Media Management for Commonwealth Bank: Targeting Potential Customers, Creating Brand Loyalty, and Engaging Customers

This report discusses the media plan for Commonwealth Bank, one of the largest banks in Australia. It focuses on profiling the target market, media objectives, media categories and vehicles, and media cost. The report recommends targeting potential customers, creating brand loyalty, and engaging customers through online and offline mediums.

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Media Management

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Executive Summary
Technology has brought drastic change in the business industry. Every business organization is
adopting technology in order to perform as per the marketing environment and for the objective
of gaining positive outcomes. This report will discuss media plan for Commonwealth Bank
which is one of the largest banks in Australia. Apart from Australia, organizational
functionalities are expanded at global level and with a variety of services, organization has
acquired effective image amongst their customers. Media plan is the basic requirement for every
organization as it plays vital role in terms of promotion and advertisement of the organizational
products and services. Media plan helps the organization to approach to its existing as well as
potential customers along with approaching to the other customer segments. The first part of the
report will focus over profiling the target market of organization followed by the media
objectives of the organization with regards to their new media plan. In addition to this, the report
will also focus over selecting media categories along with selecting the media vehicles in order
to approach towards their target audience. The last part of the report will determine the media
cost in order to approach to its target customers in an effective manner at the lowest costs.

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Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Approaches of organization.............................................................................................................4
People...........................................................................................................................................4
Technology...................................................................................................................................4
Profiling/selecting target audience..................................................................................................5
Segmentation................................................................................................................................5
Demographic............................................................................................................................5
Geographic...............................................................................................................................5
Psychographic..........................................................................................................................5
Behavioural..............................................................................................................................5
Media objectives..............................................................................................................................6
Targeting potential customers......................................................................................................6
Creating brand loyalty..................................................................................................................6
Engaging customers.....................................................................................................................6
No difference between advertisement and reality........................................................................6
Promotion.....................................................................................................................................7
Creating brand artefact.................................................................................................................7
Media categories and vehicles.........................................................................................................7
Non-traditional mediums.............................................................................................................7
Third party website...................................................................................................................7
Social media.............................................................................................................................8
Online entertainment channels.................................................................................................8

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Traditional mediums....................................................................................................................8
Determining Media Cost..................................................................................................................9
Recommendation and Conclusion.................................................................................................10
References......................................................................................................................................11

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Introduction
Commonwealth Bank is an Australian multinational bank with its operations expanded in
worldwide locations. Majorly, their operations are expanded in Asia, New Zealand, and United
States and in the United Kingdom market along with the variety of financial services. These
services include investment planning, insurance, superannuation, funds management, and
common activities like retail, institutional and business banking. In 2015, organization also
achieved the benchmark of being the largest company in Australia on the Australian Securities
Exchange. It was founded by Australian government in 1911 which was fully privatised in 1996
and today, it is counted in the top four banks in the Australia with National Australia Bank, ANZ
Baking Group and Westpac. Organization is behemoth player of banking industry and with more
than 52,000 employees; organization is rendering numerous services as per their target
audience’s demands and wants as well as to provide them unique banking experience
(Commonwealth Bank, 2018).
Approaches of organization
People
In order to enhance customer satisfaction as well as to build an effective brand image amongst
their customers, organization has adopted customer centric approach. Organizational CEO has
marked customer service on priority with the objective of gaining positive outcomes as well as
for the objective of enhancing developing an effective brand image amongst their customer’s
mind-set. This helps the organization to retain its existing and potential customers along with
approaching to other customer segments. Organization has adopted a vibrant and customer
focused and high-integrity culture at their workplace to mark the customers as their priority. In
relation with this, organization focuses on building effective media plans along with investing in
talent management, people development in order to make their employees’ skills diversified in
consideration to the customer satisfaction approach.
Technology
In order to match up with the customer’s requirements and dynamic business trends, organization
has adopted world-class technology. This not only helps the organization to fulfil their needs but

