THE EFFECTIVENESS OF PROMOTIONAL STRATEGIES ON RURAL BANKING

Abstract

This study looks at the effectiveness of promotional strategies on rural banking specifically in the case of Adansi rural bank. The purpose of our study provides adequate knowledge and assistance to banking and financial analysis of the need to responding to a new era in the delivery of the banking products. This study uses a case study with survey as the research strategy and made use of questionnaire administration, interviews were in to gather data for this research. A purposive sampling procedure was used to select twenty-two participants for the study. The results through our findings revealed that personal selling is the most important promotional tool when promoting banking services. Because here there is personal interaction between the client and the bank, therefore the client will able to solicit the required informed needed from the banks from their representative thereby giving out the best service to their customers. Also other promotional tools such as direct marketing, public relations, sponsorships, sales promotion and others should be well looked at. Cultural aspects are the most important factor influencing the choice of promotional strategy. This is so because customers who do business with the bank are located in a place where the dialect mostly used is the “Asante Twi”, therefore, management are to use this medium during their promotional activities so that their targeted clients will understand the message they are putting across. The other external factors that influence the choice of promotion strategy are the technology orientation of the industry, thus the type of computerized services offered by the bank such as sms alert, e- banking services, enhances the competitiveness of the market and the economic factors such political and legal systems should be well structured to improve upon the banks services. It was recommended branding is of great importance because it helps identify the bank’s service from others. The bank’s frontline staff should be motivated and empowered to enhance better customer service performance.