The importance’s of a communication plan in business is to clarify their goals and objectives as while as defining the relationships, between audience, messages, and channels. The reason for this is because they need to pass on the message to the right audience the company is aiming for. This can be done through using communication channels for example advertising, direct mail, personal selling, and sales promotion. By using communication planning, it will be easier for a company to know what they are doing as well as understanding who their target audiences are. (Ray, 2017)
The purpose of communication plan is to communicate the launch of Metro Banks new 2019 objectives announced by the sales director of Metro Banks personal banking service by 5% and will be targeting university students in the south-east of London by February 2019.
Metro Banks communication plan is aimed at university students in the south-east of London in the UK students are 18+ they come in different walks of life. There are different types of students in London, and some are doing an undergraduate degree and other Masters’ degree. In addition,in 2016/17, 6% of students were from other European Union (EU) countries and the remaining 13% came from countries outside the EU. (higher education data and analysis, 2018)
The behaviors students are different to each other there is some student that have children and some that work while studying. It’s different for every student’s, for example, some mature students will want to have a savings accounts to save for a house in the future while other students might want a savings account too but to save for holidays. The response Metro Bank will want from their target audience is to increase their banking accounts by 5%. There might also be an increase of other accounts Metro banks provide for their customers because the students might want to take out a loan or mortgage loans.
The main reason organisations use promotional mix is to communicate their product and services to their target audience. A procedure that Metro Bank can use to promote their product adverting it’s the cheapest promotional tool to use, and it reaches a large group of the target audiences. Another method that Metro bank can use could be direct mailing it goes directly to the target audience the product or services that its aimed at.
By using direct mailing and adverting Metro bank will be able to achieve their objectives by February 2019 and at attract their target audiences to open a personal banking account. By using market segmentation, Metro bank will be able to draw a large group of their target audience in a lower price, and for direct mailing it’s will have an Immediate and personalise effect and it's more targeted.
The chosen channel for Metro Bank is direct mail because it will reach all the target customers and the students are likely to read to check their while other students are unlikely to check their mail. This method will have a limited amount of responses from target customers. Another method for Metro Bank can be advertising its reaches a large masses of target audience. Additionally, it builds a long-term image for Metro Bank product. Therefore, this can increase the customer's responses from the target audience. (Weisberg, 2015)
The key messages Metro bank needs to communicate to their target audience could the services Metro bank will be providing to their customer that other competitors. The message that was delivered in the poster was “You never need to worry about losing your card with Metro Bank you can get a new one on the same day in store.” The purpose of this message is to inform their target audience of the kind service that is provided by Metro Bank to attract their target audience. (Beyer, 2016)
Metro Bank logo and pictures of students that have been used to create Metro Bank Ad stand out to their target audience to get their Attention. To keep the audience interest Metro Bank Ad provides messages informing about the unique services that are provided in Metro Bank. This will build the audience's desire to use and want their service they offer. The Ad contains different types of why to get in touch with Metro Bank. (Hanlon, 2013)
A method that could be used to collect feedback on the effectiveness of the poster is by the checking the increase of website visit since the advertisement was published. Another method to obtain feedback is to see how many enquires Metro bank received about personal accounts. (Bread, 2013)
In conclusion, Metro Bank will need to ensure an effective method of promotion they must take into consideration the wants, needs of their target audience and their characteristics. To make sure the chosen method of advertising is effective is to track the feedback since the promotion by checking the increase of website visits, new personal accounts. These steps will help Metro Bank achieve their objective which is to increase the personal banking service by 5% targeting university students in South-East of London by February 2019.
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