Impact of Marketing Communication on Financial Performance of Banks: A Study of First Bank of Nigeria PLC

Abstract

This paper examined the impact of marketing communication on the financial performance of banks with specific reference to First Bank of Nigeria PLC. There are several marketing communication methods which may influence a company’s financial performance but this study focused on two aspects of marketing communication methods namely advertising and promotion. Advertising and promotion were chosen because following consolidation, banks have advertised more and various forms of promotion are being implemented. The bank’s financial performance was measured by Return on Assets (ROA). The study used regression analysis and T-test to examine the impact of marketing communication methods on financial performance in First Bank PLC. Findings indicate that there is a positive significant relationship between marketing communication methods and financial performance as measured by ROA. The study recommends promotion and advertising should be sustained and encouraged so that the banks will not only improve financially but operationally. Also bank marketers should be allowed to have more freedom in terms of working hours in order to have flexibility when going out to market products and services.

Keywords: Marketing communication, Financial performance, First bank of Nigeria