Social Media Strategies of National Bank - MyAssignmenthelp.com

Question: Discuss about the Social Media Strategies of National Bank. Answer: TO: Lana Strydom, Head Digital Marketing and Media, FNB FROM: Student Name DATE: 10 January 2018 SUBJECT: Social Media Strategies of First National Bank As you requested, I have conducted primary and secondary research to analyze the management of social media (SM) strategy and to recommend ways in which First National Bank (FNB) can manage its ongoing SM strategy. The purpose of this writing is to help FNB to analyze the social media marketing strategies of First National Bank and to help the organization in retaining its position in the market and to suggest some additional steps to improve its social media marketing strategies. My thesis is that The First National Bank needs to improve its internet security if the company wants to continue its progressive social media strategy. This thesis has been developed in terms of four headings: Social Media Policies Adopted By FNB to Engage With Their Customers Paying attention to the queries of the customers and responding to those queries in time is one of the most important strategies of FNB (Iveycases.com 2018). Responding to the queries of the customers is the primary requirement of the banking organizations; if they stop paying attention to their customers then the bank will lose the loyalty of their customers. FNB monitors their social media accounts for most of the time throughout the day Employing a team of social media writers from public relations, copywriting, and similar backgrounds in a shift from 6 a.m until 10 p.m seven days a week, including holidays, meant that FNB was able to maintain an active voice in the community (Iveycases.com 2018, pp- 7). Their responsiveness makes their social media marketing strategy a success. The opinions and requirements of the customers matters the most when it comes to social media marketing. The core values of FNB consist of helping the customers (Iveycases.com 2018, pp- 5). The social medi a provides an opportunity for promoting the brands core values by constantly helping the customers through the social media (Mazinter et al. 2015). Generally, the CEO of companies is not approachable and they do not respond to tweets and chats, but the FNB CEO Michael Jordan maintains a notable presence in the social media (Iveycases.com 2018, pp- 4). He responds to tweets and remains quite active in the twitter. This approach affects the brand image positively. Benefits Obtained By FNB by Investing In Social Media Marketing FNB launched an app which helped the customers to access the services of the bank easily thus increasing publicity of the bank. Due to the banks prominent social presence and their prompt response to the customers, FNB experienced a rise in popularity and their brand name was promoted due to their progressive social marketing strategies (Iveycases.com 2018, pp- 5). The company gained almost 100,000 new fans in their Facebook page when the social media team created a game, which allowed the customers to learn about the products features in an exciting way (Iveycases.com 2018, pp- 6). This led to generation of revenue for the bank, which amounted to 6.1 million while the bank had to invest only 1.4 million in this strategy. The Cool Revolution helped in upgrading the image of the bank in front of the employees and thus helped in attracting and retaining the employees (Reynolds, Roberts and Meyer 2015, pp-25). Lessons That FNB Can Learn About Developing Social Media Strategies In the social media world, listening to what the people have to say is the key to achieve success. Finding out the people who plays an important role in influencing the decisions of others is important point that FNB can keep in mind. Monitoring the comments of the people and understanding what they have to say about the company, and acting on the comments will help in improving the weak points (Peppard and Ward 2016). Understanding the needs of the customers will help in developing goals of the business. One cannot promote their business by just promoting their products or themselves, instead the customer needs should be addressed. The approach to deliver the required content should be determined from the beginning. There should be a proper media promotion plan, which must align with the requirements of the customers, and the contents of the social media should be developed accordingly (Tuten and Solomon 2017). The cost of using social media in order to promote the brand name is als o very less and the method is effective as within a short period of time the company can reach a huge number of people and there is no need to pay different television channels for advertisements or to spend money for promotional purposes. Factors to be kept in mind by the organizations while following Social media marketing (Recommendations) Identifying the customers and targeting the specific groups of people through effective use of the media platforms. Maintaining a concrete online security framework is important so that confidential data of the company and its clients are kept secured (Jara, Parra and Skarmeta 2014). Choosing the correct media platforms is also necessary to reach the target customers. Upgrading the technological aspects of the organization is also required to keep up with the latest developments in the social media platforms (Scott 2015). Prompt response and user-friendly interface is required to attract the customers and to hold their confidence. To sum it up, the social media strategies adopted by the First National Bank have proved to be immensely effective to promote their brand image and establish their superiority in the digital marketing platforms. As mentioned in the thesis statement, to continue with their success with social media marketing strategies FNB needs to keep updating their technology and the online security systems. Genuine anti-virus softwares should be used; the customers should also be advised to change their passwords after each month. Following the above-mentioned recommendations, FNB can enjoy the top position in the banking sector. The success of FNB can be an example to the other organizations and other banking institutions to become a successful in the field of digital marketing. Reference De Bruin-Reynolds, L., Roberts-Lombard, M. and de Meyer, C. 2015. The traditional internal marketing mix and its perceived influence on graduate employee satisfaction in an emerging economy.Journal of Global Business and Technology,11(1). Iveycases.com. (2018).Ivey Publishing - Product View. [online] Available at: https://www.iveycases.com/ProductView.aspx?id=68404 [Accessed 6 Jan. 2018]. Jara, A.J., Parra, M.C. and Skarmeta, A.F. 2014. Participative marketing: extending social media marketing through the identification and interaction capabilities from the Internet of things.Personal and Ubiquitous Computing,18(4), pp.997-1011. Mazinter, L, Kleyn, N, Goldman, MM Lindsey-Renton, J 2015, Banking On Social Media. Viewed 10 January 2018, https://www.iveycases.com/ProductView.aspx?id=68404. Peppard, J. and Ward, J., 2016.The strategic management of information systems: Building a digital strategy. John Wiley Sons. UK. Scott, D.M., 2015.The new rules of marketing and PR: How to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John Wiley Sons. UK. Tuten, TL. and Solomon, MR. 2017.Social media marketing. Sage.UK