Evaluating the Effectiveness of Promotional Strategies at Tropical Bank

Abstract

Promotional strategies are the means of attracting new and retaining existing customers. Organizations use various promotional strategies from time to time to grab greater market share which in turn leads to profit which is the whole sole aim of the companies. The banking business in Uganda operate in a lot of competition and thus adopt the best promotional strategies to remain competitive. The study specifically sought evaluate the effectiveness of the effectiveness of promotional strategies adopted by Tropical Bank Limited. The study adopted an explanatory and a descriptive research designs. The sample size constituted 318 clients and 20 staff from 2 branches of Katwe and Mukono. The research used stratified, purposive and a simple random technique. Stratified technique was used to select the two branches. Clients were selected using simple random method while staff were purposively selected. Data was collected using structured questionnaires which employed a five-point Likert scale in rating various responses. Data was analyzed using statistical package for the social sciences, (SPSS). The descriptive analysis was done to show the mean, frequency distribution and percentage results. Findings revealed, that four promotional strategies namely advertisement, personal selling, public relations and total sales promotion are implemented by Tropical bank. Advertisement and personal selling, are the most effective because these have enabled tropical bank to keep its clients and attract new ones as well. From the study findings, the appropriate strategies for improving on the promotional strategies used by tropical bank include top management involvement in implementation of promotional strategies, embracing the importance of community sponsorships, the bank should embrace technology to make adverts more aggressive.