The Public Relations Campaign of the Bank - Term Paper Example

Section I: The Public Relations Campaign plan Executive summary: The abc bank a major International bank has a major presence in this country. The competitive situation for the bank though tight is under control. The Bank is a market leader in most banking services. It has almost always led other banks in technological breakthroughs to improve service and business. As part of the technological drive and based on market and technological research, it has decided launch to a mobile money transfer app. The bank, in order to maximize the sustainable advantage from the launch, has decided to launch a PR campaign. The campaign not only promises to cash in on the app launch but also to dissuade any negative influences of the possible negative opinions being formed about the bank particularly with respect to this app. The bank has hired us (PR consultancy) in order to launch the PR campaign effectively. The Present report encompasses the analysis of the situation, the potential issues and then goes on to identify the key publics for the communication campaign. Further, the report identifies the goals and sets SMART objectives for a focused approach to the efforts under the plan. The report illustrates the clear campaign messages and the message strategy and the tactics to be used to implement and disseminate the messages to the target audience. Next the report shows how the plan will guide the public relations campaign into measuring the performance of the plan through various techniques, both qualitative and quantitative and gives the benchmarks against which to measure and improve the plan performance and pave a smooth way for the launch of the mobile money transfer bank app. The PR plan: Introduction The abc Bank is a leading bank and it plans to fortify its lead and keep competition far behind. Its market research team has identified a way to do so in an opportunity that exists in the market. The opportunity is a need of the potential customers to be able to make payments using their mobile phones. This need is felt in many practical situations. For example, customer who needs to pay for a restaurant bill, which has somehow exceeded his estimate of what the bill could have been, can instantly pay through his cell phone. He does not have to bother with the credit card or going to the bank to do the same. Or, a Parent, whose kid is studying in a distant town suddenly needs money, the Parent can almost instantly, while being on the move and without bothering to access his online account through a laptop or any other gadget, may simply use his mobile phone to send the amount to the kid. The possibilities are numerous and almost everybody seems to have a need for this basic application that satisfies an elementary need of being able to send money immediately without the hassle of waiting to do the transaction, upon either reaching a bank or reaching someplace that maybe work or home or a business centre, where the transaction could be done online. Moreover, there is no transaction charge. As far as security of transaction is concerned, there is no need to share account details. Also the app is pin protected thus making it safe to use. Analysis of the PR situation On the face of it, the situation surrounding the launch of the application seems quite favorable. This seems so, given the readiness with which it promises to fulfill a basic need of the public and that is to be able to send money while being on the move and that too for free. The app also promises to be safe. However, a careful scan of the internal environment leads to concerns that threaten to affect the success of the launch or the app itself. A careful and ongoing examination of the related news gives inputs about how this service could be misused and lead to financial fraud. A PEST analysis of the situation surrounding the bank’s app launching initiative was conducted and the following findings are reported hereby. A PEST analysis divides the environment of a business into four broad areas and addresses issues like the identification, effects and timescales of the issues that are likely to affect a business or its plans:i Political Issues: A scan of the political scenario surrounding the launch indicates that there are special interest groups that might want to stall the launch of the app emanating from the potential competitors. Although abc bank is going to be the pioneer in the technology, however the potential sustainable first mover advantage is so immense that a lagging competitor is likely to lobby in the political circles to find fault with the launch and the app itself. The competitor is likely to rope in certain special interest groups to do so. A section of media is likely to be involved in the same. Thus the issue needs a serious look. A negative opinion by a celebrity or a well known figure in the communications or politics or any other relevant field is likely to stall the launch. Economic Issues: The economic indicators of the country X, wherein the app is to be launched are a mixed bag. Although the per capita income is increasing, the rate of inflation is increasing at a higher rate. Public in general is cautious about the new products and services being launched and usually have price objections. Although the transactions are free in this case, which is breather for the public, however, the price of downloading the app itself seems like a constraint. The proposed app does not necessarily mean an increase in the amount of money transfers per capita, however an ease in making transactions will definitely increase the frequency of money transfers at a mass level. The app cashes in on already existing need, satisfied in a more convenient way. Social issues: As per an advice website called getsafeonline.com, there is risk of possible fraudsters just waiting to pounce upon the opportunity to trick customers into transferring money into their accounts using the app and then just disappear. Also, there are fake apps going around in the market that are looking for customer bank details. ii The above issue though is more anti social in nature is nevertheless on the other extreme of the social paradigm of this analysis. These incidents even if isolated and even their possibility is remote, can have potentially disastrous effects on the proposed app launch, since the public is getting aware of them. The news is out there and the advisories are already flashing all around and this problem needs to be taken cognizance of. Technical Issues: The technology used in the app is very simple and user friendly. Moreover, it is something the masses are already familiar with. The mobile phones seem a very convenient way to transfer money. However, the fact that the app needs to be downloaded by the receiver of the money, makes the proposition a bit less attractive. It seems difficult to ensure that the person receiving the money first time through this mode will go through the hassle of downloading this app. First of all the receiver might not be technologically savvy, second of all he/she might not perceive it as worth the time and effort. Thus the initial technological barrier seems high. This needs to be addressed in the campaign plan. The Publics or the audience of the plan Prioritization of key publics: The above