A STUDY ON CUSTOMER PERCEPTIONS OF THE EFFECTIVENESS OF PROMOTIONAL TOOLS ADOPTED BY THE BANK

Abstract

Promotion serves a variety of purposes and roles including informing, persuading and educating individuals and groups. It works in tandem with the other elements of the marketing mix to facilitate the acquisition of new customers, retention of new customers and improvement of employee morale and the projection of a company’s image. Banks can connect with their customers and prospects in a number of ways. Promotion mix is a certain blend of promotional methods. Advertising, sales promotion, personal selling, publicity and public relations, direct mail and direct responses advertising are part of the mix. In order to design marketing strategies, it is necessary to first understand client and their needs requirements. This article examines the financial products promotional techniques employed by various private sector banks in Haridwar district with the goal of determining the most effective promotional tools of the bank in consumers prospective.

In order to keep up with the changing climate, India’s financial service business has become very competitive. External causes such as socio economic, regulatory and technological issues have all had an impact on the industry. The most significant impact on this industry has clearly been changes in the regulatory environment. Financial institutions, particularly private commercial banks, have placed a greater emphasis on technology.

In India there are currently 35 private sector commercial banks that offer a variety of products and services, but there are a few that stand out. As a result, competition among them is expanding everyday and promotion of financial products is now a major worry. The current research is based on survey on customers of HDFC Bank Haridwar to determine the effectiveness of the promotional tools used by the bank.