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Group Marketing Plan – Assignment 2 Table of Contents Executive Summary2 Introduction and Background3 Company Background3 Marketing Environment Analysis4 Macro Environment4 Market Segmentation4 Competitor Analysis6 Internal Environment Analysis8 Product8 Price9 Place (Distribution)10 Promotion (Advertising)11 People12 Process12 Physical Environment12 SWOT Analysis13 Future Growth Opportunities19 Revised Objectives and Marketing Strategy21 Target Market22 Positioning23 Marketing Mix26 Action Programs and Action Plan27 Overlaying Approach30
References31 Executive Summary The following marketing plan is for the Greater Building Society (the Greater). The company’s offerings include home loans, savings accounts, credit cards and insurance products. Our emphasis is on the savings product range only. We have focused on the best performer, the worst performer and the most promising product within the savings area. The opportunity for growth will primarily come from market penetration. Market penetration will be made through their Bonus Saver Account, which is their best performer.
It will provide a platform for a concerted advertising campaign to current and potential customers highlighting the benefits of the product and how increased usage will enhance the outcomes for the consumer. Product development could provide augmented growth by using their most promising product. This product is a Retirement Savings account. Due to the current economic climate and in particular the US sub-prime mortgage crisis it is recommended to the Greater that they continue their current marketing strategies in the savings market. It would be advisable to increase the advertising spend within the marketing mix to maximize the results.
Enhancing customer service strategies should be addressed to avoid any customer dissatisfaction during the growth phase. Introduction and Background Company Background The Greater Building Society was established in Newcastle in 1945 and since then has grown to become one of the largest Building Societies in Australia. The Society now has over a quarter of a million members and 65 branches throughout New South Wales and South East Queensland. Listed as number 156 in the Top 500 Private Companies in Australia (2007 BRW Magazine), the Greater has a BBB/Stable/A-2 “Investment Grade” credit rating from Standard & Poors. Greater website, 2008) The company’s products are typical of a modern financial institution and include home loans, savings accounts, credit cards and insurance products. In years gone by, financial institutions have traditionally relied just on depositor’s funds as the major source for lending. In the past ten years however, the industry has turned to external wholesale sources to supplement funds for its loan portfolio. A combination of increasing interest rates and the sub prime mortgage crisis in the United States means, banks and building societies have been forced to use more of their own deposits to fund loan requirements.
In turn, this has meant an increased focus on the effective marketing of savings accounts and term deposits. This is because the external regulator requires financial institutions in Australia to maintain strict ratios between deposits and loans. At the Greater, depositor’s money is invested in two main areas. Predominantly it is invested in loans. Residential home loans account for about 80% of all deposited money. The remaining amount is invested in high quality liquid assets. For the 2006/2007 financial year the Greater approved home loans of more than $1 billion.
The Annual Report for the same period puts the value of deposits at $2. 568 billion (Greater website, 2008). In this Group Marketing Report we will be concentrating on the society’s Savings and Investment products. We will be investigating the society’s current marketing strategy and product range and recommending some changes for the future. We will identify the best performing, worst performing and most promising savings or investment products. We will suggest some rationalization of the product range and propose a new promotion of the most promising account.
This will involve the introduction of a new product to meet a predicted increase in demand for self-managed superannuation funds. Marketing Environment Analysis This section presents relevant background data on the current financial macro environment, market segmentation, competition, target market, product and distribution. The data has been obtained from the Marketing Manager and the IT department. Macro Environment The market for home loans has had a dramatic downturn since the US Sub Prime mortgage crisis. The impact of the credit crunch has been felt here in Australia as well. The collapse in house sales is putting the bite on Australia’s 80,000 Real Estate Agents. Sales are down, by 24 per cent in the March quarter according to RP Data, and each sale is taking longer (Singer,M,Harley R 2008) This decrease in demand for home loans has arrived at the same time as the availability of wholesale funds has dried up and the Stock Market has experienced one of its worst performances in the past ten years. Peter Franzen, Executive Chairman of Matrix Planning Solutions Limited describes the current market volatility. ” The Australian share market has undergone a tumultuous few months experiencing high market volatility.
