Metro Bank's Communication Plan: A Strategy for Product Promotion

This report examines Metro Bank's communication plan for promoting new products, including loans and a savings Sacco, to its staff and stakeholders. It discusses the target audience, promotional theories, and specific techniques like advertising and personal selling. The chosen channel for communication is the Daily Mail newspaper, with a promotional message designed to attract attention, generate interest, create desire, and drive action (AIDA). The report also includes a sample poster and considers methods for gathering feedback on the effectiveness of the promotional campaign. It concludes that a well-defined target audience and appropriate promotional techniques are crucial for the successful introduction of new products.

UNIVERSITY NAME
Student’s Name
ID
INSERT TITLE

Table of Contents
1. Introduction.............................................................................................................................................3
2. Target audience.......................................................................................................................................3
3. Promotional theory.................................................................................................................................4
4. Promotion................................................................................................................................................4
5. Channel used...........................................................................................................................................5
6. Promotion message................................................................................................................................5
7. AIDA.........................................................................................................................................................6
Attention.................................................................................................................................................6
Interest....................................................................................................................................................6
Desire......................................................................................................................................................6
Action......................................................................................................................................................6
8. Feedback.................................................................................................................................................7
9. Poster......................................................................................................................................................7
10. Conclusion.............................................................................................................................................8
References...................................................................................................................................................9

1. Introduction
A communication plan is a policy –driven technique meant to provide information to
stakeholder’s .It determines who should be given specific information at what time, and which
channels of communication should be used to give out information. Its importance is: First is that
the plan is used on the clarifications of the goals and objectives of the business. This helps give a
business direction on where to head to. Secondly, it is used in the clarifications of relationships
that exist between materials, audiences and messages. This helps the business recognize their
appropriate partners and the type of the information disseminated to them. 1
2. Target audience
Metro Bank communication plan passes out information to the bank staff members, stakeholders
and the entire team of the bank. The information is aimed at giving the audience a clear message
on the rate of loans so as to encourage them applies for it. The second aim is to also inform them
on the existence of a new savings Sacco. It is done mainly to remove the bank staff mentality
that they always think that they cannot be part of borrowers of loans.2
1 Daniel Carter, 'The Labor Of Online Product Promotion: Barriers To Collective Action' (2017)
22 First Monday.
2 P. C. Jha, Sugandha Aggarwal and Anshu Gupta, 'Optimal Duration Of Promotion For Durable
Technology Product In A Segmented Market' (2016) 22 Journal of Promotion Management.

3. Promotional theory
A blend of promotional techniques used by the bank to reach its new audience. This mix include
advertising either by use of printings, audios and videos by use of a social, medium. Personal
selling through which the targeted audience is persuaded to buy a certain product can also be
used. Disadvantage of this method is that the marketer may have poor marketing skills This is
done face to face or by telephone. Publicity may also be used by the use of a third party to
promote the banks products. The bank may also sponsor events as a way of promoting its
products .Howe ever this method may be costly. Product placement may also work in promotion3
4. Promotion
Metro bank may adopt the above promotional techniques to achieve its objectives but at the same
time, these techniques may have some limitations. Sponsorship of events help reach out many
people but it may be limited in that it may focus on the wrong audience .Advertising is a
convenient and fast technique but it is expensive. Personal selling may be effective or ineffective
depending on the personal promotion skills for the marketers to convince the audience. Publicity
also may be a good tool but if the image of the bank is tainted, no third party is willing promote
it 4
3Yili Lian, 'Bank Competition And The Cost Of Bank Loans' [2017] Review of Quantitative
Finance and Accounting.

