Advertising and Public Relations
Colorado Technical University
Instructor: Heather Weller
10/13/2014
OBJECTIVES AND GOALS OF ADVERTISING AND PUBLIC RELATIONS IN BANKING SECTOR
Advertising and public relations are aspects of marketing promotion. This is so because they are both geared towards creating publicity of either a good or a service. Though the two have slight differences in the end they possess the main aspect of marketing and thus can be used as strategies of attaining some the strategic goals. It is for this reason that the two can be viewed to have similar objectives and goals.
In banking there may be quite a number of goals which need be achieved in the long run. Therefore in order to achieve a certain goal there are objectives which need be set right at the beginning. Objectives and goals are related since objectives are a subset of goals. A required outcome can only be met if it is interrelated with its objectives. From banking perspective an objective can be defined as a specific required result that is being aimed by a bank. It can be further be viewed as the reason as to why something is being done.
A bank needs to use specific, measurable, achievable, relevant and timely- oriented objectives and goals so as to be in a good position to plan for its activities effectively. Specific objective or goal answers the questions of who, why, what, how and when. It does not involve the use of generalisations. In this case a specific objective answers the question of why advertising and public relations are to be used in banking sector. Measurable explains how it can be gauged that in the end the goal has been able to be achieved. This implies what will be the indication of achievement. Achievable means that it needs be true. Whatever the reason is, let it be true and real. Further explains what need be done so as a goal can be achieved. Relevance indicates the importance associated with a goal or an objective. A relevant objective explains the willingness of as to why something is being done. Finally timely-oriented objectives and goals define the time frame. It answers the question of for how long.
Having discussed the above SMART methodology banks can set quite a number of its advertising and public relations objectives which will help them in achieving their goals. For instance a bank in the U.S can come up with the following advertising and public relations objectives so as to outdo the other competitive banks and make customers continue using their services or attract new customers to bank with them.
Creating banking services awareness.
Through advertising and public relations a bank will be able to promote its services to the public and explain to them the advantages associated with banking with them. It is more of an educational program which makes to the public to be aware and thus they can continue using the services offered or for those who are potential customers can now go and acquire the services offered in that particular bank.
Building customer preference by promoting the quality of services offered by the bank.
This is an objective which will enable the bank to make its customers prefer their services more as compared to those of other banks in the market. While advertising they will be explaining of their low interest rates on loans, offers, high interest rates of depositing into their account etc. This will make people prefer them to other banks since they will see that the bank has an added advantage over the others.
Increasing customer demand for a bank services
A bank will advertise itself and do proper public relations so as to see in the end that it is able to maintain its current customers and attract new customers too. This will increase the demand for their services and in return they will be in a position to supply and offer more of its services to the customers.
Change the attitudes of the public concerning a bank
This can be referred to as attitudinal change objective. A bank will do advertising programs and public relations so as to reshape the attitudes of the customers or potential customers. It is mainly to eradicate the negativity idea which customers have concerning the bank. For instance the public might be thinking that maybe a certain bank only gives loans to those who have high incomes and thus have the attitude that it only belong to the rich. This might just case since banks are geared towards provision of services to everyone. Therefore the bank may take upon them to do advertising and public relation strategies so as to eradicate this existing negative attitude concerning them by explaining to the public that they give loans even to small entrepreneurs and the interest rates are very low. By doing so customers will develop a new positive attitude and it will be to the advantage of the bank.
From the above set of objectives it is clear that they work along in line of achieving a desired goal of an organization. In banking sector the main goal is to increase a bank’s revenue. This goal of increasing revenue is SMART since it is specific in the essence that it will benefit the bank directly. This goal is measurable because the bank can set its target which will gauge whether revenue has increase or not. It is attainable and realistic because by using the objectives strategy it can be meet. These objectives of advertising and public relations are interrelated in increasing revenue generation in a bank. Therefore, it can be shown how each of the stated objective aligns directly to the goal of increasing revenue generation in a bank due to the marketing aspects of advertising and product relation.
Creating banking services awareness.
This objective will help in making more customers be aware of the services some might be interested and become new customers. This will in return generate revenue to the bank.
Building customer preference by promoting the quality of services offered by the bank
When people prefer the services of a particular bank they will bank with it and go for their services rather than banking with other banks thus, the bank will have more revenue collected from its customers.
Increasing customer demand for a bank services
When customers demand more they will require the services of the bank e.g. take loans and of course pay at an interest. This will definitely generate revenue for the bank.
Change the attitudes of the public concerning a bank.
When negative attitudes are transformed to be positive customers will embrace the services offered by the bank. As a result the bank will have increased its market and thus earning more.
Importance of specific objectives
Specific objectives are used to give the clear expectations of doing advertising and public relations in banking sector. When an objective is specific it implies it has a key result once it has been accomplished successfully. Setting specific objectives can help the organization e.g. bank to meet its goals from three perspectives.
Measurement Perspective. Specific objectives provide an avenue where by an organization can gauge itself to see if they have attained their goal. They show whether a goal has been finally attained and if not what else need be done so as to pass the measurement gauge. The objective is being compared against the set metric value. Helps the organization in evaluation process.
Accountability Perspective. Such objectives make the employees of a bank be able to do all what it takes to see that their set goal has been achieved. Each one of them becomes responsible in all the activities and perform as per the indications on the specific goals. This will help the bank to run effectively and plan properly.
Return on investment. Specific objectives help in realisation of specific goals which are geared towards the success of the organization. Therefore, they help an organization to increase its returns which can be ploughed back in the business so as to continue offering quality services to the customers. Helps greatly on the success of the organization.
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