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it also plays pivotal role in terms of enhancing organizational image amongst the customers. In
order to communicate with its customers, organization has adopted applications that leverage
real-time capabilities and determining news ways for interacting with them. Their analytic
insights are the primary tool through which they offer more value to customers along with
providing greater stability to them. Usage of technology is also essential in terms of enhancing
the organizational productivity which is one of the great measures for attaining competitive
advantage (Commonwealth Bank, 2018).
Profiling/selecting target audience
Segmentation
Segmentation is the process of segregating large part of target audience into small groups on the
basis of their demands, preferences, buying behaviour and interest. With the help of
segmentation, organization could easily analyse its suitable target market segments which could
be approached for the purpose of enhancing demand for the particular products and services. As
per the functionalities of Commonwealth Bank, their target market segments will be those people
who have sufficient disposable income and looking for right way to invest their money for
securing their future, business organizations who requires a platform for transacting domestically
as well as internationally, etc. Apart from this, Commonwealth Bank also renders numerous
services through which they could easily approach to a larger part of the target market.
Following are the primary target market segments for the Commonwealth Bank:
Demographic
In this section, people are segregated on the basis of age, sex, income, religion, etc. In relevance
to this, Australian population is less of millennials and young age group in comparison to the
people aged more than 55. Thus, organization could easily target all age group people of
Australia as they have variety of services. For young age group, organization renders funds
management, investment and other schemes through which they could easily secure their future.
Apart from this, old age group people are already more attracted towards savings and
organization provides multiple saving plans through which organization could approach to the
large segment of Australian population. Organization also offers insurance plans which are
another one of the basic requirement for an individual to cover the unexpected losses. Thus,

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organization offer number of services through which multiple customer segments could easily be
targeted (Commonwealth Bank, 2018).
Geographic
Organization serves in all areas of Australia, thus, they serve all segments of the market i.e.
Australian citizens, international clients, business organizations, etc. With regards to this,
organization provide extra benefits to its existing customers in terms of reward points for the
objective of retaining them along with the objective of enhancing organizational performance.
Psychographic
These are brand loyal people and in order to target and retain brand loyal people, it is necessary
to serve high quality services along with the objective of regularly update their services. This
helps the organization to target its potential and existing customers and rendering high quality
services also helps the organization to retain its customers for the objective of enhancing its
brand image amongst the customer segments.
Behavioural
People seek for benefit sought and they also seek for the fulfilment of their needs and wants. In
order to enhance organizational performance, it is required to deliver the same services which are
required by their target customers. Thus, it is necessary for the objective of enhancing
organizational performance along with the objective of building brand image amongst the target
audience.
Media objectives
Primary objectives with the new media plan for Commonwealth Bank are enhancing its
revenues, customer base and to ensure the sustained growth and overall development of the
organization in the longer run. It is required for the organization to set up its brand image,
spreading awareness amongst the target audience as well as to establish its effective image in the
target market through which competitive advantage could be attained along with the objective of
building brand loyalty amongst the target audience (Commonwealth Bank, 2018). Following are
some of the crucial media objectives with relevance to the new media plan for Commonwealth
Bank:

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Targeting potential customers
Every strategy is being adopted with the objective of enhancing organizational performance with
relevance to spreading awareness amongst the target audience. With the effect of spreading
awareness amongst the potential and existing customers, demand for the products would easily
be increased. In relation with this, organization needs to develop certain effective advertisement
campaigns for the objective of engaging customers with the organization in order to enhance
potential and existing customers (Seltzer, 2017).
Creating brand loyalty
Bargaining power of consumers is very high in the banking industry because there are large
number of banks are present in the banking industry. In order to retain existing customers along
with approaching new customer segments, organization needs to create strong brand loyalty
amongst the target audience by delivering high quality services as well as by providing unique
products and services.
Engaging customers
Due to high buyer’s power, organization needs to adopt certain effective media strategies
through which target and potential customers could be engaged with the organization for longer
run. With relation to this, organization could easily be able to enhance its performance along
with accomplishing its desired goals and objectives. Engagement activities include
communication strategies, and other advertisement campaigns. With the help of these activities,
customers could be actively engaged with the organization through which customers stay brand
loyal for the organization that is the positive indicator of enhancing organizational market share.
No difference between advertisement and reality
Amongst the all objectives of media strategies, there is another crucial objective is portraying
actual image of the product which is being promoted through different advertisement platforms.
In order to enhance the market share and customers base, it is required for the organization to
showcase the exact image of the product and service for attracting target audience towards the
organization. Apart from this, there is another major benefit is retention of target audience
because once a customer attains good quality products and services from the organization, he/she

