Commonwealth Bank: Digital Marketing Communication Strategies Report

This report provides a comprehensive analysis of the digital marketing communication strategy for the Commonwealth Bank of Australia. It begins with an executive summary, followed by an introduction to the company and a detailed competitive analysis using Porter's Five Forces and SWOT analysis. The report identifies the target market and relevant branding and positioning strategies, specifically focusing on urban customers. It then outlines a social media campaign strategy, including owned, paid, and earned media approaches, along with digital marketing communication objectives. Furthermore, the report details the digital marketing communication mix plan, covering content marketing, social media management, email marketing, SEO, and SEM. Finally, it concludes with a discussion of monitoring and control techniques to effectively manage the business. The report aims to provide a strategic framework for Commonwealth Bank to enhance its digital marketing efforts and achieve its communication objectives. This is a past paper and solved assignment, contributed by a student on Desklib, a platform that provides AI-based study tools.

Running head: DIGITAL MARKETING COMMUNICATIONS
Digital Marketing Communications

DIGITAL MARKETING COMMUNICATIONS 2
Executive summary
The key purpose of this investigation is to create the digital marketing communication for
commonwealth bank of Australia. Moreover, this report founds that competitive analysis is used
to assess the competitive situation of commonwealth bank of Australia. It also uses Porter's five
force models for analyzing the bargaining power of buyer and customers, threat of new entrants
and substitutes and competition among rivalry. SWOT analysis is implemented for assessing the
internal position of the Commonwealth Bank of Australia. It is found that commonwealth bank
targeted the urban people to sell their products and services. There are also certain strategies to
promote the social media campaign such as owned media design and placement, paid media
design and placement and earned media and social listening plan in order to obtain higher
competitive advantageous. There are certain digital marketing communication tools that could be
applied by commonwealth bank of Australia such as social media management, email marketing,
search engine optimization (SEO), content marketing and search engine marketing (SEO). In
addition, monitoring and control technique is used to significantly deal with the business.

DIGITAL MARKETING COMMUNICATIONS 3
Table of Contents
Executive summary.....................................................................................................................................2
Introduction.................................................................................................................................................4
Company introduction.................................................................................................................................4
Competitive analysis...................................................................................................................................4
Threats of New Entrants..........................................................................................................................4
Bargaining Power of Suppliers................................................................................................................4
Bargaining Power of Buyers....................................................................................................................5
Threats of Substitute Products or Services...............................................................................................5
Rivalry among the Existing Competitors.................................................................................................5
SWOT analysis............................................................................................................................................6
Identification of Target market (s) and relevant Branding and positioning strategies..................................7
The strategy of a social media campaign.....................................................................................................7
Owned Media Design and Placement......................................................................................................8
Paid Media Design and Placement..........................................................................................................8
Earned Media and Social Listening Plan.................................................................................................9
Digital marketing communication objectives..............................................................................................9
Digital marketing communication Mix plan................................................................................................9
Content Marketing...................................................................................................................................9
Social media management.......................................................................................................................9
Email Marketing....................................................................................................................................10
SEO (search engine optimization).........................................................................................................11
Search Engine Marketing (SEM)...........................................................................................................11
Monitoring and control..............................................................................................................................11
Conclusion.................................................................................................................................................12
References.................................................................................................................................................13
Appendix 1................................................................................................................................................15
Appendix 2................................................................................................................................................15

DIGITAL MARKETING COMMUNICATIONS 4
Introduction
This report presents a brief overview of the Commonwealth Bank of Australia. It also discusses
the competitive position and SWOT analysis. This report also illustrates the objective of digital
marketing and describes the targeting, positioning and branding approaches. Moreover, it
explains the digital marketing communication strategy for commonwealth bank of Australia. It
also discusses the monitoring and control approaches for the company.
Company introduction
Under Commonwealth bank act, Commonwealth Bank of Australia was established in the year
of 1911 and started their processes and functions in 1912. This bank is authorized to conduct
both types of banking business named, savings banking and general banking business. In the
current era, the business of Commonwealth bank has developed faster as 52000 employees and
almost 800,000 stockholders are working in this bank. Commonwealth Bank provides a broad
range of financial schemes to support all Australians and declines their financial problems
(Commonwealth Bank of Australia, 2016).
Competitive analysis
Threats of New Entrants
Threats of new entrants are high in the banking industry of Australia. Since, new entrants in
banks create innovation and uses a new method of performing things hence it puts pressure on
commonwealth bank of Australia. New entrants can use lower pricing strategy, offering new
value propositions, and declines cost to pull the attention of a large number of consumers. Hence,
there is need to commonwealth bank of Australia to overcome these challenges and develops an
effective barrier to safeguard its rivalry edge (Karjaluoto, Mustonen, and Ulkuniemi, 2015).
Bargaining Power of Suppliers

