INFLUENCE OF INTEGRATED MARKETING COMMUNICATION ON BRAND POSITIONING OF NIGERIAN BANKS
Abstract
The ever-dynamic business environment of the Nigerian banking sector has called for serious competition. Success is dependent on the combination of right communication strategies and brand positioning strategies as banks strive for brand equity, customer patronage and loyalty. Studies have recognized Integrated Marketing Communication (IMC) as the pathway to brand positioning, but none of the studies in Nigeria has examined the relationship between IMC and brand positioning in the banking sector. Therefore, this study traces the link between IMC and brand positioning in Stanbic IBTC bank, Wema Bank, Guaranty Trust Bank and First City Monument Bank in Nigeria. Focus group discussion and In-depth interview sessions with customers and Corporate Communication Manager indicated that IMC help communicate brand positions within the marketplace. It also helps raise brand awareness, communicate unique selling propositions, and create superior edge in the competitive market. The findings of the study show that the chosen banks achieve brand equity, loyalty, and patronage through IMC. The results further affirm that IMC could have a positive influence on brand positioning.
Keywords
Full Text:
PDFReferences
Aaker, D.A. 2008. Strategic market management. USA: John Wiley and Sons.
Adesanoye, O. 2018. “Integrated Marketing Communication and Brand Positioning of Chosen Nigerian Commercial Banks in Ibadan” An Unpublished PhD Thesis, Department of Communication and Language Arts, Faculty of Arts, University of Ibadan, Ibadan, Nigeria.
Ahmad, A., Salleh, S, and Perumal, S., (2019). Brand Related Capabilities and the Process of Integrated Marketing Communications (IMC): A Resource Based View (RBV). Journal of Contemporary Research in Social Science, 1(6), 136-150 DOI: 10.33094/26410249.2019.16.136.150
Asekome, E. (2020). Effectiveness of Marketing Mix Strategies on Customer Satisfaction, Loyalty and Retention in Banking: Case Study of Zenith Bank Plc, Nigeria. Archives of Business Research, 8(1), 51-64
Asikhia, O. 2010. “Positioning a bank service in Nigeria: A conceptual framework” InternationalJournal of Business and Management, Vol. 5, No 8, pp. 146-153.
Babaleye, T., Owolabi, A. and Bodunde, I.J., (2021), Integrated Marketing Communication, and Customers, Loyalty of Guaranty Trust Bank (GTB) Customers in Ibadan Metropolis, Nigeria. Education Jouranal, 4(3), 46-58, DOI:https://doi.org/10.31058/j.edu.2021.4300
Batra, R., Myers, G.J. & Aaker, A.D. 2009. Advertising Management, 5th Edition. New Jersey: Prentice Hall.
Belch, G. & Belch, M. 2015. Advertising and Promotion: An Integrated Marketing Communications Perspective,10th Edition. New York: McGraw – Hill/Irwin.
Blankson, C., Ketron, S., and Darmoe, J. 2017. "The role of positioning in the retail banking industry of Sub-Saharan Africa", International Journal of Bank Marketing, Vol. 35 Issue: 4, pp.685-713, https://doi.org/10.1108/IJBM-04-2016-0055.
Cannon, P.C., Perreault, W. and McCarthy, J. 2008. Basic Marketing: A Global-managerial Approach. Boston: McGraw Hall.
Cikosev, T.C., 2019. Development and Implementation of the integrated Marketing Communication Concept. Economic Analysis, 52(1), 36-47
Crowe, C., and Maroney, N., (2017). The competitive Dynamic of the Banking Industry. Retrieved from https://www.crowe.com/insights/financial-institution/competive -dynamic-banking-industry.
Dawar, N. 2004. What are brands good for? MIT Sloan Management Review, Vol. 46, No 1, pp. 31-37
Deloitte, 2019. The Value of Brand Trust in Banking. Retrieved from https://www.deloitte.com/global/en/pages/financial-services/articles/value-of-brand-trust-in-banking.html
Duncan, T. R. 2002. IMC: Using advertising and promotion to build brands, New York: McGraw-Hill.
Fayvishenko1, D. 2018. Formation of brand Positioning. Baltic Journal of Economic Studies, 4(2) 245-248, DOI: https://doi.org/10.30525/2256-0742/2018-4-2-245-248
Keller, K. L. 2001, “Mastering the Marketing Communications Mix: Micro and Macro Perspectives on Integrated Marketing Programs”, Journal of Marketing Management, Volume 17, Issue 7-8, 819-847.
Kerin, R., Hartley, S. & Rudelius, W. 2010. Marketing. New York: McGraw Hill.
