Thursday, 28 July 2016

Personal Selling As An Effective Promotional Tool In The Nigeria Banking Industry

Before, banks were established in Nigeria. Nigerian had ways of keeping their  valuable thins like Gold, and money at home, under pillow or buried in the ground. In fact, through these ways money could be lost, supposing  the owner died without informing his children  or any other relatives, the money may be lose forever.

In 1892, ht e first commercial bank was established  in Nigeria when the African Banking  Corporation established a branch in Lagos, branches of other expatiates a banking business  called bank of British West African  and Barclays bank were established.

In 1912, the case of Nigerian businessmen  was dearly published in a pamphlet title “wanted Bank for West Africa” an appeal was also made to financers in great  Britain by native traders in Lagos. The pamphlet painted out that the existing banks rates were too high and prohibitive, so they called for establishment of more banks to bosom the monopolistic power.

In fact, commercial banks might have enjoyed the past years when they are newly established since there was no keen competition but they operated on service oriented goal rather than consumer oriented goal. This attitude needs to be changed to increase patronage and profitability.

The problems of personal selling cannot be overlooked despite the usefulness of personal selling in both industrial despite the usefulness of personal selling in both industrial and consumer market. There difficulties a rise form a number of problems that faces sales person.
The problems are:

SIZE AND LOCATION OF MARKET: Large and wide spread market such as retails outlets for those moving customer goods can only be covered at a great cost of massive sales forces. Some manufacturers branded, packaged food stuff employs such sale force. These sell to retail and wholesale customers who vary in size from giant national multiple down to independent customer shops, such sales force are very expensive to maintain and many have been seen reductions during recent years.

TIME LAGS: Where there is  Lagos between arousing customer interest and  receipts of order, the use of such ratio as sales order to  sales call may be meaningless business may take longtime to develop, especially in management  can do is to monitor:
1. Size of customer order and
2. The ratio of sales proposal to sales achieved

GEOGRAPHICAL SPREAD: More than half of 9 million of customers are spread all over the nation which sales people have to cover. This will increase the cost of distribution which will equally affect the turn over of the company.

The following questions were examined and have been provided solutions.
 Does personal selling creates more awareness than other promotional mix in banking industries?
Does promotional mix used by banking industries makes their services known to the customer?
Are the attitudes of staff in banking industry goods and encouraging to customers?

A research hypothesis is a specific statement of expected outcomes of an experiment. The following hypothesis tested in the research work.
          H0: Personal selling creates more awareness than other promotional mix in banking industry
          H1: Personal selling creates more awareness than other promotional mix in banking industry
       H0: The attitude of staff in the banking industry are discomforting and not encouraging to customers.
         H1: The attitudes of staff in the banking industry are good and encouraging to customers.


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