analysis of situations guides as to how to select the audience or publics for communication: The political issues involved in the matter are pointing towards the media and the political establishment as well as the public in general. The communication messages for the different publics on the same issue shall be different as to the emphasis on a particular aspect. The abc bank has its presence in the major states of the country and it already enjoys considerable rapport within the political establishment. However, the media has to be roped in with some major effort. The competition’s strategy of stalling the launch shall be effectively contained with continuous meetings and interactive sessions with press persons as well as press releases. The public in general shall be communicated the price effectiveness of the app especially considering the rising inflation in the country. Among the public, the middle class and the college going students, staying away from parents shall be targeted. The most suitable public for addressing the social issues pertaining to the use and acceptability of the app, particularly in wake of news of financial frauds through such services in other countries shall be the media and presspersons themselves. Additionally, the non profit social interest groups working on such issues shall be targeted for communication on such issues. The general public or the masses shall also be communicated to on the matter through various channels. As far as the Technical issues are concerned the most important public is the mobile companies and the key persons therein. They need to be able to further propagate the technical ease of use to the end users of the app. Apart from this, the mobile device and services vendors particularly at retail level shall be targeted for the same. Communication Goals and objectives Based upon the analysis of the situation, it becomes imperative to set clear objectives as to the communication activities that need to be carried out as part of the plan. However, a broad goal needs to be identified. The objectives emanate from organizations’ goals and act as signposts to guide towards the goal.iii The PR campaign shall be directed at the achievement of an understanding between the organization and its publics as to the effectiveness and benefits as opposed to any possible costs of the new service or app in question. Based on the above broad goal, objectives that are SMART or in other words have the following characteristics are set up:iv Specific Measurable Achievable Relavant Time Bound The objectives thus identified are as follows: To establish a regular feedback and appraisal mechanism, pertaining to the public perceptions about the app in the country within a month. To establish suitable media support on the issue. At least five national dailies shall run a favorable article on the upcoming app at least twice a week upto the date of launch. Whereas all the major news channels carry a special story on the same every week till after two weeks of the launch. To launch the app within six months from the date of this report, since the competition is close on the heels and trying to obtain the Technology and launch the app soon. To communicate the ease of use of the app to the relevant publics by the time the app is launched To communicate the value for money in adopting the app for the end users before the competition launches its campaign. To propagate the benefits of using the app in terms of the time gained in making such transactions with separate communication efforts for the mobile companies and public in general. The communication with the mobile companies shall be such that it educates them as to how to include the ease of use features in their own promotional campaigns. To counter the negative perceptions emerging out of the phishing reports on various websites in various countries through image management exercises and events. At least four major and 10 small such events covering all the relevant publics shall be organized. The campaign messages Campaign messages: Based on the above objectives and the prioritization of key publics, the following key messages have been identified which shall be the part and parcel of all the communication effort of the current PR plan: The abc bank mobile money transfer app is free to download and use The abc bank account customers can send upto $500 in person to person cash transfer The recipient is informed of the transfer by text and has 24hrs to register their phone if they have not yet done so. No need to share account details. The app is perfectly safe to download. The service is fast and easy to use. The abc bank mobile money transfer is safe to use. The Transaction is PIN protected and has inbuilt mechanism to guard against any possible fraud The campaign strategy The campaign strategy for launching the app in question is one that focuses on four key areas: a. Ease of use b. Value for money c. Security d. Countering possible competition The ease of use features messages as mentioned above shall be tested for their applicability to the respective publics. As mentioned in the identification of publics section, the Ease of use aspect is to be communicated to the masses and to the media persons in general. The security aspects need to be communicated to the key persons in the media and the political circles. The general public particularly the middle class shall be communicated the security aspects as per the communication goals set forth above. The media strategy shall revolve around countering the possible threats of stalling the launch from the competition. The information feedback mechanisms behind each message as mentioned in the campaign messages section of the report shall be identified. The value for money aspects shall be communicated to the public and the political establishment, since the rising inflation has made the economic scenario grim. The politicians, both in the government and outside will respond positively to a service that does not further burden the public with expensive features. The means and frequency of communications and the form of the messages used shall vary as per the audience. For examples, most of the mass messages shall be communicated through the print and electronic media news features. The major events to communicate the benefits o the app shall rope in celebrity speakers and experts in various relevant fields. The frequency of the news features shall be increased or decreased based on the feedback being obtained for each message. The political circles shall be reached out through special meetings and conventions, as well as event sponsorship programs. The messages targeted at the political establishment shall be subject to closer pre and post delivery scrutiny. The tactics The strategy outlined above shall be followed through using the following tactical guidelines: The ease of use features and the security aspects shall form the core of the campaign. The evaluation procedures employed as part of the plan, shall guide us as to increase the use of resources including money and people to achievement of the overall objectives. In case the campaign is succeeding at keeping possible negative opinions about the security of the app at bay, then the excess resources shall be diverted to driving the home the ease of