Marketing Essay Example: Muzn Bank's Marketing Strategies

Introduction

As a result of the banks thriving in the digital age, survival is reliant on the application of interactive and advanced digital communication systems. Muzn Bank has also been on the lookout to leverage communication technology in the provision of consistent and positive customer experience. Muzn's organizational culture has the basis of the belief that success in the banking sector depends on information management and operative customer communication (Muzn, 2016). The advantage of effective bank communication management is that it fosters customer engagement through Omni-channel digitization hence the achievement of revenue increment, improved customer experience, and operational excellence.

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Communication System of Muzn Bank

Muzn is successful in customer engagement through the creation of interactive communication strategies evident through the bank's communication objective which stipulates the essentiality of customer engagement. The bank is successful in the interactive model of communication due to the application of digital communication systems in the form of social media networks as the contemporary channels that an increasing number of financial institutions are applying to reach and engage their clients and customers (Hopek, 2014). Social media marketing is an alternative marketing strategy for traditional advertising. Muzn's pages for social networking are Twitter and Facebook which the institution currently considers as valuable tools for engaging prospective and existing customers. According to Benson, Tuninga, and Saridakis, (2016), channels for digital communication have twofold benefits of educating potential clients about the services and products available in the financial institution. Secondly, customers ask the site users any recommendation, clarification and prevailing issues about the bank hence effective interaction of the customers.

Since Muzn Bank is an affiliate of Oman National Bank, it has external links in the NBO's website evident from the newly refurbished portal for Corporate Internet Banking. In the current NBO CIB, it is possible for the site visitors to navigate through Muzn's services and product provision platform. Through external linking, CIB platform offers Muzn's and NBO's customer's improved interaction, engagement and experiences together with guided navigation across the networking sites using intuitive components such as unified NBO Trade Portal where customers can remotely manage their banking transaction services (Jones, 2013). The ability of the bank under the flagship of the parent bank, NBO, to acquire an inimitable trade portal enables the customers to conduct their transaction, online requests, and production of customized dashboards and reports in a secure manner. Such communication strategies for Muzn guarantee the institution faster turnaround times, effective monitoring and tracking of financial and trade-related transactions.

Recommendation

One of the recommendations of Muzn for improving customer interaction is the selection of the best communication strategy plan and capitalize on it. The bank does not emphasize sufficiently on digital marketing. It is apparent from the organization's marketing strategies that Muzn does not have specific communication channels but relies on multiple channel, digital and traditional forms of customer interaction (Muzn, 2016). As the research suggests that banking customers are increasingly relying on digital platforms to search business information and communicate with the financial institutions, it is recommendable for Muzn to capitalize on digital communication fully. It is contemporary digital networks that guarantee efficient customer communication and interaction as the platforms ensure a constant flow of information hence the surety of bombarding customers with assured connectivity. Muzn does not fully leverage digital marketing despite the profound recommendation that the strategy has a standout attribute of using unique insights and expertise to meet customers' needs. It is thus essential for Muzn Bank to consolidate the digital marketing strategies with emotional intelligence. In a nutshell, Muzn Bank needs to choose a preferable communication channel, cogitate and hone its messaging skills.

Muzn's Search Engine Marketing Company

Muzn has an effective search engine marketing evident from the bank's responsive and well-designed website whose availability and navigation favors both computer and mobile platforms application frameworks. Muzn's SEM utilizes keyword bid and paid advertisements with a periodic review of the bank's online presence for the technical and visual improvement of the website hence promoting personalized communication, campaigns, and new products launching. The bank's SEM evidently attracts thousands of weekly visitors to Internet Marketing, Online Banking and Home Financing affiliate links to home website Muzn Islamic Banking. According to Hopek (2014), SEM is among the effective strategies for growing businesses among the financial institutions especially in the advent of globalization in the banking sector that bring millions of organizations into the similar eyeballs. Therefore, Muzn bank acknowledges the importance of SEM and advertisement through online platforms in bringing more customers aboard (Hopek, 2014). They are also effective ways of promoting banking products and growing business.

Recommendation

A suggestion for improvement that Muzn should enhance is SEM account structure. It entails the use of critical keywords, and the proposal is the application of operative account structure and logical grouping of keyword grouping which both have the advantage of improving keyword research, reduced cost-per-click, increased click-through rates and general SEM performance. SEM accounts for Bing and AdWords require restructuring for the achievement of optimal results and the preferable approach is the application of elements such as Ad texts, landing pages, keywords, Ad Groups and Ad campaigns. The items are essential metrics for Muzn's SEM to acquire a higher Quality Score.

References

Benson, V., Tuninga, R., & Saridakis, G. (2016). Analyzing the strategic role of social networking in firm growth and productivity. Hershey, PA: Business Science Reference.

Hopek, N. (2014). Banking and Social Media Customer Communication Boom or Bust? New York: TYS.

Jones, K. B. (2013). Search engine optimization: your visual blueprint for effective Internet marketing. Indianapolis: IN: Visual.

Muzn. (2016). Muzn Islamic Banking In News. Retrieved from Muzn: https://www.muzn.om/