Business Finance Homework Help. Royal Bank of Canada Analytical Review
The report is to help RBC (Royal Bank of Canada) make changes and attract more HENRYs customers. Here are three alternatives. You need to give a detailed description for each alternative, and then write Pros and Cons for the following 3 alternatives (FOLLOW the sample’s format I gave you, you can find the alternative part on the sample, same requirements different company):
1. Trading fees using banking direct invest: As for using RBC direct investing, customers who use their trading platform will have to pay 9.99 per trade. Whereas other platforms have a fix amount per trade like 0.005 per share or 0.01
2. Digital marketing strategy: RBC should improve Brand Identity and Customer Loyalty. Firstly, RBC should improve international exposure by making some videos and marketing campaigns based on the current social trends. Secondly, RBC can have 5-6 language choices on the website. For example, the percentage of Asians(not only Chinese, RBC has already offered Simplified Chinese) is gradually increasing in a big immigrant country like Canada, and some of them are investment immigrants. Maybe these people still willing to communicating with language. So, if RBC’s website has multiple languages to choose, this part of people will be attracted.
3. Life, Car and Home Insurance Bundle: RBC can develop Life, Car and Home Insurance Bundle for HENRYs, and gives HENRYs 15%-20% of insurance fee to invest products whether with stocks, mutual funds, gic, anything HENRYs prefer.
and some resources for 2 digital marketing you may need: 1.On TD Wealth Management Website, there is a selection not only on simplify chinese but also traditional chinese.I n order to attract more HENRYS i think RBC should consider some HENRYS who are new immigrants who get used to speak native language would find it attractable if the website contain their home language.
2. https://www.tdinsurance.com/savings30/Ontario?cm_s…
3. According to RBC Wealth Management website https://www.rbcwealthmanagement.com/ca/en/global-w… for high net worth customers, there is a large amount of those segments in China and HK China.As far as our group subtype is chosen, there is a 12.5% of physician population grown in canada might also have a huge potential around the world include china.I think as Immigrant country, RBC should attract HENRYS With different Language background as compared to TD.
and this 3 alternative is targeted on HENRYs( high earners, not rich yet)
