Ghanaian research firm, Global InfoAnalytics, has said word-of-mouth marketing or advertising is working for all banks in the country except the Consolidated Bank Ghana (CBG).
This is contained in the research firm’s newly released report titled Banking Sector Brand Health Check which aside tracking banks’ assets values and comparing it to key brand metrics on a quarterly basis, also provide banks and customers up-to-date status on “banking brand health.”
According to Global InfoAnalytics, CBG per its Net Promoter Score (NPS) metric which measures customer loyalty and how likely customers are to refer the brand, products and services to others, gained a score below 50 percent indicative that the bank’s word-of-mouth marketing strategy isn’t working for them.
Per the report, CBG gained a score of 36 which translates into 0.0 percentage points of NPS.
Whereas its peers; Zenith Bank, UBA Bank and FBN Bank for instance had NPS scores of 100 percent.
“A score of 50% or more suggests that the word of mouth is working for the brand. The result from the survey shows that whilst almost all the brands recorded positive NPS, suggesting that the word of mouth is working for them, the Consolidated Bank Ghana (CBG), did not record NPS higher than 50%, suggesting the word of mouth isn’t working for the brand during the survey period,” stated Global InfoAnalytics.
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.