Some investors are, understandably, nervous about investing in times like these. The 17th March marked the most recent low for the Australian share market. The low marked a 20. 2% drop since the beginning of the year and a 26. 4% drop from the all time high last November Market Segmentation Demographic Demographic factors are the most popular basis for segmenting customer groups in the banking sector and apply to Greater as well. Head of Marketing John Dwyer says the Society targets both advertising and product development at specific, aged based segments. Our Bonus Saver Account has tapped into a need for young adults to save for a home loan deposit. We have created this new account with a high interest rate, currently at 8%. Our members have to make at least one deposit per month and no withdrawals to qualify for that rate. ” “We have targeted TV programs with an under 30 demographic as well as Radio Stations which deliver a younger audience. The web site is also an important information source and selling tool for this age group. Internet access to the individual account details is a strong requirement when trying to attract this segment.
Interestingly, our research shows that our target market for this product are not great readers of newspapers, so we don’t spend a large proportion of our budget there for Bonus Saver. We use press mainly in small regional areas where the newspaper has a strong community focus and is relatively inexpensive. ” “Our Premier Term Deposit, on the other hand is clearly targeted to a much older demographic. Once again, interest rate is an important driver, but we also need to stress our financial strength and the security of our institution to attract this segment.
The size of individual deposits is also much higher starting at $100,000. ” “We are also planning to launch a retirement savings account in the near future to this older age group, most likely a 45 plus skew. The main benefit will be a guaranteed return, ease of access and building confidence on our excellent credit rating. People with Self Managed Super Funds will be an obvious target. We will utilise TV, press and direct mail to reach this target audience. ” “Working families are our focus for home loans, but this sector is under some financial stress with interest rates rising at the moment.
This group is more interested in a savings account with easy access and no fees. Interest rates are less of an issue for customers needing daily convenient access via cheque book, visa card or ATM. That is exactly what our Access account sets out to deliver. We market this product directly to our home loan customers using direct mail and our in-house call centre. “(Dwyer, 2008) The Greater has developed specific branded savings accounts for the above mentioned market segments based on age and these include: AGE |Type of Account Offered | |0 -18 years |Little Bucks Account | |18 plus |Christmas Club Account | |18-30 years |Bonus Saver Account | |25-55 years |Access Account | |30 plus |Term Investment Account | |40 plus |Premier
Investment Account | |55 plus |Pensioner Plus Account | |45 plus |Retirement Savings Account | Table 1: Greater Savings Product Range Geographic Another important factor for segmenting in the banking sector is geographical location. The Greater is mainly competing within the well-defined geographical regions, including the Hunter, Northern and Southern NSW and SE Queensland. The regions are both rural and suburban as shown in the table below. Region |Density | |South Coast |Rural | |West |Suburban | |Sydney Metropolitan |Urban | |Central Coast |Suburban | |Newcastle/Hunter |Suburban | |North Coast |Rural | |South East Queensland |Rural | Table 2: Regional Diversity
The volume measure of gross state product (GSP) increased in all states in 2006-07. Queensland was up 4. 9%. Growth in New South Wales, was below Australian GDP growth of 3. 2%. (Australian Bureau of Statistics, 2008) Competitor Analysis The Greater’s direct competitors are the banks, other building societies and credit unions. While mortgage brokers may compete in the loans market, they do not offer savings and investment products because they do not attract suitable commissions. The obvious direct competitor is Newcastle Permanent Building Society. However the Greater also recognises St George Bank as a strong regional competitor with innovative products.
The table below shows that for each of the main Greater products, both the Newcastle Permanent and St George Bank have a competitive product. In fact a review of their websites shows that most of the savings and investment products differ in name only, with each offering similar interest rates and access options. Both organizations also service a similar geographic market to the Greater with Newcastle Permanent recently signalling a shift in focus to regional centres, opening new branches in Tamworth and Armidale. St George has a strong branch network throughout NSW. |Greater |Interest Rate |Newcastle Permanent |Interest Rate |St.
