Innovative Promotion Mix-A Temptation in Banking Industry

Sustained competitive advantage depends heavily on the ability of organizations to internalize the benefits of innovative activities. While the vital importance of innovation in today's competitive climate has been widely proclaimed, our understanding of innovative behavior in service organizations is not yet fully developed. This research paper not only focus on various innovative advertising mediums used by public and private sector banks but also examined their marketing practice. It has been found that there is a significant difference between the advertising policies and practices followed by the public and private sector banks but there is an insignificant difference between opinions of Jaipurities and Udaipurities. Initially banks were using a simple combination of the promotion mix. But now banks are adopting creative ways to attract their customers like guerrilla marketing, huge billboards, creative entrance, paper origami etc. Private sector banks are highly focused on internal and external display, specialty advertising, road shows, broadcast and print media. Publicity through Wordof-mouth is still on the top for financial services. Banks that are using social media to brand themselves or to market a specific product or service have found success by integrating social tools into their existing campaigns or creating new ones that capitalize on the spirit of the community. Sponsors of youth sports teams get their name on the uniforms and banners at games. Hosting events at the bank's location is a great way to get prospects to stop by, especially if any bank is on a busy street. Focusing on customer service and adopting the personality of the people they serve, community banks and credit unions can really teach the big guys a thing or two about what it means to be close to customers. Service recovery is a great scope for holding and attracting the customers.