EFFECTS OF MARKETING STRATEGIES ON ADOPTION OF MOBILE TELEPHONY BANKING SERVICES IN EQUITY BANK KENYA
Abstract
The purpose of this study was to focus on the effect of marketing strategies on adoption of mobile telephony banking services in Kenya. A case of Equity Bank group was undertaken by the researcher. The researcher used both qualitative and quantitative approaches in carrying out the study. The study adopted a descriptive research design. The study targeted the management staff and front-line employees of Equity Bank Kenya and sampled 100 respondents using purposive sampling. Primary data was collected through the use of questionnaires. Quantitative data was presented using tabulations, percentages and other measures of central tendencies while qualitative data was presented using narrative format. The data obtained was summarized in a report to provide a descriptive analysis characteristic unit. The study found that majority of the respondents indicated that the bank employed relationship marketing, positioning, social media and mass media marketing. Majority of the respondents indicated they used relationship marketing through good branding and ambience followed by convenience to customer, good customer service and finally fast service. On the positioning marketing strategies employed by Equity bank, majority of the respondents indicated quality service. This was followed by service of value, high appeal and service improved status. Most of the respondents indicated that value positioning was embraced semi-annually while majority indicated that quality positioning was embraced annually. Most of the respondents indicated that they segmented positioning based on income. This was followed by location, Age, language and parental status. The findings on media sites used by equity bank showed that majority of the respondents indicated that they used Facebook. This was followed by twitter, Instagram, LinkedIn and finally WhatsApp. Majority of the respondents indicated that their bank used newspapers as the main mass media tool. Other tools indicated by the respondents were radio, billboards and Television. The study established that the marketing strategies (relationship marketing, brand positioning, social media and mass media) lead to more sales, brand loyalty and more usage of the bank’s products. Regression analysis showed that relationship marketing, brand positioning, social media and mass media had a positive effect on adoption of mobile telephony banking services.
Key Words: Relationship Marketing, Social Media Marketing, Positioning, Mass Marketing, Mobile Banking
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DOI: http://dx.doi.org/10.61426/sjbcm.v5i2.732
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