The Yuletide season provided a vantage platform for brands to reward consumer loyalty through series of sales promotion. What surprises one the most is that banks adopted several platforms to outdo one another in the reward scheme.
The promotional activities are aimed at sustaining the established bond with the consumers. I guess banks leveraged on the economic situation to connect with the consumers. This in way identifies with the needs of consumers at a time like this when they need to have adequate money to meet their needs.
The consumer promo in a way is designed to enable consumers inculcate good savings culture which in a tangible way aligns with the behavioral pattern and lifestyle of consumers.
The success of any consumer promo is hinged on its overall impact on the lives of the consumers. This is because any promotional activity should take cognisance of consumer needs, which to a large extent determine the success of such activity.
In aligning with its brand promise; Sterling Bank designed the Sterling Savers Promo as a veritable platform to bond with the consumers.
The promo is electronically based and thousands of the bank customers participated in the activity. A reward scheme like this should be embarked upon by brands to drive loyalty from customers and also creating enduring touch points. The Sterling Savers Promo conforms to the Unique Selling Proposition of the bank as one that propounded the one customer concept where the individual customer is accorded attention and treated in a special way.
The one customer concept is not one that gives preference to one customer over and above others; rather each customer is accorded the appropriate attention as customer issues are varied. It underscores the importance of feeling the pulse of the customer and responding appropriately to meet their needs.
Each individual customer has a unique experience of the brand which promotes a beneficial relationship.
The whole essence of the promo is to promote financial inclusion in the economy and also reward the bank’s customers. A potent strategy that the bank adopted with the savers promo is also to ensure that the unbanked populace, estimated at 56 million ,is captured,
This is a laudable goal as it moves beyond the mundane objectives of mere obtaining monetary deposits. The bank believes its balance sheet growth is secondary while it is strongly focused on its primary goal of reaching the unbanked.
The bank should sustain this goal of having laser focus on the customer and should continually raise the bar of qualitative customer service delivery.
The clearly defined objectives of the savers promo deepens the brand equity of the bank as it reinvent the rules of customer service delivery to remain a dynamic and forward looking brand in the financial services sector.
Ayopo, a communication strategist and public relations specialist, is the CEO of Shortlist Ltd. Email: mayomipo@yahoo.com
Source: National Mirror
