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RUNNING HEAD MARKETING AND PR
Differentiation and Brand positioning National Bank Australia (NAB)
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In marketing management and customer service, it is considered that basic techniques are similar, but in practical implementation, it has been witnessed that organizations that are using strategies that are already in use by all do not differentiate them from the rest. In the given case study, it has been seen that National Bank, despite being the member of the top four banks, soon realizes the fact that customers are not happy with them and are using the services of these biggest four banks because they are left with no other option (Klettner,et,al,2019). All these Big 4 banks (Commonwealth Bank, ANZ, Westpac and NAB) were ruling the banking market and were not letting the customers to go to any other bank for services. After all, one of the parts of the top 4 banks of Australia, wanted to separate from other 3 banks. Critical analysis of this scenario shows that for improving the personal experience of the customers, NAB took this step of standing out (OBrien,et,al,2019, pp.141-156). In the field of business (banking in the given study case), differentiation and brand positioning are widely used.
Managements of NAB make a plan, how they are going to stand out, what are the areas they have to focus on and what services they could offer to their customers. Critical evaluation of this study shows that there is marketing growth in the banking sector, which was considered to be highly saturated. Examination also showed that customers were considering that all the 4 banks coordinate and formulate policies that synchronized with each other (Islam,et,al,2019). It was somewhere in the minds of customers that these Big 4 banks used to utilize the strategy of offering similar rates so that they could block competition between them. it wont be wrong to say that NAB understand what was going on in the minds of the customer and wanted to offer services that would satisfy them more than the services that NAB used to provide in the past.
Instead of loyalty, the hustle and extra charges restrain them for not switching their banks. The analysis shows NAB used positioning and differentiation strategy for informing the rest of the three banks (Commonwealth Bank, ANZ and Westpac) that they are separating their ways and would meet them in the baking market as competitors. NAB considered positioning strategy for giving a distinction place to the customer services that it offers. NAB has designed its positioning strategy by keeping all the facts and figures in mind (Iyer,et,al,2019, pp.16-29). NAB is the bank that was viewed as the challenger brand among the other ruling banks. Though Big 4 banks were using different aspects, only NAB took in the consideration that customers must be given the freedom to choose the bank that would give them better customer services and affordable charges.
It wanted to reposition for depicting that it is quite different from the rest of the 3 banks. Though it faced several challenges, changing customers perception about NAB was the central challenge. NAB was trying to be fairer as in marketing what matters the most is the satisfaction of the customers, NAB tried to do its best by taking the boldest decision in the Australian banking industry. In marketing, brand positioning means changing the status of the brand or the service offered i.e. changing rates, place products etc (Herbohn,et,al,2019, pp.155-175). NAB focused on positioning and also paid attention to repositioning so that it could come up to the customers expectations. Repositioning was done by NAB only for meeting the needs and wants of customers. NAB tried hard for positioning its services in such a way that it would match with the perception of its customers. For NAB, the central concern was to focus what customers want and how it can provide services that would be more satisfying for the customers.
NAB tried to reposition itself by using a campaign in which it focusses on customers needs and demands. It repositioned itself by challenging other 3 Big banks as a competitor, giving more attention to the customer and by introducing a system that works for making banking fairer than ever before. Initiative taken by NAB was a part of the repositioning strategy that aimed at changing the landscape of the banking sector (Fernndez,et,al,2019, pp.1-22). It heated the banking industry by introducing it as a strong competitor for the other banks. It also undertook multiple consumer-focused initiatives that shake the banking sector and pressurized the key competitors for changing the ways they were offering their services to the customers. It repositioned itself by assuring that it would be having the lowest mortgage rate than the other three banks. NAB for repositioning doubled the NAB ATMs nationally and abolished the monthly account service fees (Bell,et,al,2019, p.279). It also controlled and reduced other charges i.e. account keeping fees and dishonour fees. It used identity differentiation strategy as it has the advantage of the first mover as being the top competitor.
