National Australia Bank Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of National Australia Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on National Australia Bank marketing mix, help the brand succeed in the market. Let us start the National Australia Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
National Australia Bank Product Strategy:
The product strategy and mix in National Australia Bank marketing strategy can be explained as follows:
National Australia Bank or NAB is one of the leading banks and financial institutions based out of Australia. The product here is the service that the bank provides. National Australia Bank offers both personal and business banking services to its customers as part of its marketing mix product & service offering. It has roughly 7,00,000 business clients that run their companies by banking with National Australia Bank and there are roughly 3 million customers that use NAB’s personal services. NAB also recently launched UBank which is a branchless direct bank trading system.
There are around 1,00,000 customers that use UBank services. NAB also deals with Capital markets, foreign exchange, derivatives, project finance, etc. NAB is quite active on the insurance front as well.
Image: Wikimedia
National Australia Bank Price/Pricing Strategy:
Below is the pricing strategy in National Australia Bank marketing strategy:
National Australia Bank is known to provide one of the most premium banking service that there is. And the number of customers that the bank currently shelters is huge.
This simply means that the bank offers a great service at a very strategical and economical price. NAB mints a lot of money through its business clients and the personal banking customers save enough deposits for the bank to sustain its clout. Usually a bank earns on commission basis and with the number of products that NAB offers it has enough opportunities to price everything efficiently and earn through them.
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National Australia Bank Place & Distribution Strategy:
Following is the distribution strategy in the National Australia Bank marketing mix:
NAB practices efficient operations in Australia and NEW Zealand. For above two countries NAB is local and is the most approachable bank. Besides these two countries, NAB enjoys a decent presence across the globe. National Australia Bank has its Business Banking and Wholesale divisions in London, New York, Hongkong, Shanghai, Singapore and Tokyo offices.
These offices manage market risk for business clients.
National Australia Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the National Australia Bank marketing strategy is as follows:
National Australia Bank practices promotion on the basis of its audience. It markets different products in different regions, going by the popularity of a service in that region. The world today is driving away from the conventional mediums of advertising. NAB too carried out “The Break Up” campaign which was a huge success on the social media. The Break Up campaign was more of an integrated Marketing Campaign where a number of mediums were used to drive a simple communication to the masses. This worked in NAB’s favour which led to $5 million of earned media in a single day, 1,00,000+ visits on the blog in a single day, nearly 80% more enquiries for loans and 50% increase in credit card applications.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of National Australia Bank.
People:
People involved in the success of National Australia Bank are divided through a hierarchy. The level management comprises of visionaries and planers. The middle management is responsible for seamless execution of plans that these decision makers make. And the ground level is the staff which at the end of the day sees everything falling in the right place. Like every bank, NAB is driven by people for the people.
Process:
The process usually starts when a customer reaches out to one of the bank outlets and accesses the information which he/she needs. Further process is carried out by the branch employee. He refers to the bank policies on a particular matter and services the customer accordingly.
Physical Evidence:
Physical evidence available in terms of NAB’s integrity are a number of awards and accolades that the bank has achieved. There are a number of reports in which the National Australia Bank has been mentioned and numbers regarding the same have been shared with potential customers to read. National Australia Bank also prints brochures and pamphlets to direct information to the customers. This completes the marketing mix of National Australia Bank.
About National Australia Bank:
The NAB bank was founded in 1982 as the National Commercial Banking Corporation of Australia Limited. Today the bank is called National Australia Bank and it is one of the biggest financial institution in Australia.
It competes strongly in terms of number of customers, earnings and market capitalisation. Comparing by assets, the bank is ranked among the top 50 internationally and has over 1500 branches operating worldwide.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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