Essay Sample on PNC Bank

Introduction

This project seeks to disseminate the realities facing contemporary society, especially with the rising cost of living. The PNC Bank seeks to address some of the budgeting challenges that is so reminiscent of today's living. Whereas the household remains the sole determinant of their spending and has the absolute control of their budgetary allocation, this project has streams of objectives that it seeks to achieve in as far as the problem of "living paycheck to paycheck every week" is concerned.

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Objectives

The project seeks to address a plethora of challenges that confront families living on paycheck to paycheck through a number of approaches.

Promote saving culture. At the end of this project, the PNC Bank's wallet tool should be able to inculcate the savings culture among its users. The application will provide for a section of controlled savings in the manner of bank standing order approach. The client will be able to set a percentage of their savings that go to saving automatically after every earning period. The savings sections will also allow the clients to access their savings after a period of time, therefore, these families will have something in their savings compartment other than living on paycheck to paycheck every other week.

Teach financial management and budgeting. Depending on the routine expenditure of the households, the PNC bank will be able to introduce a balance of expenditure to the families that opt for this approach. The users will be able to regulate the number of finances that goes to every expenditure, thereby initiating a culture of discipline among its users and those that struggle with day to day financial expenditures.

Introduce lifetime insurance schemes. The families that live on paycheck to paycheck have a problem with a life insurance scheme. The PNC Bank's virtual wallet tool seeks to introduce such provisions as education and health insurance policies that seek to stabilize the future of the users.

To achieve these objectives the PNC Bank will seek to assure the users of incorporating the government approval agencies to cooperate. The bank will also seek to establish a permanent partnership with the third parties that provide the insurance covers to ensure that their present necessary lifetime schemes. The success of these objectives will largely lie on the cooperation by the customers and the relevant agencies. The target is to ensure that every subscriber to the PNC wallet tool is able to understand and adapt their expenditure within a period of one year to the maximum.

Strategies Potential Tactics

The dissemination for his information to the potential users is a very important part of the whole project. The plan is to use social media as much as possible. The modern society is glued to their social networks such as Facebook and Twitter. The Use of the search engine Optimization approach will ease the search on the part of potential users by making their work much easier and quick returns. The PNC Bank will also seek to engage such below the line (BTL) marketing approach such as road shows and branding to get the attention of all the users.

Testing

The target audience for this project is the low to middle-income earners who live on paycheck on weekly basis. The bundling of the product with free offers such as free interest ds=avings for the first bunch of users in the first quarter of the year seemed to get the attention of the potential subscribers of the PNC Bank's online wallet. The go to market (GTM) plan was also approved by the financial department bosses. The expenditure on the above the line (ATL) campaigns such as radio, social media and billboards seemed quite expensive, however, the organization's management was more than willing to support, especially with the aims to rope in as much as possible interest accrual within a period of one year. Every indication pointed to the fact that the project was quite viable and ready for kicking off.

Communication

Communication is an important part of this entire project. An elaborate communication plan will see the effective rollout of the entire plan to the audience and the timely achievement of the objectives.

Action Steps

The step by step action plan will allow room for examination of the message that is to be delivered to the audience. At the same time, the action plan seeks to introduce the type of message delivered as well as the timeline.

Character targeted. The communication will seek to harmonize the objectives alongside the problem that it seeks to solve. In this case, therefore, the communication plan targets the low and middle-income earners who live on paycheck to paycheck with very little to save. The majority of the target audience will be the self-employed workers and those working in SMEs across the country.

Message delivered. The message delivered in this campaign is quite specific and target oriented. The message seeks a particular set of audience and achieves the objectives. The message here will take the form of pictorial presentation, especially with the billboards, the radio will also play musically targeted message to reach to the set of target audience. The messaging on the short message service blasts among the community living in the vicinity of the Pittsburg area where the PNC Bank is located will be specific and urging them to join the online wallet tool.