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stays with the organization till the time, their experience becomes negative with the organization
and vice-versa.
Promotion
Promotion is one of the objectives of organization in relation to the media strategies. The more
promotion will be done, the more chances generate with regards to the increasing customer base
and market share in the target market. As Commonwealth bank is one of the largest banks in
Australia and it has acquired the leading position in the target market and organization has
adopted several digital media strategies in order to promote organizational products and services.
Amongst the digital marketing tools, organization has adopted email marketing, third website
promotion, and various other digital marketing tools with the objective of approach to the target
audience in an effective manner. With regards to this, organization could easily target its
potential customers in an effective manner at lowest cost (Roy, Salam Sarker & Parvez, 2015).
Creating brand artefact
Media strategies’ objective is to create brand image amongst the target audience so that when
they think for the banking services, Commonwealth Bank could hit their mind first. With regards
to building an effective brand image amongst the customer’s mind-sets’, it is necessary for the
organization to adopt traditional mediums of advertisement and promotion such as bill boards.
With the help of these platforms, organization could easily set up their brand image amongst the
target audience which is helpful in creating brand awareness amongst the customers which
ultimately helps in enhancing the demand for the organizational products and services,
enhancing market share, building brand awareness and gaining competitive advantage. In this
tool, organizational logo will be promoted with the brand’s slogan especially with the traditional
media strategies in order to develop an effective brand image amongst the target audience
(Sasmita & Mohd Suki, 2015).
Media categories and vehicles
Few decades back, organizations were relied on non-traditional mediums of advertisement and
promotion. These mediums were also used for communicating with the customers and at that
time, customers were not able to share their views and feedbacks with relevance to the products.
But with the introduction of internet and technology, organization could easily execute its

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promotional activities in order to promote organizational products and services in an effective
manner and that too at lowest cost. Media categories are segregated into two parts i.e. online and
offline mediums.
Non-traditional mediums
Online platforms are influenced with internet and technology and the primary advantage of using
these platforms is wide reachability, low cost and number of platforms through which
advertisement and promotional activities could easily be executed. Following are primary tools
of online mediums:
Third party website
In relation to the branding and promotion, Commonwealth Bank has decided to make their new
media plan reasonable in terms of cost and highly effective. In relation with this, major focus of
the organization will be towards online platforms as these platforms are cost effective as well as
more effective than traditional forms of advertisement. This is the cheapest forms of promotion
and in this platform; Commonwealth Bank’s advertisement will be posted on other websites
which are mainly operated by the target audience (Dwivedi, Kapoor & Chen, 2015).
Social media
This is one of the trending strategies of marketing and promotion. With regards to this,
organizations have adopted this channel in the promotional and advertisement campaigns on the
top. Users of social media are increasing rapidly and some big social platforms are Facebook,
Instagram, Twitter, YouTube, etc. Amongst these platforms, Facebook is one of the oldest and
biggest social media platform and this could be evaluated with the number of users Facebook.
From approximately 7.6 billion people across the globe, approximately 2.2 billion people are
active users of Facebook which is near to the one third of the total population. Commonwealth
Bank is currently using social media platforms for promoting their products and services as these
are effective, lost cost and efficient platform through which organization could easily reach to its
current and prospective customers (Kasemsap, 2014).
Each social media site has a primary audience, so it is necessary to find out the organizational
target audience’s preferences. This ensures that the organizational messages are on the most
effective platform for engagement and results (Commonwealth Bank, 2018).

