. Right strategies – Leading bank in the banking industry embarked with series tactical and strategic planning to sustain as leadership or exceed competitor in the market. . Invest on technology to ensure efficient, reliable and faster service delivery to consumer. . Leverage the branch network and sales through all the channels c. Making aggressive cross sell to existing to all existing customer. D. Implement and restructure company with involve of people, process and technology to achieve the growth. E. Innovative products and services to capture or retain customers’ mind set f. Improve the asset quality To let customer to have expectation beyond the money they paid, customer experience plays an important part as nowadays consumers are more demanding ND mindset compares to 20 years ago.
Therefore, the power of customer engagement and experience are like never the same before. It can be a great challenge to Embank, yet it can be a great opportunity with proper management to deliver great experiences to customers. Needs to pay attention to facilitate valuable insights on the industry and maintain the brand throughout all interactions through following activities. Understand the company uniqueness Hire for attitude and train for skill Create the culture Change the business before we tell people about it Getting and engaging all people on board
Take a customer centric view Find moment of truth, weakness points Understand the customer experience life cycle Put ourselves into customer’s shoe 7. 0 Customer and Marketing Segmentation, Targeting and Positioning of Embank Hire Purchase receivables are the main income to Embank Embank is a financial institutionalizes of 20% of total hire purchase in Malaysia with its innovative package and competitive rate to public, also the only bank that offers fixed and variable rate in loan package. Hire purchase receivables become the main income to the business (Embank Group IQ PAYOFF Report, 2013).
With the advantage of having hire purchase customer base, we segment our existing customer by age group, then determine their source of wealth and what strategy we use to retain or increase the percentage of high network by tailor the suitable products and services, also cross sell to existing customer. Call volume in Embank Contact Centre, the ratio of general line and priority line is MOM Statistic shows we have 30% of customer in category of 35-55 years old, which is not healthy in business growth as the rest of the 70% consists of low income customer in this category.
It means of high income customer in the population would not consider Embank as their main bank compared to CitiBank, HASH and Standard Chartered Bank. For coming 5 years in positioning, we need to move Embank to next ranking, where to sustain and increase the high income customer in percentage. We want these high income group of customers, first though is Embank. A high income customer is equal to 15 low incomes in average. Today, we set up priority banking at branches and Contact Centre to focus on serving those high income customers. Therefore, rebinding and integrated marketing in term of internal and external of business are unavoidable.
Without doing so, does Embank be a profitable and sustainable while other banks start strategy their ‘blue ocean’ Credit card volume consists of total 53% in overall call received at Contact Centre Embank successfully completed two acquisitions in the past 2 years, Sarnia Insurance and MOB cards, which we believe this business strategy,will positively contribute to the Embank banking group as a whole. Today, Embank focus to the credit card market and build economies of scale from these acquisitions and cross- selling to the new larger customer base (MAMBA Holdings Bertha, 2013).
The acquisition of MOB cards creates top 3 in bank ranking with as much as 45,000 participating merchants. That helps to a. Increases the card receivables in the card market to approximate RMI. 3 billion b. Increase customer and participating merchant database for cross selling c. Have chance to involve and get profit from MOB Card’s established corporate bill payees and increase the value of company d. Leverage on combined business network and existing products and services e. Efficiency in strategies the same marketing planning to Embank Cards and MOB Cards. F.
Access to the Bonking subdivided company with 7 million of customer database. Embank Group has conducted on an exercise to upgrade its services for its customers in order to deliver its brand promise, spending about Airmail in upgrading its core banking system. The main target is being the largest banking group in Malaysia to prepare to serve the demanding customer s and rapidly evolving market. Customer experience nowadays has in a recent global trends, where caught in represent the banking imagination. For past 10 to 20 years ago, the branch was the only available channel to provide services with different of pricing.
