Promotion Mix
In the formulation of marketing mix the bank
professionals are also supposed to blend the promotion mix in which different
components of promotion such as advertising, publicity, sales promotion,
word-of-mouth promotion, personal selling and telemarketing are given due
weightage. The different components of promotion help bank professionals in
promotion the banking business.
Advertising: Like other organizations, the
banking organizations also us this component of the promotion mix with the
motto of informing, sensing and persuading the customers. While advertising, it
is essential that we know about the key decision making areas so that its
instrumentality helps bank organization both at micro and macro levels.
Finalizing the Budget: This is related to
the formulation of a budget for advertisement. The bank professionals, senior
executives and even the police planners are found involved in the process. The
formulation of a sound budget is essential to remove the financial constraint
in the process. The business of a bank determines the scale of advertisement
budget.
Selecting a Suitable vehicle: There are a
number of devices to advertise, such as broadcast media, telecast media and the
print media. In the face of budgetary provisions, we need to select a suitable
vehicle. The latest developments in the print technology have made print media
effective. The messages, appeals can be presented in a very effective way.
Making Possible creativity: The
advertising professionals bear the responsibility of making the appeals,
slogans, messages more creative. The banking organizations should seek the
cooperation of leading advertising professionals for that very purpose.
Instrumentality of branch managers: At
micro level, a branch manager bears the responsibility of advertising locally
in his / her command area so that the messages, appeals reach to the target
customers of the command area. Of course we find a budget for advertisement at
the apex level but the business of a particular branch is considerably
influenced by the local advertisements. If we talk about the cause-related
marketing, it is the instrumentality of a branch manager that makes possible
the identification of local events, moments and make advertisements
condition-oriented.
Public Relations: Almost all the
organization need to develop and strengthen the public relations activities to
promote their business. We find this component of the promotion mix effective
even in the banking organizations. We can’t deny that in the banking services, the
effectiveness of public relations is found of high magnitude. It is in this
context that we find a bit difference in the designing of the mix of promoting
the banking services. Of course in the consumer goods manufacturing industries,
we find advertisements occupying a place of outstanding significance but when
we talk about the service generating organizations in general and the banking
organizations in particular, we find public relations and personal selling
bearing high degree of importance. It is not meant that the banking
organizations are not required to advertise but it is meant that the bank
executives unlike the executives of other consumer goods manufacturing
organizations focus on public relations and personal.
Personal Selling: The personal selling is
found instrumental in promoting the banking business. It is just a process of
communication in which an individual exercise his/her personal potentials,
tact, skill and ability to influence the impulse buying of the customers. Since
we get in immediate feed back, the personal selling activities energies the
process of communication very effectively.
The personal selling in an art of persuasion. It
is a highly distinctive form of promoting sale. In personal selling, we find
inter-personal or two-way communication that makes the ways for a feed back.
There is no doubt in it that the goods or services are found half sold when the
outstanding properties are well told. This are of telling and selling is known
as personal selling in which an individual based on his/her expertise attempts
to transform the prospects into customers.
Dynamics of Personals Selling
The dynamics of personal selling are found
instrumental in activating the selling activities. Sales preparations are
considered most crucial for the actual sales. Pre-sale activities and post-sale
services can’t be left neglected to improve the marketing activities. The
customers may be interested in knowing the main features of the services, how a
particular service would help them, rationale behind the technical services and
proof in regard to its uses. The pre-sale activities would bring the positive
results, if preparations are adequate.
Some of the customers are found highly aware of
the developments, they are found well informed. On the other hand, we also find
other category of customers who are in dark. Here, the branch managers are
expected to match the level of awareness of customers. As for instance, Mr. A
goes up the matrix but Mr. B has not enough time for the branch managers. The
branch managers are supposed to prepare a synopsis of their sales talk. Not
surprisingly the highly aware customers are found in apposition to make
independent decisions and know all about. While selling to the less aware
customers, the managers should stress on the main features of the services and
the expected benefits of these services.