Marketing Campaign analysis

Name

Institution

“MPOWER CARD” Campaign by Hang Seng Bank

Companies today are facing heightened competition due to globalization and improved customer awareness of their worth and leverage. These developments have, therefore, made it imperative that firms adapt by improving their leadership strategies as well as marketing approaches. This essay delves into a marketing campaign developed by Hang Seng Band in order to improve its competitiveness in Hong Kong’s banking industry.

Hang Seng Bank is a commercial bank in Hong Kong with a major focus in retail banking, private banking, commercial banking as well as wealth management. The company’s operations are guided by its mission statements, which indicate that it is focused on growing its profitability by exceeding the expectations of its stakeholders by ensuring excellence in its service provision.

The marketing campaign elements of the selected financial institution

According to KwoK (2019), the “MPOWER CARD” campaign is aimed at marketing credit cards among the youth. In particular, the campaign is targeted at the generation, which is appreciative of personal identity, creative expression as well as popular culture. The other element of the campaign is that it reflects the culture as well as the vibe of the city by including young people who are living a good life in the advertisement. The youths are depicted as expressing their individuality and creativity through engagement in various activities. In essence, this is the target of the marketing campaign, an aspect which ensures the focusing of efforts on this particular category.

In addition to that, the campaign contains a value proposition that is focused on meeting the needs of the target customers. As indicated by KwoK (2019), the bank considered various factors pertaining to this particular group, including the fact that they have not been integrated in the banking system irrespective of the fact that they have finances that need managing. Ostensibly the manager of the bank asserts that the millennial has become financially independent an aspect which necessitates that they are provided with banking services in the form of credit cards. Apart from that, the article reveals that the target group have not been provided with services that suit their unique requirements. This realization, as such, necessitates the adoption of features that encompass youth living a good life in the campaign. In essence, the campaign, in this case, serves to resolve some of the most pertinent financial challenges affecting the target community.

The other element of the marketing campaign is its ability to rely on various channels in delivering information to the target segment. In particular, the campaign utilizes online platforms that are widely accessible to the target population. Ostensibly the youth have become more acquired with the use of internet platforms an aspect which makes it highly likely that they will come across the information contained in this marketing campaign.

Analysis of the campaign and align with the marketing and PR strategic plan:

The campaign is relatively effective in achieving its objective, given the fact that it relies on various marketing and PR strategies. In regard to marketing strategies, for instance, it is clear that the campaign is focused on a particular group of customers (De Pelsmacker, Van Tilburg & Holthof, 2018). As shown above, the MPOWER CARD campaign is aimed at attracting the youth and those who associated with creative expression, personal identity as well as popular culture (KwoK, 2019). In essence, the campaign with the marketing strategy which makes it imperative that that marketer has to select the customer category to serve (De Pelsmacker, Van Tilburg, & Holthof, 2018). In this particular case, the selected market consists of the youth, as reflected in the manner in which the campaign consists of a character who are youth and living a life that is considered cool and attractive for the youth (KwoK, 2019). The targeting strategy adopted in this case allows the firm to improve the efficiency of the resources that are put into use by the firm. In essence, the firm is appreciative of the needs and characteristics of the millennial which as indicated above, are in need of popular culture and self-expression.

In addition to that, the campaign aligns with the marketing strategy on segmentation. This is reflected in the manner in which the marketers have selected the particular characteristics which appeal to the youth. Ostensibly this is a segment that is not adequately covered irrespective of their increasing financial capabilities. The segmentation, in this case, is showcased in the manner in which the campaign comprises of people who can be considered as being youth, the activities which are displayed are also associated with people from this particular age category. As shown by KwoK (2019), the campaign reflects the vibe as well as the culture of people living in the city. In essence, the segment targeted in this case entails individuals who value popular culture, personal identity as well as creative expression.

The other marketing strategy included in the preparation of the campaign is positioning. In particular, by presenting itself as a bank that is aware of the needs of the youth, it is directly positioning itself as the most appropriate firm to handle such needs. In essence, few firms have ventured towards attracting the youth through addressing their needs. It is, however, Hang Seng Bank that has focused on addressing the needs of this particular group by giving them credit cards. According to KwoK (2019), some of the major motivations behind the campaign was to meet the needs of the young generation which has effectively come of age as attributed to their financial independence and capabilities.

It is also evident that the campaign is effectively aligned with the PR strategic plan. As indicated by McDowell, Harris, & Geho (2016) the first stage of strategic planning encompasses the planning and evaluation of the targeted market. As shown above, the bank took into consideration the fact that the youth have not been effectively covered in terms of banking as it the case with their older counterparts. In addition to it has been revealed that one of the motivating factors behind the decision to carry out the campaign was the realization that the target category have come of age and have the necessary finances that should be served by the banks. It, therefore, follows that the actions, in this case, took into account the planning and evaluation of the target market in order to determine their needs.

The utilization of an online platform as a means of reaching out to the customers is another aspect that makes the campaign align with marketing strategies. Ostensibly a large fraction of the target population relies on online platforms for communication purposes. Therefore, it follows that the utilization of this approach to pass the message improves the likelihood of it being viewed by a large number of people.

What would you suggest improve / enhancing the marketing campaign?

One of the best approaches which can be used in improving this particular marketing campaign is introducing evaluation methods. Apparently, the initiators can determine if the project is achieving its targets by carrying out evaluations. This will be important in determining if additional measures will be introduced in order to improve its success. Ostensibly corrective measures can only be initiated once the grey areas and the related challenges have been identified. In addition to that evaluation will be vital towards identifying the processes that are generating positive results and subsequently enabling the firm to improve in these areas in order to maximize the returns.

Trigger marketing is another approach that can be used towards improving this marketing campaign. According to Heimbach, Kostyra, & Hinz (2015), trigger marketing entails sending follow-up programs to the target consumers once they show a willingness to consume the said products. In the particular case of Hand Seng Bank, for instance, trigger marketing can be targeted at those customers who are visiting the firm’s website enquiring about the campaign. This approach, in essence, will work by increasing the amount of information that is made available to the target consumers. Subsequently, this will increase the success of the marketing campaign. In essence, the approach will work towards reducing the likelihood that the target customers may change their minds regarding taking part in the program.

Improved tailoring is another approach that can improve the success of the campaign. Ostensibly the channel used in reaching out to the customers is often a great determiner of success. The targeted customers, in this case, are significantly reliant on social media platforms for communication. It, therefore, follows that utilization of traditional channels of communication may not achieve the needed results. It is, therefore, integral that the firm should determine the social media platforms which are being used by the target population. As it is, the developments in technology have led to the emergence of a wide array of social media platforms. It will, therefore, be important that the organization determines the most popular social media platforms and using them as a channel for communicating their message. This as such, is bound to heighten the results generated by the company in this particular campaign.

References

De Pelsmacker, P., Van Tilburg, S., & Holthof, C. (2018). Digital marketing strategies, online reviews and hotel performance. International Journal of Hospitality Management, 72, 47-55.

Heimbach, I., Kostyra, D. S., & Hinz, O. (2015). Marketing automation. Business & Information Systems Engineering, 57(2), 129-133.