Marketing Communication Strategy
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Introduction
Communication is critical in promoting the product and creating awareness about it in the market. The corporate have been using the traditional communication strategies, which they only target the product without considering consumer needs and wants. Integrate communication marketing strategy is a communication tactic in the market where banks are utilizing both traditional and modern communication strategies to ensure consistent communication message of company product and services.
It focuses on adding value to the existing communication marketing strategy to keep customers to loop with what is happening. An example is communicating about Wells Fargo new bank product and services. This approach harnesses the benefits customers get from the banks as far as product and service information is concerned.
Traditional communication strategies are focused on product/service, price, place, and promotion. It concentrated on the benefits of the organization without minding the consumers. The concept of integrated marketing communication strategy was introduced in 1993 by Prof.Don E .Schultz. He developed a model, which focused on consumer, communication and convenience and cost http://www.saylor.org.
The aim was to have customer oriented marketing communication strategy, which will put into consideration customers needs and wants. If that goal is met, it will reflect on the sale volumes and profit of the market. The plan will enable the organization to incorporate product vision with all elements of communication strategy.
The approach will allow the bank identify the right target market for the product and know the money the consumer is willing to spend on the product. The bank will also ensure the product is accessible to the user with minimal or no hustle.
Objectives of marketing communication strategy
These are the goals, which will guide the team while preparing, executing and measuring the outcome of the communication marketing strategy for Light Women bank product. To begin with is creating awareness about the Light Women Business loan. It will be a brief message about the product, consumer benefits, and the interest rate.
Secondly, is persuading 2000 women who are startup and Small medium enterprises to apply for the loan. That is minimum target the product is aiming to reach out to the women.
Thirdly, is reminding our women customers about the Light Women Loan. This objective is to ensure sustainability of the loan through widening Light women Bank product market.
Promotion mix
They are the various communication channels the bank will use to communicate to consumers. They may choose to contract an advertising company, but the bank will still prefer contacting the user to be consistent and timely. The promotion tools will be determined by the above three objectives. Since this is a new product in the market, the first impression consumers will get will define the future of the bank product http://www.saylor.org.
The Light women bank product will focus on three promotion tools. They include personal selling, direct marketing, and sales promotion. The product will mainly use sales promotion tool to reach out to the women through organizing road shows and meeting them on one to one in the women self-group meetings. That will give the bank opportunity to create awareness about the product and persuade women to buy the product.
Media strategy
Choice of media will significantly affect the product market. Light Women Loan product is targeting both young and old women where communication-marketing strategy will explore various communication channels. The most efficient one will be community radio stations. Most rural women access and share their thoughts in the local radio stations http://www.saylor.org.
Secondly, the strategy will explore mobile phone technology. Most women own mobile phones. A catch message will be developed to inform women about Light women loan, how to access it, benefits and the better interest rates.
Finally, the bank will explore the social media to reach out to the young people. The information will be shared on Twitter, YouTube, Facebook, Instagram and Website. The campaign should run for three months creating awareness and enrolling women to apply for the loan.
Conclusion
Integration marketing communication strategy is an essential tool for reaching out to consumers. It integrates all modern and traditional channels of communication. In addition, it helps to package message, which briefly and clearly outlines consumer needs and wants. On the other hand the strategy will allow one to explore all promotion tools and media outlets which can be used to champion the benefits of our bank products http://www.saylor.org
When the bank focuses on satisfying the customer, the customer always rewards the banks by embracing the product, sharing the information and applying for the bank loan. That is reflected in bank balance sheet of high sales and progressive profit margins. In addition, it helps the bank establish healthy working relationship with customers, shareholders, and investors. That will lead to bank growth, and the staff will have an opportunity to learn, serve and run the bank efficiently.