Advertising product innovation to clients in rural banking sector: A case study of Nyakrom Rural Bank

Abstract

The aim of this study is to analyse the advertising product innovation in Ghana's rural banking sector. The AIDA model, the DAGMAR model, and the Contingency theory were used to better understand the motivations for the use of advertisements, as well as the types and roles of advertisement. The two types of advertising from the data, are product and institutional advertising. Disseminating timely information, building rapport with stakeholders, ensuring advertising efficiency, and improving the organization's image were identified as reasons for using these two major types of advertisement. Advertisement was identified to play a part in raising awareness and improving customer-bank ties. Promotional activities were noted to have been carried out to change clients' thoughts and inform them about a brand or service. The study concluded that effective advertising on product innovation creates, changes, or strengthens a customer's attitude toward a certain service or brand. To improve advertising with clients, Nyakrom Rural Bank should strive to focus on integrated advertising, which entails the incorporation of both product and institutional advertising via traditional and new media and technology to improve the success and feedback of the information intended to be communicated