Metro Bank: Marketing Plan for Young Savers Account Launch

This report analyzes Metro Bank's marketing strategy for launching its 'Young Savers Account,' targeting youth under 21. It emphasizes the importance of a structured communication plan, outlining the target audience, which includes youth and young adults, and the promotional mix theory. The report details the AIDA model (Attention, Interest, Desire, Action) and suggests the use of social media marketing, detailed information transparency, public relations through events and brochures, sales through trade shows, and direct marketing via various channels. It highlights the effectiveness of brochures and posters for reaching the target audience and emphasizes the key message of being 'A Bank for the Igeneration.' Furthermore, the report discusses the advantages and disadvantages of public relations as a promotional tool, including employee morale and feedback procedures. The conclusion emphasizes the importance of brochures and posters in improving the target base and enhancing growth, summarizing the key aspects of the target audience and the promotional mix theory, along with the communication message supporting the bank's goals.

Metro Bank- You are in good hands with Metro Bank
INTRODUCTION TARGET AUDIENCE PROMOTIONAL MIX THEORY
• Messages without communicated with improper
planning is bound to be arise confusion and
misinterpretation (Qian, Strahan and Yang 2015). A
corporate communication plan establishes a
standardized process to interact with stakeholders
and colleagues.
• Metro bank in order to make a launch of its new
branch must implement an effectively structured
communication plan to measure its aims, strategies,
target base and identify the vital messages with
influential 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 social
media marketing and mass media. The increasing trend of social media amongst youth can proof
to be beneficial to cater the young generation. Detailed information and transparency of their
services (Barty and Ricketts 2014). Metro bank must maintain the transparency and provide
detailed information about their while introducing their services to cater the young generation.
Public Relations- conducting special events and distributing brochures and newsletters at
educational 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 transform
potential 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 customers
s about the services and necessary arrangements required for on spot account opening. This way they
gather more customers rather than solely relying on advertising.
• The plan implemented by Metro bank shoud
recognize varied strategies to improve and identify
opportunities to reach the key customers with
properly structured messages. The plan must
identify certain threats and barriers and further the
way to overcome those threats.
OUTLINE OF THE CHOSEN CHANNEL,
EFFECTIVENESS OF BROCHURES & POSTERS
• Educating customers about the website- Children below the age of 16
years will 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 demonstrate
brief 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 its
customer’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 of igeneration change their preferences
very often. 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
needs and 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, Metro
bank should encourage its customers with the prospects to take
necessary actions.
CONCLUSION
DISCUSSION OF THE PROPOSED PROMOTION PUBLIC
RELATION-AN EFFECTIVE TOOL FOR PROMOTION
• Advantages- If Metro Bank wants to cater on the post millennial segment they
should adopt 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 rather
than paid advertisements.
• Employee morale- This form of promotion further facilitates the employee base to
perform in amalgamation. Increased publicity can encourage pride and motivation
among the employees of the company.
• Disadvantage
• Failure To Hit The Target- PR might sometimes fail to generate the kind of preferred
publicity the bank wants to seek.
FEEDBACK PROCEDURE
• Should maintain a structured process of receiving feedback from their
customers. 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:
an introduction. Pearson Education.
• Metro bank has been working effectively to encourage
the youth in understanding the benefits of savings and
make them economically self-dependent.
• Bank savings would result in earning interests of the
deposits and thus help the youth to be more responsible
of the money they try to save and further use their won
savings to accomplish their needs and desires
•Therefore, from the detailed discussion, it can be concluded that
through 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 by
further 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 banking
industry. 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.