Benefits Of A Fixed Term Deposit Account Marketing Essay

Benefits Of A rigid Term down payment Account Marketing EssayThe purpose of this memorial is to propose a solution in format to increase the customer border pay back balances by 20. This brief contains an about the union section, market quarry, the beseech objective, who are the target audience of such a result, write up of the harvest, how the product mass be distri thoed, our competition, USP, key messages, deliverables, timing and budget.About the companyCustomers choice jargon was hang up in 1990. Our vision is to let one of the surpass banks compared to other local banks in Malta. We are consec reckond to giving an efficient and excellent service to our customers by helping them expunge the best solutions to their financial needs. Our bank offers products such as home loans, personalized loans, internet banking, limit distinguishs, financial planning, corpo enjoin financial services, life assurances, seclusion plan and more. Therefore we target people wh o are personal and alike those who have a business. We already succeeded in a campaign forwards which was about internet banking and our aim was to attract 10% of our existing customers to bag using internet banking. We are looking forward to succeed in other future campaigns.Marketing objectiveTo increase customer line deposit balances by 20% in 3 months.The campaign objectiveThe campaign moldiness1. Create impact, and raise awareness of the bank as a precondition deposit provider.2. Promote the benefits of the shape-deposit product.3. Educate the customers as to the benefits of the maturity of the endpoint deposit.4. Provide 5,000 leads for sales consultants to contact regarding this product.5. Result in 2,000 full term deposit sales which is an increase of 20% in customer term deposits.Target audienceThe customers we should be targeting are both female and male, immemorial over 18 geezerhood. They should have at least 1000 to dissipate the term deposit depict. Perso nal customers who have a long term surplus liquidity may want to benefit from the interest order of this term deposit product.The Product1000 49995000 2499925000+2 days3% p.a4.15% p.a4.30% p.a3 course of instructions3.10% p.a4.40% p.a4.60% p.a4 years3.30% p.a4.60% p.a4.80% p.a5 years4.20% p.a5.10% p.a5.20% p.a6 years4.50% p.a5.30% p.a5.50% p.a7 years4.80% p.a5.50% p.a6.00% p.a8 years5% p.a6.00% p.a6.50% p.a9 years5.50% p.a6.50% p.a7.00% p,a10 years6% p.a7.00% p.a7.50% p.aWe are whirl a inflexible term deposit product representd Customers Choice Term Deposit that its interest rate is better than all of our competitors fixed term deposit interest rates. With a term deposit, a customer cigarette induce his or her surplus liquidity in this account in order to gain interest upon maturity which depends according to how much money the lymph gland invested in it and for how many years the client chooses to put them for. The interest rate gets higher, the longer the client chooses to invest it for and the more there is money invested in it. This product should be only offered to people of 18 years or older with a surplus of 1000 or more. Below, one can impose our proposed fixed term deposit productA customer may choose from a fixed term between 2 years and 10 years and entrust receive an interest on his/her money invested according to the amount of money invested.Benefits of a fixed term-deposit accountA customer allow for be able to earn a higher interest rate from a term-deposit account than from the usual savings account.Less risky than investing in property and/or shares.No fees are involved if the customer breaks the term.Compound interest can be gained.Features of a fixed term-deposit accountThe customer applying for a term-deposit account must be at least 18 years of age.The minimum requirement is 1000.There is no maximum limit.Interest allow for be gained when the term deposit account matures or paid annually into a savings account.Terms and con ditions (see Appendix 1).DistributionThis product can be purchased from a branch network, through a third party broker, via telephone this instant from the provider or via internet by applying from the banks website.The competitionWe have 10 competitors which are APS bank, Banif Bank, Bank of Valletta, FIM Bank, HSBC, Lombard, Mediterranean bank, Nemea bank, FCM bank and IIG bank. By comparing our proposed product to similar products offered by other organisations (see Appendix 2), one can see that our product was made to be better than our competitors similar products.APS bank is fling a digress of fixed time periods of 1month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.Banif bank is whirl a 3-Year Flexi Term deposit account thatgives the customer the interest rate of 3.15% per annum for a 3-year term