Marketing Campaign analysis
txs584
Lecture6imcstrategies_2018.pdf
Session 10 Branding/Advertising/PR/Events &
Sponsorship
COM5407 1
World’s Top Banks 2018
http://www.relbanks.com/worlds-top-banks/market-cap
World’s Top Bank 2008
http://www.relbanks.com/worlds-top-banks/assets-2008
Interactive Communications Process
Purposes of marketing communication/Stages in communications planning
AIDA
Budget
• Affordable method
• Sales revenue method
• Incremental method
• Competitive parity approach
• Objective/task method
• Cost or investment?
Monitoring
• Pre-testing
• Ex-post commercial market research
• Statistical analysis
Promotion
• Advertising
• Sales Promotion
• Personal selling
• Public relations
• Integrated Marketing Communications
– Integrated communications approach, blend with business strategy
– Good theory, but is it operating systematically as it often involves different departments of a company.
COM5407 10
Development of IMC
• Improved efficiency, accountability, cross-border marketing. • Co-ordinated brand development • Better utilize management time • Direction and purpose • Audience communications literacy • Media cost inflation • Stakeholders to increase amounts of diversity • Message clutter • Competitor activity and the need to differentiate • Relationship marketing vs transactional marketing • Networks, collaboration and alliances • Technological advancement • Increase effectiveness of core messages • More triggers for recall • More consistent brand image • Build brand reputation
COM5407 11
Barriers to successful IMC • Financial structures
• Organisational structures
• Reluctance to change
• Perceived complexity
• Lack of experience
COM5407 12
Corporate mission
Harmonised marketing mix
Coordinated promotional
mix
Planned employee
communications Synchronized agency
IMC
Customers, stakeholders
Key strategic developments
Development Consequence
Database marketing and data mining
Allows message targeting, focused delivery
Multi-media Harder to reach a single audience, fragmentation may cut advertising rates Importance of Social Media usage and Control
Call centres Provide sales and support activities. Methodology are rigid and ‘hassles’ calls
Sponsorship Objectives are difficult to measure and fulfill. Can be difficult to manage – e.g. support F1, tennis, football.
Personal advice and loyalty
Greater scope for personal service
Lobbying Expertise area to lobby with government and interest groups
COM5407 13
Marketing services
• Complexity
• Inseparability – poor service can lead to widespread distrust throughout the company
• Promoting an attractive image would need to line up with its reputation consistently
• Pricing is often complicated
• Human element cannot be designed out of a service.
COM5407 14
Effectiveness of advertising
• Performance measures – Exposure
– Awareness
– Sales (other marketing mix will affect it)
– Profits (more for breakeven analysis)
– Attitudes, psychological responses
– No. of enquiries
– Main purpose is to create awareness and interest
– Recall rate
COM5407 15
Branding Strategy • A name, term, sign, symbol, design to differentiate them from
competitors. • Branding and a firm’s reputation re linked. • A brand is a customers’ value. Link between the customer’s
perception and the company’s activities. • Benefits – for customers, clear identity to choose between
competing products, esp important in financial sector as products are intangible, inseparable and homogeneous. It can support aspirations and self image, and confer membership of a reference group.
• For marketers, enables extra value to be added, creates an impression to encourage repeat purchase, differentiates the product, reduce importance to price, encourages a pull strategy, helps to extend the product line.
• For shareholders, it creates brand equity, build market share to generate higher profits, volumes, and control.
COM5407 16
Brand equity
• Products are bought for emotional reasons
• Branding reduces the need for logical rational selection.
• Experience = customers usage of a brand can give positive or negative associations.
• User associations = Brands can associate with particular personalities
• Appearance
• Name – company reputation support the brand
COM5407 17
How to build brands
• Step 1: Have a quality product
• Step 2: Build the basic brand
• Step 3: Augmentations – extra services
• Step 4: Reaching its potential – not easily switchable
• Step 5: Maintain brand value
• Step 6: Build brand loyalty
• Step 7: Know where to stop in developing the brand
• Step 8: Consider brand extensions e.g. online banking, extension of branches in new geographic regions – Cheap, customer-perception, less risky than new brands
COM5407 18
Brand planning process
• Market analysis
• Brand situation analysis
• Targeting future positions
• Testing new offers
• Planning and evaluating performance
COM5407 19
Success criteria of branding
• Suggest benefits
• Quality – action or colour
• Easy to pronounce
• Acceptable to all markets (linguistically and culturally)
• Be distinctive
• Be meaningful
COM5407 20
Branding
“the world’s local bank”
“Leading the way in Asia, Africa and Middle-East”
“Citi never sleeps”
“理財創富, 專注為你”
COM5407 21
Perceptual mapping
• Consumer perceptions of your company and competitors
– Clarity
– Credibility
– Consistency
– Competitiveness
– Distinctive?
