Metro Bank- You are in good hands with Metro BankINTRODUCTIONTARGET AUDIENCEPROMOTIONAL MIX THEORY•Messages without communicated with improperplanning is bound to be arise confusion andmisinterpretation (Qian, Strahan and Yang 2015). Acorporate communication plan establishes a standardized process to interact with stakeholdersand colleagues.•Metro bank in order to make a launch of its newbranch must implement an effectively structuredcommunication plan to measure its aims, strategies,target base and identify the vital messages withinfluential strategic planning.•Youth population from below 16years of age too the adult citizens•Metro bank’s primary aim to target the youth population and believes that savings is not age bound. The bank has introduced a ‘Young Savers Account’ who can start saving their earnings for trips or to earn the monthly interests from their deposits. The minimum age criteria to open a Young Savers Account is below 21 years and must be residing in the UK with valid identity and residence proofs. However, for customers residing outside UK, EU or Swiss National must provide valid visa or residence permit.•The minimum age criteria to open a Young Savers Account is below 21 years and must be residing in the UK with valid identity and residence proofs. However, for customers residing outside UK, EU or Swiss National must provide valid visa or residence permit.AIDA (ATTENTION, INTEREST, DESIRE, ACTION)Advertising-The company in order to target young customers must specifically emphasize on socialmedia marketing and mass media. The increasing trend of social media amongst youth can proofto be beneficial to cater the young generation. Detailed information and transparency of theirservices (Barty and Ricketts 2014). Metro bank must maintain the transparency and providedetailed information about their while introducing their services to cater the young generation.Public Relations- conducting special events and distributing brochures and newsletters ateducational institutes, offices and shopping malls to gather the attention of young generation.Sales-Trade shows can assist in endorsing Metro bank’s services and products and further transformpotential customers into actual ones.Direct marketing- The bank can directly communicate with the target by visiting their workplaces,or via emails and telephone.Personal Sales- Sales representatives of the company can directly inform or persuade the customerss about the services and necessary arrangements required for on spot account opening. This way theygather more customers rather than solely relying on advertising.•The plan implemented by Metro bank shoudrecognize varied strategies to improve and identifyopportunities to reach the key customers withproperly structured messages. The plan mustidentify certain threats and barriers and further theway to overcome those threats.OUTLINE OF THE CHOSEN CHANNEL,EFFECTIVENESS OF BROCHURES & POSTERS•Educating customers about the website- Children below the age of 16 yearswill not be able to gather enough information from the events.•Proper induction to operate the official page is required to make them aware of the services they would be taking.Brochures, Catalogues, Poster-1.Take home as well as mail out posters can facilitate in holding the customer base the company wants to target (Boone and Kurtz 2013)2.Printed brochures and posters are regarded as engaging, noticeable and tactile which results in increased rate of effectivity.3.Posters includes a wide range of shapes, sizes, colours and demonstratebrief yet detailed information about the services. It will call for youth attention and thus promote in brand awareness.•KEY MESSAGE:A BANK FOR THE•‘IGENERATION’•Attention- Metro bank must effectively work to capture itscustomer’s attention. A unique combination of visual stimuli should be used to achieve the target. Youth in recent times can be fickle mind , in order to gather their attention images and brief detail of their services must be used with simple language (Hutter,Hautz, Dennhardt and Füller 2013).•Interest- The people ofigeneration change their preferences veryoften. The company must hold on its customers and further work on turning the potential to concrete customer base.•Desire- When the bank will successfully comprehend the needsand interest of its target base, the company must aim to demonstrate ways in which Metro bank’s unique products and services can help the target to accomplish their desires.•Action –The following step of understanding the desire, Metrobank should encourage its customers with the prospects to takenecessary actions.CONCLUSIONDISCUSSION OF THE PROPOSED PROMOTION PUBLICRELATION-AN EFFECTIVE TOOL FOR PROMOTION•Advantages- If Metro Bank wants to cater on the post millennial segment they shouldadopt innovative ideas to conduct special events, programs as well as charitable activities (Armstrong, Kotler, Harker and Brennan 2015)•Believability- Majority of the young population perceive publicity as reliable ratherthan paid advertisements.•Employee morale- This form of promotion further facilitates the employee base toperform in amalgamation. Increased publicity can encourage pride and motivationamong the employees of the company.•Disadvantage•Failure To Hit The Target- PR might sometimes fail to generate the kind of preferredpublicity the bank wants to seek.FEEDBACK PROCEDURE•Should maintain a structured process of receiving feedback from theircustomers. Minor issues and problems can be addressed if customers give information about the area of their grievances.•Customers can be given feedback forms during their every visit to the branch about the current services.REFERENCES•Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: anintroduction. Pearson Education.•Metro bank has been working effectively to encouragethe youth in understanding the benefits of savings andmake them economically self-dependent.•Bank savings would result in earning interests of the deposits and thus help the youth to be more responsibleof the money they try to save and further use their wonsavings to accomplish their needs and desires•Therefore, from the detailed discussion, it can be concluded thatthrough the chosen channel namely brochures and posters; Metro Bank can improve its target base and enhance the growth of its current operations.•The paper highlighted the key aspects of the target audience byfurther explaining the Promotional Mix Theory and the way the company must adopt to achieve new aims and objectives. It further has explained the communication message to support the bank’s targets and goals.•Barty, J. and Ricketts, T., 2014. Promoting competition in the UK bankingindustry. BBA, The Voice of Banking.•Boone, L.E. and Kurtz, D.L., 2013. Contemporary marketing. Cengage learning.•Hutter, K., Hautz, J., Dennhardt, S. and Füller, J., 2013. The impact of user interactions in social media on brand awareness and purchase intention: the case of MINI on Facebook. Journal of Product & Brand Management, 22(5/6), pp.342-351.•Qian, J.Q., Strahan, P.E. and Yang, Z., 2015. The impact of incentives and communication costs on information production and use: Evidence from bank lending. The Journal of Finance, 70(4), pp.1457-1493.

+13062052269

info@desklib.com

Metro Bank's Communication Strategy

Contribute Materials

Related Documents