Today, the products and services are united, the important criteria to differentiate the image of Embank compare to other competitor is provide ‘wow’ experience to customer by offering excellent and innovative in products and services. Therefore, we have a newly established ‘Customer Experience Management’ department, has recently evolved the business frame and formalize the process flow to enhance customer experience. Choosing the best marketing position strategy is the key to success in business world. Subsidiary companies. The new positioning line, inform Bank. Malaysia’s Bank. Embank. As officially launched by Tan Sir Shamanism, Chairman, Embank Group. Tan Sir Zane said, “As one of the largest banking groups in Malaysia, we recognize that the Malaysian financial services market is rapidly evolving and customers have become far more sophisticated and expectations more complex and demanding”(Embank Group to upgrade service, banking system in Rummy exercise – Business News I The Star Online, 2013). In this rebinding, Embank launches fresh and positive value campaign through all the media channels and let public know that we strategy the innovative products and services to cater today’s Malaysia.
Current Embank group logo and colors remain the same, means of strong, positive values and recognizable by public. Current Embank group vision is being Malaysia’s preferred, diversified, internationally connected financial solutions group. Zane said Embank has a unique position that would make it stand out in the busy, changing world. “We will own and be proud of owning, being “Malaysia’s modern financial solutions group. He also said the current brand was contemporary and relevant, which reflected today’s Malaysian culture.
Zane added the rebinding campaign would deliver the ewe vision with a creative concept, look and feel that would work on a number of levels communicating the universal offerings across all media channels (Embank Group to upgrade service, banking system in Rummy exercise – Business News I The star online, 2013). Comprehensive time and effort are required in research and development. Through appropriate survey, we find out the market segments provided by other competitor banks and make the market well known of our products and services.
Afterward, we set the fair price to draw consumers’ attention and deliver to customer in reasonable tenure with post sales service. Embank Group Managing Director Shook Armature said “the repositioning would make the bank become better connected, stand out, identify products and financial solutions to attract new customers and engage existing customers more effectively’. “We want to deliver a unique and own- able Embank Group experience to our customers that understand the diverse needs of modern Malaysian people.
Mr. Armature added, “By becoming better connected, whilst becoming Your Bank. Malaysia’s Bank. Embank, we can stand out and identify financial products and solutions to attract new customers and engage existing customers more effectively. In addition to the roll-out of the new positioning campaign, we are also creating an exciting new initiative – Malaysia’s Rsum – that’s about connecting and building positive relationships and communications with the people of Malaysia, in Malaysia and across the world.
The Malaysia’s Rsum initiative will go live on 16 October 2013 (Embank Group to upgrade service, banking system in Rummy exercise – Business News I The Star Online, 2013). 9. 0 Right Marketing Mix Product perception is another essential part of marketing position strategy today. No matter what your product or service is, we want it to convey an impressive message to prospective customers or public that Embank is able to provide the financial needs tailor to every individual.
The first impression of Embank product or service has to draw public attention and create a positive and memorable product perception, and incorporate those components into the marketing plans. For instance, Embank is famous with the hire purchase loan, we will always cross sell the credit card application as bundling, also giving out the free gifts such of latest gadget upon approval of credit card balance transfer (Embank Group, 2013). Embank Group would commit to deliver the financial products and services by ensure security, confidentiality and convenience are in place: 1 .
Security – Internet banking become the foremost in commitment to customer by implement tight securities measurement such as data encryption throughout internal system or strict monitoring the outside activities and let customer to have a secure and safe banking. 2. Privacy – Fully responsible to take precaution measures to surely protect particular of customer to prevent being lost, misused or unauthorized access. 3. Accuracy – Information as given via all channels are accurate by periodically review and maintain. . Convenience – Products and services are provided primarily for truly convenience by consider the creative and innovative factors to deliver the best service to customer/ 5. Welcome the feedback – Willing to listen and improve by giving the appropriate channels primarily for customer’s convenience. Another element of marketing position strategy includes establishing a fair price and for sure comparable with competitor that will attract customers or clients, but also roved a profit for Embank.
The delivery method we choose for our products or services play a part in our market position. The best marketing position strategy depends on the specific business product or service. Once we establish the appropriate marketing plans and gain marketing position, we are actually creating a positive product perception and building brand loyalty. Brand loyalty follows a positive product perception in a thorough marketing position strategy. Once we have convinced customers to purchase our products, we want to encourage brand loyalty so we can enjoy repeat business.