4 Mikhail I. Melnik, Paul Richardson and Dan Tompkins, 'How Seller And Product
Characteristics Impact Promotion On Ebay' (2011) 17 Journal of Promotion Management.
5. Channel used
The appropriate channel that Metro bank can use to reach its targeted audience is the use of the
most popular newspaper, that is, the Daily Mail. This is the most demanded newspaper hence
will reach many bank staff and the stakeholders. It is also reliable since an advert can be
retrieved in case of any referrals among the targeted audience. This may also be cheaper and
affordable for the bank since a page may be secured in a newspaper at a lower cost. It is
convenient since most people in the bank prefer reading than watching.
6. Promotion message
The bank may use this message –NEW PRODUCTS NEW BEGINNING!!!
This message may be framed in the above manner to achieve two purposes. First, the title attracts
attention as the title is captivating. This will make the audience curious about knowing more
about the new products i.e. loans. Secondly, by the use of the word new brings to the attention of
the targeted group that there is something new in existence. This will make them eager in
embracing the new offers and test to find out if it is workable or not. Therefore, by the use of the
above title is appropriate since it is brief, captivating and informative

7. AIDA
This is manifested in the message as follows.
Attention -The exclamation marks act as shock hence act to attract the attention of the
audience.
Interest-The message will be interesting to the audience since its brief hence the readers will
not be bored by too much irrelevant information.
Desire- The audience want to hear what is relevant to them .so the fact that the new products
that is the loans offered to the staff will help them have a turning point in their lives is relevant
because they need to hear .
Action-Metro Bank may make it a reality by creating time for the staff to be taken through the
new products5
5Mikhail I. Melnik, Paul Richardson and Dan Tompkins, 'How Seller And Product Characteristics Impact
Promotion On Ebay' (2011) 17 Journal of Promotion Management.

8. Feedback
The rate of the response by the audience may be measured by the number of those who will
demand for more newspapers of the advert and demand bank fliers that explain about the
products. The higher the demand for these materials, the greater the response by the targeted
audience
9. Poster
METRO
BANK
-your reliable
development
partner
Located in UK
NEW
-low interest rates
- Interest rate 30%
P.a
PRODUCTS
-fast loan
processing
- All loan products
BEGINNINGS!!!!!
-reasonable
instalments
-Advertised on
Daily Mail

10. Conclusion
Target audience is a very important determinant key for the Metro Bank in choosing the tools
and the techniques of promoting their products. Since it is targeting majorly on the bank staff,
then the methods used must be very conspicuous and easily accessed because the bank staff are
professionals who are very busy and don’t have time to access other advertising
platforms,therefore,use of newspaper becomes the most reliable and convenient method to pass
such information. Emphasis on the advert is made by the use of visual appealing and attractive
materials for these case posters which quickly and briefly describe the types of the products
offered by Metro Bank. The poster captures vital information such as the nature of the products,
installment periods and requirements to access the loans. It is predictable that since the bank has
been able to incorporate all these appropriate promotional techniques, it will be able to introduce
its new products successfully to the target group. Therefore, the discussion above will help the
bank know both the merits and demerits of each of the promotional methods under the mix

theory and therefore use it and at the same time find solutions to curb the shortcomings of these
techniques.
In conclusion therefore, the market mix theory is a good guide when one wants to decide on
which marketing technique to use in promotion. It offers a variety of methods that can be applied
in promoting different products depending on what the organization is trying to achieve and also
those targeted by the products.6
I. Voloshyn, ‘Predicting The Utilization Rate And Risk Measures Of Committed Credit Facilities’ (2017)
2017 Visnyk of the Nation Bank of Ukraine.
References
Carter D, 'The Labor Of Online Product Promotion: Barriers To Collective Action' (2017) 22
First Monday
Jha P, S AggarwalA Gupta, 'Optimal Duration Of Promotion For Durable Technology Product In
A Segmented Market' (2016) 22 Journal of Promotion Management
Lian Y, 'Bank Competition And The Cost Of Bank Loans' [2017] Review of Quantitative
Finance and Accounting
Melnik M, P RichardsonD Tompkins, 'How Seller And Product Characteristics Impact
Promotion On Ebay' (2011) 17 Journal of Promotion Management
Nyasha SN Odhiambo, 'THE EVOLUTION OF BANK-BASED FINANCIAL SYSTEM IN
THE UNITED KINGDOM' (2013) 11 Corporate Ownership and Control

Voloshyn I, 'Predicting The Utilization Rate And Risk Measures Of Committed Credit Facilities'
(2017) 2017 Visnyk of the National Bank of Ukraine