“Meeting Your Audience Where They Are: Lessons from Providus Bank’s Intervention in the Dosunmu Market Fire Incident”
By Ishola Ayodele
In the dynamic world of business, effective
communication is not merely about broadcasting messages; it's about connecting
with your audience on a personal level. The recent intervention by Providus
Bank in the aftermath of the Dosunmu Market fire incident exemplifies the power
of meeting your audience where they are—a crucial strategy for attracting new
customers and retaining existing ones.
Background
Lagos Island stands as the bustling heart of commerce
in Lagos, where the relentless hustle of the nation is on full display. On an
ordinary day, the streets and markets teem with traders and businesses.
However, the recent fire incident that ravaged the Dosunmu Market brought a
sudden halt to this vibrant commercial activity, leaving countless traders
devastated.
Providus Bank’s Swift Response
Strategy
Recognizing the critical situation, Providus Bank
immediately decided to take action. The management of the bank, led by a
dedicated team from the Nnamdi Azikiwe Branch, swiftly organized an
intervention forum for those affected by the fire. This forum was open to both
customers and non-customers, showcasing the bank’s commitment to the broader
community.
Tactics
1.
Intervention Forum
During the forum, Providus Bank outlined various
measures to help the affected traders. Key among these measures was the
allocation of N5 billion in loans specifically designed to assist small
businesses in their recovery. This financial support aimed to ensure that these
businesses could get back on their feet quickly and with minimal stress.
The forum served as a platform for dialogue and
empathy, where the bank could directly understand the needs and concerns of the
traders. By engaging with the affected community in person, Providus Bank
demonstrated that it is not just a financial institution but a vital part of
the market community, deeply invested in its well-being.
2.
Commitment to the Community
Providus Bank's intervention underscores its belief in
being an active member of the market community. The bank recognizes that its
success is intertwined with the prosperity of the local businesses it serves.
By stepping in to provide immediate and substantial support, Providus Bank
reinforced its role as a reliable partner in times of crisis, ensuring that
commerce never stops for its customers and prospective customers.
3.
Announcing The Commitment
Providus bank created a short video of their engagement
with the Dosunmu market traders and shared it on their social media handles. By
sharing the video on social media platforms, Providus Bank was able to reach a
wider audience, including current and potential customers who may not have been
aware of their efforts.
Outcomes
i.
Emotional Connection and Loyalty:
Providus
Bank's compassionate gesture has forged a strong emotional bond with the
Dosunmu Market traders. This initiative is expected to strengthen the loyalty
of existing customers and garner goodwill from prospective customers and their
families.
ii.
Increased Engagement:
The
video shared by Providus Bank generated a significant amount of likes, shares,
comments, and most importantly, discussions. This surge in activity has
markedly increased engagement with their audience on social media platforms.
iii.
Media Mileage:
Providus
Bank's proactive approach has also resulted in substantial media coverage. As
you read this article, no less than nine other media outlets have published
similar stories. This widespread coverage has significantly amplified the
bank’s visibility, translating to a vast number of eyeballs on their novel
action.
iv.
Media Mentions:
The
initiative has led to numerous media mentions, further enhancing Providus
Bank’s reputation and reinforcing its commitment to community support.
Key Lessons For Professionals
1.
Proximity and Empathy in Action
Effective communication starts with understanding and
addressing the immediate needs of your audience. This my assertion is tooted in
streams of studies which have shown that understanding and addressing
the immediate needs of your audience can enhance communication effectiveness,
credibility, and engagement {Bell, A. (1984); Jurin, R et al, (2010); Gann, T.,
& Barr, D. (2014); Lundgren, R., & McMakin, A. (2018); Meredith, D.
(2021)}. Providus Bank’s intervention forum is a prime example of this
principle. By organizing a face-to-face forum for the affected traders, the
bank provided a platform for direct engagement and support which positions the
bank as a caring and supportive bank willing to understand plight and
addressing the traders’ concerns need.
This approach aligns with the concept of “proximity
marketing,” which emphasizes the importance of being close to your customers,
both physically and emotionally. Providus Bank’s personalized approach during
the intervention resonated with this finding, fostering a sense of trust and
loyalty among the traders.
2.
Financial Support as a Communication
Tool
The allocation of N5 billion in loans to support the
affected businesses was more than just financial assistance; it was a powerful
communication tool. It conveyed Providus Bank’s commitment to the community’s
recovery and economic stability. This tangible support spoke volumes,
reinforcing the bank’s dedication to its customers.
A study by Invesp, a 5% increase in customer retention
can result in a 25% increase in customer lifetime value (The Mentor group,
2023). Providus Bank’s proactive financial support highlights how targeted
assistance can strengthen customer loyalty and attract new clients who see the
bank’s value in times of need. Additionally, this can also lead to greater
revenue for the bank in the future as it helps the bank to retain their
existing customers. This has been proven by a report by Harvard Business Review
which shows that a 5% increase in customer retention rates can significantly
increase profits by 25% to 95%.
3.