When people appreciate the quality and believe it provides valuable benefits, they will usually continue to be loyal consumers. In addition, satisfied customers often provide word-of-mouth advertising to family and friends. Therefore, customer would not mind to pay higher price for the value of excellent quality product and services provided. For instance, Apple is the hearted brand of public came with innovative design-centric, mental imagery and features with positive daily experience (Anticipative, 2013). Ongoing improvements to our marketing strategy can further serve and secure a position in the market.
To streamline the communication strategy, we need to think out of the box consider where else can provide the business opportunity. For instant, shopping mall and petrol kiosk. Embank has been promoting the products and services at branches, group website, enclose the promotion flyer along the statement of loan and credit card, even be proactive to send SMS to customer. With the intelligent information as extracted from the information system as filtered through the cooperation of participating department, we can clearly know what type of customers are most like accept what type of products and services.
Therefore, promotions channel must be effectively designed to attract and influent consumer buying behaviors instead of blindly offer a wide range of services which isn’t useful at all to them. 9. 4 place Currently, we have five “Signature” branches, which represent our current brand that we Just launched while another 50 branches will start rebinding which we call as “Prime” branches,” Embank created its own version of Faceable to promote its representative products and services, also for purpose of customer-centric to receive customers’ feedback.
The web team will regularly upload the picture and information s interactive to public. The social media site, allows existing customer or potential consumer to share their thought and to inspire the public with the excellent services provided. This trend is accelerating the adoption rate of social media marketing by bank across the globe. The website so far has more than 6000 likes so far. Bigger doesn’t mean better anymore by looking at the technology advance nowadays.
Cell phone, laptop and electronic devices are continuously to shrink in smaller size according to consumers’ need, yet the functionality and productivity are rapidly increasing. High expectation of customers’ needs must be considered, in order to meet easy accessibility and quality service in banking industry. Example more branches or self-service kiosks can be located at many different strategic places to provide services the cozy bigger branches are sometimes not suitable.
The demands of internet banking and mobile phone banking give convenience to do easy banking are dramatically increased due to technological advances to replace thistle transaction driven services provided in branches. The auto teller machines are located everywhere for convenience of consumers who would perform trihedral or deposit anytime and everywhere. In geographically diverse business, Embank has more than 250 branches are located at nationwide.
Almost every branches and some of the convenience store 7 Eleven, are equipped Automated Teller Machine, Cash Deposit Machine and Queue Deposit Machine at branches and convenience store 7 Eleven. Embank has almost 900 financial needs. This will get substantial competitive advantage, which helps to gain more revenue growth and profits. 9. 6 People In most industries, it is now possible to buy on the international marketplace chicanery and equipment that is comparable to that in place by the leading global firms. Access to machinery and equipment is not the differentiating factor.
Ability to use it effectively is. A company that lost all of its equipment but kept the skills and know-how of its workforce could be back in business relatively quickly. A company that lost its workforce, while keeping its equipment, would never recover. ‘ (McLean, 1995, p. 3) Human Capital Management becomes a popular topic. Employee’s talent, skill and knowledge are more recognizable and needed to maintain a healthy level of a many. A business is driven by the vision, which provides a clear future direction for a company.
Develop mission helps a business realize their mission. A good mission statement must be simple and straightforward, inspires employees a focus and direction for setting the goal objective, also guide employees in making decisions and establish what the company does. It is not effective and meaningless if organization forces workers to achieve without a proper concern to the employee. Therefore, a mission statement should get employees involved in the organization. The ‘bottom up’ approach results a greater commitment to a company.
So employees have a better understanding to a company and can help to identify the core values. Employees’ involvement and engagement can be effective way to executive the strategy goal and willing to work toward to accomplish. Staffs must be knowledgeable, performing and have expertise in giving banking solution through proper training. 9. 7 Physical Environment For tomorrow’s banking, it has been started to move to different structure of banks or branches with a rapidly change of evolution in technology, customers’ need and industry competition.