The media used. The communication action plan seeks to use a range of media devices. Such communication media tools are broadly categorized into two groups; the above the line (ATL) and below the line (BTL) media. BTL marketing is relatively affordable as compared to ATL. The BTL approach will seek the activation of the activation platforms with branding, road shows as well as the road ambassadors to do office to office and business to business communication. The more detailed ATL approach will see the incorporation of traditional mass media such as newspaper advertisements, radio mentions and television advertisements alongside billboards. The incorporation of the social media platform in the campaign will help in fastening the dissemination of the message to as many people as possible; thereby creating a condition whereby it creates a socialization platform. The social media platform messaging will be easy to comprehend and interpret, especially considering that it will target the low to middle-income earners. The message will read like:

Social Media Post:

"Tired of the weekly blues? Trust PNC Bank to take you home with a new one... virtual wallet tool, your trusted pocket-friendly manager."

Deadline. The timeline for the achievement of these communication campaigns should not last for more than six months indifference. The teaser in social media will run for two weeks before running the mass media afterward for two months. For the rest of the year, social media will be complemented by a series of road shows and branding campaigns that will attract the interests and attention of the masses.

The budget. The marketing communications budget is not an easy feat. It requires extensive budgeting and financial planning of the highest order. In this case, therefore, up to 70% of the $20,000 will go to the ATL campaign with just 30%doing the rounds f the BTL communication campaign. The mass media will consume up to 60% of the ATL budgetary allocation while social media taking a paltry 40% of the remainder. The branding and roadshow campaigns will share equally the BTL budgetary allocation. In totality, the entire campaign should not consume more than the total allocation for the course.

Campaign Pitch

The pitching point of the campaign proposal is a determinant of the acceptability of the entire plan by the approval authority. The campaign pitch will allow for the questioning and eventual approval or rejection of the whole plan.

Presentation

The major challenge facing the low to middle-income earners is the inability to save and live a life of their choice. These are a group of people who literally depend on a paycheck to paycheck. They are utterly unable to save for their future and in case of emergencies, and then all hell breaks loose. As a caring partner, the PNC Bank has designed a pocket tool to help save the masses from these tribulations. The tool will not only serve as a mobile banking tool but will seek to incorporate the interest of first. The tool will provide the chance for every user to save, just like the high-income earners. They will be able to engage in future policy acquisition, earn interest while also helping them balances their budget according to their level of income. The PNC Bank has proven as the most reliable partner in finding a lasting solution to the vicious cycle of poverty by offering the lasting solution to serve everyone alike. The plan to incorporate traditional marketing tools such as mass and social media has proven as the most viable marketing formula that has been effective for such plans in the past. The budgetary allocation to the communication plans forums to train the potential users on the benefits of the tool is a welcome move considering the magnitude of users targeted by the tool.

Result Analysis

The PNC Bank organization's representatives were all but upbeat about this plan. They were impressed by the brilliant idea and were also sure to support it to the very end, albeit with a bit of change in some parts of the whole plan. For instance, the team was of the opinion that a pilot project would be a welcome idea to observe the response from the public before going all out and launching the project to the public. They, therefore, advised that the communication budget is reduced by half to cover for social and mass media while doing away with the BTL for the meantime. The organization's representatives also advised that the plan should not only be limited to the middle and low-income earners but instead, it should be expanded to cater for the high-income earners as well. Upbeat as they seemed, the team is likely to subject my plan to further scrutiny by a team of financial and marketing professionals to see the entire long-term viability of rolling out my project. The organization's management, however, advised that I should build an anchor my plan on the platform of solving the financial management challenge which confronts everyone alike in contemporary society.

Next Steps

The next step is to seek and incorporate a team of financial and marketing experts in the project as soon as possible to ensure that they quickly give the viability of the plan before its eventual rollout. The organization should also initiate the process of financial preparation and engage the marketing agencies to book for marketing spaces within the leading mass media platforms. For the sake of timeline, it would be best f the organization initiated the marketing teaser to determine how much the audience is keen on new products in the market. Finally, the organization can authorize for the assembling of a motivated team of trainers and brand ambassadors to initiate the campaign of popularizing the product in the offices and through seminars and meetings.