Leveraging Digital Platforms for
Broader Reach
In today’s digital age, meeting your audience where they are also means utilizing online platforms to extend your reach. Providus Bank’s video documenting their intervention efforts serves as a clear message of their intentions and mission. This digital outreach not only amplifies the bank’s message but also connects with a wider audience, including potential customers who may not have been directly affected by the incident.
A report by HubSpot indicates that 54% of consumers
want to see more video content from brands they support. Providus Bank’s use of
video content aligns with this preference, enhancing their brand’s visibility
and emotional connection with the audience.
4.
The Role of Community Engagement
Providus Bank's intervention at the Dosunmu Market exemplifies its commitment to community engagement and social responsibility. By stepping in to support the traders affected by the fire, Providus Bank showcased its role as more than just a financial institution—it proved to be a vital community member deeply invested in the welfare of local businesses.
This action aligns perfectly with the findings of a study conducted by Parsa et al. (2015), which revealed that most consumers are willing to pay a modest price increase for businesses that are environmentally and socially responsible. Providus Bank’s swift and substantial response to the Dosunmu Market incident demonstrates its dedication to social responsibility, reinforcing the bank's reputation as a trustworthy and caring partner in the community.
By prioritizing the needs of the affected traders and
providing tangible support through the N5 billion loan facility, Providus Bank
not only helped businesses recover but also strengthened its relationship with
the community. This alignment with consumer preferences for socially
responsible businesses underscores the bank's strategic approach to fostering
loyalty and attracting new customers, thereby driving long-term success.
5. Tell
Your Own Story
In the digital age, businesses have the unique opportunity to tell their own stories and connect directly with their audience through social media. Providus Bank seizing this opportunity by creating and sharing a short video of their engagement forum with the affected traders at Dosunmu Market on their social media handles is a strategic move that will not only amplified their message of support but also demonstrated their commitment to transparency and community engagement.
The video showcased Providus Bank’s genuine concern for the affected traders, detailing the measures taken to support their recovery. By documenting their intervention and sharing it publicly, the bank has built trust and credibility with their audience. Transparency in actions reassures customers and potential clients that the bank is committed to its community and values.
Providus Bank’s video also garnered likes, shares, comments, and discussions, increasing engagement with their audience. Engaging content not only keeps current customers connected but also attracts new ones by showcasing the bank’s values and actions. Findings by a group of researchers Filho et al, (2019) indicates that video content on social media generates 1200% more shares than text and image content combined. By leveraging video, Providus Bank maximized their reach and impact, effectively communicating their message of support and community involvement.
CONCLUSION
One of my recurring statements in my Executive class
is “Meeting your audience where they are is not just an essential aspect of
effective communication in business, it has become imperative”. This is
because as Simon Sinek wisely puts it, "People don't buy what you do;
they buy why you do it." Providus Bank’s actions reflect their belief
in community support and their commitment to their customers’ well-being. This
approach not only strengthens loyalty but also attracts new customers who
resonate with the bank's values.
References
1. Drucker,
P. F. (1973), “Management: Tasks, Responsibilities, Practices.” New York, USA:
Harper & Row.
2. Filho,
C., Souki, G., Randt, D., & Chinelato, F. (2019). Marketing in a socially
connected world: the impact of value on sharing of commercial videos. Revista
Economia & Gestão. https://doi.org/10.5752/p.1984-6606.2019v19n53p5-21.
3. Gann,
T., & Barr, D. (2014). Speaking from experience: audience design as expert
performance. Language, Cognition and Neuroscience, 29, 744 - 760. https://doi.org/10.1080/01690965.2011.641388.
4. Jurin,
R., Roush, D., & Danter, J. (2010). Analyzing Your Audience. , 83-105. https://doi.org/10.1007/978-90-481-3987-3_6.
5. Lundgren,
R., & McMakin, A. (2018). Analyze Your Audience. Risk Communication: A
Handbook for Communicating Environmental, Safety, and Health Risks. https://doi.org/10.1002/9780470480120.CH8.
6. Meredith,
D. (2021). Understand Your Audiences. Explaining Research. https://doi.org/10.1093/oso/9780197571316.003.0002.
7. Parsa,
H., Lord, K., Putrevu, S., & Kreeger, J. (2015). Corporate social and
environmental responsibility in services: Will consumers pay for it?. Journal
of Retailing and Consumer Services, 22, 250-260. https://doi.org/10.1016/J.JRETCONSER.2014.08.006.
8. Providus
Bank (2024), “Providus Bank Helping Business Prosper.” Retrieved from https://www.linkedin.com/posts/providusbank_helpingbusinessesprosper-ugcPost-7214658599023763457-fq37?utm_source=share&utm_medium=member_android
on 5th of July, 2024.
9. The
Mentor Group (2023), "THE CUSTOMER RETENTION BLUEPRINT: STRATEGIES FOR
LONG-TERM SUCCESS." Retrieved from
https://www.mentorgroup.co.uk/insights/the-customer-retention-blueprint-strategies-for-long-term-success
on 5th of July, 2024
10. Sinek,
S. (2009), “Start with why: How great leaders inspire everyone to take action”.
New York, USA. Portfolio imprint of Penguin Group.
Comments
Post a Comment