When tackling this challenge relating to credit cards, here are some of the suggestions that you need to keep in mind as the director of marketing and communications. First, you must enhance your sensitivity to the entire country on the issue of credit card usage. Look at what people are saying about how credit cards have affected their lives both online and offline, positively and negatively. You must show concern for their adverse sentiments and build on the positive effects that they have cited. You must be sure to make people feel confident in the company so that they can join it in the future. Speak about how the adverse effects that they experienced will be prevented and if they cannot be prevented, advise the people on how they can avoid such situations. Incidentally, tell the people to use credit cards but remain within their budgets to ensure that they do not exceed their limits so that they keep enjoying the services.
Second, you must watch for any conflicts that exist between public opinion and the companys values. To ensure that the people trust the company, you must stick to the companys values to show that the company is ethical and reliable. Therefore, make the people know that their opinions are valid and will be put into consideration by the company, but you must also inform the public of the values that the company stands.
Third, it is important to inform the public the reasons why the credit card system failed in the first place. The importance of this is that it will not destroy the companys brand because it was not out of negligence. Moreover, people will be happy to hear that the company upholds honesty and are more likely to become customers. This will also aid in showing the public how changes have been put in place to prevent such an occurrence in the future.
Finally, explain that all employees are working hard to provide the credit card services to the public in a better way than all other competitors and inform the people of the benefits that they will enjoy by joining Adbank. In case any information is complex and technical, you should ask the professional directly handling it to comment on it to ensure clarity.
It is also of extreme importance to apologize for any inconveniences suffered by the general public due to any issues that occurred in the past as opposed to trying to justify why it happened. You must also not give any excuses or deny any information that is true, not unless it is not for public use in which case you will decline to answer and provide your reasons for not providing the information. Finish by providing the way forward for the company by explaining how it will serve the needs of the people and make their lives easier and their financial activities more efficient.
Long Term and Short Term Marketing Strategies
The marketing process takes time, and it requires meticulous planning to identify the target audience, establish the companys competitive position in order to take advantage of it, to message, to map the marketing mix, to brand the company, among other processes (Iyamabo & Otubanjo, 2013). There is a need for both short and long-term marketing strategies to ensure that the business continually develops in the short run and to plan for the future growth early enough.
Short term marketing strategies that Adbank should use include; tradeshows. This is important because the company is in a way introducing a new product because the credit cards have been improved considerably. The tradeshows will introduce people to the new credit cards and inform them of the advantages of using them and their competitive advantage over other existing credit cards. Incidentally, the company may have credit cards that can work with cryptocurrencies. In that case, the company must explain how they work.
Adbank can also provide group offers in a bid to gain exposure mainly to new customers. The company can provide offers that are tailored to provide discounts to certain groups of people permanently. Additionally, the company should strive to grow its social media presence and advertise its credit cards on the different social media platforms. This is important because it is very cheap and it will also reach very many people.
Long-term marketing strategies that Adbank should use include; extensive use of social media not just to inform people of their services but also to interact with them one on one. Continuous brand awareness campaigns should also be used to ensure that when people think about credit cards the first name that pops into their minds is Adbank. Finally, it should use television, radio, and billboards to ensure that people always encounter information about Adbank in credit card service provision. This will enable the company to dominate the credit card market and continually increase its market share.
Recruitment, Retention, and Motivation of Employees
Employee recruitment is a fundamental process, and it must be carried out in the right manner to ensure that the employees who join the organization are talented and they can provide high-quality results. The recruitment process begins with a job description that informs potential employees of the requirements needed for different positions. To provide the best job description, it is essential to assemble a team of people who are well aware of the best qualities that people who hold the same position possess. Next, it is essential to spread the word that the company is hiring using different platforms so that people can apply for the posts. The first chance should, however, be provided to existing employees who believe they are qualified for the job.