George |Interest Rate | |BONUS SAVER ACCOUNT |8% |RAPID SAVER ACCOUNT |8% |INCENTIVE SAVER |6% | | | | | |ACCOUNT | | |CHRISTMAS CLUB ACCOUNT |1% |CHRISTMAS CLUB ACCOUNT |0. 1% to 0. 15% |N/A |N/A | |TERM INVESTMENT |5. 6% to 8. 1% |TERM DEPOSIT |5. 25% to7. 35% |FIXED TERM DEPOSIT |3% to 7. 3% | |ACCESS ACCOUNT |0. 25% |STATEMENT SAVINGS ACCOUNT |0. 1% to 2. 25% |POWER SAVER ACCOUNT|0. 1% to 0. 5% | |PENSIONER PLUS |4% to 6% |SPECIAL MONTHLY INTEREST |4% to 6% |PENSIONER ACCOUNT |4% to 6% | | | |ACCOUNT | | | | |RETIREMENT SAVINGS |TBA |SPECIAL MONTHLY INTEREST |6% |DIY SUPER DIRECT |8. 1% | | | |ACCOUNT | |SAVER ACCOUNT | | Table 3: Product Comparison between the Greater, Newcastle Permanent and St. George Internal Environment Analysis The decision was made by the group to conduct the internal environment analysis on the Greater’s best performing account, the Bonus Saver. Internal factors are usually within the organizations direct control, while external factors, such as the business macroenvironment or the actions of competitors are outside the company’s direct control (Kotler et al 2006).
We have utilised the seven p’s to add structure to this analysis. Product The Bonus Saver is a high interest savings account, which rewards members who make at least one deposit per month and no withdrawals. There are no fees attached to this account and no passport. We have used three levels of product to better understand the Greaters’ offerings. [pic] Table 4: Three Levels of Product Core: The core benefit of any savings product is security and peace of mind. This is to enable a customer to have confidence when they place their funds with the Greater. Actual Product: Deposit and Saving facilities, Attractive Interest Rates; Flexible Banking facilities.
A customer receives a savings account with an attractive interest rate which is the tangible benefit they receive for dealing with the Greater. Augmented: BPay, Reward Points, Preference for Home Loans, Free Holidays, Customer Service and related customer incentive programs. The Greater provides additional services and benefits that are built around the core and actual products to further enhance the delivery of their products and services to the consumers. Price Market – Penetration Pricing The Bonus Saver offers one of the most competitive interest rates available, currently at 8%. It compares favourably with term deposits at 8. 45%, but is payable from the first dollar invested and does not require the customer to lock their cash away for a fixed period.
The Greater has priced Bonus Saver at very attractive interest rates to be able to penetrate the market quickly and deeply and increase the customer base. As evident from the graph below Greater has successfully used the market-penetration pricing strategy to increase the number of accounts steeply in just one year. In April 2006 the account offered less than 4% interest. At the same time it is evident from the next graph that the monthly balances have also been increasing. [pic] Table 5: Bonus Saver – Accounts Numbers [pic] Table 6: Bonus Saver Funds Monthly Balances Place ( Distribution) •Extensive Branch Network covering NSW and South East Queensland. •Mobile bankers in some regional centres •Via the Internet as well as Call Centre access. Horizontal Conflict
The Greater has a lot of branches in regional NSW and sometimes they can compete with each other to attract a customer. Mobile bankers also add an extra dimension and contribute to a possible horizontal conflict within the Greater. Promotion (Advertising) The Greater is the 4th largest TV advertiser in Northern NSW after Telstra, Coles and Woolworths. It also utilises radio via top 40 and Rock Stations and Press Advertising in regional centres to promote the Bonus Saver Account. An example of the Press Ad is shown below. [pic] People The Greater has a high staff retention rate, has strong family values and offers extensive training to its people.
