Promotional Mix Strategy for Metro Bank

This study focuses on the promotional mix strategy used by Metro Bank to enhance its personal banking services for university students in South East London. It discusses the target audience, promotional mix theory, suitable promotion technique, justification for the selected channel, explanation of the communication message, AIDA marketing theory, and feedback collection method.

MARKETING AND
COMMUNICATIONS

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Target audience...........................................................................................................................1
Promotional mix theory...............................................................................................................1
Suitable promotion technique.....................................................................................................1
Justification foe selected channel................................................................................................2
Explanation of communication message.....................................................................................2
AIDA marketing theory..............................................................................................................2
Feedback collection method........................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Communication is most important part of business unit. It helps in circulating common
message to all so that confusion can be minimized and overall goal of the firm can be achieved.
Present study is based on Metro bank (Yohanes Chiftri and et.al, 2015). Cited firm is aiming to
enhance its personal banking services by 5% by targeting university students in South East
London. The main objective of preparing communication plan is to circulate the message to the
target audience so that company can meet with its objective. Current study will include target
audience of the firm. Furthermore, it will describe promotion mix theories.
MAIN BODY
Target audience
Metro bank is performing well in UK, now company aims to enhance its number of
customers. For that target audience of the cited firm are university students in the South East of
London. These students come here for the educational purpose and their families send then
money through bank (Ubeja, 2014). Thus, they are the target audience, by targeting them entity
will be able to grow its personal banking services by 5% till the end of February 2019. Students
are giving good response to the bankers because Metro bank is near to their university so they
can get banking services immediately.
Promotional mix theory
Promotional mix is the way to circulate the message to target audience. Through
implementing promotional strategies company tries to make consumers aware with benefits of
using product and services of the organization. Metro bank promotes its personal banking
services by taking support of accurate promotional tool spo that target audience can get attracted
towards the firm (Pandey, 2015). There are various promotional mix elements such as
advertisement, selling, direct marketing, sales promotion and public relations. By applying these
methods product of the company can be promoted easily.
Suitable promotion technique
In order to attract university students Metro bank should take support of personal selling
promotional strategy. It is the type of tool in which representative of company directly
communicates with the consumers and make them aware with products of the firm.
Representative of Metro bank can conduct group meeting with the students of college and can
promote its products and services (Hassan, 2015).
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Advantage:
 It is beneficial in influencing mind of consumers and making them positive towards the
brand.
 It is helpful for the business in developing healthy relationship with consumers.
Disadvantage
 It is time consuming technique and representative have to spend time to make the people
aware with new product of the bank.
 If sales person does not have adequate skills then it may fail the entire promotional
objective (Hyde and et.al, 2014).
Justification foe selected channel
Personal selling is the best way because by this way representative of bank will make the
students aware with the benefit of personal banking services for them. As they can get ATM
cards, net banking and personal officer will provide them a quality services all the time. This
message can not be circulated through any other channel (AIDA principle, 2015). Thus, personal
meeting and selling can be helpful in making them positive and resolving their quarries as well.
By this way Metro bank will be bale to enhance its personal banking services by 5% easily till
the February 2019.
Explanation of communication message
Metro bank are giving students facility to sign up their account. They can make financial
transaction with no limit. They can enjoy personal banking services of the company free of cost.
AIDA marketing theory
AIDA is the marketing theory which stands for attention, interest, desire and action.
Company has to grape attention of people in order to accomplish its objectives. By sending
attractive lines through email their attention can be gathered by Metro bank. Furthermore,
company is required to enhance their interest for that entity needs to engage them in the
communication process and need to describe benefits for them (Yohanes Chiftri and et.al, 2015).
Once firm become able to enhance their interest then Metro bank should offer them benefits
which can meet with the desires.
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Illustration 1: AIDA model
Source: (AIDA principle, 2015)
For example sign up of account and financial transaction so that they can get money from
their parents easily can fulfil their monitory requirements. Bankers need to successfully close the
deal by resolving each quarry of students. Personal selling promotional channel will help the
firm in implementing this marketing theory effectively (Hassan, 2015). By this way cited firm
will be able to convert students into consumers and will be able to raise its personal banking
services by 5% till the end of 2019 February.
Feedback collection method
In order to collect feedback of students, Metro bank can take support of social
networking sites. It can send them feedback form. By this way students can give review about
the promotional technique of the business (Yohanes Chiftri and et.al, 2015). This is the easiest
way to make communication with consumers.
CONCLUSION
From the above study it can be concluded that promotional mix strategy support the firm
in promoting products and services to the mass audience and attracting them towards the brand.
By this way company can meet with its organizational goal.
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REFERENCES
Book and Journals
Hassan, Z., 2015. The promotion mix and its impact on consumer's purchase of frozen halal
product (Doctoral dissertation, Universiti Teknikal Malaysia Melaka).
Hyde, A. M. and et.al., 2014. Effect of Promotion Mix on Consumer Behavior in Shopping
Malls. Anvesha. 7(4). pp.33.
Pandey, M. P., 2015. Innovative Promotion Mix-A Temptation in Banking Industry.
International Journal of Engineering and Management Research (IJEMR). 5(2). pp.830-
839.
Ubeja, S., 2014. A Study of Sales Promotion Mix on Customer Satisfaction With Reference to
Shopping Malls in Indore. Global Journey of Finance and Management. 6(3). pp.245-252.
Yohanes Chiftri, Y. and et.al., 2015. Pengaruh product quality dan promotion mix terhadap
repurchase intention atas produk kaca dark grey pada pt. real glas semarang. Journal of
Management. 1(1).
Online
AIDA principle. 2015. [Online]. Available through <https://www.cleverism.com/lexicon/aida-
principle-attention-interest-desire-action/>
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