We learned about the SWOT analysis of ANZ in our previous blog. The marketing strategy of ANZ: Australia and New Zealand Banking Group will be discussed in today’s blog.
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Before we get started on the blog, let’s have a look at the marketing strategy of ANZ, one of the most well-known Australian banks in the Asia-Pacific region.
An Overview of ANZ
Australia and New Zealand banking group limited commonly known as ANZ is an Australian Multinational banking group headquartered in Melbourne, Australia. It has a proud heritage of more than 186 years old and 70 years old as ANZ, it is among the top 4 big banks in Australia, and the largest banking group in New Zealand and the Pacific region.
ANZ group limited was established on 1 October 1970, when ANZ bank merged with English, Scottish and Australian banks. It was the biggest bank merger in American history at the time. In Australia, the bank serves about 6 million consumers at over 570 branches. It has around 51,000 staff & serves about 9 million consumers worldwide.
|Industry||Banking & Financial Services|
|Market Share/ Revenue||$14.68 per share|
|Vision||Keeping the company’s people motivated and making their job significant.|
|Tagline||Your World, Your Way|
Marketing Strategy of ANZ
The marketing mix framework, which covers the 4Ps, is used by ANZ to analyze the brand (Product, Price, Place, Promotion). Product innovation, price approach, promotion planning, and other marketing methods are a few examples. Based on the ANZ marketing mix, these business methods aid the brand’s success.
The ANZ marketing strategy assists the brand/company achieve its business goals and objectives while positioning itself competitively in the market.
Segmentation, Targeting and Positioning
The ANZ Banking Group divides the whole market into smaller segments and groups with similar characteristics, buying habits, socioeconomic backgrounds, and so on.
This is done to reach out to a specific group of customers more efficiently and effectively. ANZ uses a variety of segmentation approaches, including geographic, demographic, and inter-market segmentation.
In the minds of customers, ANZ Banking Group must position its product in such a way that it produces a distinct image and provides a specific identity/reference point for the product and services.
Because of the lowering of manufacturing costs in the Regional Banks’ business and the direct access to consumers through e-commerce and other online retailing tactics, brand positioning and product uniqueness have become increasingly important.
ANZ used excessive fashion-style advertising cliches – exaggerated stories and over-the-top approaches frequently seen on film – to truly drive home the fact that ANZ’s new home loan options are quite simple. The promotional video on YouTube got more than 445k+ views.
The Only GAYTM in the village:
In honour of the LGBTI community, they converted well-known ATMs across Sydney into colourful works of art. During Mardi Gras, this program gives Australian towns their GAYTM.
This effort is critical to ANZ’s capacity to portray the brand as respectful of and representative of cultural diversity, giving a clear message to the Australian public that times are changing and that ANZ is not just embracing but also remaining at the forefront of cultural diversity. As a result, this campaign was a triumph for ANZ.
ANZ Buy Ready, Be Ready to make your Move:
Under the ANZ Buy Ready product umbrella, ANZ provides property profiling reports as well as on-the-spot money for home deposits. ANZ Buy Ready was one of the campaigns that advertised this product.
“ANZ Buy Ready. The Property Investor’s Edge” and “Be Ready To Make Your Move.” It has concentrated on assuring home purchasers that they would be well prepared when looking for the ideal home. Importantly, it does not include any retail deals, making it a campaign aimed at establishing ANZ as a bank that is ready when you are.
Download Grow by ANZ
Keith Urban, a New Zealand-born Australian country music musician, is featured in the “Download Grow by ANZ” campaign and talks about the process of writing songs. Keith Urban’s use gives the campaign a recognizable face that appeals to an older demographic.
Furthermore, the distribution of television commercials is stable during the day and increases as prime time approaches, peaking between 9 and 11 p.m. This exemplifies ANZ’s strategic strategy to address specific age groupings.
Social Media Marketing
ANZ can be found on Instagram, Facebook, LinkedIn, and Twitter as well.