There is a high involvement by staff in the Greater’s community and charity work. A strong customer service culture exists evidenced by a 96% satisfaction rating in the yearly customer satisfaction survey conducted by The Financial Research Company (August 2006). Process The Greater maintains a strong investment in IT. New computer systems were introduced recently and are constantly upgraded. A fully operational disaster recovery centre has been established in case of natural or other disaster. This offers continuity of service and further security to customers. Physical Environment The branch network is undergoing a make over. New signage, floor layouts, counters and work spaces are being introduced.
New branches are being added regularly. The branches provide point of sale advertising opportunities for the Bonus Saver Account. SWOT Analysis In this section we have identified the major strengths/weaknesses, opportunities/threats and issues facing the product line. We used the Marketing Environment analysis to determine a list of external factors contributing to Opportunities and Threats. Similarly we used the Internal marketing environment to determine the Strengths and Weaknesses. As a group we used a questionnaire to come up with a long list and then narrowed it down to the major ones listed below. [pic] Strengths – Greater can build upon following Strengths. 1.
Create more customer value by building upon their value offerings. The Greater can offer better and simplified reward points to their existing customers holding different type of savings account. 2. Better Pricing – the Greater can increase the rate of interest offered to match or better competition. Weaknesses – Greater can build upon the following weaknesses. 1. Better Product and Brand Positioning –Greater can specifically position the bonus saver account as high interest yielding and safest even in troubled waters. Consistency and survivability during very tough times can be highlighted for brand position. More services for lesser fees. 2. Create Demand through more sales promotion. 3.
Customer Relationship Management – Embedding a new customer relationship management system to provide frontline staff in the branches with information on customers’ complete banking requirements and arrangements with the Greater. Opportunities – Greater can build upon the following opportunities. 1. Consumer Behaviour –The troubled economic times will mean more consumers trying hard to save. To save money they need a safe and profitable place. Greater must make the most of this behaviour as long as market volatility exists. 2. Macro Economic Factors- Fears of crisis in the banking sector is a very good opportunity for a mutual building society to show its strengths of a sound financial base. Threats – Greater is mainly facing the following Threats. 1.
Increased Competition – All main bank and non banking competitors are offering high interest rate savings account like a Bonus Saver with most and some with more features than Bonus Saver. Therefore the Greater’s marketing communication must emphasise a clear differentiation and provide a Unique Selling Proposition. 2. Macro Economic Environment – Increasing inflation can erode the savings through such accounts and can lead consumers to not investing in these types of accounts. [pic] Strengths – Greater can build upon following Strengths. 1. Offer Messages which Evoke Rational Appeals by showing the audience that this account can help people get out of debt sometimes created during Christmas time shopping. An opportunity of promoting it as being socially responsible towards community.
Weaknesses – Greater can build upon the following weaknesses. 1. Create value offering by increasing the interest rate even if for a limited period every year. Design rewards program to specifically target complimentary products and shops popular during Christmas time shopping. 2. Create Demand through more sales promotion- Offer higher interest rates for limited periods to attract new customers. Opportunities – Greater can build upon the following opportunities. 1. Redefine Product by redefining and restructuring the savings account in terms of interest rate offered and other offerings. An example could be promoting it as a special type of Bonus Saver. 2.
Discard Product by getting rid of the product from the portfolio completely by outsourcing the customers who exclusively have this type of account only. 3. Create More Value by offering a rewards program specially tailored for Christmas shopping i. e. providing discount offers on major retail outlets during Christmas shopping. 4. Customer Relationship Management – Embedding a new customer relationship management system to provide frontline staff with information on customers’ complete banking requirements and arrangements with Greater, extending customers involvement from Christmas Club to other products. Threats – Greater is mainly facing the following Threats. 1.
