Marketing Report: Evaluating Digital Marketing for Westpac Bank

This report provides an in-depth analysis of Westpac Bank's digital marketing strategies. It begins with an overview of the bank, its operations, and the evolution of digital media in New Zealand, highlighting the impact of the internet on B2B and B2C relationships. The report then examines the impact of search engine marketing (SEM) campaigns on Westpac, along with strategies for improving customer conversations. A key focus is the evaluation of different media types (paid, owned, shared, and earned) and the analysis of Westpac's digital marketing mix, including price, product, place, and promotion. The report also includes a strategic quality analysis and an investigation of customer relationship management (CRM) practices within Westpac. The report is structured around three key tasks, providing detailed insights into Westpac's digital marketing practices and their effectiveness.

Running head: MARKETING
Marketing
Name of Student
Name of University
Author Note

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Table of Contents
Task 1.........................................................................................................................................2
1.1 About the business............................................................................................................2
1.2 Areas of evolution in digital media..................................................................................2
1.3 Impact of internet on B2B or B2C...................................................................................3
Task 2.........................................................................................................................................4
2.1 Impact of search campaign in the organisation................................................................4
2.2 Improvement in making conversation with customers.....................................................5
2.3 Evaluating types of media................................................................................................5
2.4 Evaluating digital marketing mix.....................................................................................8
2.5 Evaluating current digital marketing mix.......................................................................10
Task 3.......................................................................................................................................13
3.1 Performing strategic quality analysis.............................................................................13
3.2 Investigating customer relationship management..........................................................13
Reference..................................................................................................................................14

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Task 1
1.1 About the business
The Westpac bank is a New Zealand bank company that has been in operation in the
country since 1861. Currently the bank offers full service in the country with 1.5 million
customers and 3000 shareholders (Westpac.co.nz, 2019). The bank also has 197 branches
spread across the nation. The bank is also the second largest bank in New Zealand after the
ANZ bank. Westpac has also been hit by several controversies and had to pay fine for actions
taken by it (Westpac.co.nz, 2019). The focus is on the digital marketing practise that is
adopted by Westpac for the development of its business.
The digital marketing practise that is adopted by the bank can be attributed to the use
of Search engine marketing for identifying the customers, stakeholders as well as the
employees. At the same time, the bank also uses content marketing in order to create and
share online information regarding any posts that the bank opts to promote to its customers.
According to Ryan (2016), this can provide the bank with an interest to stimulate the services
it provides. Therefore, the digital media channels used by the bank includes the social media,
content marketing along with search engine marketing for enhancing its importance in the
business.
1.2 Areas of evolution in digital media
Digital media can be considered as a recent adoption of marketing that is used by the
companies in order to promote its services (Stephen, 2016). Digital media have evolved in the
New Zealand after the introduction of the concept in the world. Managers of organisations
take into consideration the evolving ideas that exist in the digital media within a country.
During the initial stage digital media used was the television. According to Järvinen and

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Karjaluoto (2015), the combination of traditional and modern methods has helped in the
creation of successful communication with the customers.
The digital media evolved into gaining the interest of the people via email. This
helped in reaching a vast number of customers and provides them with reminders of the
services offered. As stated by Kannan (2017) the final evolution stage involved the adoption
of social media which involved direct communication and relationship with the customers.
Currently the evolution of digital media into the use of social media can be considered as a
long lasting form of digital media in the New Zealand market.
1.3 Impact of internet on B2B or B2C
In the modern world, internet plays an important role for the development of business
and for maintaining communication with the customers. In this regard, it is necessary to
understand the impact of internet on the business-to-business and business-to-customer
relationship that exists among Westpac. According to Chaffey and Smith (2017), it is
necessary to understand the manner in which business organisations can cope with the digital
media that exists so that proper marketing can take place within the industry. In this regard,
the application of internet by Westpac can have a positive impact on the business-to-customer
(B2C) relationship that the company possess.
For example, Westpac can make effective communication with the customers so that
they can understand the new schemes and policies that are introduced by the bank. As stated
by Karjaluoto, Mustonen and Ulkuniemi (2015) the development of new fixed deposit
scheme can be promoted among the people so that proper valuation of money can be made.
At the same time, with the help of the internet customers can communicate with the bank and
interact in order to remain updated about any changes in policies. Therefore, it can be said
that internet can help in increasing the interaction between the customers as well as Westpac.