For winning the trust of the customers and becoming the best bank in the Australian banking industry, it becomes important for NAB to track record of cutting its rates low before launching its campaign. Demonstration of record tracing, that NAB is offering competitive rates is of central importance for giving the customer encouragement for switching their bank (Bandara,et,al,2019). They gave their customers confidence that there is a bank that makes its strategies and action plans by keeping the interests of customers at the top.
NAB used positioning strategy for informing customers that it is no more a part of Big 4 banks now as bringing fairer banking is the basic thing that the customers want. It repositioned itself for becoming the only bank that wanted to make strategies that would function as per the needs of the customers. This fact cannot be denied that during positioning process, many steps were taken into consideration when it applied its repositioning strategy (Bakir,et,al,2019, pp.1-15). Steps of positioning process that NAB could use are knowing the target, identifying the product feature, modifying offers as per the customers, promotion of the benefits and communicating the banks positioning action. NAB could use all these steps in its repositioning strategy by preferring the interest of its customers (Bakadlag,et,al,2019, pp.365-367). In-depth analysis of the NABs repositioning strategy shows that NAB applied all the basic steps that are being used in the positioning process. It identified its target and features of its products. Giving top priority to the customer needs and demands confirms implementation. This fact cannot be denied that NAB applied all the steps of positioning in its repositioning strategy.
Keeping in consideration the above discussion, it could be said that though NAB was initially a part of the Big 4 banks of Australia, by using the repositioning strategy, it separated itself from the rest of the banks. All the actions and policies of Big 4 banks used to be similar and even the rates were quite similar so customers were helpless as they could not switch their banks (because all were having similar operations). NAB took the boldest decision in the Australian banking industry of becoming a competitor of all other banks so that a competitive environment could be created. Competition would make all the banks aware of the fact that they have to provide services as per customers needs. NAB proved that customers and fairer banking are of central importance by lowering their rates. It also maintained lower rates throughout 2012, 2013 and 2014. By implementing steps of repositioning strategy NAB proved that it took most successful step that had ever been witnessed in the Australian banking industry.
Bakadlag, R., Jandaghi, P., Hoheisel, J.D. and Riazalhosseini, Y., 2019. The potential of dopamine receptor D2 (DRD2) as a therapeutic target for tackling pancreatic cancer.Expert opinion on therapeutic targets,23(5), pp.365-367.
Bakir, C., 2019. How do mega-bank merger policy and regulations contribute to financial stability Evidence from Australia and Canada.Journal of Economic Policy Reform,22(1), pp.1-15.
Bandara, W., Meredith, J.C., Techatassanasoontorn, A., Mathiesen, P. and ONeill, D., 2019. Mechanisms for creating successful BPM governance Insights from Commonwealth Bank of Australia.
Bell, S. and Hindmoor, A., 2019. Avoiding the Global Financial Crisis in Australia A policy success.Successful Public Policy, p.279.
Fernndez, J.A.F., 2019. The Banking System in Australia and New Zealand A Vision together.Journal of Applied Finance and Banking,9(2), pp.1-22.
Herbohn, K., Gao, R. and Clarkson, P., 2019. Evidence on whether banks consider carbon risk in their lending decisions.Journal of Business Ethics,158(1), pp.155-175.
Islam, S., 2019. General Banking Activities and Market Development Practices by the Jamuna Bank Limited A hands on Practice through the Ring Road Branch.
Iyer, P., Davari, A., Zolfagharian, M. and Paswan, A., 2019. Market orientation, positioning strategy and brand performance.Industrial Marketing Management,81, pp.16-29.
Klettner, A., Clarke, T. and Boersma, M., 2019. Corporate responsibility and financialisation in the international banking sector the limits of current governance systems.European Academy of Management.
OBrien, J., 2019. Because They Could trust, integrity, and purpose in the regulation of corporate governance in the aftermath of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.Law and Financial Markets Review,13(2-3), pp.141-156.
MARKETING AND PR
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