New media and the marketing strategies of Nigerian banks: A case study of First Bank of Nigeria Ltd

Abstract

The objective of this article is to examine if new media marketing concept as a new business philosophy has been effectively adopted in the banking industry. The study is based on the information gathered and collected from both primary and secondary sources. The sample for the study is drawn from First Bank of Nigeria. Data analysis for the study was carried out using chi-square method of data analysis. Findings of the study revealed that marketing activities have been playing a dominant role in the developmental effort of the financial sector of the economy. Therefore, the continued existence of the industry and the development of the Nigerian economy will depend on its ability to design and map out appropriate and creative marketing strategy that take cognizance of the new media. Consequently, how soon these organisations embrace the realities of these new media in Nigeria goes a long way in determining the extent to which they experience the benefits of new media marketing.

Keywords: New media, marketing, Nigerian banks, internet, social media, Facebook, Twitter.