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Task 2
2.1 Impact of search campaign in the organisation
In order to understand the impact of Search Engine Marketing in an organisation, it is
necessary to understand the product or service that is most popular in an organisation. For
this reason it is necessary to use techniques such as Google Trends in order to understand the
impact and the number of times, people has viewed a particular topic. According to Taiminen
and Karjaluoto (2015), the manner in which Westpac provides its services and the fame of the
services provided can be considered as an important source for the development of an
organisation.
As stated by Baltes (2015) it has been seen that the application of Google Trends for
Westpac, have resulted in the highest number of search for transaction account. Todor (2016)
pointed out that transaction account refers to the fixed or deposit accounts that are held at
banks. For Westpac this particular topic is highly searched as the bank provides opportunities
to the customers to gain a substantial amount on the deposits that are made. The highest
search made was during the end of November and the start of December.
Figure 1: SEM of transaction account for Westpac
(Source: Westpac.co.nz, 2019)

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2.2 Improvement in making conversation with customers
One of the objectives of Westpac is to ensure that it provides full satisfaction to the
customers so that the loyalty can be retained. It is necessary to maintain the satisfactory level
of the customers by keeping in mind the demands and the requirements (Lanz & Carmichael,
2015). Therefore, it is necessary for Westpac to convert members to social media platforms
so that they can make effective conversation with the customers. In this regard, it can be said
that training can be provided to the employees so that they can make effective conversation
with the customers based on the services of the bank.
According to Taiminen (2016), it is necessary for the customers to understand the
functioning of the banks so that they can develop relevant policies and procedures associated
with the development of loyalty towards the bank. Most of the times, bank rules remain
completed and it is the duty of the employees chosen by Westpac to provide proper guidance
to the customers. The advice that can be given involves understanding the requirements of the
customers and to be presentable in front of them in professional yet friendly manner. This can
help in gaining the confidence of the customers and ensure that respect towards one another
exists (Yasmin, Tasneem & Fatema, 2015).
2.3 Evaluating types of media
Paid: The paid media describes the promotional content of a company (Oates,
Watkins & Thyne, 2016). In the case of Westpac the paid media describes and promotes the
services that the banks offer. For example, the paid media type directs the importance of
retirement plans to the old people so that they do not suffer from any type of problem after
retirement. These schemes can be put up in advertisement ensured via video from YouTube.
Therefore, Westpac invests its financial position in a paid website such as YouTube so that it
can reach to the people that exist as the target market (Westpac.co.nz, 2019). One of the
manner in which paid media can be measured is by keeping a record of the conversations.

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Westpac can maintain records of any verbal communication by maintaining a transcript or of
any non-verbal communication by maintaining legal document.
Owned: Owned media includes the blog posts. As stated by Jackson and Ahuja (2016)
owned media defines the self advertisement technique that is adopted by a company. In the
case of Westpac, the bank can create self blogs which can help in its promotion. The manner
in which Westpac can create its platform indicates the level of integrity it has on the level of
maintaining customer loyalty. For example, on-site banner advertisements as well as small
brochure in shipping box can be provided by Westpac that can help in the development of the
bank and at the same time ensure that it reaches its customers (Westpac.co.nz, 2019). Owned
media can be measured by responses from the people based on the site traffic, newsletter
transcript and most importantly the conversation of sales of a company (Heinze et al., 2016).
In the case of Westpac the impact of owned media can be measured in terms of services
provided by the bank and the number of people enrolled in it.
Shared: Shared media refers to the contents that are distributed in various
promotional methods so that the content of a business can be described. According to Confos
and Davis (2016), shared media can be considered as a modern method of developing
promotional activities as it involves the sharing of information via social media such as
Facebook. For Westpac this particular media can be effective as it can help in the
development and expansion of Westpac. Shared media can be measured easily by identifying
the number of people that are following the organisation. For example, Westpac can set up
informative posters regarding its services in social media and ensure that it is followed by the
people intended for viewing (Westpac.co.nz, 2019). Thus, it can be said that for Wespact to
succeed, the implementation of shared media can be effective. It is also effective in getting to
know the target customers on a more personal level.