Increased Competition – Other non banking competitors are offering higher interest rates on Christmas accounts. 2. Macro Economic Environment – Increasing inflation can decrease the value of savings in an account with very low interest. [pic] Strengths – Greater can build upon following Strengths. 1. Value proposition by building upon and showing the customers that this account is a safe heaven and a better alternative to property or shares. 2. Strong Ethical Behaviour and Social Responsibility – by projecting its financial strengths during troubled economic times. Weaknesses – Greater can build upon the following weaknesses. 1. Create a Unique Selling Point by Creatively differentiating on service and price. 2.
Customer Relationship Management – Embedding a new customer relationship management system to provide frontline staff with information on customers’ complete banking requirements and arrangements with the Greater. 3. Geographic Horizontal Expansion – Expanding promotional initiatives in the geographic markets of NSW and Queensland, served by the Greater’s branch network. Opportunities – Greater can build upon the following opportunities. 1. MACRO Environment by capitalizing on negative sentiments generated by industry super funds negative performance and troubled stock markets. 2. Demographic- by tapping into the increasingly ageing population in Australia and using targeted advertising strategies. 3.
Create More Value/Enhance Augmented Benefits – by not charging any fees and commissions unlike super funds and providing a total banking solution to this high value customer segment in contrast to industry. Threats – Greater is mainly facing the following Threats. 1. Macro Economic Environment – The stock markets and property prices might improve substantially in future. This might mean that this account has a very small window of opportunity. The Greater must undertake intensive campaigning to attract more customers. 2. The Greater is not seen as big enough for large cash customers. Future Growth Opportunities The future growth with a company could come from opportunities within the current product range or from new products and possibly even new markets; or a combination of the above.
Therefore we have used the product/market opportunity expansion grid as the basis of our analysis to view future expansion for this company. [pic] Market penetration may be made by making more sales to existing customers without altering the product line. The “Bonus Saver A/c” (Best Performer) will provide a platform for a concerted advertising campaign. This campaign will be directed to current customers highlighting the benefits of the product and how increased usage will enhance their outcomes. The Greater have already achieved excellent results with the marketing campaign discussed within the Environmental Analysis. The ongoing growth and development of this campaign can be augmented by geographic expansion.
This expansion will be achieved by increasing the number of mobile bankers within targeted regions with a view to establishing new branch operations as soon as pre-determined Key Performance Indicators have been met. This allows a low risk entry strategy into new regions including South east Queensland. Market development at this stage is not seen as the best option as the analysis showed that each market segment is fairly well covered by product categories. Product development will occur by offering enhanced or new products to current markets particularly in the baby boomer sector using a Retirement/Superannuation product (Most Promising). Based on the earlier analysis the enhancement will provide a product within a growing market where capital security has become a major issue.
The measurement of the campaign is done by analyzing and tracking call centre data, raw data from Branch results and weekly marketing meetings where campaigns and results are reviewed vigorously. This area is seen as the preferred revenue opportunity or emerging target to be aggressively marketed by the firm. By using the Boston Matrix grid (Kotler et al, 2007), the best performing product known as the Bonus Saver is currently a Cash Cow and will continue to be supported. The most promising product is the new Retirement Account which will be supported as the rising star within the future marketing campaign. The worst performer, the Christmas Club Account is viewed as “the Dog”.
The Greater has the choice of keeping the Dog and slightly enhancing it to see whether it can rise once again to a Star; Or leaving it alone and maybe as they say ‘let sleeping dogs lie’; Or completely removing the dog from the portfolio. This last option carries more risks than the previous two due to the conservative nature of the industry, as customers could become disenfranchised and leave the Greater based on the loss of that product option. [pic] Diversification could be achieved through acquisitions of other building societies but is not listed as the highest priority at this stage of the firm’s growth cycle. Diversification is a higher risk strategy and in the current economic climate is not the most attractive option for the building society.