composition the customers can s bowl withdraw the pecuniary resource before the maturity day.Bank of Valletta is religious offering a range of 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years fixed term deposit account for customers who shake off a minimum deposit of 200 into the fixed term deposit account.FIM bank is offering a fixed term deposit account periods of 6 months, 1 year, 2 years and 3 years for customers who make a minimum deposit of 25000.HSBC bank is offering a fixed term deposit account period of 7 days, 1month, 3 months, 6 months, 9 months, 1 year, 2 years, 3 years, 4 years and 5 years for customers who make a minimum deposit of 1000.Lombard bank is offering a fixed term deposit account of 1 month, 2 months, 3 months, 6 months, 9 months, 1 year, 2 years and 3 years for customers with a minimum deposit of 10000. Lombard bank as well as offers the 5 Xtra and 7 Xtra fixed term deposit accounts which are a 5 year term and 7 year term fixed term deposit accounts respectively.Mediterranean bank is offering a 1 month, 3 months, 6 months, 9 months, 1 year, 2 years, 3 years, 4 years and 5 years fix ed term deposit accounts for customers who make a minimum deposit of 5000.Nemea bank is offering a 3 months, 6 months, 1 year, 18 months, 2 years, 3 years or 5 years fixed deposit account for customers who make a minimum deposit of 10000.FCM bank is offering a 3 months, 6 months, 1 year, 2 years, 3 years, 4 years or 5 year fixed term deposit account for customers who make a minimum deposit of 2000.IIG bank is offering a 3 year term deposit account with an interest rate of 4.65% payable or compounded quarterly, half yearly or annually for customers who make a minimum deposit of 25000.USPOur fixed term deposit account has the best interest rates in the whole market. Together with this account, we are offering a free credit board, a free debit card and the opportunity to procedure internet banking for free to customers so that customers can sort out the bank accounts that they have with us.Key messagesThe product has attractive interest rates.The product is easy to attainIt is a pro duct that many clients require but many have not yet bought.Overall the product offering should be seen as being a quality product that is customer-foc economic consumptiond and wherefore giving a good return rate for the deposits that customers put in their fixed term deposit account, which is all offered by a name that a customer can trust.DeliverablesWe require a promotional campaign which is to include branch advertising, vernalspaper advertising, direct mail and PR. You are judge to deliver the followingA strong consumer message2 posters to use as in branch displays1200 A5 flyers to be distributed in peoples homes around the banks eye socketA newspaper advertisement to use in the national wring for 3 monthsA fulfillment pack consisting of a product brochure, cost and conditions and an application form.Television advertisementA mailing pack including a brochure, terms and conditions and an application form for mailing existing clients of the organisation.Extra brochures fo r new customers in branches who are interested in similar products.Recommendations for PR activity. measureThe marketing campaign will be running from the beginning of skirt till the end of May.The design of the newspaper, posters, brochures and flyers bring forths 3 days to finish and it will begin on the 1st of March and end on the third of march. The design of the television advert and the hoarding advert will take 4 days to be completed and it will begin on the 1st of March and end on the quaternary of March. The printing of the posters, brochures and flyers will only take one day and therefore the printing will begin from the 4th of March till the 5th of March. The posters can be set up in the in-branch displays from 6th March till the thirty-first of May. The flyers could start to be distributed in homes on the 6th of March while the brochures could start to be put together with the terms and conditions and the application forms to use them as mailing and fulfillment packs. The newspaper advert could be shown from the 4th of March onwards both Sunday for 3 months (that is for 24 days). The billboard could be set up on the 5th of March till the 28th of May (that is for 84 days since every billboard can be rented for 28 days). The television advert will be shown every Saturday and Sunday for three months starting on the 5th of March and terminus on the thirty-first of May. All bus advertisements can be set up on the 1st day of March till the 31st of May.BudgetThe budget is 45000. The budget is divided between the campaign budget and the marketing agency fee. The campaign budget is 34265.03 and the marketing agency fee is 6046.77 for a total of 40311.8. see Appendix 3 and 4