ADVERTISEMENT AND CONSUMER BRAND PREFERENCE OF DEPOSIT MONEY BANKS
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
ADVERTISEMENT AND CONSUMER BRAND PREFERENCE OF DEPOSIT MONEY BANKS
ABSTRACT
The impact of online advertising on customer brand awareness and patronage at United Bank for Africa (UBA) was explored. Even while most consumers are aware of the existence of online transactions, they have not fully adopted them. The research objectives were to determine the extent to which online advertising effects consumer brand awareness, consumer purchasing behaviour, and consumer brand recall for UBA products.
The scope of the study is the impact of online advertising at UBA Bayelsa. The study’s population consists of all consumers from UBA’s five branches who are educated and have internet access. The population was undetermined, hence the sample size was chosen using Freund and William’s approach.
The purposive sample strategy was used, and the survey method was used to collect primary data via a questionnaire instrument. The questionnaire was tested for content validity and reliability using Cronbach’s alpha, which yielded a score of 0.890. The findings demonstrated that online advertising has a considerable influence on customer brand awareness of UBA products.
Additionally, it was shown that online advertising had no substantial impact on customer purchasing behaviour. In addition, online advertising had no substantial impact on customer brand recall of UBA products.
The study suggests that banks build their internet advertising with appealing articles, graphics, and even videos to increase awareness of their numerous offerings. Bank marketing professionals should convince customers one-on-one to accept internet banking transactions.
Financial institutions that have not yet implemented online advertising should do so to increase brand awareness and customer loyalty.
Chapter One:
Introduction
1.1 Background of the Study
The paradigm shift in the media and advertising environment is a remarkable landmark, made possible by the expansion of online advertising via internet technology and innovation. Hot Wire sold the first Banner on its website in 1994, ushering in a new era of online advertising for its products and services.
Online advertising promotes a company’s products and services by displaying ads on other websites (Singh, 2016). Targeting ads to present and potential customers is an efficient way to promote a company’s products.
It enables businesses to reach a diverse audience with tailored advertising messages that are both accurate and timely (H and K, 2013). Online advertising provides numerous benefits to both consumers and advertisers.
Online advertising‘s efficacy and feasibility stem from its high level of involvement. It offers a feedback mechanism that allows customers to voice their concerns as well as contribute to potential advertising message changes and product, service, or brand improvement (Tavor, 2011). Online advertising is far cheaper than traditional print and electronic media.
Traditional media may use more of an advertiser’s marketing budget, but online advertising is more cost-effective for reaching a diverse and targeted audience. In other words, online advertising is cost-effective.
Furthermore, with the web advertising campaign, the marketer could readily attract global attention to his products and services. Indeed, it has a broader reach because the majority of people use online communication platforms. In other words, it has a greater reach per 1,000 people (Belch and Belch, 2001) than other media.
Furthermore, while a marketer is only required to pay a certain number of qualified clicks and leads, in traditional channels, the entire amount of ad money charged by the ad agency is paid for the service even before the intended outcome of the ad begins to unfold.
The financial challenges associated with traditional media are not required for online advertising. Online advertising can effectively target consumers who need a company’s products and services. It is targeted at a specific market, as opposed to traditional advertising, which is focused on mass marketing.
Because it concentrates on a specific demographic, it produces better results than traditional advertising, which is riddled with “near misses” (Nwosu, 2001).
Online advertising allows for faster message delivery. When a marketer launches an online advertising campaign, the message reaches the broadest audience the instant it is sent out. It delivers messages faster than any other traditional or offline advertising channel (Hashimova, 2015).
When the ad is sent to the target audience and they connect online, the advertisement is received. If the advertising campaign is effectively organised, online advertising can greatly increase the popularity of a product or service.
The ad message regarding the goods and service, as well as their ability to provide exceptional consumer benefits, spreads virally via electronic word of mouth.
