Formulation of media mix
According the case of the CBA, our targeted stockholder should be the government, investors, employees, customers and the general public. Based on the targeted audience and the media behaviors of the Australia. The media mix should be formulated as follows.
What could do Strategy Reason Impact Television 30% Advertise investment done in the regulatory capital. Emphasis the requirement of compliance and action taken on the compliance and the strength of current compliances. Further, benefits of its financial product and how those differentiated and important from other banks. Advertise during the morning, evening, during business talks and business news.
Majority views, the adverse reputation also published through this media. Message will transmitted to the majority. Message will transmitted to the majority. Radio 15% During 8-9 am and 5-7 am as most of the peoples are listen radios when they drive and this period usually allocate for traveling to office to from office respectively Low cost, significant of audience listen the radio. Social & digital 35% Business forums, business pages, FB, tutor and etc. Low cost, significant of audience can find easily Newspapers and print 20% Business newspapers, Sunday newspapers, business columns & etc. 4.
Implementation of creative approaches
The next important step of the development of IMC for CBA is implementation of creative approaches to address the current market issues. Accordingly, the creative approaches recognized should be implemented as follows.
The creative approaches. – Personal relationship – Emotional Tele drama convince importance of the CBA and to increase the sentimental attachment – Big headings about the Investment in regulator capital and comparison with competitors indirectly – Advertise its expertise areas including human capital, technology and it contribution to the country. – Search engine optimization. – How CBA help to the lifestyle of the public.
Implementation of approaches. The above approaches can be implemented in a following way. The TV advertisement always prepared to increase the sentimental attachment. The sentimental attachment can be approached through the sentimental tele dramas. As an example for the sentimental story for the advertisement the below can be used. One human help to the poor human who not care by others, even though all of them has been noted him. So like that CBA also with the peoples to help them. That is not only its job, that’s what CBA exist for likewise we can produce some mini advertisement for the TV and can also distribute through you-tube as well.
Advertise it personal relationship details in the face book, twitter, Instagram and other social media. In this case the important heading, mini information, photos and other details can be post in the social media. Those mini advertisement should include the important of the CBA as a corporate good citizen. In this case the CBA can implement some blood donation campaign, sponsorship to sports, educations and needy peoples, building of public places such as mini health centers and those can be transmitted through the social media. Few examples of the messages are given below. “We exist for help humans”, “our social responsibility is create a good things for the country and public”, and “we connected with the human life”. “We are always with you”.
Addition to that it can advertise about it investment in regulatory capital also. In the messages could include the sentences such as “we have invested on the regulatory capital we are the biggest investor in the country for this as it is an essential requirement for the county financial stability and minimize the financial uncertainties”. In addition to the above below implementation also can be done. Approach Implementation Big headings about the Investment in regulator capital and comparison with competitors indirectly Advertise in newspapers with a big heading.
The sample heading is; “we have invested more in regulatory capital as it is essential for country financial stability and we are the 1st for it.” Big headings about the Investment in regulator capital and comparison with competitors indirectly Advertise in all medias by including about the CBA expertise. The sample message for it are; We have a highly skilled human resource who have exceptional abilities to provide a better service and any one cannot be imitated this.
Big headings about the Investment in regulator capital and comparison with competitors indirectly Example message is; we are with human from their birth to maturity and after the next generation and we are not give up you at any time” 5. Basic budget concepts The adequate budget allocation is vital when developing a robust IMC program as if not under or lower expenditure may expenditure on the relevant channels. Further, it can be used as a tool for control the cost of the IMC program.
Accordingly, the basic budget has been allocated for the each channel and for entire IMC program. The total budget was 420 million Channel/media Budget Allocation (AUD Million’s) % of the Budget Detail of spending TV 80 19% This is allocated in to prepare a emotional advertisement (30 Million) and telecast in three main TC channels for three month period (70). Radio 12 3% Allocated to 2 business radio channels for f month period (10 million).
Preparation of advertisement (2) Newspapers 3 1% Allocated in Sunday newspapers (2) daily newspapers (1) for 6 months, Social Media 10 2% Allocated in face book 2 million, twitter 1.5, google 3 and other 1.5 for 1 year agreement. To build the advertisement it has allocated a worth of 1 million Public relations 300 71% Sponsorship of Australia cricket team 200 million for 1 year, for scholarship program 20 million, other events 30 million and build a public places such as bus holts 50 Million . Sales promotion 10 2% For 1000 number of gift voucher and coupons 8million, two millions for competitions and prices. Direct marketing 5 1% Invest in new E SMS service – 3 Million Enhancement of existing mailing system 2 million.
The final step of the development of IMC program is the evaluation. The success of the IMC program can be evaluated from the analysis of the sales after and prior implement the IMC, further, the variations of market share also can be considered to evaluate the success of the IMC program. In addition to that, below tools can be used to measure the successive of the IMC program. – Number of new investment by the existing customers. – Value of the incremental investment – Number of new customers joint to the bank – Awards won from the governments and the commercial competitions. Moreover, market analysis such as customer feed-back programs can be performed in order to identify the effectiveness of the IMC program.
In this case the CBA has affected from adverse publicity and the reputational damage from the banking royal commission. Therefore, The CBA need to be considered the effective IMC program to rebuild it reputation while creating the trust with all the stakeholders as described in this report. Ideally CBA should advertise about its major investment made by them to strength the regulatory compliance and the controls placed to minimize that kind of risk in future. The media can be used for this purpose. Further CBA can use CSR programs, sponsorship, donation and etc. to increase its reputation as a good corporate citizen and the employee motivation programs can be implemented.