Marketing research and new product development for Royal Bank of Canada

1. Royal Bank of
Canada
Doga Ege Ozden
Prof. Steven Litt
MRK662SAA
Individual Assignment 4 (P4)
16 Apr, 2021

2. ● One of the biggest
Canadian bank(Helping
Clients Thrive and
Communities Prosper)
● Trustable
REPUTATION
● An upward trend
PROFIT TREND
● Savings
● Investment
● Taking loan
CUSTOMER TREND
● 86,00+ full- and part-time
employees serving 17 million
clients
● Canada, US and 34 other
countries(Helping Clients Thrive
and Communities Prosper)
SERVICE QUALITY
Current State of The Company

3. “Creating a positive social
impact is integral to how we do
business”
• —(Commitment to Community and Social
Impact)

4. Current State of The Company
VISION
Creating positive impact in
the world while doing their
business(Commitment to
Community and Social Impact)
MISSION
● Taking action on
climate change
● Supporting arts
● Supporting athletes
(Commitment to Community and Social
Impact)

5. Social Media Presence

8. Product Inventory

9. ACCOUNT & SERVICES(BANKING)
TYPE MONTHLY FEE
FEE AFTER
DEBATE
DEBITS INCLUDED
OVERDRAFT
PROTECTION
OVERVIEW
RBC VIP Banking $30 $19.95 Unlimited Free
“An all-inclusive package that covers
multiple bank accounts including
unlimited transactions, a free premium
Visa card and much more.”
RBC Signature No Limit
Banking
$15.95 $9.95 Unlimited Free
“An all-inclusive banking account
designed for customers with more
complex financial needs, including
unlimited transactions three Interac
withdrawals, five cross border debits
and more.”
RBC No Limit Banking $10.95 $5.95 or $0 Unlimited
$5.00 per month plus
applicable Overdraft
Interest
“A banking account that offers the
freedom of unlimited transactions for
one low monthly fee with no
surprises.”
RBC Day to Day
Banking
$4 $0.00 12 debits
$5.00 per month plus
applicable Overdraft
Interest
“A basic banking account that offers
value and convenience to those who
transact fewer than 12 debit
transactions per month.”
US Personal Account $2 N/A 6 debits
$5.00 US per month
plus applicable
Overdraft Interest
“A U.S. dollar account with chequing
privileges, allowing you to save in U.S.
dollars when exchange rates are
favourable.”
(Accounts and Services - RBC Royal Bank)

10. ACCOUNT & SERVICES(SAVINGS)
TYPE INTEREST ONLINE BANKING OVERVIEW
RBC High Interest eSavings 0.050% Free
“An online savings account offering high interest on
every dollar. Free online transfers from this accounts to
other RBC accounts in your name — 24/7 with no delay.”
RBC Enhanced Savings Tiered Free
“A savings account best suited for those with higher
balances, allowing you to enjoy premium interest rates
on balances of $5,000 or more.”
RBC Day to Day Savings Tiered Free
“A straightforward savings account that pays interest on
every dollar invested, and the rate increases as your
balance increases.”
RBC US High Interest eSavings 0.050% Free
“Earn high daily interest on every US dollar and receive
free online transfers from this account to other RBC
deposit accounts in your name — 24/7 with no delay.”
(Accounts and Services - RBC Royal Bank)

11. ACCOUNT & SERVICES(STUDENTS)
TYPE MONTHLY FEE
FEE AFTER
DEBATE
DEBITS INCLUDED
OVERDRAFT
PROTECTION
OVERVIEW
RBC Student Banking $0.00 N/A 25 debits
$5.00 per month plus
applicable Overdraft
Interest
“A FREE student bank account
including 25 debit transactions and a
Visa card, all designed to save you
money. Great value combined with the
convenience of free access to Online
Banking.”
RBC No Limit Banking
for Students
$10.95 $0 Unlimited
$5.00 per month plus
applicable Overdraft
Interest
“For one low monthly fee, you get
unlimited debits, a Visa Classic II
Student card with fees waived, free
access to Online Banking and more.”
RBC Leo’s Young
Savers Account
$0.00 N/A 15 debits Not available
“A great way for children and youth to
get started in saving and everyday
banking. Online Banking access is
included.”
(Accounts and Services - RBC Royal Bank)

