Integrated Marketing Communications - Strategic Charity?

An article from the Australian Financial Review (8 June 2011) on corporate philanthropy caught my attention today. The article talks about how more and more financial services institutions are utilising charity support programs as part of its integrated marketing communications strategy.

Westpac has been the sponsor of NSW Emergency Service's aeromedial operation in Hunter and mid-north coast regions since 1975. The company has added sponsorship for rescue service in the New England north-west region for the past 11 years. Marketers have claimed that Westpac have cleverly integrated its outlook on corporate social responsibility with its marketing strategy. By collaborating with not-for-profit programs like these, Westpac aim to have a positive association of its brand with ethical business practices.

In this day and age where more and more customers are looking to conduct business with ethical corporations, marketers must look at ways to ensure its practices are seen as such in the targeted segment(s) eyes. Marketers can use the 'managing brand associations' model to develop marketing strategies that will deliver the desired message to the targeted segment(s). Here, Westpac have utilised 'causes' to associate its brands with 'ethical business conduct'. It has successfully instilled in its customers' minds of the association Westpac have with the NSW Emergency Service's aeromedical operation. Thus, by understanding what the targeted segment(s) are looking for in addition to the core product offered, financial institutions will be able to capture and retain customers better, and successfully manage to alter customer's perception of its brand like what Westpac has managed to do.