Asessing the efficacy of the use of brand ambassadors in the promotion of banking services in Ghana
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2020-05
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Abstract
In today’s hypercompetitive environment, more and more firms, outside the
heavy, traditional marketing, Fast-Moving Consumer Goods (FMCG) industry, are
investing heavily in developing and executing marketing programs to win in the
marketplace. In the Ghanaian banking sector, diversity, development, and intense
competition have seen many banks developing different strategies, such as employing
brand ambassadors to reach their customers, deliver their services, and maintain longlasting relationships with them. However, not much has been done by way of
understanding and exploring these strategies. This study, then, serves as a reference
point for this gap by assessesing the efficacy of using brand ambassadors in the
promotion of banking services in Ghana.
The research questions this study addressed include: a) How do banks employ
brand ambassadors within their marketing mix? b) Do brand ambassadors contribute
significantly to the success or otherwise, of the promotion of banking services in
Ghana? c) Are there any opportunities to improve the impact of brand ambassadors in
the marketing of banking products/services? If there are, how can banks do this? To
address these questions, three banks in Ghana were studied; GCB Bank, Standard
Chartered Bank and Cal Bank. This was augmented with an online consumer study
convering 356 respondents.
The findings, which were analysed using the market-based brand assets theory
and the CBBE model, revealed the importance of the use of brand ambassadors in the
promotion of banking services in Ghana. The findings revealed that bank employees
are inevitably brand ambassadors. The study also revealed that the use of brand
ambassadors in the Ghanaian banking sector has a huge potential to grow and become an important marketing tool for banks to use.
Description
Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administrationnt Information Systems, May 2020
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Keywords
marketing, banking, Ghana, brand ambassadors