However if opportunities arise with smaller competitors coming under market pressure then the Greater should assess whether these opportunities could be developed as parallel strategies alongside the product enhancement strategies. A better approach is to promote switching of customers from banks to the Greater. Revised Objectives & Marketing Strategy Objectives Marketing • Maintain Branding position and promotion of financial stability • Continue to advertise high interest rates for deposits/savings • Distribution expansion through increased branch network; the low cost entry strategy is through the initial introduction of mobile bankers.
When critical mass is reached then new branches are opened • Create new products to match market opportunities Financial • Maintain current growth trends to achieve $5. 75m per month in saving dollars • $200 million objective in savings dollars by August 2009 • Increase investment in advertising as the growth in deposits and lending continues • Increase profitability by 5% Communication • Fully integrate marketing with more mobile bankers, sales promotions and public relations campaign • Enhance web site and increase traffic and usage of site • Improve the Client Relationship Management (CRM) to improve personal sales volume while building brand loyalty. Target Market
Bonus Saver: This product is targeted at 18 to 30 year olds who want a high rate of interest, but value the discipline of no withdrawals to achieve this rate. Typically they are single. They are saving for a home, a car, a sound system or a holiday. Christmas Club: This product is for existing Greater members who need a savings program for Christmas expenditure. Typically this is attractive to women with families, earning under $40,000 per annum as a wage or salary. They have regular contributions deducted by direct debit. They are not concerned with high rates of interest because this may create a small tax problem. Retirement Savings Account:
This product is focussed on a 40 plus demographic, with a skew to 50 plus. This market is saving for retirement and may be using a self managed superannuation fund as the main vehicle. They value security and a guaranteed return on their nest egg. They are scared of the volatility of the stock market and the prospect of falling property prices. Positioning – Bonus Saver Account The Bonus Saver for the Greater is positioned in the lower right quadrant due to the product having High Interest rates and reduced access to funds. The main competitors have similar products with slightly higher interest rates but with slightly less flexibility in transaction rules. [pic] Positioning – Christmas Club Account
The Christmas Club account is positioned within the lower left quadrant as it has a very low interest rate but it is only accessible in November each year. The two main competitors’ products are very similar and are also positioned within this sector of the grid. A possible repositioning of this account toward a higher interest rate will attract more customers. [pic] Positioning – Retirement Savings Account The new Retirement Savings Account is positioned in the lower right quadrant due to it having a high interest rate and medium access to the funds. It is primarily targeted at Self-Managed Superannuation clients rather than to the whole market.
The two main competitors have similar products and also lie within this quadrant for similar reasons. A suggested repositioning would include easy access to funds through a cheque account and a review upwards in interest rates. [pic] Marketing Mix Bonus Saver : • Aggressive TV advertising using programs which deliver an under 30 audience • Radio advertising in breakfast and drive programs on rock or top 40 stations • Limited press advertising in small regional centres, not well served by radio • Feature on web site home page with a direct link. (Interest rate is the main puller) • SMS campaign to other Greater account holders in the target demographic Attach a rewards program to link the savers with certain retailers Christmas Club: • Direct Mail each January to previous account holders • Active Press advertising in January and February to attract new customers • Point of sale posters in the branches during the first quarter. • A prize competition to increase number of accounts Retirement Savings Account: • Aggressive TV advertising using programs which deliver an over 40 audience. eg. News and Sport. • Radio Advertising on AM talk back stations • Point of sales posters in the branches • Sponsorship and participation in retirement and lifestyle trade shows • Development of referral relationship with local financial planning firms. Phone calls from Branch Managers to existing customers of high net wealth to personally introduce the product. Action Programs and Action Plan Bonus Saver: “It ain’t broke so don’t try and fix it. ” Assess potential for further gains and decide whether to maintain or increase promotional and advertising activities. Assessment could be achieved through internal customer surveys and external market research. Investigate further improvements to the account to make it even more attractive. Create a stronger connection between general savings activities and specific savings for a deposit on a home loan, car or boat. Improve the linkage between saving and loans in the customers mind.