This leads to a higher return on investment for marketers. Tehreem and Rizwan (2016) reinforce this viewpoint by observing that, while online advertising is an inescapable occurrence and scene for customers, they consider it as a convenient buying approach.
Furthermore, analysing advertising objectives based on the number of customer visits (qualifying clicks) would make it easier to measure online advertising effectiveness, as opposed to traditional advertising, which cannot simply measure a brand’s sales impact after launching an advertising campaign.
There have been very few studies on how online advertising affects consumer purchasing behaviour. Furthermore, this study is unique in that it focused on consumer brand knowledge and memory rather than purchasing behaviour.
1.2 Statement of the Problem
The introduction of online technology by the internet has resulted in a setback in the delivery of marketing mix and communication promises. Online advertising is a typical beneficiary of the internet’s numerous benefits. Unfortunately, many bank customers in Nigeria and other developing nations have yet to sign in (Heinonen and Rozenveld, 2013).
Consumers perceive hazards and lack trust in doing online financial transactions. They still visit the banking hall on a daily basis because they believe in brick-and-mortar.
Companies who have adopted it continue to spend and execute significant advertising campaigns in traditional media, with no internet presence.
Ironically, those who are present online encounter a very small number of consumers who are willing to click on an ad to study the message holistically or to make a purchase. In other words, the majority of Nigerians still buy their items from traditional brick-and-mortar stores.
Nonetheless, internet facilities and services in Nigeria have yet to be completely explored and exploited because access is rarely dependable. Perhaps this is why many businesses have yet to embrace online advertising as a more convenient,
quick, cost-effective, message-focused, interactive, and easy to measure in terms of return on investment channel for advertising their goods and services. Similarly, consumers lack confidence and trust in online media (Okolo and Ehikwe, 2015).
As a result of the disparity in the two parties’ overall adoption of the online channel of communication, this study will look into the impact of online advertising on customer brand recognition and patronage of United Bank for Africa (UBA) goods in Bayelsa.
1.3 Objectives of the Study
The primary goal of the study was to examine the effectiveness of online advertising in marketing financial institutions, with a focus on UBA Nigeria. The study aimed to assess how online advertising affects customer brand awareness of UBA products.
To research how online advertising effects customer purchases of UBA products.
To determine how much online advertising effects customer brand recall of UBA products.
1.4 Research Questions.
To what extent does online advertising impact customer brand awareness of UBA products?
To what extent does online advertising influence consumer buying behaviour for UBA products?
To what extent does online advertising effect customer brand recall for UBA products?
1.5 Significance of the Study
Consumers will benefit from the comfort and convenience of doing transactions from their homes. In other words, going to the bank for each transaction will be significantly reduced. Many products are offered online, allowing them to compare and select the one that best suits their needs.
In addition, the company will benefit from the large number of clients. That is, the clients represent a distinct target market, resulting in a high return on investment. Investors will be attracted as increasing patronage leads to increased market share, resulting in an increase in UBA’s share price.
Furthermore, research students and consultants would see the findings as legitimate research material for future investigations. Finally, this great profitability in all aspects will be beneficial in the implementation of corporate social responsibility for community members where the banks are located.
1.6 Scope of the Study
The purpose of the study is to examine the impact of online advertising on consumer brand awareness and patronage of financial institutions in Bayelsa: a study of United Bank for Africa (UBA).
1.7 Definition of Terms.
1) A consumer is an individual who buys or has the ability to buy goods and services provided by marketing bodies or corporate entities in order to meet personal requirements, wants, and desires.
3) Advertising: This is the process of preparing an advertisement’s message and presenting it to the media.
4) Consumer Behaviour: This is a component of human behaviour that deals with the acts involved in the purchase of products and services to satisfy human desires, wants, and needs.
5) News Adjacency: This is the time before, during, and shortly following news on the radio or television for advertising.
9) Primary Advertising: This sort of advertising aims to increase demand for the entire corporation’s genetic products or services.
Need help with a related project topic or New topic? Send Us Your Topic