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Online entertainment channels
These are new platforms in the digital marketing tools but these are effective because in a short
period of time, subscribers of these channels are huge and that number is increasing with the
passage of time. Major players of online entertainment channels are Amazon Prime Video, and
Netflix. These channels are effective enough to divert customers’ interest and since the
introduction of these channels, demand for television and other channels have been reduced.
Thus, Commonwealth Bank could be able to enhance its customer base along with targeting
other customer segments (Askoul, Khan & Lalitha, 2016).
Traditional mediums
Offline mediums or traditional mediums are not much effective in compression to the non-
traditional platforms as their reachability, frequency and attractiveness power is not much
stronger as online platforms are. Although, Commonwealth Bank’s new media plan will be
integration of both traditional as well as non-traditional mediums of marketing in order to target
large number of customers as well as for the objective of enhancing organizational market share,
retaining its acquired position in the target market, etc. Television, radio, newspaper, magazine,
bill boards, pamphlets, etc. are some of the primary tools of traditional media. These tools are not
much in trend because in a busy scheduled life, people do not have much time to watch
television, read newspaper, etc. Thus, Commonwealth Bank will mainly focus over digital
platforms of media in comparison to the traditional media of media (Lee, Moon, Kim & Mun,
2015).

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Determining Media Cost
Platforms Time period Budget Reachability
Advertisement in
newspaper and
magazine
Daily till one month AUD 100,000 20-30% people of
Australia
Social Media
(Facebook, Twitter,
YouTube, etc.)
5-6 posts in a week AUD 500,000 70-80% people of
Australia
Event marketing and
bill boards
3-4 events and 40-50
hoardings in all over
Australia
AUD 500,000-
600,000
30-40% People
Other mediums Once in a day or as per
requirement
AUD 300,000 25-45% people

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Recommendation and Conclusion
From the discussion conducted in the above section, it can be evaluated that Commonwealth
Bank is the largest bank in the Australia and it also operates in other parts of the globe.
Although, it is the largest bank but still, they are required to adopt appropriate strategies for the
objective of retaining its customers as well as for defending its acquired position in the target
market. With regards to this, it has been recommended to the organization to regularly amend
their strategies along with determining their target audience’s demands and wants so that
appropriate and desired outcomes could be attained along with enhancing customer satisfaction
which is one of the primary objectives for the organization.
Thus, it can be concluded that organizations are required to regularly update their media plans
with the passage of time along with this, it is required for the organization to select the
advertisement and promotional channels wisely and on the basis of consumers’ interest so that
appropriate channel could be adopted which have the highest reachability in relation with other
platforms of the media.

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References
Askoul, R., Khan, H. U., & Lalitha, V. M. (2016). Cross-functional integration of marketing and
information services in banking: a cross-industry comparison. International Journal of
Process Management and Benchmarking, 6(1), 57-78.
Commonwealth Bank. (2018). 9 Tips To Build Your Business On Social Media. Retrieved from:
https://www.commbank.com.au/guidance/business/tips-to-build-your-business-on-social-
media--201608.html.
Commonwealth Bank. (2018). About Commonwealth Bank. Retrieved from:
https://www.commbank.com.au/about-us.html?ei=CB-footer_about-commbank.
Commonwealth Bank. (2018). Our company. Retrieved from:
https://www.commbank.com.au/about-us/our-company.html?ei=CB-footer_who-we-are.
Dwivedi, Y. K., Kapoor, K. K., & Chen, H. (2015). Social media marketing and advertising. The
Marketing Review, 15(3), 289-309.
Kasemsap, K. (2014). The role of social media in the knowledge-based organizations.
In Integrating social media into business practice, applications, management, and
models(pp. 254-275). IGI Global.
Lee, D., Moon, J., Kim, Y. J., & Mun, Y. Y. (2015). Antecedents and consequences of mobile
phone usability: Linking simplicity and interactivity to satisfaction, trust, and brand
loyalty. Information & Management, 52(3), 295-304.
Roy, M. K., Salam Sarker, M., & Parvez, S. (2015). Sustainability in Banking Industry: Which
way to move?. ASA University Review, 9(2).
Sasmita, J., & Mohd Suki, N. (2015). Young consumers’ insights on brand equity: Effects of
brand association, brand loyalty, brand awareness, and brand image. International
Journal of Retail & Distribution Management, 43(3), 276-292.

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Seltzer, A. J. (2017). Implicit contracts and acquisitions: An econometric case study of the 19th
century Australian banking industry. German Journal of Human Resource
Management, 31(2), 185-208.