Advertisement And Consumer Brand Preference Of Deposit Money Banks (Yenagoa, Bayelsa State As Case Study)
ABSTRACT
Influence of online advertising on consumer brand awareness and patronage of United Bank for Africa (UBA) was investigated. Most consumers have not adequately adopted online transaction even when they are aware of its existence. The extent online advertising influences consumer brand awareness, the extent online advertising influences consumer purchase behavior and the extent online advertising influences consumer brand recall of UBA products were the research objectives. The scope of the study is the influence of online advertising in UBA Bayelsa. Population of the study is all customers of 5 branches of UBA who are educated and are connected to the internet. Sample size was determined using Freund and William‟s method as the population is indefinite. Purposive sampling technique was adopted and survey method was used to gather primary data using questionnaire instrument. Content validity was conducted to sort out for consistency of the questionnaire and reliability was achieved using Cronbach‟s alpha and a value of 0.890 was arrived at. Findings revealed online advertising significantly influences customer brand awareness of UBA products. Also, it was discovered that online advertising has no significant influence on consumer purchase behavior. And also, online advertising has no significant influence on consumer bran recall of UBA products. The study recommends that the banks should design their online advertising in attractive texts, images and even videos to create better awareness of their various products. Bank marketing executives should persuade customers on one-to-one bases to adopt the online banking transactions. Also, financial institutions who haven‟t adopted online advertising must key into it to foster consumer brand awareness and patronage.
CHAPTER ONE
Introduction
1.1 Background of study
The paradigm shift in the media of communication and advertising landscape is remarkably a landmark and this has been made possible by the evolution of online advertising through the internet technology and innovation. On its website, Hot Wire in 1994 sold the first Banner which led to the evolution of online advertising of its goods and services (Evans, 2009; Tehreem and Rizwan, 2016; Deshwal, 2016). Online advertising is the promotion of a company‟s goods and services by projecting ad messages through other organizations‟ websites on the internet (Singh, 2016). It‟s an effective and efficient opportunity to conveniently target ad messages on the current and potential consumers of a company‟s products. It allows companies to reach their diverse audience with targeted ad messages with great accuracy and on time (H and K, 2013). Online advertising offer the consumer as well as the advertiser a medley of benefits (Zourikalatehsamad, Payambarpour, Alwashali and Abdolkarimi, 2015).
The effectiveness and viability of online advertising is a result of it high degree of interactivity. It has feedback mechanism and this allows consumers to make their complaints as well as contributions to likely advertising messages adjustments and also, product, service or brand improvement (Tavor, 2011). Online advertising is very cheap compared to the traditional print and electronic media. While the traditional media may take a larger chunk of the advertiser‟s marketing communication budget, the online advertisement is highly cost efficient for a divergent and widely targeted audience. In other words, online advertising is cost effective. Also, through the online advertising campaign, the marketer could easily attract global attention for his goods and services. Indeed, it has a wider reach as majority of people had adopted the online media of communication (Facebook, Twitter, YouTube, Pinterest, WhatsApp etc). In other words, it has a wider reach per 1,000 (Belch and Belch, 2001) than other media.
Moreover, while a marketer is only expected to pay limitedly for the number of qualified clicks and leads, in the traditional channels, a full amount of the ad money charged by the ad agency is paid for the service even before the expected result of the ad begins to unfold. Online advertising does not require the payment challenges involved in the traditional media. Online advertising has the power to transfix the group of consumers who require a company‟s products and services. It is target market oriented as opposed to the traditional advertising that is mass marketing oriented.
Because it focuses on a target audience, it leads to successes than the traditional advertising which is ridden with “near misses” (Nwosu, 2001).
Online advertising has speed in message delivery. As a marketer kick starts his online advertising campaign, the message reaches the widest audience the very moment it is sent across. It is faster than all traditional or offline advertising channels in terms of message delivery (Hashimova, 2015). The moment the ad is sent to the target audience and they are connected online is the moment the advertisement is received. Online advertising makes a product or service very popular if the advertising campaign was properly planned. Through electronic wordof-mouth, the ad message about the product and service and their ability to deliver quality customer benefits go viral. And when this happens, the marketer‟s return on investment soars. In support of this view, Tehreem and Rizwan (2016) observed that though online advertising is an unavoidable occurrence and scene for consumers, they perceive it as a convenient method to shopping.
