Strengthen Communication With Your Company - Myassignmenthelp.Com

Question: Discuss About The Strengthen Communication With Your Company? Answer: Introduction Westpac banking corporation is a financial services firm based out of Australia and is considered as one of the big four banks of the country. Westpac has five divisions that service over 13 million customers throughout the world. These five divisions include consumer bank, business bank, BT financial group, Westpac institutional bank and Westpac New Zealand (Westpac, 2017). Corporate communications in the art of communicating internally as well as externally by the firm to its various stakeholders with an aim to create a positive brand value, increase transparency and ensure a continued flow of information. This essay would be throwing light upon various communication strategies followed by Westpac group. Internal communications Internal communications are an integral part of any organization. Like many aspects of business management, stellar communication predominantly forms the backbone of the firm (Forbes, 2014). Internally it is important that different employees, different departments, different hierarchical positions interact with one another with a common aim of the success of the firm and transparent flow of information. Strategies followed by Westpac group to make their internal communication more effective are video simulcasts, group events, recurring meetings, team lunches, internal newsletters and open door policy. External communications External communication refers to communications of the organization with stakeholders outside of the organization. The purpose of external communications is primarily marketing and creating brand awareness. Westpac follows various strategies to ensure that the efficiency of their external communication: Media relations Media relations refer to the relationships that an organization builds with journalists in order to communicate to its stakeholders outside the organization. Westpac invests heavily on its media relations. The purpose of this relationship is to promote the brands newsworthy message to the mass audience. Their website transparently displays all the coverage the firm has yet received in various newspapers, news agencies and journalistic interviews (Westpac, 2017). It is essential for any firm to establish fruitful relationships with journalists as they eventually create the brand perception. Public relations and Events Public relations refer to the firms relationships that help communicating with the general public and individuals at large. These publics can be consumers, clients, government agencies, investors, charities, suppliers and even the media. Public relations takes into account how a company is perceived by the public at large. Social Media Social media platforms are an upcoming and efficient leading communication agents. Social media is an effective two way communication tool which helps companies start a conversation with its customers. Westpac is actively engaging with its customers on twitter and Facebook. Westpac also involves its customer chat experts on Facebook chats and help individuals gain clarity on their financial queries (CMO, 2012). Annual report and annual stake holders meeting A companys annual report and the minutes of its annual stakeholder meeting are released to the general public every year in order to make the consumer aware of the brands performance. This creates trust, transparency and an open flow of information. Stakeholders from any field are allowed to attend this meeting and can throw questions at the companys representatives and gain insights on the companys performance. Their annual report is published on the website and helps Westpac in communicating its performance to its stakeholders (Westpac, 2017). Awards and Accolades Westpac registers itself for various awards and accolades organization by reputed firms like Reuters, Bloomberg, and Dow Jones etc. As on today, Westpac is the most sustainable bank globally according to Dow Jones. This was the 16th year in a row where Westpac won such an acclamation. These awards help in creating a brand image in the eyes of its consumers and other clients. This helps in gaining customers and building trust among existing clients. Email marketing Email marketing is done by Westpac to target a specific segment of market. Immense research goes behind profiling of the individuals who receive these emails at large. This mostly helps the firm introduce new schemes and offers. Usually email marketing helps financial firms as their products are complicated in nature and require detailed information which is difficult to achieve in a television advertisement. However, consumers must be aware of the authenticity of the mail and not fall for spams. To assist its customers, Westpac event released a list of ghost sites that mimic its online banking page (Communication government of Australia, 2013). Chatbots Westpac recently completed a multimillion dollar update of its customer service platform by introducing Chatbots that converse with clients, take their queries and solve their queries without any human intervention. This upgrade would mean that the bank can now handle an estimated 65 million customer interactions each year. Public perception Public perception of Westpac is primarily positive except for a few roadblocks on its way. It has achieved the title of being a part of the big four Australian brands. The wide customer base of over 13 million customers shows that people trust the bank. However, recent scandals and accusations on the bank for interest rate manipulation has hurt the brand image (Sky news, 2016). In a Finance sector union better banking survey conducted last year, 42% respondents said that Westpacs service in unsatisfactory. The bank is currently putting more and more efforts in changing that image by efficient use of marketing strategies. References CMO, 2014, Social is a great way to start conversations, https://www.cmo.com.au/article/547846/westpac_customer_marketing_chief_social_great_way_start_conversations/, viewed on 18 September, 2017. Communications Government of Australia, 2013, Westpac customers targeted again using phishing emails, https://www.communications.gov.au/what-we-do/internet/stay-smart-online/alert-service/westpac-customers-targeted-again-phishing-emails, viewed on 18 September, 2017. Financial Review, 2017, Westpac looks to bots after customer service upgrades, https://www.afr.com/technology/westpac-looks-to-bots-after-customer-service-upgrade-20170604-gwk977, viewed on 18 September, 2017. Forbes, 2016, Strategies to strengthen communication within your company, https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/chuckcohn/2014/10/24/strategies-to-strengthen-communication-within-your-company/refURL=referrer=#5d1c7926b153, viewed on 18 September, 2017. Sky news, 2016, Westpac public trust hit by scandals, https://www.skynews.com.au/news/top-stories/2016/04/06/westpac-public-trust-hit-by-scandals.html, viewed on 18 September, 2017. Westpac, 2017, Media Releases, https://www.westpac.com.au/about-westpac/media/media-releases/, viewed on 18 September, 2017. Westpac, 2017, The groups five key divisions, https://www.westpac.com.au/about-westpac/westpac-group/company-overview/about-us/, viewed on 18 September, 2017. Westpac, 2017, Westpac ranked worlds most sustainable bank, https://www.westpac.com.au/about-westpac/media/media-releases/2016/8-sept/, viewed on 18 September, 2017.