THE EFFECT OF PROMOTIONAL STRATEGIES IN THE MARKETING OF BANK SERVICES

THE EFFECT OF PROMOTIONAL STRATEGIES IN THE MARKETING OF BANK SERVICES

ABSTRACT

Promotional strategies is a process deal with the technique used by organization in inform, persuade and educate the public through the promotional mix. The research project focuses on the effect of promotional strategies in the marketing of bank services. Three selected banks namely All States Trust Bank. Citizens bank and Afribank Plc were used as case study. Some of the objectives of the study included; To determine whether the use of strategic marketing strategies enable banks to achieve financial intermediation objectives. To find out the strategic marketing tools banks use most in building/sustaining customer confidence in the banking industry. To also ascertain whether banks’ adoption of strategic marketing tools has increases customer patronage. And to, find out, if the adoption of strategic marketing principles builds a favourable corporate image of banks. Literature on strategic marketing topics, customer relations, banking industry was extensively reviewed. Both primary and secondary data were used for the study. Initially some high ranking officers of the three banks were interviewed and information obtained from them quite useful in pursuing certain area of inquiring and which later formed the basis for the construction of the questionnaire and formulation of hypothesis. For the methods of data analysis, percentages, tables and chi-square were used. Chi-square was used in testing of hypothesis. The findings made include: The use of strategic Marketing strategies makes achieve their individual financial intermediation objectives. Adoption of marketing public relations tools in the operation of a bank helps her in build customers confidence on the banking industry. Strategic marketing also helps in the increase of customer’s patronage etc. It was concluded that, bank in carrying out her intermediation services, it needs to employ result-oriented marketing strategies, such as customizing her services/payment, introduction of innovative products etc. Bases on these same recommendations were made.