Wednesday, March 4, 2020

THE INFLUENCE OF BANKS CAMPUS STORM MARKETING ACTIVATION ON THE SAVING HABIT OF STUDENTS

INTRODUCTION
Today, the spending power of the youth has grown exponentially while their understanding of financial matters is abysmally low. Credit cards have become all too common among the youth and at the end of the month when they have to pay their bills, they are very confident about the fact that they can rely on their parents’ financially any time. Saving is ‘the excess of income over all expenditure’ where the expenditures are also mentioned as consumption, which is life contributions and insurance (if any), and the saving behavior is the money keeping activity after they use it for their own wealth (Denton, Fretz, & Spencer, 2011).
According to Keynesian economics (2011), savings consists of the amount left over when the cost of a person's consumer expenditure is subtracted from the amount of disposable income he earns in a given period of time. High savings leads to accumulation of wealth that allows individuals to improve their living standard (Gokhale,2000) it also allows the country to hedge against economic downturns and financial crisis, insuring against time of economic shocks and an important way of improving well-being (Mahdzan & Tabiani, 2013).
         In previous years, commercial banks such as First bank, Standard charted and Diamond bank tailored their operations towards attracting business organizations, entrepreneurs and government deposits. This created a situation where the youth’s sector of the economy was ignored and ovelooked. However, recent studies show that Guaranty Trust Bank (GTB) and other commercial banks noticed that the youths of today either do not save or have dormant savings account (Wheelen & Hunger, 2012; Jones & George, 2013). In order to solve this problem, the introduction of a social marketing strategy campaign was initiated to educate and engage the youths about saving culture, financial literacy as well as various GTB Savings product.
             However, banks was not the only bank that noticed this ongoing trend. Other commercial banks like Skye bank, Diamond Bank and First bank observed this trend and created their own marketing strategies to attract the youths to patronize and use their services (Savings account). This has created stiff competition among the various banks. Banks who mainly focused on attracting the businesses of organizations, entrepreneurs and working class people in time past found it difficult to convince youths to have saving accounts with them. This prompted Banks to come with a marketing strategy that other commercial banks had not introduced.
       The strategy used for the campaign can be described as Social Marketing, while the specific mechanism tool used to achieve the main goal is referred to as Marketing Activation. It is a tool used by Advertising Agencies (In-house Agencies) to push sales or create awareness for their respective client’s products, goods or services. Marketing Activation is the execution of the marketing mix as part of the marketing process(Kotler, 2011). He also defined the Marketing mix in question as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target". This study is to know how successful the activation was in influencing the saving habits of undergraduates in Nigeria.

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