The candidates should be directed to send in their applications through the companys website. You should then identify the best candidates and maintain frequent contact with them. These candidates should then be invited for an interview and judged by the same standard. Next, you should take a short period to make the hiring decision to avoid losing talented and capable people. Once you have decided on the best candidate, you should then make the offer.
Employee retention is critical for any organization because it ensures that talented employees do not leave the firm thereby saving the company costs associated with hiring new employees. Strategies that Adbank should incorporate to retain employees include; the company should offer a package that consists of competitive benefits that fit the needs of different employees. These include health insurance, a retirement savings plan, life insurance, among others. The company should also use incentives and contests in a bid to keep the workers motivated to keep working. Additionally, whenever possible, the company should promote from within and foster the employees development. Finally, the company should ensure that there is open communication that exists between the management and the employees.
Employee motivation is another significant aspect of organizations because employees who are not motivated are unproductive and they may cause the business to incur losses. Employees can be motivated through; provision of incentives. Incentives always boost employees morale. They could include; paid vacations, days off, gift cards, among others. Empowering employees and offering them the opportunity to advance is another activity that can motivate them to work hard to climb the career ladder. Finally, proper communication with the employees in person to show them that they are valued in the organization is likely to motivate them.
Data-driven questions for the CEO
What is the profit margin that the company made when dealing with credit cards in the past and what are the current projections of the profit margin that the company will receive by providing credit cards to customers now?
What is the potential revenue that the company would gain by merging with other favorable companies that deal with credit card provision today?
How long will it take for the company to break even and start making profits after it starts providing credit cards to customers?
What interest rate would be the most favorable for Akbank to charge its customers?
This information is crucial because it shows whether Akbank should provide credit cards at all. If the answers are unfavorable, then, that means that the company should merely just continue its current operations or pursue a different field because the chief reason for the existence of the business is to make profits. If the answers are favorable, then the company can put in resources to support the venture in a manner that stands out from other credit card providers.
It is clear that Adbank had advanced its credit card technology over the past years. This can be seen through the introduction of personal identification numbers and chips in a bid to increase the consumers levels of confidence. The chips embedded in the cards aid to create a different code of transaction every time a credit card is used to prevent counterfeiting. Conversely, the chips aided to deter criminals from collecting security codes and credit card numbers during transactions (Apaydin, 2008). This consequently led to increased customers for Adbank, and more businesses also accepted credit cards in their operations. It is clear that different other companies that provided credit card services also improved their security levels to ensure that their transactions were also as secure as possible. This, in turn, led to very high competition levels in the credit card sector which in turn led to lower levels of revenue and profits for all the players involved.
Therefore, it is crucial for Adbank to innovate new ways of providing credit card services that will not be directly copied by other credit card companies. This will give Adbank an upper hand in the credit card business, and it will enable it to dominate the markets and thus increase its market share. To ensure that other companies can not use the technology, it is paramount for Adbank to apply for a patent before beginning its operations. A patent gives the company exclusive rights to use that innovative technology for a certain amount of time which could go up to ten or twenty years. The importance of the patent is that Adbank can sell the rights to use that technology to other companies if need be or it can choose to enjoy the innovation alone.
Another significant technological concern that has been affecting credit card holders, as well as banking institutions, is online fraud. This is committed by sophisticated criminals who are part of criminal syndicates that run cybersecurity scams, who can hack into peoples financial accounts or banks. The primary strategy that financial institutions have adopted is the switching up of credit card security codes hourly. This ensures that the criminals do not access customers funds. Adbank should, therefore, put in the appropriate measures to deal with these crimes.
Today, many credit cards feature three CVC numbers on the back side of the card together with the signature both for the MasterCard and the Visa. The random code that is used in these cards is an innovation that is being used in a bid to protect the credit card holder against physical theft of the card. It acts as a security barrier and requires a two-factor authentication. It is essential for Adbank to use this technological innovation or use another technology that will protect their credit card holders from the physical theft and use of their credit cards. It is also vital for Adbank to use credit cards that take a short time to complete transactions to save time and avoid delays for their customers when carrying out operations.
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