use aspects to the relevant publics. In case the resources required for the same are inadequate, the resources carried over from the security initiative shall be used towards the fulfillment of the objectives pertaining to the ease of use aspects. Next in line shall be the value for money proposition of the communication objectives. The resources shall be allocated in that order. Besides resources allocation, the frequency and form of the messages, the type communication media shall also be varied as per the above sequence. In case the competition or the special interest groups launch a major counter campaign, then additional funds might be required towards the fulfillment of the same goals. However, the launch timing remains uncompromised as per the current report. The time scales The timetable for the campaign is based on the objectives and the communication strategy of the plan. The timescale shall essentially focus on two areas of the plan The timing of the campaign: The timing of the plan depends on the analysis of the situation as mentioned above. The above analysis indicates that the app needs to be launched within six months, since competition is planning to launch a major counter attack. The estimated time by which the completion will be able to launch its offensive is eight to ten months. Thus the duration of six months is appropriate. Also, the user friendly and the free to use features of the app are appropriate to be launched with proper campaign management. The inflationary trends are a barrier that are one of the major reasons that are keeping the competition from moving in immediately and the barrier being relatively small for abc bank, the right timing for the launch is within six months. The total and stage wise duration of various stages of the plan (All durations from the date of submission of this report, unless otherwise mentioned): The planning stage: one month The establishment of research and feedback mechanism—one month Implementation of the ease of use and security modules of the plan—three months Implementation of the value for money module of the plan---two months starting after the completion of the previous modules Ongoing evaluation feedback meetings: second week of every month starting next month up to the launch Final launch ---Six months The resources including budget Successful implementation of the PR plan primarily requires the human and financial resources.v As per the discussion with the bank officials and the nature of the campaign, a budget equivalent to the 10-12 percent of the total marketing spend within the given duration of six months has been arrived at. The budget allocation is based on the cost of activities and communications as well as the resource constraints of the bank. The allocation of budget amongst the various activities as tactically defined above is also part of the overall budget planning for the same. The schedule of human resources involved in the current campaign process is as follows: The banks’ PR manager- one The PR agencies’ PR coordinators-two The research and feedback staff of the PR agency-five The administrative and planning staff of PR agency-five The field staff of PR agency-35 The PR spokespersons- four The celebrity speakers- two The key political contacts- twenty The key media person contacts-50 The mobile vendors identified for the support in the communication plan—2000 The key persons in mobile services companies—60 The key persons in mobile hardware companies—100 As per the above schedule, the whole team will be allocated the tasks of the plan which will be decided weekly for each communication objective. The task allocation shall also take into account the feedbacks being obtained weekly about each campaign message and its performance. The bank officials shall be consulted before moving ahead with the present structure of the plan. The Evaluation and analysis of the plan The PR plan shall be evaluated on a regular basis for performance. The performance indicators shall be based on the PR objectives of the campaign plan. Regular appraisal and feedback meetings shall be conducted to discuss the effect of various messages through the different media. The same messages as communicated to different audience and through different means shall produce different permutations and combinations of communication sets, which will produce their own results and have varying impacts on overall performance of the plan. Techniques Benchmarking: The Benchmarking techniques used shall be responsible for guiding the campaign efforts towards the stated objectives. The nature and extent of the objectives shall be constantly defined and redefined based on benchmarking and the outcomes of each and every effort. Measuring awareness: The next step in evaluating the performance of the campaign shall be to measure the awareness through various means. The parameter to be used in this step are message frequency and message reach. Each message shall be measured for its frequency to a particular audience and also the number of target audience members it was able to reach. The methods used in measuring the awareness of the campaign and the message reach and frequency shall be Interviewing: Interview members of a sample group drawn from the target public regarding the reach and impact of the PR messages they have been receiving. For example, the mobile service vendors shall be sampled using random sampling method and then interviewed for impact of the messages regarding the relative time gained as a result of using the money transfer app. Tracking publications: Tracking of the relevant national, International and domestic publications regarding the banking services and the opinions of the organizations and the public in general. Questionnaire based research for measuring awareness and perceptions: Questionnaire techniques shall be used in conjunction with Interviews as means of measuring awareness and perceptions. The random sampling method shall be used in case of mass messaging and the sample drawn shall be sent questionnaires through email or by postal mail. The responses received shall be analyzed and evaluated using the statistical techniques like T-test and F-test. Measuring events performance with blogs and social networking sites: The special events as planned in the schedule shall be evaluated for impact through blogs and social networking sites. The blogs shall invite responses from the members as to the impact of the messages of the campaign, especially the security aspect of the app. The social networking sites shall be used to measure the message effectiveness through onsite surveys and posting of messages on member walls and boards and getting likes and dislikes in return. The number of likes shall be a measure of the endorsement of the message. Measuring the link between PR and sales: A correlation analysis of the Message reach and the app advance booking for the app and the message frequency and the advance sale of the app shall separately be calculated to measure the effectiveness of the message. A Balanced scorecard for measuring overall PR performance as a management tool for evaluating the strategic PR performance shall be employed.vi The plan objectives and the campaign messages are to be used as parameters for measuring the performance of the PR plan. Read More