Assignment Communication Management
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Added on 2020-05-28
Assignment Communication Management
Added on 2020-05-28
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To: Lana Strydon, Head Digital Marketing and Media, FNBFrom: PrernaDate:10/01/2018RE: Business Case AnalysisBased on the case study, I will analyse the ways FNB have utilised social media toengage customers and enhance the Bank’s brand and image.As a responsible digital marketingand media engineer, I consulted with Lana Strydom, head of digital marketing and media tounderstand how social and digital media could be used for making the business successful.According to Mazinteret al. (2015), First National Bank is one of the most popular financialinstitutions in South Africa that has influenced the consumers’ attitudes and behaviors throughhuge investments in social media strategy including the transactional banking app (Berthon et al.2012). Use of social media for Customer EngagementFrom the case study, it could be understood that various issues were faced while usingsocial media as a communication tool, because one of its competitors named Standard Bankcriticized the inappropriate advertisements and promotions for enabling innovation done byFNB. It was Standard bank’s own way of managing communication by using Twitter while FNBused the micro blogging service for facilitating the communication process (Mazinteret al. 2015).As a responsible employee and operations manager, I personally believe that the use of social
1MANAGEMENT COMMUNICATIONmedia by FNB could be a revolutionary approach, because it had been very responsive, customerfocused rather than brand focused and it had aligned the social media involvement with thepositioning of the brand (Bruhn, Schoenmueller and Schäfer 2012). Many of the CEOs of wellknown brands have agreed to the fact that it facilitates the management of communication withthe customers and results in positioning a good brand image to improve the level of awarenessamong the customers. By involving social media, it has become easy for internet banking andeven banking through use of facebook. There were many banks that introduced banking appsavailable while FNB promoted its services by showing positive messages video and benefits ofusing the financial services on LinkedIn, facebook pages to attract more people towards thecompany. Though the use of social media has made it possible for FNB to achieve this aim to acertain extent, still it could spread negative messages at a faster rate and even deteriorate thebrand image. The Facebook page managed by FNB already have many complaints providedthrough comments and posts and most of those have been left unanswered by the bankauthorities too (Dwivedi et al. 2016). A proper social media strategy could allow FNB toestablish itself as a good marketer within South African banking industry because of its organicnature that had been driven by preferences and behaviors of people within the community ratherthan the brand itself (fnb.co.za 2018). Benefits for FNB from investing in social media strategyBased on Lana Strydom's statement, the investments done for implementing the socialmedia strategy have brought fruitful results and allowed FNB to operate in three differentdigitalmedia platforms including blogs and forums in Facebook, Micromedia in Twitter and
2MANAGEMENT COMMUNICATIONmainstream media on various news websites. The blogs and forums were managed throughFacebook involved, where the customers provided their views and opinions regarding theservices provided. There were also many complaints regarding the brand, which have grabbedthe attention of many and created mindset about how FNB had been misleading people(Macnamara and Zerfass 2012). FNB also invested in developing an innovative app namedeWallet Money magnet app for grabbing the attention of service users andprovide them withinformation about the necessaryfeatures of the brand. Previously, the customers were consideredas external stakeholders but now they had been considered as creators of value and profit for thebusiness. The management of communication was essential for making them an integral part ofthe company, which had been possible by investing on social media strategyimplementation.With the investments in social media marketing strategy, with the radio advertising and socialmedia involvement, more than 11,000 accounts were opened and swiping of cards were done byaccount holders of FNB (Mitic and Kapoulas 2012). Though the rate of attrition rate was high and many people switched banks, I thought thatthe approach undertaken by you had been successful because with the investments made , aninnovative centralized group was created that managed the social media projects properly. Itfurther helped in developing policies and procedures to integrate the social media technologieswith the working practices of employees. Thus, the emerging trends and success stories of othercompetitors were understood and social media platforms have been involved for enhancing theawareness of products and services among the customers and make them learn mobile bankingtoo (Mazinteret al. 2015). People surf Facebook often and with this involvement of social mediaplatform, FNB has easily penetrated different market segments and understood the needsandpreferences of theirs.
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