Research is the process of investigating something that is not fully known. Market research involves gathering data that provides an insight not just into the customer thinking but also into their purchase behavior. Moreover, market research can help you to check on your competition and monitor market trends (Market research n.d.). For marketers, research is not only used to learn about something but also to make good marketing decisions. For instance, a marketing decision about the target market will require a research of the market size, the demand of that particular product or service, customer satisfaction, purchase behavior and so on.
Marketing research investigates the people and the organisations. Marketers use different research tool to study about how consumers will perceive their product. Although there are many ways of conducting research, most marketers resort to surveys and focus groups. If the product is a food item then the marketers usually give customers a free sample and ask for their feedback about that particular product. The results help the marketers to make an informed decision about the target market (Examples of Research in Marketing n.d.).
Coca-Cola’s Disaster Marketing Strategy Cost them Millions
There are examples of poor marketing research, particularly noteworthy is the one by the Coca-Cola Company. They developed a new product, ‘New Coke’, that was more sweeter than the original product and discarded the original product. Two things went wrong for them. Firstly, taste was assumed as the main factor by the company in consumer purchase behavior. Secondly, no one realized how emotionally attached the people were with the original product. This ultimately lead to ‘New Coke’ being withdrawn from the market. Incorrect marketing research had cost Coca-Cola company millions of dollars (Smith 2013).
ANZ’s Way to the Top
Correct marketing research helps a company gain decision making power and there are many companies which have benefited from it. Some of them being, Apple, Mac Donalds, Nest and Lego. But the most notable and recent of all is ANZ, which is one of the Australian banking giant.
(Source: ANZ State League n.d.)
ANZ’s growth strategy is focussed mainly on the Asia Pacific region and it believes that the future of ANZ lies beyond Australia and New Zealand. ANZ developed a marketing strategy called ‘Uncomplicated Banking’, that is to deliver services and products that are more simplified, convenient and straightforward.
Some of ANZ’s recently introduced products and services include:
- Smarty Pig – This basically deals with goal-based savings.
- ANZ Money Manager – This is a personal financial management tool (PFM) which is available online.
- ANZ iPhone Banking – This is an banking application which is easily accessible to the customers on their mobile phone.
- ANZ Online Investment Account – This is a platform for Internet-based stock portfolio.
- Online ATM Locator – This helps you to find all kinds of locations, not just ATM’s (Uncomplicated banking n.d.)
Since 2014, ANZ has shifted its focus towards marketing. A series of bold and creative marketing initiatives (although some being controversial) has helped ANZ strike a chord with its consumers. ANZ’s marketing team has ever since capturing customers and winning awards.
Marketing has played a big role at the bank through developments such as the Apple Pay, which was made available through the smartphones of the customers by ANZ, the ANZ Travel Card, which has given customers the currency freedom while travelling overseas, thereby, finding ways to fund themselves with small business.
ANZ’s group general manager of marketing, Louise Eyres, says “One of the elements I think we are strong at is seeking out the expertise amongst our agency partners, whether it’s creative, media, sponsorship or digital, and being able to bring the best leaders – the best to bear on our business” (Canning 2016).
Some examples of ANZ’s diversified approach range from its use of currently ranked number one tennis star Novak Djokovic as an ambassador, its womens’ initiative and its support for equal pay for women. The support for equal pay was an award-winning PR campaign (Canning 2016).
ANZ’s partnership with Whybin/TBWA, has been a success for the bank as its support to the Sydney Gay and Lesbians Merci Gras had brought more customers and it has continued the evolution of its brand. It has also launched a new global advertising campaign featuring powerful personalities who have excelled in their given fields and achieved extraordinary feats (Ricki 2015). The influence of ANZ’s latest recruit, Maile Carnegie, a former Google Australia boss will certainly help ANZ in their research.
Darryl Felix Denis D’sa
ANZ State League n.d., Netball Tasmania, retrieved 21 August 2016, <http://tas.netball.com.au/play-netball/competitions/ >
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