Furthermore, evaluating advertising objectives through the number of visits by customers (qualified clicks), it will be easy to measure online advertising effectiveness; unlike the traditional advertising that cannot easily measure the sales impact of a brand after launching an advertising campaign. Very few researches had been conducted on online advertising in relation to consumer purchase behavior. Besides, this particular study is different because it investigated not on consumer purchase behavior but consumer brand awareness and brand recall.
1.2 Statement of the Problem
The ushering in of the online technology by the internet is a landfall in the delivery of marketing mix cum marketing communication promises. Online advertising is a typical beneficiary of a gamut of benefits the internet delivers. But, unfortunately, many bank customers in Nigeria and other developing countries are yet to key in (Heinonen and Rozenveld, 2013). Consumers have perceived risks and lack the trust of operating online banking transactions. They trust brick-andmortar most and still find their way to the banking hall on regular basis.
Companies who have adopted it are still budgeting and executing their major advertising campaign on the traditional media with little online presence. Ironically, those who are present online find a very minute population of consumers who dare to click on an ad to view the message holistically or to make a purchase. In other words, majority of Nigerians still purchase their goods in the traditional brick-and-mortar shops.
Nevertheless, the internet facilities and services in Nigeria are yet to be fully explored and exploited as the connectivity is rarely stable. Maybe that is why many companies are yet to prefer online advertising as a more convenient, speedy, less costly, more message focused, interactive, and easy to evaluate in terms of return on investment conduit to advertise their goods and services. Similarly, and metaphorically, consumers lack the confidence and trust of the online media too (Okolo and Ehikwe, 2015). Consequent upon this gulf in holistically adopting the online channel of communication by the duo; companies and consumers, this research intend to investigate the influence of online advertising on consumer brand awareness and patronage of United Bank for Africa (UBA) products in Bayelsa.
1.3 Objectives of the Study
The cardinal objective of the study was to determine the impacts of online advertising in marketing financial institutions with special attention to UBA Nigeria. The specific objective of the study was to:
To ascertain the extent online advertising influences consumer brand awareness of UBA products.
To investigate the extent online advertising influences consumer purchase of UBA products.
To determine the extent online advertising influences consumer brand recall of UBA products.
1.4 Research Questions
To what extent would online advertising influences consumer brand awareness of UBA products?
What extent would online advertising influences consumer purchase behaviour of UBA products?
To what extent would online advertising influences consumer brand recall of UBA products?
1.5 Significance of the Study
Consumers will benefit as they will reap from the comfort and convenience of homes to conduct transactions. In other words, going to the bank for every transaction will drastically reduce. A lot of products are displayed online and therefore they can compare and choose which one they want.
Also, the company will reap the high patronage of numerous customers. That is; the high return on investment as the customers are a different target market on their own. Investors will be attracted as more patronage brings higher market share and this result to the appreciation of share price of UBA.
Moreover, research students and consultants would value the research as a veritable research material for the furtherance of future studies. Finally, this high profitability in all aspects will be utilitarian in the execution of corporate social responsibility for community members where the banks are domiciled.
1.6 Scope of the Study
The content of the scope of the study is to assess the influence of online advertising on consumer brand awareness and patronage of financial institutions in Bayelsa: a study of United Bank for Africa (UBA)
1.7 Definition of Terms
1) A consumer: He is an individual who buys goods or has the capacity to buy goods and services which are offered by marketing bodies or corporate entitiles so as to satisfy personal needs wants and desires.
3) Advertising: This is the process of preparing the massage contained on an advertisement and the presentation of advertisement on the media.
4) Consumer Behaviour: This is an aspect of human behavour that has to do with actions involved on the purch as of goods and service for the satisfaction of human desires wants and needs.
5) News Adjacency: This is the period before during and immediately after news in the radio or television for advertisement.
9) Primary Advertising: This is that type of advertising that arms at promoting demand for genetic products or services of the entire corporate body.
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