DIGITAL MARKETING COMMUNICATIONS 5
All corporations in banks industry purchase their raw materials from different suppliers.
Suppliers in a dominant position can decline the margins but there is a need to use an effective
strategy. In the banking industry of Australia, bargaining power of suppliers is high because of
low availability of suppliers. Hence, commonwealth bank of Australia should use negotiating
power to extract higher rates from the firms in the banking sector. The overall impact of higher
bargaining power of supplier may decline the overall profitability of commonwealth bank of
Australia (Andrews, and Shimp, 2017).
Bargaining Power of Buyers
Bargaining power of buyers is high because of the high availability of banks. It is assessed that
purchasers demanding high in the banking industry. In addition, customers want to purchase the
best products by paying the minimum rates. It could create pressure on commonwealth bank of
Australia. High bargaining power of buyer may affect the long-run profitability (Ryan, 2016).
Customers seek to get higher discounts and offers from a company that may affect the revenue of
the company.
Threats of Substitute Products or Services
Threats of substitute products or services are higher in Australia. In addition, while new products
and services meet a similar customer’s need in a different manner then it positively affects the
profitability of the industry. For example, National Australian bank, Westpac and ANZ are
substitutes of commonwealth bank of Australia. The threats of substitute product and service are
high as competitors of commonwealth bank of Australia offers a value proposition that is
distinctively different from the present offering of the industry (Tiago and Veríssimo, 2014).
Rivalry among the Existing Competitors

DIGITAL MARKETING COMMUNICATIONS 6
When the rivalry between existing players in an industry is high then it would drive down rates
and declines the overall growth of the industry. Furthermore, commonwealth bank of Australia
deals in a very competitive banking industry. This rivalry could create complexity in attaining
the long-term profitability of commonwealth bank of Australia (Fill, and Turnbull, 2016).
SWOT analysis
Strength
 Commonwealth bank has many
brands which are ASB bank,
Commonwealth securities limited,
Commonwealth insurance limited
and Bankwest.
 Commonwealth bank offers several
services named consumer banking,
investment banking, private equity,
credit cards, mortgages, global
wealth management, insurance and
corporate banking (Jackson, and
Ahuja, 2016).
 Profit and revenue of
Commonwealth bank are
continuously increasing.
Weakness
 Commonwealth bank was
evolved in the rumor that was
related to unhappy banking and
this rumor was created by an
action group.
 Lack of innovative product
development due to low skilled
employees.
 Lack of execution of
innovative technology (Valos,
Haji Habibi, Casidy, Driesener,
and Maplestone, 2016).
Opportunities
 Attractive banking schemes could
Threats
 In the Commonwealth Bank, weak

DIGITAL MARKETING COMMUNICATIONS 7
encourage the bank to develop their
services at large scale.
 Cooperative behavior of the bank’s
employees is effective to influence
the customers (Bowie, Buttle,
Brookes, and Mariussen, 2016).
product development could increase
the probability of getting less benefit.
 There is a big threat of market players
on the local level (Hänninen, and
Karjaluoto, 2017).
Identification of Target market (s) and relevant Branding and positioning strategies
Undifferentiated marketing strategy could be executed by the Commonwealth Bank of Australia
to attract the purchasing behavior of the customers within allocated money and time. This
strategy could be effective for the bank as it focuses on one marketing mix strategy targeted
market and achieves maximum profits (Taiminen, and Karjaluoto, 2015).
Positioning
Commonwealth bank could focus on urban customers to get more benefits from these customers.
The main objective of choosing these customers is that they utilize banking services more
frequently as compared to other. It could be helpful for attaining valid and reliable result
(Kannan, 2017).
The strategy of a social media campaign
The organization could use many approaches to decline the issues of the company in minimum
cost and time. These approaches are paid media design, earned media and social listening plan
and placement (Kitchen, and Burgmann, 2015). These approaches are described as below:
Owned Media Design and Placement

DIGITAL MARKETING COMMUNICATIONS 8
(Sources: Batra and Keller, 2016).
Commonwealth bank could use this technique for developing their business and services in
Australia as well as other countries. Moreover, it is also analyzed that organization could achieve
more profits and goodwill, by using certain factors like website of bank, mobile site, and blog of
the company (Stone, and Woodcock, 2014).
Paid Media Design and Placement
(Sources: Simula, Töllmen, and Karjaluoto, 2015).
Commonwealth bank could increase the awareness related to their banking services and schemes
by using paid media design and placement technique. There are several sources for operating the
bank that could be used by commonwealth bank of Australia. These sources are pay per click,
LinkedIn, Twitter, YouTube, paid social and display. Since, it would be beneficial for endorsing
services and schemes of the bank (Batra and Keller, 2016).
Earned Media and Social Listening Plan

