NAB’s Repositioning in the Australian Banking Market
This video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a very short period time.
This NAB repositioning campaign is clearly an implementation of their overall corporate strategy and is strongly supported by all the marketing mix elements and with a strong internal marketing program.
An overview of the NAB repositioning campaign
Probably the first point to take note of is that the campaign is driven by a strong understanding of consumers, which is obviously research based. They make reference of existing consumer attitudes and how they planned to leveraged that in order to get people to think differently about the bank.
This leads into the second point that there were clear goals and outcome expectations for the campaign. The National Australia Bank campaign was highly integrated with the rest of the marketing mix strategy. In fact, the promotional elements were put in place after all the products and infrastructure and corporate culture was created.
They had set up appropriate new products, they had re-priced to provide better value – and they clearly worked very hard with their people (both in sales contact roles and in management) to ensure that the overall strategy would be executed effectively.
There was also a broad variety of communication tools used, including some that are not listed on video, including direct marketing and street promotions teams. It should be clear that the overall timing, planning and execution of this campaign was absolutely extraordinary.
Final point to know about the use of integrated marketing communication from the NAB is a list of marketing metrics they put at the end of the video. This indicates that there are clear goals, controls, and the organization appears to be utilizing this information to track their performance and plan their future strategies.