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Earned: According to Qian et al. (2018), earned media is the content about the
business organisation that is created by the people. For Westpac earned media can help the
bank to enhance its business reputation in the market and ensure that it continues to develop
its existence in the banking industry. For example, services in the form of fixed deposits can
be promoted via word of mouth or via reviews submitted by customers. These reviews or
promotions are considered as earned media as Westpac have earned the review based on the
performance provided by them (Westpac.co.nz, 2019). The method that can be adopted for
measuring the effectiveness of earned media includes referrals and the share of voice. As
stated by Simula, Töllmen and Karjaluoto (2015) the application of these can be further
enhanced by the responses of the people to ensure effectiveness of the media.
Therefore, an analysis can be made about the impact of the digital media by specific
characteristics and its impact on Westpac. The characteristics include content, audience and
the distribution that Westpac undertakes in order to gain the trust of the people in New
Zealand.
Media Content Audience Distribution
Print Westpac creates the content
for advertisement promotion
Third party are considered
as audience
Third party controls the
distribution of Westpac
Owned Westpac creates the content
and promotion
Westpac develops the
audience
Westpac controls the
distribution of the
contents
Earned Stakeholders like customers
create the content
Customers help in
developing the audience
Customers influences
the distribution
Shared Westpac creates the content
for advertisement
Westpac develops the
audience
Third party controls the
distribution of Westpac
Table: Analysis of media types of Westpac

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(Source: Westpac.co.nz, 2019)
Figure 2: Media types for Westpac
(Source: Qian et al. 2018)
2.4 Evaluating digital marketing mix
Price strategy: The price strategy that is adopted by an organisation defines the target
market price that requires to be maintained. For Westpac, the price strategy can be made
simple based on the amount that is required for opening an account in the bank. According to
Lovelock and Patterson (2015), price strategy can be based on the additional service that is
provided by the banks. In the case of Westpac, additional service in the form of developing
cheque book or passbook for enhancing the quality of safety of the people may be priced.
At the same time, in terms of digital marketing, pricing refers to the online fee that
customers need to pay so that they can register as bankers with Westpac. However, one of the
strategies that are applied by Westpac in terms of developing the price is that it offers free
registry to the customers (Westpac.co.nz, 2019). It is for this reason that Westpac is
considered as the second most popular bank in the country. Along with this, Westpac also
charges for the development of passbooks so that an updated record of the transactions made
by the people can be made.

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Place strategy: This can be considered as tricky for banks as the place need to be
developed in a convenient manner. Every bank need to identify a convenient location based
on which it can enhance its business propositions in the market. For Westpac, the bank is
located in various cities across New Zealand including the capital. The fact that it is located
in the core of the city makes it easier for people to gain access in the bank. In the case of
digital marketing, Westpac is able to provide opportunities to people to receive home
services. As observed by Babin and Zikmund (2015) the place of a company in the modern
day denotes the ability for customers to reach the organisation and vice versa.
In the case of Westpac, the bank can provide home services to the people based on the
delivery of recently published passbooks and chequebooks so that it can continue with
integrating with the customers. Therefore, the place at which Westpac is located can be
considered as digitally feasible for proving assistance to the customers (Westpac.co.nz,
2019). Another advantage that is provided by Westpac is that the convenience of its location
provides people with the ability to access the bank using mobile networks from any place.
Hence, the importance of internet for the business to customer relationship can be established
for Westpac.
Promotion strategy: This can be considered as one of the most developed digital
strategy for an organisation. The promotion strategy helps companies to impart information
about products and services. In the words of Strauss and Frost (2016) it is necessary that the
promotional strategy be aligned with the financial stability of a company as finances are
required for promoting in social media. In the case of Westpac the manner in which
promotion strategy is used indicates the potential of the bank. For example, the application of
owned digital media is used by Westpac to ensure that it continues to develop its campaign
properly for the development of the services.

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Hence, it can be said that Westpac can communicate about the services provided by
the bank based on online services. As stated by De Mooij (2018) writing blogs can help
Westpac to focus its attention to various customers and ensure that the writings are promoted
to the target audience. The home page of Westpac is directed at the customer service it
provides which makes it easier for customers to understand the policies it has and the manner
in which it can be beneficial for the local community.
Product strategy: The product strategy usually denotes the quality and quantity of
products that is sold by an organisation. In the case of Westpac, the service provided by the
bank needs to be taken into account for maintaining the digital product strategy. As stated by
Armstrong et al. (2015) convenient and secure online access is necessary for the development
of the services provided by Westpac. Based on the convenience, Westpac manages to retain
the loyalty of the customers.
Apart from this, other product strategies that is adopted by Westpac is the
development of loan and bill payment. Every customers need to understand the concept of
loans to avoid future problems. Westpac provides its services in terms of providing low loans
to the customers so that it becomes easier for the people to repay the loan. The transfer of
funds or loans can be done using digital marketing as customers can access the services of the
bank from any place (Westpac.co.nz, 2019). Thus, the process associated with product
digitalisation strategy can be attributed to the success of Westpac in an effective manner.
2.5 Evaluating current digital marketing mix
Buyer personas: A buyer persona is a semi-fictional representation of the ideal
customer that is based on the market research. In the case of Westpac, the bank ensures that
real data about the customers are used for the development of a buyer persona. It is necessary
to ensure that buyer demographic is created for the development of buyer persona so that