DIGITAL MARKETING COMMUNICATIONS 9
Commonwealth bank could use earned media and social listening plan for communicating with
their potential and specified customers and builds a trustworthy relationship with them in
minimum time. The main purpose of this tool is that it assists an organization to develop a two-
way conversation between the bank and their customers (Taiminen, and Karjaluoto, 2015).
Digital marketing communication objectives
 To enhance the awareness of banking schemes and services among large number of
customers by 35% within next 6 months
 To increase 40% demand of customers within upcoming 12 months
 To enhance 30% revenue of the organization within 9 months
Digital marketing communication Mix plan
Commonwealth bank could practice digital marketing communication mix plan as it could be
imperative for successful communication with their customers and supports to obtain positive
feedback. The company could use this advanced technique as much as possible to operate their
business effectively and get success (Hänninen, and Karjaluoto, 2017).
Content Marketing
Content marketing can direct Commonwealth bank for entailing valid data and storytelling to
increase brand awareness and also helps to influence the targeted customers in order to get
higher benefits. Furthermore, it is also analyzed that content marketing plays an important role to
make an effective bond with their specified customers for long duration (Bowie, Buttle, Brookes,
and Mariussen, 2016).
Social media management
Social media management could be an essential factor for the Commonwealth bank in the existing
business era because it could develop the brand image of bank. The organization could spread the

DIGITAL MARKETING COMMUNICATIONS 10
awareness regarding banking services and schemes among specified customers by utilizing social
media. Several sources are evolved in social media such as Facebook, Snapchat, Pinterest and
Twitter that help to the organization for achieving their goal. Furthermore, it is also evaluated that
social media management is the way that could support to promote the services and business of the
bank by using methods and websites of social media (Valos, Haji Habibi, Casidy, Driesener, and
Maplestone, 2016).
In addition, social media could enable the company to share their information and it also provides a
platform to enhance the direct conversation with partners, followers, customers, and competitors. It
could be an essential element for providing knowledge regarding services and schemes of the bank
in an appropriate manner. In order to this, it is also analyzed that social media marketing could
eliminate the hurdle of performing direct communication with targeted customers. It could be a vital
component for increasing the awareness level of the bank’s schemes and services (Stone, and
Woodcock, 2014).
Email Marketing
In the current era, Email marketing could be a prominent method for an organization to make a
reliable bond with their customers by regularly updating Email. Commonwealth bank could
enhance the awareness of banking services and could get the trust of customers by giving value
to the customer’s email. Furthermore, the organization could get more benefits in minimum time
by practicing email marketing method. It is also examined that this method of marketing could
facilitate the organization to directly converse with their customers and could help to gain
understanding related to customer’s demands and requirements of goods and services. This
method could also be prominent for encouraging the employee’s satisfaction level (Valos, Haji
Habibi, Casidy, Driesener, and Maplestone, 2016).

DIGITAL MARKETING COMMUNICATIONS 11
SEO (search engine optimization)
SEO (search engine optimization) is the process that optimizes contents on websites so that
search engine could illustrate it on the top level when certain keywords are searched by the user.
There are many search engines which could be utilized by the customers to gain information that
are Google, Yahoo, and Bing. Further, search engine optimization shows keywords that could be
typed by customers to gain an understanding of services and schemes of the bank. Consequently,
it is examined that SEO could direct the targeted organization to gather customers at a single
place and obtain the relevant conclusion (Karjaluoto, Mustonen, and Ulkuniemi, 2015).
Search Engine Marketing (SEM)
SEM (search engine marketing) refers as a platform where an organization pays for advertising
their products and services online to grow their business. The main purpose of SEM (search
engine marketing) is to impact a large number of customers about targeted services and goods. In
the present time, due to the good image of Google in the market, Google Adwords is commonly
used by many companies. Along with this, it is also analyzed that marketers of search engine
marketing demanded more money to demonstrate the information that the Company wants to
share with customers. This type of marketing could assist the organization to achieve success
(Andrews, and Shimp, 2017).
Monitoring and control
The organization could examine their business progression and reach at a valid conclusion by
appropriate monitoring and controlling. Monitoring and controlling could be practiced by two
types of methods which are a return on investment and feedback (Jackson, and Ahuja, 2016).
Feedback

DIGITAL MARKETING COMMUNICATIONS 12
Commonwealth bank cold executes feedback tool and gathers the views and beliefs of customers
to gain an understanding of the real position of the organization. Feedback method could support
the organization to increase their brand image (Tiago and Veríssimo, 2014).
Return on investment
In the digital marketing plan, the return on investment could be a significant factor as it could
examine overall outflow and inflow of the cash. This method leads the organization to spend
money on a particular field to achieve their goal (Andrews, and Shimp, 2017).
Conclusion
From the above interpretation, it can be concluded that commonwealth bank can implement the
competitive analysis technique to assess the industry position and can also use SWOT to assess
their internal and external position in the market. It also helps to arrive at the valid conclusion. It
can be summarized that commonwealth banks of Australia may develop the digital marketing
objectives and aids in creating the digital marketing strategy for the company. It can be
concluded that the commonwealth bank of Australia can focus on targeting, positioning and
branding approach. This can also apply digital marketing communication mix strategies such as
SEO, SEM and social media for influencing the customers. It can be also summarized that the
commonwealth bank of Australia can use monitoring and control approach to evaluate their
strategy.