Virgin Credit Card – Where To Go From Here?

3106 words - 12 pages

Q1. What types of IMC strategy and which tools should Virgin Money use to keep the business growing quickly?Virgin money entered into credit card market in year 2003 with the clear in mind to shake up the current financial service industry and to become the leading market share holder for providing financial services. As the case study virgin money was able to generated 32million dollars in fiscal year 2005-2006 with holding 6 %of market share in getting credit card customers from around Australian continent and 20% of new credit card issue market. The problem arose when the 4 major Australian banks (commonwealth bank of Australia, Anz, national Australia bank and the Westpac bank) and non-banking sector felt the pressure of competition. Then the virgin money had not only to add the new customer to their market share but also had to keep up with current competition to retain old customers.In order to remain in business virgin money had to raise their customer service standards higher than their own as well as better than their competitors. More over virgin money can introduce new strategies such as providing benefits to existing credit card for home loan facilities, easy access to superannuation, discounts on virgin airline airfares and free comparison services for the customers. Their main power should have been their big brand name "Virgin" and their well known owner Richard Branson. Their past strategy relating to direct mailing is to send people printed advertisement which in order to be effective must be monitored by some specialist organisation like Digital alchemy. After that the most important part of advertising would have been effectively applied that is sales promotion. This can be done by sponsoring some event where there is a huge gathering of people which are in their target market. Thus generating huge amount of awareness and generating on the spot sales by motivation people to apply on occasion. Advertising is the paid form of non-personal promotion of products, services transmitted through a mass medium to a target audience. Marketers see advertising as part of an overall promotional strategy (Funk, 2001)Other way which can be used is the media mix which comprises of television, radio, magazines, internet, newspapers and hoardings. Through all of these media virgin money can target largest portion of the target market as in Australia everyone these mode's are well developed and will be cost effective too. Although virgin money had a tv commercial which was heavily criticised named 'everlasting love'. They can come up with a new advertisement which in more acceptable in society and clearly states the benefits of connecting with virgin money. They will also have to alter their target market which was originally 35 and above to 25above as it will widen their target market. Stated earlier the best way to target Australian market is to sponsor an event like sponsoring footy matches, advertising on face book and television shows like...

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