First National Bank and First Atlantic Bank tops word-of-mouth marketing with 100% score
Word-of-mouth marketing or advertising, according to Ghanaian research firm Global InfoAnalytics, is working effectively for two banks in the country; First Atlantic Bank (FAB) and First National Bank (FNB).
The effectiveness of the word-of-mouth marketing strategy for the two banks is measured by Global InfoAnalytics Net Promoter Score (NPS) metric which measures customer loyalty and how likely customers are to refer the brand, products, and services to others.
The two banks for the first and second quarters have consistently scored 100 percent in their NPS scores indicating that the word-of-mouth marketing strategy is effectively working for them.
Q2 2021 NPS scores and ranking
Q1 2021 NPS scores and ranking
However, unlike First Atlantic Bank and First National Bank, the word-of-mouth marketing strategy for the past two quarters have not been working for the Consolidated Bank Ghana (CBG).
The bank has for the two quarters scored below 50 percent of the NPS metric indicating that the bank’s word-of-mouth marketing strategy isn’t working for them.
Word-of-mouth marketing is when a consumer’s interest in a company’s product or service is reflected in their daily dialogues. Essentially, it is free advertising triggered by good customer experiences.
A study indicates that 64 percent of marketing executives believe word-of-mouth is the most effective form of marketing and 82 percent of marketers use word-of-mouth marketing to increase their brand awareness.
Another study by Nielsen also asserts that 92% of consumers believe suggestions from friends and family more than they do advertising, making it one of the most valuable sources of marketing for companies.
Meanwhile, Global InfoAnalytics for the review period asserts that Stanbic and Absa saw a significant increase in their NPS during the period. Stanbic recorded an increase of 11.4 percent to 91.7 percent in the Q2 whilst Absa recorded an increase of 13.9 percent to 84.4 percent.
The score for Access bank declined by 30.8 percent to 64.4 percent whilst GCB declined by 10.5 percent to 75.3 percent.
