The Impact of Marketing Communication Spend on Brand Awareness and Profitability - A Case Study of Selected Banks in Ghana

Abstract

The main objective of this research was to find out the relevance of marketing communication spend and its impact on brand awareness and profitability, using some selected banks in Ghana. A mixed method study was conducted in which a sample size of fifty (50) professionals were selected from the Banking sector, the Advertising Association of Ghana, the Institute of Public Relations, and some corporate communication practitioners. Many findings were identified, notably were resources such as money, time, humans, and machinery, among others been commonly used by the banks to support their marketing communications. Human resource is the most used resource among the lot in the banks marketing activities. For the factors that are involved in marketing communication spend, the study concluded that awareness creation, customers' interest, and the purchase of the offer generated prospective customer interested. This impacted on whether marketing communication spend has an impact on brand awareness. It was also noted that the impact of marketing communications on profitability has affected positively the profitability of. the banks. In other words, serving the customer and making profit is the main goal of most organizations. Suggestions for further research included investment in human resources, reduction in turnover rate, review of marketing communications budget and increase in the marketing communications budget allocation.