Application of Brand Communications to Improve Profitability in Polaris Bank Limited

Brand communications, the promotion element of the marketing mix is a critical step towards brand awareness creation and value communication which would elicit positive consumer behaviors towards a brand. Integrated Marketing Communications (IMC) as a marketing strategy entails combining promotional tools in a single, coherent and consistent message. It heightens the strategic and tactical power of branding. This study was an analysis of how effective implementation of IMC strategy could improve profitability at Polaris Bank Limited. The research methodology was a mixed methods approach, using questionnaire (5-point Likert scale) and in-depth interviews administered on a target population of 1,415 full-term employees of the bank, drawn from the Corporate Communications Division, Corporate Environment Management, Business Development Division, Executive and Regional Directors, all based in Lagos.  Responses obtained were documented, collated, analyzed and conclusions are drawn based on the frequency of occurrence. The research results indicated that employees of the bank have theoretical knowledge of brand communications but lack requisite skills, and executive management support which would aid optimal performance. The bank’s executive management was also adjudged to be rigid and conservative in its business style, thereby requiring immediate changes in management style and investment in effective communication strategies, so as to achieve desired results. The findings revealed the bank's inability to communicate its values to target markets has negatively impacted its earnings. To remedy the situation, changes in organizational behavior, culture and most importantly, marketing strategy, to reflect the use of strategic and tactical integrated communications, supported by alignment of communications objectives with greater organizational goals and adequate resource allocations would earn the bank a strong brand status and better position it for competitiveness in the Nigerian banking sector.  The recommendations generated from the study include formulation and entrenchment of strategic IMC policies/plans, merging IMC goals with broader organizational objectives, outsourcing to specialized agencies for professional management of various channels of marketing communications and the bank to immediately commit to globalization and adoption of contemporary methods of marketing communications. Implementation plan and budgetary requirements were prepared for the most preferred option.

Keywords:  Brand Communications, Promotion, Marketing mix, Brand Awareness, Value Communications, Integrated Marketing Communications, Profitability, Organizational Behaviour, Culture, Globalization, Implementation Plan, Budgetary Requirements.