Expanding the use of digital marketing at ING Wholesale Banking, Germany (“ING Wholesale Germany”)
Although ING-Group and particularly its German subsidiary ING-DiBa AG (“DiBa”), the retail and direct bank division of ING-Group, have been pioneers in terms of an effective usage of digital marketing, the knowledge and the efforts of its commercial banking division, ING Wholesale Germany (my employer), are still in its infancy. With ING Wholesale Germany’s initial focus on multinational corporations, they didn’t see the need to put a lot of efforts on marketing activities in the commercial banking area, least of all to put particular emphasis on digital media. After the financial crises this worked well for a while as commercial banks could sell their services mainly through providing enough
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Through a business platform like “XING” in Europe, they could initiate and lead working groups related to finance topics, such as Supply Chain Finance or Securitization. ING Wholesale Germany should carefully listen to the conversations as this allows on the one hand to gain further insights into the clients’ needs and on the other hand to show and build up expertise in these areas. ING Wholesale Germany would become much more visible. Also, when looking at social networks, such as Facebook, some commercial banking sites of ING Group (e.g. ING Wholesale India) are working with Facebook profiles, while other countries, such as the ING Wholesale Germany (ING’s most important growth country in the commercial banking division) don’t use this medium at all. In a multinational environment with corporate clients operating all over the world, a homogeneous presence in the social media is important. In other words, an ING corporate client should be able to find ING Wholesale Germany on Facebook if he is able to find ING Mumbai
Social networks are living their big explosion and organizations can not remain outside it. Improve positioning, branding, business communication, creativity, participation, knowledge management. Multiple business processes can be benefited through use. Sites like Facebook and Orkut, with over 300 million users, 210 MySpace, Hi5, Twitter, Tuenti, with respectively more than 80, 50 or 40, surely they are already
In this paper, I discuss the two-stage digital marketing plan for The Exodus Group (EG). To emphasize the strategy, I analyze how digital marketing is crucial to reaching customers through a digital environment. I explain our goals for coming quarters analyze real-world digital marketing examples and simulation data. The purpose is to develop a summarized digital marketing plan for our division that benefits growth and considers competition.
Although ING-Group and particularly its German subsidiary ING-DiBa AG (“DiBa”), the retail (and direct) bank of ING-Group, have been pioneers in terms of effective usage of digital marketing, the knowledge and the efforts of its sister company “ING Bank”, the German commercial bank (my employer), are still in its infancy. With ING Bank’s initial focus on multinational corporates, they didn’t see the need to put a lot of efforts on marketing activities in the commercial banking area, least of all to put particular emphasis on digital media. After the financial crises this worked well for a while as commercial banks could sell their services mainly through providing enough balance sheet commitment, i.e. providing corporate loans to clients. Nowadays, where liquidity is much easier to get on the capital markets and where particularly German banks have tons of liquidity, this criteria becomes less important as lending becomes more a commodity type product. Thus, competition increases, margins are shrinking continuously and it becomes much
Social media’s impact on society has affected our economy. Social media’s continually growth is reinventing how business is being done. Social media enables new occupation fields, creating new jobs. Social media through new jobs being created enables more income to be generated, along with sales. Professional networks are being used in our economic world today to do business. Business organizations and professionals are utilizing networks such as Fac...
The eMarketing space consists of new Internet companies that have emerged as the Internet has developed, as well as those pre-existing companies that now employ eMarketing approaches as part of their overall marketing plan. For some companies the Internet is an additional channel that enhances or replaces their traditional channel(s). For others the Internet has provided the opportunity for a new online company.
The first way, businesses express their ways of marketing in the 20th century is through social media and expressing interest in people 's hobbies. It has been recorded by the "Forrester research" all ads trading trafficking on exchanges, which increased about "17.5% to about 629 billion impressions in 2012, from 535 billion in 2011" (Vega, Tanznia). This fact shows how much the Internet has blossomed and started a revolution of different ways marketing can be portrayed to people outside of the area of where your business is located. As a business you can have your ad posted on a website for a lower charge than you would if you wanted to pay for a billboard for a lease. The cost of advertising o...
Wells Fargo has developed an advanced social media strategy that is handled by the Social Media group within the Marketing Department of Wells Fargo (Wells Fargo Bank, 2014). As of 2014 this team is handling eight blogs, four Twitter accounts, two Facebook pages, two LinkedIn pages and a YouTube channel (Gustke, 2014). YouTube is a video delivery page, Facebook is a complex social media site that allows members to build up communities of ‘friends’ that share commentary, Twitter is similar to Facebook but with a limited amount of characters to each online posting it streamlines the concept of social media, and LinkedIn is a...
Among the billions of social media users, there is a percentage dedicated to businesses who use social media as part of their marketing strategy. The sheer number of people who use services like Facebook and Instagram on a daily
Digital marketing is a growing field that “promotes products or brands via one or more forms of electronic media.” Examples of “advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards, as well as via digital and television and radio channels” (businessdictionary.com) This method of advertisement makes a digital marketing analyst necessary to help navigate a company through the proper marketing channels.
Advertising has been round for centuries; starting with print ads, then evolving into radio and TV adverts. Each form of advertisement requires several different strategies in order to make the advertisement effective and appealing to the consumer. With the ever popular rising of the usage of the internet, online advertisements have also become more popular. According to Dr. David Evans, who received his Ph.D. in Economics, e-commerce, or sales processed online, were equal to 34 billion dollars as of 2008. (Evans, 2) This amount has only grown and will continue to grow as the usage of the internet becomes more and more popular. The heart around this monumental sum of revenue is online advertising. Advertising agencies optimize their online
In the 1990s direct marketing became the most important tool in the mix because technology had enabled a form of communication by appealing directly to the target customer. This change led to new media formats, and the subsequent development of the Internet. Digital technologies have accelerated change in the marketing communications
At one of our quarterly All Hands meetings, the president of our division discussed how growing the market share was critically important in the digital banking space. The key goal is to continue to lead this space in the future, but doing so becomes increasingly more challenging as new market competitors try to steal share. To keep ahead, we need to always bring our “A” game to the market. To create blue ocean strategies would require innovation, customer engagement, and out of the box thinking. We have to consider buyer utility, pricing, cost, and adoption. To do this would require us to be strategic about how we design, build and price our products. Even the way the business manages the different consumer segments is important. There is differentiation of the needs of different types of financial institutions. The customer centered brand management strategy we discussed in class is very useful to this type of organization. How we market to large national banks should be different than how we market to small town banks. Generally, small banks do not have the technology budget to invest in large scale digital channel solutions. Many companies decided to have different brands for their different customer segments. We discussed how this works successfully for car companies. For Digital Channels,
...As more and more marketers are getting into online advertisements that is way the trend of internet marketing is increasing rapidly. Marketers know very well that consumers spend more time on internet, so they started targeting internet users. (The economic times, 2004)
Wholesalers acts as a lesion between manufacturers of commodities and other industries that are interesting in selling the same products. Along this distribution chain wholesalers usually purchase goods in large quantities and in turn sells them to retailers who ultimately supplies goods and services to consumers. Due to the available space at wholesale locations they are able to store products for distribution to retailers which reduces retailers storage costs. Wholesalers are able to store goods in large quantities which allow retailers to purchase in small quantities. Due to this option retailers are able to only purchase what is needed at that given point (Kotler & Keller, 2012). Additionally, because wholesalers are able to purchase goods
Secondly, the social media has made it easier for businesses and business people such as bankers, business owners, brands, and even celebrities to communicate faster and to get things accomplished. Through social media interaction networks such as Twitter, Instagram, What...