Impact of Promotional Strategy on the Development of Insurance Companies in Nigeria
Publication Date: 20/12/2020
Author(s): Oluwaleye Taiwo Olarinre, Shoyemi Olatokunbo Sunday, Adewole Aliu Olusola.
Volume/Issue: Volume 3 , Issue 4 (2020)
Abstract:
The study applies the indices of media advertising, personal selling, sales promotion, direct marketing and sponsorship marketing to investigate the impact of promotional strategy on the development of insurance companies in Nigeria. Descriptive survey design was used to administer a well self-structured questionnaire to the respondents. One hundred and thirty-five respondents were judgementally selected from five insurance companies in Nigeria. The retrieved data were coded and analysed using multiple regression analysis from SPSS version 20. Evidence from the result of regression test indicated that media advertising, personal selling, sales promotion, direct marketing and sponsorship marketing have positive and significant effect on the development of insurance companies in Nigeria. Thus, the study concluded that promotional strategy has positive and significant impact on the development of Insurance companies in Nigeria. It was recommended that Insurance firm should not sit comfortably in their office, rather, be on the go to meet prospective customers with valuable asset, thereby approaching them with cost-effective packages and other stimulants in order to attract their premiums and patronage.
Keywords:
Promotional Strategy, Development of Insurance Companies, Sponsorship Marketing, Direct Marketing, Personal Selling, Media Advertising, Sales Promotion