COM5407 22
Excellent Service
Poor Service
High Reputation
Low reputation
Global or local brand?
• Standardized global brand approach – Exactly similar needs across culture
– Common approach to marketing mix
– HSBC Premier looks the same across the world
– Economies of scale
• Local brand approach – Fulfill specific markets and when branding needs
to be different to capture different audiences eg. SCB and Prime Credit
COM5407 23
Ten steps to making branding work
1. Own minds, not products 2. Dare to be different 3. Fall in love (Brandlove) 4. Put a price on the brand 5. Make your brand a corporate touchstone 6. Know your place 7. Get continuous feedback 8. Find Brand Partners 9. Protect your brand 10. Nuture the Brand
Source: COOMBER, S., 2002. Branding. Oxford: Capstone Pub. Gad, Thomas (2000) 4-D Branding. Financial Times Prentice Hall, London.
Events & Sponsorship
• Part-and-parcel of the brand element
• Reinforces the brand
• Needs to be aligned with the brand image
• Marketing dollars spent needs to be measurable and value-for-money
• Risks of sponsoring the wrong cause/celebrity
• E.g. SCB Marathon, SCB Liverpool, UBS HK Golf Open, HSBC Private Bank / Armani, HSBC Hong Kong Sevens
COM5407 25
What is Financial Public Relations ?
COM5407 26
• In a highly competitive financial environment, your business win investors’ and public trust only with a comprehensive and targeted PR and marketing plan for listing & post-listing IR maintenance
• An effective communications programme oriented towards differentiated needs of regulators, investors and other stakeholders will encourage positive corporate coverage in financial and broader space, and to realize fair and full value of your company
Financial PR
COM5407 27
PR Company
Company
Individual
investors
Fund & institutional
investors
Professionals (law firms, accounting firms, law firms
General Public
media
Stock Exchange
Securities analysts
What do they do?
COM5407 28
Direct Marketing
• Different from Advertising and PR, it’s two-way communications
• Direct response, Direct Mail, Telemarketing, Internet Marketing
• Tends to have a bad reputation – spam, harrassment, junk mail.
• Meant to stimulate response and action • Easily measurable with direct response to your
marketing. • E.g. tailored tax interest rates by your credit profile
Credit card spending target based on your historical stats to encourage increased spending for rebates.
COM5407 29
Direct marketing lists
• Purchased list • Complied list • Lists needs to be screened, and cleaned to avoid waste • Direct marketing association research financial
campaigns ranged from 2.2% - 13.7% • Importance is cost of the responses and quality.
– The DM list, The Goal, The Offer, Integrated marketing, The company making the offer, remailing, creative- give a but of a lift (e.g. free gift, free consultation, easy to respond)
– Get the name right, make it look like a regular business letter, don’t get wrong spellings or grammar!
– Alternatively, send something in a box, or other container.
COM5407 30
Telemarketing
• Direct mail followed by a telemarketer call
• Direct mail followed by direct sales visit – helps
• Beware of regulations on opt-in and opt-out lists – don’t call opt-outers!
• Read guidelines from HKAB on “CoP on Person-to-Person Marketing Call”
COM5407 31
A/B Multivariate Testing (MVT)
Mobile Websites & App Marketing SMS / QR
Social Media, Online customer service
HTTPS://HOOTSUITE.COM/EN- HK/RESOURCES/CASE-STUDY/AVIDIA- BANK-GIVES-CARDLESS-CASH-THE- MARKETING-IT-DESERVES
For reference only
New communications tools Email Offers fast and simple distribution.
Ideal cross and up sale opportunities.
Highly cost effective, scalable and measurable.
Offers customer insight through engagement assessment.
Encourages instant response.
Easily personalised and targeted specifically to suit recipients’ needs and optimise retention.
Allows regular contact to keep data set informed of brand activity and promotions; offers increasing brand awareness, engagement and brand benefits.
