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Executive summary
This report sheds light on Maybank’s internet advertising, which is one of the leading business organizations for the future. This report consists of a different section which includes a detailed discussion on a different aspect of this concept. The target market of this organization is SMEs in Malaysia, investors, non-profit organizations, and entrepreneurs. The principal objective of this organization is to promote digital promotional activity for the organization’s welfare. The marketing mix of this organization is also provided. A budget plan is provided for better results and an action plan to execute the study successfully.
Introduction
A strategic proposal of the brand refers to a document that includes multiple brand strategic templates that the business team will apply to improve the work process. The principal objective of this project guides to develop a strategic business proposal on the topic of internet advertising as well as management. This study is categorized into three parts; the first part includes a brand strategic proposal with the target audience, objective, marketing mix, budget plan, and action plan. This assignment is going to discuss the strategic proposal for Maybank in Malaysia.
Identification of the target audience
The principal of this Maybank is the country’s SMEs, investors, non-profit organizations, and entrepreneurs. This organization mainly focuses on new business personalities interested in investments for the business market development and the growth of the country’s GDP. This banking organization is one of the largest financial service providers that offer the audience a wide variety of banking services. This organization has multiple target audiences, but this bank’s primary focus is to improve SMEs’ business position in the regional market.
This target market is selected as the primary target by this organization because, during the pandemic, the business performances of these organizations were almost stopped, and some of them entirely stopped their business. Therefore, financial support is required to revive their business once again. Apart from that, this organization also guides to improve of the current situation of small or medium size organizations as they predominantly suffer due to lower financial support.
Apart from that, another motto of this organization is to serve better internet service in banking operations to make them more tech-savvy. The present time is the core of internet banking and younger’s often shows more engagement in online banking. Therefore, developments of online banking refer to the development of the banking advertisement and create a strong point in targeting young audience. The increasing application of mobile refers to the development of the internet banking programs and offering several benefits after using online banking to the consumers.
It is seen that most business organizations all over the world shifted their promotional activities to different digital platforms that guide them to improve the sales process and help in earning a significant amount of revenue in a short period. Technological improvement is another objective that guides organizational performance improvement in technological development. Other banking organizations of Malaysia follow the technical implementation of Maybank and try to implement it into their business process for better results.
Objectives
- To improve the business performance of SMEs through financial support from the bank.
- To develop the financial condition of the country in the post-pandemic situation.
- To make a budget plan for internet advertising
Marketing mix
The marketing mix is an essential component that guides the improvement of the marketing operation of an organization and enhances the sales ratio for future aspects. This factor guides the improvement of the organization’s position in the business market and easily achieves the business objective or organizational goal. The principal objective of this proposal is to focus on sales performance, and for that purpose, Maybank proposes different promotional activities strategies. SMEs in the country must be more focused on the internet sale process and increase the number of regular customers daily. Another objective of this proposal for Maybank is to promote digital promotional activity.
Figure 1: Marketing mix
(Source: Selver & Burckin, 2020)
Product
Maybank is one of the most renowned banking institutions in Malaysia that offers customers a wide range of banking services like commercial and investment banking and insurance assurance. This organization also provides customers with debit, credit, and ATM facilities. Maybanks also offers other baking facilities like accounts and deposit account facilities and provides loans to the audience. This organization always tries to provide customers with innovative banking services for better customer service. In the current situation, this banking institution guides to improve its internet banking facilities for all customers. After the pandemic, most banking activities are shifted to digital aspects. This organization currently deals with inadequate financing facilities because of the pandemic. Most of the banking services of this banking organization are very user-friendly as the main target of this organization is to improve the business condition of SMEs and other enterprises in Malaysia. Recently, Maybank conducted a product package for the audience that includes 7 different banking services, namely “Maybank One Solution”, which offers 10 minutes of approval for unlimited money solutions.
Price
A “competitive pricing strategy” is followed in the organization’s business process that guides dealing with product and market fluctuations. The interest rate and pricing depend on the “Central Bank” rate and different government policies. This pricing strategy of this organization is unique instead of other banking organizations. Several pricings of this banking organization are innovative and lead other companies’ banking strategies. Another important pricing strategy of this organization is influenced by global banking policy, like the Malaysian banking sector. Less interest on loan can help attracting new businesses to become a consumer and it is more beneficial for businesses.