This could be achieved by a targeted direct mail campaign to current customers. ACTIONS:WHAT, WHEN AND BY WHOM October:Conduct Market Research – marketing department and external advisors November:Assess results and make recommendations to management – marketing team Assess regional opportunities for increase of the Mobile banking team – Marketing and Human Resource December:Review Marketing Mix and potentially increase Advertising spend, Direct Mail campaign and upgrade Web site – Marketing and Management Team January:Enhance the product features – Product development Staff and the marketing team.
Increase mobile banking Numbers into regional locations particularly South-East Queensland February:Continue to increase the advertising spend and sell the enhanced product features – Sales and Marketing team March:Train front line sales team to maximise enquiry results April:Assess first six months results and establish detailed plan for the second six months. Christmas Club: • Survey existing customers to determine demand for the account • Examine the performance of the account in its current state over the last three years. • Decide whether to kill it off or to rejuvenate by redefining. • Consider “Christmas Saver” Account, with same terms and conditions as the” Bonus Saver”, but different branding and packaging. Agree on strategy and apportion advertising budget accordingly. ACTIONS:WHAT, WHEN AND BY WHOM October:Conduct Market Research on the product and the client mix– marketing department and external advisors November:Assess results and make recommendations to management – marketing team December:Review the reasons for keeping the product and determine future strategy. Put recommendations to the management team – marketing department January:Conduct low impact marketing campaign with internal flyers and low cost press advertising to attract savings dollars for the next Christmas – marketing department April:Assess first six months results and establish detailed plan for the second six months.
Determine where the product will sit in future campaigns – marketing and management. Retirement Savings Account: • Aggressive TV advertising using programs which deliver an over 40 audience. Eg News and Sport. • Radio Advertising on AM talk back stations • Point of sales posters in the branches • Sponsorship and participation in Retirement and lifestyle trade shows • Development of referral relationship with local financial planning firms. • Phone calls from Branch Managers to existing customers of high net wealth to personally introduce the product. ACTIONS:WHAT, WHEN AND BY WHOM October:Commence aggressive advertising campaigns to maximise results during current economic climate – marketing department
November:Ensure all point of sale staff are trained to achieve results on the response from the campaign – Human Resource (HR) December:Review advertising spend based on a pre-determined percentage of increased revenue results -Marketing and Management Team January:Integrate campaign with sales staff, mobile bankers, and customer service representatives – marketing and HR February:Assess whether key performance indicators have been met and adjust campaign up or down accordingly – marketing and management. April:Assess first six months results and establish detailed plan for the second six months. Overlaying Approach to the above specifics are: Primary concentration should be on enhancing the Bonus Saver account and build on the existing advertising campaign to increase market penetration • Aggressively market the new and enhanced Retirement Savings account to increase market share through product development • Link the above strategies with an improved client relationship management system to improve the brand loyalty position. • Increase the distribution network via mobile bankers leading to more branches within regional locations. References 1. Singer, M, and Harley, R 2008, ‘It’s really Eiffell for estate agents. ‘ The Weekend Australian Financial Review, July 19-20. P8. 2. Greater Building Society 2008, viewed 1 August 2008, . 3.
Dwyer, J 2008, ‘A conversation with the Greater Building Society’s Head of Marketing’, Personal interview at Greater Head Office, Hamilton, 23 July 2008. 4. Franzen, P 2008, ‘An update on recent market volatility’ Matrix Planning Solutions, viewed 5 August 2008, . 5. Kotler et al. 2006, Marketing. 7th Edition, Pearson Education Australia 6. Newcastle Permanent Building Society, 2008, ‘Savings’, viewed 22 July 2008, . 7. St George Bank 2008, ‘Everyday Banking’, viewed 4 August 2008, . 8. Greater Building Society 2008, ‘Customer Satisfaction Survey Results Announced’, viewed 6 August 2008, . 9. Australian Bureau of Statistics 2008, viewed 4 August 2008, . ———————– 31 1