Commonwealth Bank is the most widely termed Australian Multinational banking group which is headquartered in Sydney, Australia. The bank was set up by the Australian government in 1911. Later the bank was privatized in 1996. The bank is on the list of the top four banks in Australia. This is the biggest banking group in New Zealand and the Pacific region.
You may get various kinds of financial services from this bank such as funds management, superannuation, retail, business and institutional banking, investment, insurance, and broking services. Since 1991 the bank has been listed on the Australian Stock Exchange. There are about 6 million people in India who take services from this bank. There are more than 1100 branches of this bank all over Australia. Nearly 43500 workers work under this bank who are serving 9 million consumers all across the world.
What Type Of Products And Services Are Offered By Commonwealth Bank?
You may get a wide range of services from the bank. The bank strives its best to satisfy the consumers. That is why it has become one of the best banking groups all over the universe. You may get the following services and products from the bank:
- Wealth management
- Insurance
- Financial planning
- Personal and commercial banking
- Credit cards
- Investment services
- Mortgages
Who are the opponents of the Commonwealth Bank?
There are a lot of opponents of the bank all over the globe. Some of them are given below:
- BNZ bank
- ANZ
- Westpac banking
- HSBC bank
- OCBC bank
- The Royal Bank of Scotland
What is the Marketing Strategy of Commonwealth Bank?
The bank generally abides by digital marketing policies. Here is a detailed description of the marketing policies of the Commonwealth Bank:
Segmentation, Targeting, and Positioning
We all are aware of the fact that we may get a wide range of services from the bank including business, retail, and institutional banking. The bank, therefore has a huge target audience. The people who are eligible to open a bank account are the target audience of the bank. The business industries are also the target audience of the bank.
The bank operates its business worldwide. This is supposed to be the biggest retail banking group in Australia. It has opened up a lot of scopes for Australia. The slogan of the bank is Can Live Here.
Marketing Campaigns
They modified the slogan Can’t from Determined to be different from CAN around 2012-2015. They wanted to catch the attention of people. That is why they introduced bus advertisements and billboards showing the word CAN’T.
Within a week they replaced the word CAN’T with CAN with the logo of the TFS bank encouraging the T. In this way, they managed to bring a positive vibe among the workers. The bank displayed its new brand message on TV and radio ads frequently for promotion. In this way, the bank was successful in the Roy Morgan rankings and gained the number one position in customer satisfaction.
The company organized another marketing drive. They modified the slogan from CAN to Can live here. The CMO, Monique Macleod said that it is reinventing its strategies to make them consumer-friendly and consumer-first. Then they rebranded and evolved their logo from CAN to Can live here showing an optimistic insight. They showed the hard work of the workers and how they committed to keeping Australia prospering. They displayed the ad on 11th October 2020 showing their works, achievements, and experiences of clients. This helped to make its position strong in the market. This has become a bank that works for sustainable results and brought a new chapter to its history.
The company made another drive on 8th March 2022. They named the program Next Chapter which enabled everyone who is facing economic abuse to resume and gain economic freedom. The survivors get private support with the help of it. After learning that women have to face unusual economic challenges they introduced various kinds of financial well-being for women webinar with proper suggestions.
Social Media Marketing
The bank is very active on different social media platforms like Facebook and Instagram. The company has an account on Linkedin. Nearly 34.8k people are following the company on Instagram. They give different posts such as campaigns, schemes, banking suggestions, and their teamwork with other influencers on social media. Nearly 404,148 people are following the company on Linkedin.
SEO Strategies
We know that if the organic keywords are below 500 this is bad and needs a lot of development. If the organic keywords are above 1k that means it is good. If the organic keywords are above 10k, this is extraordinary. The number of organic keywords in Commonwealth Bank is above 10k. That means the company has good monthly traffic. The bank has a highly effective SEO strategy.
Influencer Marketing
A popular Australian influencer advocated the message as soon as the company changed its slogan to CAN. The company has also allied with the influencer Matty J who is followed by 337k people at this time for a podcast on money questions.
E-commerce Strategie
The bank gives all its updates on its websitits social media pages. It has a lot of digital features like Bigcommerce, CommBank Simplify, and many more.
Mobile App
The bank has a mobile app for Android as well as iOS. You may download and use the app free of cost.
Commonwealth Bank has been in the business of banking for a large number of years. The bank provides a lot of secure services. Also, it offers the go-on CommBank app which is endorsed with secured digital channels so that the users can securely make transactions with Commonwealth Bank. Due to these steps, the bank has been able to establish itself as a leader in the industry. This helps the company to achieve a reputation and get identified easily.
Content Marketing Strategy
Commonwealth Bank is active on social media and has different posts on its Instagram account including financial tips, scammer alerts, links to podcasts, and many more. The Linkedin account if the bank also provides updates. They are active on YouTube. There are 20.3k subscribers on their YouTube at this time. They post video content associated with their schemes, although they are of 20-25 seconds which is why they are more like a teaser and not comprehensive.
Final Opinion
The Commonwealth Bank of Australia is supposed to be the number one bank in Australia as per Wikipedia and it also has the highest number of consumers out of all the big four banks in Australia as per www.statista.com. We think that all these were possible only because of their outstanding marketing strategy, rebranding their logos and slogan which gave a feel of evolution to them and offered a lot of digital features. They have a top-notch SEO strategy and they are continuously striving their best to make their website consumer first. They have introduced a lot of attributes like the Next Chapter and more that have made them more inclusive. If you have any queries related to this topic you may contact My Assignment Writing Help without a second thought.
FREQUENTLY ASKED QUESTIONS
- What is the reason behind the success of the Commonwealth Bank?
Their priority on consumers, underpinned by their balance sheet strength and consistent operational execution has provided record customer advocacy scores, volume growth across our core markets, with strong earnings and capital generation, says CEO Matt Comyn
- What is the strategy of the Commonwealth Bank?
The objective of the business strategy of the bank is to provide balanced and sustainable effects for our consumers, community, people, and shareholders. Our focus areas are dealing with financial abuse, contributing to the community, and good business practices.
- What are the strengths of the Commonwealth Bank?
The Commonwealth Bank enjoys a strong brand recognition and reputation in Australia and all over the world. Its comprehensive range of economic products and services, including retail banking, wealth management, and business banking, encourages the bank to meet various sets of customer requirements.
