Question:
Discuss about developing advertising and public relation-based objectives?
Answer:
Introduction
ABC Bank is a small bank with only five branches within the same state and which to grow to avoid being swallowed by the bigger banks. ABC Bank has maintained their position too long and has decided it is time to grow and take on new challenges. In my new position as the vice president of advertising and public relations, I intend to create objectives towards the banks advertising and public relations which will enhance the bank’s opportunity for growth, to accomplish this, the four strategic goals will be used.Those strategies are to increase profit and the return on investment, to create an advantage that would be competitive by use of the e-commerce, to identify new market that would be profitable, and to use advertising and public relations effectively for the purpose of driving all three.
Advertising Objective
The purpose if the advertising objective is to increase the profit and the return on investment. This will be accomplished by using paid advertising through the media using flyers which will be distributed to the existing clients for the purpose to target the younger generation. By targeting younger generations, the bank will be able to prosper on the use of e-commerce since the younger generations are more tech savvy than the older generations. This objective will allow the bank to become competitive with the other banks in the same regional area as well as opening the opportunity for growth by using advanced technology. The attractive offers and services of the banks will be promoted by the bank for attracting the customers (Fill, Hughes & De Francesco, 2012).
Specifics:
- The bank will give advertisements the TV channels, News papers and Radio channels.
- The advertisements were also given by printed banners in the popular public places.
- The advertisements will be given in the popular websites.
Measurable:
The specific objectives are measurable because it can be easily understood that what resources will be required for developing the advertisement and the amount of money required for the tasks (Top Achievement, 2015).
Achievable:
The objectives are easily achievable as the aims are very clear and the procedures of the advertisements are simple enough to be achieved by the bank.
Some video advertisements are required for giving the TV channel advertisements and easily advertised by giving payment to the company (O’Guinn et al. 2014).
The printed banners will be developed by giving the advertisement tender to an advertising company.
The video advertisements and some image advertisements will be given in the websites by making payments to the website owners (O’Guinn et al. 2014).
Relevant
All the three objectives declared in the area of the advertising are relevant as the goal of the company will be easily achieved by these.
People of the present world are highly associated with the three media mentioned in the objectives.
Time-bound
The mentioned objectives can be achieved within a time frame of 60 days. The video contents will be developed and recording will be done within 30 days and the further tasks will be done in the next 30 days (Top Achievement, 2015).
The banners will also be delivered by the advertisement agency within 30 to 45 days and will be placed in some popular places within next 15 to 20 days.
Public Relations Objectives
ABC Bank has serviced their customers for over thirty years. ABC bank loves their customers and strives to provide them with exceptional service. ABC Bank believes in Real people, Real time, and Real service. Each customer is treated uniquely and each customer is provided with the customer service that fits their individual needs. That is the ABC way.
Using the above cliché as a public relations target, ABC Bank will be able to keep the focus they have in place but enhance it towards the new market. Easier to understand ATM machines will be in place as well as E-banking which will focus on developing it as user-friendly to the clients as possible. These two new products will be introduced to the media as the new era for ABC Bank (Colorado Technical University, 2015).
Social media platform is one of the most popular ways of developing public relationship development. ABC bank will use this platform for developing the public relationship devlopment and maintenance (Nair, 2015).
Specifics
The bank will develop an e-commerce website for their customers.
The bank will develop a page in the popular social media platform facebook.
Measurable
These two objectives are measurable as the number of clients using the services will be easily measured by the bank and the amount of money can also be measured easily by discussing with the IT professionals.
Achievable
The goal of the objectives is clear and the resources are available to the bank. The objectives will be easily achieved by the company by hiring some IT professionals or give the order to an IT company.
Relevant
The objectives are relevant because the target of developing a good customer relationship will be achieved by the company through the specific objectives mentioned here.
Both of the e-commerce site and the facebook page will help the bank to gather the customer views about their services. Better customer relationships will be developed with the help of the e-commerce site and the social media page (Nair, 2015).
Time-bound
The objectives are time bound because the IT professionals will be able to develop the e-commerce site within 60 days.
The social media page can be developed by the bank within one week. The page will be updated with the latest services and news. The bank will communicate with the customers through the social media platform every day (Nair, 2015).
Effectiveness of the SMART objectives:
The SMART objectives described in this paper will help the bank to achieve the desired level of promotion and public relationship development in a timely manner and with some limited amount of money. The SMART objectives help to understand what need to be done and how much efforts need to be given to achieve the target. The bank will be able to promote their services and to maintain good customer relationship through the SMART recommendations given in the paper (Top Achievement, 2015).
Conclusion:
ABC bank should keep it in mind that whatever short strategies they will use in the future, they can promote that strategy in first place as time bound strategy. As a recommendation, ABC can develop their own banking app which will help the customers to do the entire banking related job from their home. If ABC bank adopts this strategy they must promote it as time bound strategy by allowing their customers to download this app from several app related sites like Google app etc (Fill, 2012). They can use a bit of contextual advertisement by printing leaflets and sharing them with the customers who are coming to the bank. Emailing the existing customers about this new idea will be another good time bound strategy for them. Time bound strategies are instant strategies. ABC bank cannot make future plans for them.
References
Austinweeklynews.com, (2015).ABC BANK Announces their 25th Annual College Scholarship Awards Program. [online] Available at: http://www.austinweeklynews.com/Community/Blogs/4-14-2015/ABC-BANK-Announces-their-25th-Annual-College-Scholarship-Awards-Program/ [Accessed 12 Jan. 2016].
Colorado Technical University (2015).Retrieved from https://studentlogin.coloradotech.edu/portal/6/pages/mainframe.aspx?contentframe=/portal/6/Pages/Home.aspx
Fill, C., Hughes, G., & De Francesco, S. (2012). Advertising: strategy, creativity and media. Financial Times/Prentice Hall.
Nair, H. V. (2015). Digital marketing: a phenomenon that rules the modern world. Reflections-Journal of Management, 5.
O’Guinn, T., Allen, C., Semenik, R., &Scheinbaum, A. C. (2014).Advertising and integrated brand promotion.Cengage Learning.
Top Achievement. (2015). Creating S.M.A.R.T. Goals — Top Achievement. Retrieved from http://topachievement.com/smart.html
