Time Bank

Topics: Advertising, Promotion and marketing communications, Newspaper Pages: 5 (1628 words) Published: December 9, 2010
Time Bank
1. Introduction
Time bank is a unique organisation that holds vast amount of knowledge and skills belonging to its customer. The way time bank operates is by allowing individuals to exchange their knowledge, skills with others. The concept of the Time Bank is based on the fact that people are all individually different, we all have different types of knowledge and we all have different set of skills, no one is good at everything, the typical situation is that we only have the capacity to be good at certain things and not all things. In a world without Time Bank, we have to pay for things we can’t do, for example I am not an expert with computers, if my computer breaks down then I would have to pay for someone to fix it. However, with the existence of Time Bank, I can exchange a skill which I am good at for someone else’s help with the repair of my computer. To illustrate this example more specifically, If a member of the Time Bank has spent two hours repairing my computer then that person would have banked two hours worth of time with the Bank, in another word, that person will have two hours worth of credit. When that person needs help with something he has difficulty with, he is entitled to two hours free help from another individual. So individuals can build up their credit by helping others with things that they are good at. This way, people can save time and money in dealing with difficult tasks. It is clear that Time Bank offers a service that many needs, but no such provider exists in the current market in Colchester. However, as Time Bank is such a new concept promotion of the Bank is vital. Effective promotional method needs to be used to introduce people to this new concept. I shall look into these methods in the rest of this essay, but before doing so, it is important to assess who would use Time Bank, i.e. its target audience.

2. Target Audience:
One of the key reason that people will want to use Time Bank will be because that they can save money, from this it follows that Time Bank is unlikely to attract very wealthy individuals. Further, it is likely that only people who can offer knowledge or skill in return will use the Bank, this will mean that the younger and older groups are probably excluded from the target audience, as they are likely to be limited with the help they can offer. So, main target group of Time Bank is likely to be working individuals and possibly students. So, we have to have this in mind when selecting the promotion methods for the Bank.

3. Advertising:
Placing adverts on local newspapers, radios and internet, magazines and possibly on television may be a good way to build the awareness of the Bank’s presence. Yellow pages is another idea, however, with the expansion of the internet Yellow pages is not as much used by people as before. So, instead, it may be a better idea to place advert on the internet, for example, Yell Colchester. With newspapers and radios it will be a good idea to place the advert on popular Colchester local papers and local radio stations such as BBC Essex and Heart Essex. In terms of magazines, if possible, it would be a good idea to select magazines that our target audience is most likely to read, something like magazines advising on money matters or D.I.Y. magazines (as it is likely that people who are interested in D.I.Y will find it more enjoyable to exchange their skills and bank their time with the Time Bank). Putting up adverts on the internet is also a good idea, an excellent website to place advert is www.ask.com, as people who go on to ask.com will normally be in the need for some kind of help, so an advert on this website will capture some of our key audiences. It may be a better idea to take advantage of free advertising, such as placing adverts on Gumtree Colchester. Putting up posters in University campus may also be a good idea, students are likely to be a key user of the Time Bank, the reason being that students do not earn...
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