Unit 1 IP Advertising and Public Relations
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Advertising and Public Relations
MKTG320-1804A
Dr. D. Glazer
Unit 1 IP
Alvin D. Nelson
October 10, 2018
The objectives that align with our bank's strategic goals are specific, specific in that we are a small bank of over 30 years surrounded by large ones that would like to consume us. We have no
competitive advantage; our competition is growing and is slowly chipping away at our customer base. We also have very little ROI because of our small accounts, and we don’t see any movement that would suggest improvements in that area anytime soon. We have very little customer loyalty. This has to change if this bank wants to succeed. Why is customer loyalty important? Customer loyalty drives financial results by returning to do more business with the bank, sometimes bringing in more customers by word of mouth.
We need new long-term strategic goals of advertising and public relations that are based on the SMART methodology (specific, measurable, achievable, relevant and time-based goals) that will help us to compete and expand. Those goals are to increase overall profit and rate of return on all investments, create an e-commerce initiative that will give us a competitive advantage in the industry and identify and target a potential new market segment of the banking industry and create greater customer loyalty. When creating SMART goals first you will need to craft specific goals, they must be clear and defined. Next, your goals will need to be measured, implementing dates for your goals to be
met so the degree of success can be measured. You need to know when you have accomplished your goals. Then make sure that the goals that we set are attainable. Don’t set yourself up for failure and don’t look to achieve the same results as the larger banks, baby steps are in order. Then make sure that your goals are relevant to what you are trying to achieve. And finally, make sure that your objectives are done in a timely manner. (Zahorsky, 2018)
To increase overall profit and ROI with advertising you first need to be specific within what you need to achieve, and that is who, what and when. Who is your target audience? Are they Generation Xers, Baby boomer or Millenials? Are they college graduates, veterans or blue collar workers? What avenue do we need to explore to reach them? Do we use mass mailers, commercials or radio spots? And when would be the best time to advertise? Re-branding the bank's image is our main objective through online banking and social media. For example, through research, we know that millennials are least likely to save money through banks, so our goal is to target them and convince them to use our bank. How do we reach them? This avenue we will use will be through social media, (Facebook, Instagram, Twitter, and snapshot) through gaming commercials and gaming events in the community. We will launch a new website, a website that will highlight all of the services that we offer. Once our specifics are addressed we will measure the progress of our goals. Each avenue of advertising through social media will be constantly monitored by a contracted advertising company chosen by the bank. The public relations department will constantly monitor events and
their effectiveness of the sponsorships. Our level of ROI will be determined by the number of new customers after the sponsored events. This will give the bank a competitive advantage in the
e-commerce industry.
We will make sure that our goals and objectives will be attainable. For example, our main objective will be to monitor all social media on our own, but for the time being, we will use a contracted advertising company, one that is reputable to get the bank started with implementing the processes involved with getting the brand out in the community. Once we get established, we
will assume the responsibility of advertising and monitoring the progress of that particular segment of our objectives with the long-term goals of adding this to our Public Relations department and employ fulltime people to operate the sites. The online banking services will start with the basic services only after the website has attracted a predetermined amount of web traffic. We need realistic goals with the website to make sure that it’s not too crowded with information that confuses the customer. Millenials typically have short attention spans, so we need to keep it as simple as possible and straight to the point. For example, starting out it would not be prudent to have all of your services available on the website before determining the needs of the customer and a pattern of what they wanted. We want to see what the trends are before making them available on the website. Finally, by implementing a time frame, this keeps us focused on the objectives and goals at hand. This motivates you to keep striving towards making the bank number one. If our goal is to be at a certain point at year one of our implementations, this gives us something to shoot for. Our
goal of measurement let’s say is to have a 30% rise in customer accounts by the end of the fiscal year, at least 30-40 online transactions per month and three new customers per week. This is how
the bank will measure our progress, and to determine if we need to continue these goals or enact new ones. References:
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5 Elements of a SMART Business Goal, Zahorsky, D., January 2018 https://www.thebalancesmb.com/
Chat#1 MKTG320.ppt, https://ctuadobeconnect.careeredonline.com/ Smart goal setting, https://smallbusiness.chron.com/elements-