Ideal for A/B testing to maximise optimum response (test layout, CTAs, subject line, sender, time of day/week)
Ideal for sharing viral campaigns and also driving traffic to blogs, forums, communities and websites.
A/B & Multivariate Testing (MVT) – i.e. testing different content variations with website users
Low cost to run (post implementation).
Ideal for targeting customers specifically with bespoke content to suit their needs; through cookies can serve tailored content to existing customers rather than displaying new customers advertising.
Also allows testing of different messages, imagery and CTAs to determine which has greatest uplift.
Highly measurable and accurate as users vote with their clicks which means marketers can respond quickly to trends and hone creative to drive retention.
Provides detailed insight into the behaviours of users and what motivates them to perform certain actions, e.g. obtain a quote or purchase.
Click-stream analysis identifies path of customer journey which can be used to XS and UP to existing customers and MVT used to establish most successful XS and UP strategy.
New communications tools MobileWebsites & App Marketing
High penetration of mobile usage in makes these ideal marketing medium both in terms of mobile websites and SMS marketing. Offers ideal medium for purchases that are based on quick quote tools. Maintains accessibility to encourage brand engagement. Increases convenience to user as always available.
SMS Mobile Marketing
SMS broadcast marketing is highly scalable, cheap and easily measured. Can be personalised and has fast delivery time making it extremely responsive. Offers a ‘push’ opportunity, rather than having to rely on users visiting, for example, LV.com or engaging in social media. Prime cross and up sale opportunities.
QR Codes Promotes a quick response. Removes need for reprinting costs when campaign details need to be changed mid-way through. Wide adoption of mobile phones means there is a huge market for developing this type of technology. Offers instant information: QR codes show offline communications success immediately and without the need for follow up surveys.
Social Media Increases brand presence online. Offers easy route to market for company press releases and viral activity. Aids SEO through effective link building. Optimises word-of-mouth advocacy. Peer to peer approach in building advocacy is perceived as more credible that B2C marketing. Provides extra and more convenient options for customer support. Social media monitoring offers opportunity to gain direct customer insight in order to provide solutions. Use of social sharing buttons across all online brand assets increases propensity for users to share information with their peer group and gain reach. Offers ideal engagement platform to enable two way dialogue with prospects and increase transparency.
New communications tools Online Customer Service Livechat function offers instant online response.
Online iFaqs are dynamic and specific. Email a query or request a call back allows further opportunity to ask question and get help on customers’ own terms. Aids conversion process through effective problem solving and advice in purchase path.
Viral Marketing Ideal word-of-mouth opportunity. Highly scalable. Easily integrated into wider digital retention strategy, especially email. Engages customers with brand.
Affiliate Advertising Offers a wider arena to market product; more websites = more customers = more scope for sales. Payment model is customisable: runs on a commission basis of cost per click, sale or lead. This is defined by the organisation. Low cost to implement and run, merely requires placing a hyperlinked advert on an affiliate website: acts as an ‘extension’ to in-house sales teams. Cheap to run after initial set up as operates on either pay-per-click, pay-per-lead or pay per-sale-basis. Opportunity to win sales without spending time searching for customers. Advertising cost and energy is passed to affiliate.
Display Advertising Can be highly targeted to specific audiences: using cookies can serve bespoke content to users who have visited the website for research but not yet converted. Cost effective as generally PPC – the cost only incurred for clicks through to the website. Highly trackable and therefore able to be tested and honed to optimise conversion. Ideal for raising brand awareness and promoting the brand message across the web. Can have a positive impact on subsequent search behaviour by raising brand awareness.
New communications tools
Natural Search Relatively low cost as it can be implemented in-house as well as externally.
Natural list ranking is free so can be very cost effective.
High rankings increase brand awareness and have a positive effect on brand credibility. Responsive to consumers’ needs.
Website retains complete control of their content and ranking information, no third- party interference.
Perceived greater trust in high natural listings as opposed to paid search listings.
Paid Search Simple and quick to implement; listing appear within a matter of hours.
Results measurable and fast so enable campaign tweaks for improved conversion.
Reliable in terms of guaranteed visibility in listings.
Stable advertising, not susceptible to fluctuations like SEO.
Although natural search is more trusted, there is a lack of distinction between paid and natural search listings, so guaranteed visibility is an advantage regardless of type.
