Extensive SWOT Analysis of Plum – Detailed Explanation

Services by Plum

• Insurance and Employee Benefit Funds
• Pension, health, and welfare insurance

Competitors of Plum

• Allianz Australia Insurance Limited
• MHIA Insurance
• NobleOak Life Insurance

SWOT Analysis of Plum

SWOT analysis is a useful tool that helps Plum, a financial advisor, to have a 360-degree view about their customer, their business environment, and also many things that their business are being engulfed in. SWOT analysis of Plum will help its managers with a foundation for further decisions and a metric for all of their customers or investors to take into account before they have any engagement.

Below is an extensive guide to the SWOT analysis of Plum.

Strengths of Plum

• Reputation: Plum has a high reputation in the field of providing financial advice, investment, and superannuation. They have been making a great effort to help Australians with their financial issues and are on the path of becoming a big provider of financial products and services.
• Services Line: Generally, their service includes superannuation and investment educations programs, flexible investment options, personal superannuation plans, and secure online access to manage customers’ requirements. 
• Great Fund: As a member of IOOF, Plum has great support from the big fund of IOOF. For that reason, Plum has made a great belief among its customers. Its customers can feel more secure when they choose Plum to protect their future.
• Staff: Plum has staff that is experienced in financial issues and insurance. Besides that, the company of Renato Mota, which has over 20 years of experience in financial services, will help Plum to strive in the future.

Weaknesses of Plum

• Information: Information about Plum and its services is not adaptable to all devices. For large-screen devices like laptops or desktops, it is easy but for those who use smartphones, it will be more difficult to find information.
• Language: Plum does have its services and products mainly supplied for English-speaking people. Therefore the number of potential customers will be limited.
• Popularity: Plum has its reputation, but it is mainly popular in its location. It needs to pay more attention to the new market. They can invest to explore new markets by marketing and advertising. So they can have a new amount of a potential customer.
• Fee Products and Services: Their services and products are costly. They need to develop a product that focuses on people who do not have good financial conditions. It is also a way to help them become more popular with people.

Opportunities for Plum

• • Population: The population of the world, nowadays, is the ageing population. They have a large source of customers that needs to be paid attention to. The old-age population is in high demand for the help of tackling financial issues. It promisingly will bring a big profit if Plum can make full use of that opportunity.
  • Awareness: People often focus on earning money, they do not have a specific plan for their future. And the final result is that they have to struggle to pay for their living expenses when they can not work anymore. In situations like that, Plum play a pivotal role in helping them to plan their future. 
  • Corporation: IOOF is one of Australia’s largest financial companies and now It currently services approximately one million customers. That situation demands Plum have an oriented plan to not to be left behind and take it as a great chance to make great progress. 
  • Taking Business Digitally: Digitalization can help Plum to stand a good chance to be widely noticed. Plum can be advertised via social media platforms. The amount of users on social media has been increasing every day. If Plum can take advantage of it, Plum can receive an accredited award.

Talking about Social Media, explore the insightful presentation on Plum’s Social Media Marketing Strategy crafted by the learners at IIDE. Developed as part of their assignments in the Post Graduation in Digital Marketing programme, it showcases their strategic thinking and creativity, reflecting the practical, hands-on learning approach of the course.

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Threats to Plum

• Saturated Market: It is not a new industry, so there are a lot of existing competitors and also potential competitors. As a result, Plum needs to have its strategy to reduce competition.
• Difference of Market: The company can face lawsuits in various markets given – different laws and continuous fluctuations regarding product standards in those markets.
• Dishonesty: People try to find ways to get money from insurance by pretending to die or be disabled.
• Disreputable Events: There are a lot of disreputable events that happened to them in the past that can make customers more worried when they rely on the business.

This ends our extensive SWOT analysis of Plum. Let us conclude our learning below.