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Promoting The Bank

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  1. Promoting The Bank Viking Independent Bank Mrs. Sorrell Chapter 11, Banking Systems

  2. Public Image • Defintion: the concept the public has of a business • Should reflect its mission, values, and culture • Six steps to creating an image • Analyze the image the bank wants to present • Determine the target audience • Determine the current image • Define the bank’s goals in creating its image • Develop a plan to accomplish the goal • Track the results of the public relations campaign to create or revise the bank’s image

  3. Public Relations (PR) • “The planned and sustained effort to establish and maintain goodwill and mutual understanding between an organization and its public.” (Institute of Public Relations) • Can use any media, including radio, television, Internet, and print advertising, to gain a competitive advantage as well as to establish and maintain goodwill and mutual understanding between the company and the public • Brochures are PR tools that inform the reader about some aspect of the bank

  4. Customer Service • Definition: the activities and programs a seller provides to make the relationship with its customers satisfying • Banks have become aware of the importance this has on their image as well as their bottom line • Customers want: • Responsive service • Competent staff • Courteous treatment • Customer perspective • Reliable service • Product that meet customer needs • Easy access to staff and funds • Professional appearance

  5. Inappropriate Behavior • Don’t be rude to the customer • Don’t argue with the customer • Don't ignore a customer • Don’t make excuses or use negative phrases • Don’t criticize, condemn, or complain • Don’t be condescending • Don’t leave customers on the telephone • When things go wrong • Apologize • Listen and ask questions • Correct the problem quickly and fairly • Keep your promises • Follow up on the problem

  6. Marketing • Definition: the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy the customer and the organization • 4Ps of marketing • Producing • Pricing • Promoting • Placing • Marketing will be our efforts to make the public aware of our services and entice the public to use our services

  7. Advertising • The paid description or presentation of a product, service, idea, or organization to encourage individuals to buy, support, or approve of it • Organizations use a variety of media • Print media: newspaper, magazine, brochure • Broadcast media: TV and radio ads • Outdoor media: billboards, signs, banners

  8. Additional Advertising Modes • Direct marketing: delivers the materials individually to a target market via direct mail • Cyber marketing: carefully planned and sustained effort to advertise a company, its products, and/or services through the Internet • Advertising budget: money spent on advertising efforts • Global spending for advertising in 2010 was $497.3 billion

  9. Glossary • Target market: Preselected group of buyers who are the focus of marketing efforts • Market segmentation: dividing a market into subgroups, each of which is identifiable • Social responsibility: obligation to profitably serve employees and customers in an ethical and law-abiding manner