HSBC always faces challenges with its competitors.
HSBC then believe in the services of the customers. Here are some recommendations for HSBC which should be focused: Based on the above market strategy, it is analyzed that HSBC has achieved major success in Australian banking sector but still it is far away from the personal banking sector so, there will be a lots of work is needed to expand in that market.
HSBC should start collecting data on customers and start sending them messages through email or SMS, which will eventually result in repeat purchase by customers.
The passbooks, check books also are a medium of physical evidence. This will ensure that new products that are introduced are used by and become more popular than that of competition. So, it can be understand that the presence of HSBC in Australia will be for long term and it will serve the Australian people more effectively.
It should identify opportunities within the market and introduce new products that make use of these opportunities. This ensures that its products are available to customers easily in different parts of the country. HSBC have even sponsorship for the sporting events.
They make sure that the customers all over the world are well connected and the company crater to their needs with utmost importance. Recommended Price Strategy for HSBC HSBC should introduce discounts and allowances, where it lowers prices for a short period of time in order to attract customers and gain market share.
This is beneficial due to its large reach and ability to attract a large number of people. HSBC has fixed the prices of the final product. The Business cards, paperwork, brochures, furnishings are a source of physical evidence.