NAB Bank Essay Example
Stakeholder is any person, group, or rather association that is affected directly or indirectly by the organizations actions objectives and policies. In a study by Duncan (2005), stakeholders are groups that can affect an organization’s bottom line. Examples of key stakeholders for a business include customers, suppliers, employees, directors, and unions. The success of an organization’s communication strategy depends on the support from key stakeholders since they participate in marketing the product. The information exchange between an organization and customers is enhanced by participation from stakeholders.
Media as stakeholders in NAB bank
NAB recently launched a campaign across all media with the focus on breaking up from the big three banks. The objective was to win more customers from its rivals. The campaign was mainly carried on several media including online, television and billboards. The message in the communication is very clear that NAB will no longer participate in monopoly and status quo games with other big banks. This breaking up campaign has affected not only NAB’s price cuts and customer poaching from Commonwealth Bank but also marketing attempts.
The breaking up letter
This letter, originating from NAB, was directed to big banks including Commonwealth bank, Westpac, and ANZ. The video of the letter being written was placed at the headquarters and its content clearly illustrated unwillingness on the part of NAB to be associated with the big banks that did not focus on customer service whilst at the same time, over priced their fees. To streamline the break up marketing strategy, NAB formed partnership with radio station Nova to put promotional staff outside branches of Commonwealth bank, Westpac, and ANZ to hand out tissues and CDs to help customers get over the break up (Rolfe, 2011). Additionally, NAB created 60 humorous “break up scenes” which appeared on the micro site aggregating various social media including youtube, twitter, facebook (Murdoch, 2011).
It is evident from the discussion that the media played a vital role in NAB marketing communication. The break up operation extended to various media including but not limited to press, radio, mobile billboards, helicopter banner, and video. The campaign supplemented actions carried out by NAB to drive competition in the market through series of customer-focused initiatives.
Duncan. T. (2005). Advertising and IMC. Boston: McGraw Hill.
Murdoch, S. (2011, February 15) NAB advertising campaign hits at Westpac, ANZ, Commonwealth Bank. The Australian. Retrieved from: http://www.theaustralian.com.au/business/industry-sectors/nab-advertising-campaign- hits-at-westpac-anz-commonwealth-bank/story-e6frg96f-1226006329758.
Rolfe, J. (2011, February 15). National Australia Bank tells banks ‘it’s over between us’ as lending war escalates. The Daily Telegraph. Retrieved from: http://www.theaustralian.com.au/business/industry-sectors/nab-advertising-campaign- hits-at-westpac-anz-commonwealth-bank/story-e6frg96f-1226006329758.
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