Knox, S. 2004. “Positioning and branding your organisation.” Journal of Product and Brand Management, Vol. 13, No2, pp. 105-115.
Kotler, P. and Armstrong, G. 2008. Principles of marketing. Prentice-Hall, Inc.
Kotler, P., and Keller, K. L. 2009. Marketing Management: A South Asian Perspective, 13th edition. Prentice Hall / Pearson, New Delhi, India.
Kotler. P. and Keller, K. (2013). Marketing Management, 14th Edition. New Jersey: Prentice Hall.
Kotler, P., & Keller, K. L. (2016). Marketing Management (13th ed.). Prentice Hall.
Lili Adi and Donni June (2017). Communication and Marketing Management. Bandung: Alfabeta.
Marshal, I. 2017. “Product brand and customer loyalty: A survey of the Nigeria banking industry” Journal of Accounting, Business and Finance Research, Vol. 1, No 1, pp. 7-18, doi: 10.20448/2002.11.7.18.
Mckinsey, 2019. Using Brand to Drive Profitable Growth in banking. Retrieved from httos://www.mckinsey.com/industries/financial-service/our-insights/using –brand –to-drive-profitable-growth-in-banking.
Mashoof, H. and Meshkani, F.A. 2014. “Strategic positioning in banking industry: evidence from banking industry”, Management Science Letters, 4, pp. 1715-1724.
Mudzanani, T. 2015. A Review and Analysis of the Role of Integrated Marketing Communication Message Typology in the Development of Communication Strategies. African Journal of Marketing Management, Vol. 7, No 8, pp. 90-97.
Nurittamont, W. (2021). The Role of E-WOM Communication impact to Consumer’s Purchasing Intention to Healthy Food Products: An Empirical Study to Testing the Mediator and Moderator Variables. International Journal of Innovation, Creativity and Change, 15(4), 637-652.
Odusina, O.A., Afolami, C.A. & Momoh, S. 2014. “Seasonal Assessment of Household Food Access in Ibadan Metropolis” Discourse Journal of Agriculture and Food Sciences, Vol 2, No 3, pp. 53-58.
Owoeye, J.O. 2013. “Determination of Housing and Environmental Quality for Moniya Community in Ibadan, Nigeria” American Journal of Research Communication, 2013 issue.
Reid, M., Luxton, S. and Mavondo, F. 2005. “The relationship between integrated marketing communication, market orientation, and brand orientation.” Journal of Advertising, Vol. 34, No 4, pp. 11-23. http://www.jstor.org/stable/4189316.
Saeed, R., Naeem, B., Bilal, M. & Naz, U. 2013. Integrated Marketing Communication: A Review Paper. Interdisciplinary Journal of Contemporary Research in Business, Vol 5, No 5, pp. 123-133.
Sagar, M. 2009. Brand Management. New Delhi: Ane Books Ltd.
Sengupta, S. 2005. Brand Positioning: Strategies for Competitive Advantage. New Delhi: Tata McGraw-Hill.
Tafesse, W., & Kitchen, P. J. (2017). IMC–an integrative review. International Journal of Advertising, 36(2), 210226.
Theodora, N.-. (2021). Relationship Between Integrated Marketing Communication and Brand Equity. International Journal of Social Science and Business, 5(2), 278–283. https://doi.org/10.23887/ijssb.v5i2.33782
Thuengsuk, J., &Nurittamont, W. (2019). The Perception of Integrated Marketing Communications and E-Word of Mouth Communication Effect on Intention to Purchase Organic Products of Consumers in Bangkok. Journal of Humanities and Social Sciences Surin Rajabhat University, 21(2), 114-124.
Van Gelder, P. 2013. A Framework for Brand Positioning Strategies: What positioning strategies should be used to build an effective and efficient brand portfolio? Unpublished MSc Thesis, Communication Studies, University of Twente.
Hamdani, Y., Prihantoro, E. 2020. "Effect of Integrated Marketing Communication on Brand Equity (Case Study of Toyota Calya Cars In Pt. Hasjrat Abadi Gorontalo Branch).", International Journal of Scientific Research in Science and Technology (IJSRST), Vol. 7(4), pp. 96-103, Available at doi; https://doi.org/10.32628/IJSRST1207426
Zulfikar, T., Persada, S.A, Saepudin, D. 2022. Customer Relationship Management and Integrated Marketing Communication Increase Customer Loyalty in Savings Banks in Bandung. Jurnal Ekonomi, 11(3).
Refbacks
- There are currently no refbacks.
Copyright (c) 2023 Oluwafemi Adesanoye (PhD), Lawrence Adegoke (PhD)
ISSN (PRINT): 2682 - 6135
ISSN (ONLINE): 2682 - 6127
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.