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excess and effective information about the buyers can be received (Baker, 2016). Westpac
ensures that a detailed buyer persona is maintained so that the focus can be maintained about
the satisfaction of the customers. In this regard, the steps that is to be taken for the
development of a buyer persona can be taken into account so that alignment can be made
about the customer satisfaction as well as the relationship of the banks with the customers.
The steps include:
1. Research the target audience
2. Identify the most common details
3. Create separate personas
4. Give the names of the personas
5. Start to write and sent personalised details
These steps can help in the development of a buyer persona for the development of
Westpac in a concrete manner and at the same time develops strategies for maintaining the
loyalty of the customers.
Collection of customer information: Collection of customer information can help a
company to develop strategies based on the satisfaction level required by the customers
(Tuten & Solomon, 2017). In the case of Westpac, the bank needs to ensure that it helps in
the development of customer satisfaction. The collection of information about the customers
can be based on two types: the qualitative and the quantitative information. The qualitative
information that is obtained from the customer denotes the demographic of the customers.
This includes personal details about the customers regarding the place of existence and the
manner in they contribute towards maintaining the loyalty towards the bank.
At the same time, psychographic analysis is also made in the form gaining
quantitative information. Westpac indulges in psychographic analysis in order to understand

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the personality of the customers and the lifestyle they lead (Westpac.co.nz, 2019). This can
help the bank to develop strategies related to providing loans as well as arranging for fixed
deposit limit in the bank. At the same time, this can help in developing a proper relationship
with the customers as details about the customers can help in enhancing the conversation that
may take place between the employees of Westpac and the customers.
Digital marketing channels: The digital marketing channels that are used by Westpac
include the affiliate marketing, email marketing and display advertisement. According to
Ryan (2016), affiliate marketing is a type of performance based marketing in which business
provide rewards to more than one affiliates. The reward is provided for the effort undertaken
by the affiliate for the development of marketing effort. Along with this, email marketing
refers to the providing emails to the customers about any change in policies and procedure of
the bank.
Westpac takes in the email details of the customers to that it can inform them about
any form of transaction made by them. The application of display advertisement is done to
provide customers a visual aid of the policies that are undertaken by the bank. Hence, it can
be said that for the development of the bank, Westpac undertakes these measures to
understand the level of customers and continue with the development of digital marketing in
the banks (Babin & Zikmund, 2015). In this regard, it can be said that effective use and
application of the digital marketing channels can help Westpac to continue with the
development of the bank and ensure that it reaches its objectives of maintaining customer
satisfaction.

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Task 3
3.1 Performing strategic quality analysis
Based on the analysis of Westpac a strategic quality analysis can be made that can
help in the further development of the bank. Certain factors need to be analysed in order to
understand the digital marketing strategies that is developed and undertaken by Westpac. It
has been seen that the bank has made effort to communicate about its strategies in the
presence of the customers. As stated by McDonald and Wilson (2016) customer satisfaction
is required for the development of an organisation and its success.
For Westpac, the objective of ensuring customer satisfaction can help the bank to
understand the implication of the policies for the development of the customer practise.
Along with this, communication is made with the competitors in order to understand the
strategies that are developed. The communication is made in a subtle manner. Westpac also
work well with the communication channels so that marketing of the services can be done in
effectively. Therefore, it can be said that Westpac develops every marketing practise that can
help in the development of the bank beyond the borders of Australia and New Zealand
(Westpac.co.nz, 2019).
3.2 Investigating customer relationship management
The customer relationship management is achieved by Westpac by analysing the
marketing factors that enhance the bank. It has been seen that Westpac can analyse the
marketing factors and ensure that every demand of the customers are met. The manner in
which the customer relationship is managed can be attributed to the development of digital
media and the effective application. For example, the application of owned digital media
style provides Westpac with an opportunity to develop its own brand. This helps the bank to
mould the minds of the customers as per the need of the bank.

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