Instagram- 24k followers
Facebook- 4k Followers
LinkedIn- 547,194 followers
Twitter- 124.8k followers
The Australia & New Zealand Banking Group (ANZ) uses Instagram as part of its marketing and communications strategy.
Following excellent engagement with photographs on the bank’s Facebook and Twitter pages, Instagram appeared like an obvious choice for ANZ.
Sporting events, particularly those held on a national scale, draw large crowds. ANZ appears to be a brand that cares about the arts, sports, sustainability, and society. This brand is doing well with content that focuses on such events rather than ad campaigns.
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There is no alternative to the SEO technique, which ANZ employs to the best extent possible. As we’ve seen, the majority of its traffic comes from online searches. ANZ generates about 2.3 million visitors through organic traffic, with the balance coming from sponsored marketing activities. This demonstrates that and is fuelled by a flawless SEO strategy as well as a willingness to put in the necessary effort to maintain the brand soaring in the Google organic SERP rankings.
SEO helps in achieving your long-term goals for your brand. A good ranking and a favourable placement help in raising the profile of your brand. In short, SEO strategies are crucial for the development of the website and to provide more visibility to the relevant audience.
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ANZ Banking Group plans to expand its e-commerce footprint by forming a new subsidiary to invest strategically in small to medium-sized information technology companies.
ANZ has its website that offers a variety of online services such as insurance, loans, and other financial products.
The process of identifying, engaging, and supporting individuals who initiate conversations with a brand’s customers is known as influencer marketing. It is a growing trend used in public relations campaigns. In recent years, this strategy has become increasingly focused on social media, allowing brands to market through social media influencers. Influencer marketing will also be a big trend in 2022 and beyond.
Influencer marketing, which mixes brands and influencers working together, maybe a strong strategy that may help businesses develop. It is a marketing approach that’s been employed successfully by thousands of organisations and brands for over a decade and is still growing.
ANZ haven’t yet opted for this marketing approach.
ANZ has several mobile apps which are available on both Android & iOS smartphones by the names ANZ Pacific, ANZ Transactive, ANZ Digital Key, ANZ Cricket Mvp etc.
Some of the key features of the main ANZ Care app are as follows.
- Transfer facilities
- International payment facilities
- Loan facilities
- Your account details.
To check the features of other applications, you can simply visit the applications store to know the same.
On social media sites like Facebook, Instagram, Twitter, and Youtube, ANZ is quite active. They consistently upload pictures or videos regarding financial wellbeing, supporting businesses and individuals, festive celebrations etc and more.
ANZ has also invested heavily in content marketing. ANZ created Blue Notes, a new online media publication, shortly after Bendall began as Head of Marketing. And to run it, ANZ hired an award-winning writer to head up the editorial team, which now numbers more than a dozen people.
The readers enjoy the content and associate ANZ with the content that they love to consume. This is also the reason why ANZ is successful in obtaining relevant traffic on its website.
We know you also want to attract and engage your desired target audience without forcing them to make purchases. Well, for that, you’ll need to muster a basic understanding of how to create a holistic content marketing strategy to ultimately convert them into paying customers without insisting they pay.
This ends the elaborative marketing strategy of ANZ. Let us conclude our learning below from the marketing strategy of ANZ.
What’s Unique in ANZ Marketing?
Digital marketing is used to the fullest extent by the banking firm. It has mostly used a variety of marketing methods, with the 4 pillars of its marketing: experience, content, data & analytics, and omnichannel serving as the primary reasons for its success.
The company has outperformed its competitors, thanks in large part to its outstanding marketing efforts in promoting the brand to customers. One of the most important cornerstones of any organisation is marketing, which is currently undergoing fast development. With digital marketing’s expanding importance, it’s critical to educate yourself on the subject.
Check our Online Digital Marketing Course if you want to learn more and improve your marketing skills. Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of ANZ has given you a good insight into the company’s marketing strategies.
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