12. NEW PRODUCT
ENTRY IDEA

13. Online Courses
Paid online courses is the new product idea because, banks prefer their customers
to pay their loans. And, have money in their bank. So teaching them finance,
investment and economic basics in exchange for money can be beneficial for the
company so that they can lend money to bigger investors and make more
profit.(Gran)

14. Online Courses
● Key Attributes:
○ Certificates
■ Certificates will make the consumers
find a job easily so the company can
lend money safely
○ Education
■ Education will teach customers how to
manage their money in most beneficial
way so they won’t be in a situation
where they can’t pay their loans and
etc. Which will also make lending
money safer for the company

15. Online Courses
Target Market
● Demographic:
○ 18-65+ years old
○ Married, single, divorced, in a relationship(All martial status)
○ All gender
○ All religions
● Geographic:
○ Canada, US and 34 other countries
● Psychographic:
○ Responsible people who would like to know how to manage their money in
most beneficial way
● Behavioral:
○ People that tries to make money through stock exchange

16. Sell Sheet
● Price: $120 per course
● Shelf life: 2 year(content needs to be updated
after that time)
● Ingredients: Education and Certificate
● Packaging: Outline of the topics will be
presented to visitors online so they can make
better choices
● Sales promotion: Learning path that includes
more course and more certificates for special
price. Ex: Accounting Basics + Economics
Basics + Stock Exchange = $300
No In Store Sales

17. ● IMC promotional mix elements
should include;
○ Social media
○ Internet marketing
○ Sales Promotion
○ Advertising
● Media Plan;
○ Even schedule

18. 30.76M
• 18-65+ years old.(Varrella)

19. Promotion Plan
S = Sales Promotion(Holidays
and Observances in Canada in
2021)
I = Instagram Post + Youtube +
Twitter Tweet
F = Facebook Post(Buffer)
L = Linkedin Post(Arens)
(Chi),(Buffer),(Animalz),(Arens)

21. Thanks!
Do You Have Any
Questions?
dogaegeozden@gmail.com
dogaege.pythonanywhere.com

22. ● RBC Logo. https://upload.wikimedia.org/wikipedia/en/thumb/7/7f/RBC_Royal_Bank.svg/1200px-
RBC_Royal_Bank.svg.png.
● Helping Clients Thrive and Communities Prosper. https://www.rbc.com/our-company/index.html.
● Commitment to Community and Social Impact. https://www.rbc.com/community-social-impact/index.html.
● RBC. 4 Mar. 2021, https://www.facebook.com/rbc/.
● Twitter Account of Royal Bank of Canada. https://twitter.com/rbc.
● Linked Account of Royal Bank of Canada. https://www.linkedin.com/company/rbc/.
● RBC. https://www.youtube.com/channel/UCi4ie2vwCvR2xv7jdFNBxSA.
● Accounts and Services - RBC Royal Bank. https://www.rbcroyalbank.com/onlineservices/personal/bank-
accounts/index.html.
● Gran, B. Why Banks Need To Do More To Help Customers Become Financially Successful. 3 Feb. 2021,
https://www.forbes.com/advisor/banking/banks-need-do-more-help-customers-become-financially-successful/.
● Varrella, S. Canada - Population, by Gender and Age 2020 | Statista. 1 Feb. 2021,
https://www.statista.com/statistics/444858/canada-resident-population-by-gender-and-age-group/.
● Holidays and Observances in Canada in 2021. https://www.timeanddate.com/holidays/canada/.
Works Cited

23. ● Chi, C. When Is the Best Time to Post on Instagram in 2021? [Cheat Sheet]. 1 Jan. 2021,
https://blog.hubspot.com/marketing/instagram-best-time-post.
● Buffer, A. R. Best Time to Post on Facebook: A Complete Guide -. Feb. 2019, https://buffer.com/library/best-time-to-
post-on-facebook/.
● Animalz. The Best Time to Tweet for Twitter Engagement in 2019. 2 Feb. 2020, https://adespresso.com/blog/best-time-
to-post-on-twitter/.
● Arens, E. The Best Times to Post on Social Media in 2020. 1 July 2020,
https://sproutsocial.com/insights/best-times-to-post-on-social-media/.
● Redirect Notice.
https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.rbcroyalbank.com%2Fbusiness%2Faccounts%2Fdigit
al-choice-business-
account.html&psig=AOvVaw2HMGDNenzwuYSDhmemonEB&ust=1618741878194000&source=images&cd=vfe&
ved=0CAIQjRxqFwoTCMCFmsmJhfACFQAAAAAdAAAAABAd.
Works Cited