Place
Maybank is the leading banking institution that offers “comprehensive financial products cater” to the audience regarding new business segments and investment banking solutions. Maybank mainly operates its business within the country. However, it has a diverse country portfolio, and in terms of commercial banking perspectives, it mainly deals with different countries like Singapore, Vietnam, Cambodia, and Pakistan . The retail and corporate customers are the focal points of Maybank. The principal motto of this organization is to drive out the financial crisis from the country’s economy. For that purpose, this organization mainly focuses on the improvement of the business performance of SMEs in the regional market. Apart from that, this guides to revive the organization’s financial condition, which leads to GDP development . The business operation of this bank is mainly performed within the country boundary, but in the current situation, this organization also expands its business over other Asian countries.
Promotion
The promotional activity of Maybank is mainly performed through traditional commercials and digital promotions. Recently, this organization introduced its application to offer internet banking facilities to customers. This organization also promotes its service through “social networking websites” to capture more consumers . The distribution strategy of the organization mainly focuses on the regional people, investors, and enterprises. TVCs, outdoor media, and print ads are also associated with Maybank’s promotional activities.
People
Maybank is one of the largest banking organizations in Malaysia that recently expanded its banking operations to many Asian countries. This organization currently runs its business with more than 43,000 people, and it is expected that by the end of 2025, the people’s volume will increase by more than 15%.
Process
Maybank offers its customers an entirely fresh digital experience, and it is because the company followers the best organization practices in the context of banking as well as technical implementation. Apart from that, this organization arranges several campaigns all over the country to make its customer tech-savvy . The business procedures of this banking institution not only focus on organizational profitability but also emphasize the best customer service for the welfare of the audience.
Budget plan
Prepper planning for the budget is essential and guides to improve the possibility of success of a project and improve the quality of the project.
Different channels | Allocated budgets (millions of RM) |
Social media advertising | 500 |
Search engine advertising | 250 |
SEO | 300 |
PR and media | 150 |
Email marketing | 55 |
Content marketing | 175 |
50 | |
Web development | 275 |
Designing | 25 |
Table 1: Budget plan
(Source: Self-created)
This budget plan has a different segment with an individual financial budget and focuses on the different digital promotional segments for better promotion of its banking services. This budget plan disclosed that the organization would focus on “Social media advertising” as well as “Search engine advertising” . This budget guide provides financial support for SEO, press or media, and email marketing services. In the current situation, the company is dealing with an operating income of $25.45 billion, and it is expected that by strengthening the internet banking services through digital media promotion, the operating income of the organization will increase to $28.05 billion by the end of 2024, . Apart from that, the promotional activity of this organization also proceeded through TV advertisements and other traditional promotional platforms.
The total asset of this organization is around $888.00 billion, measured in 2021, and to improve the organization’s position, it mainly focuses on the internet promotion aspects that guide it to improving the sales proposition of the organization . This budget includes $1780 million, and in this budget, Web development is the most crucial plan that costs around $275 million.
Action plan
Actions | Resource | Process | Time |
Setting goal | The proper goal is set after a proper market analysis | Survey the national market and identify the business objectives. | 2-3 weeks |
Target market choice | The regional market survey with proper marketing tools and proper competitive analysis. | Focuses on the requirements of the customers and the global trend. | Channel identification |
Customer requirement identification | Business trends and market reviews are based on customers of the country’s regions. | Use different tools and survey the market to improve knowledge about the target audience. | 1 month |
Channel identification | Survey the different digital platforms properly and review the promotional channels of the competitive companies. | Proper survey on the best channel that will match the organizational business perspective. The organization’s objectives should be fulfilled with promotional channels. | 2 months |
Competitive analysis conduction | Different business journals focus on the promotional activities of different competitive organizations. | Review of the different journals and county a business market that will disclose the proper competitive analysis | 2 months |
Budget determination | Different business journals, YouTube, and statistical data | Review different statistical journals to gain pieces of knowledge about the financial plan of other competitive companies. | 2 weeks |
Table 2: Action plan
(Source: Self-created)
This plan clearly shows several performance stages to successfully build up a brand strategic proposal in terms of internet advertising and marketing. This action plan includes setting a goal, choosing the target market, analyzing the organization’s marketing mix, and conducting a competitive analysis.
Conclusion
Conclusively, the development of banking sectors with several loyalty programs and offers help engaging the target audience. Taking into consideration the above study, it can be concluded that Maybank is one of the leading banking organizations interested in internet banking facilities of the organization. This project is mainly based on the digital advertising of the organization for the future perspective. A budget plan guides the collection of financial resources to maintain the project accurately. Internet advertising is beneficial in planning a project that guides improving the organizational perspective of promotional activities.