Social Media Impact on Barclays

This research project examines the impact of social media on attracting and retaining customers at Barclays Plc. It analyzes the concept of social media, customer attraction and retention indicators, and the relationship between social media and customer engagement at Barclays. The project includes a critical review of data collected through primary and secondary research methods, culminating in recommendations and an action plan for Barclays to leverage social media effectively. Desklib provides past papers and solved assignments for students.

RESEARCH
PROJECT
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Table of Contents
TOPIC..............................................................................................................................................3
CHAPTER 1: INTRODUCTION....................................................................................................3
Overview of the study:...........................................................................................................3
Background:...........................................................................................................................3
Research Aim:........................................................................................................................4
Research Objectives: .............................................................................................................4
Research Questions:...............................................................................................................5
Rationale of the Study and Review of the Problem:..............................................................5
Structure of the Report...........................................................................................................6
LITERATURE REVIEW................................................................................................................7
Concept of Social Media........................................................................................................7
Indicators of customer attraction and retention......................................................................8
Role of customer retention in improvisation of competition................................................10
Relationship between social media and customer attraction and retention in Barclays.......10
METHODOLOGY........................................................................................................................11
Primary Research..................................................................................................................12
Secondary Research..............................................................................................................12
CRITICAL REVIEW.....................................................................................................................13
RECOMMENDATION AND ACTION PLAN............................................................................23
Action Plan...........................................................................................................................25
CONCLUSION..............................................................................................................................26
REFERENCES..............................................................................................................................28
APPENDICES...............................................................................................................................30
Appendix-1...........................................................................................................................30
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TOPIC
“The impact of social media on attracting and retaining customers in Barclays.”
CHAPTER 1: INTRODUCTION
Overview of the study:
Social Media refers to the technology which is computer-based that provides individuals
with platforms where they could share their ideas and information. It also provides customers
with certain virtual communities and networks that help them to exchange information
effectively. It is a globally used technological platform which is applicable to individuals, teams
as well as organisations. The main agenda of social media is to facilitate electronic
communication through internet and effective exchange of information that helps individuals and
organisations to create value. With enhancements in technology, the use of social media could be
done using computers, laptops, tablets as well as cellphones. Individuals as well as organisations
use social media on a daily basis where they exchange information and communicate with one
another effectively.
Barclays Plc, in conducting its operations, effectively applies corporate strategies and
effective governance. Corporate Strategy refer to those actions and directions that companies
take to achieve their short as well as long-term goals in an appropriate and effective manner
(Grant, 2016). Corporate Governance, on the other end, refers to all those processes, mechanisms
as well as relations that are required to control as well as direct an organisation (Marquis and
Lee, 2013). The institution is using various strategies to effectively attract and retain customers.
Social Media is one of those techniques that company is using to fulfil its objectives. The aim of
the study is to determine the impact of Social Media in attraction and retention of customers in
Barclays.
Background:
Barclays Plc is a multinational financial services organisation and investment bank which
have its headquarters in London, United Kingdom. The company is considered to be one of the
biggest financial companies in the UK and has a huge workforce and effective corporate
structure. Established in 1690, the firm has strong roots in the past with multiple achievements
and various agricultural, industrial and technological revolutions. Apart from its operation of
investment banking, the company also provides services like corporate banking, personal
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banking, investment as well as health management to its customers in the UK. The corporate
governance rule of New York Stock Exchange allows Barclays to follow the governance
structure of the UK rather than the US. Barclays effectively follow the code set by the UK
government and focuses on setting standards for good practices where leadership, accountability,
effectiveness and relation with shareholders is concerned. The corporate strategy of the
organisation is to deliver favourable returns and reach their customers worldwide (Fernando,
2012). Moreover, the organisation is adopting digitalisation in its practices and operations to
effectively manage their organisation and to attract and retain their customers. The company is
applying various digital strategies to attract and retain their customers with social media being
one of them. The agenda of the firm in applying this method is to effectively expand their
workforce and provide their services to maximum number of customers possible.
Social Media has various modes and forms which allow individuals to carry out their
technologically enabled activities like blogging, social and business networks and so forth
(Fuchs, C., 2017). Companies of almost all sectors use social media as an effective method to
strengthen their customer base. Social media could help Barclays in acquiring effective
feedbacks from customers regarding their strategies and it could also help them develop plan of
action according to the preferences of their customers. Moreover, this method could be effective
in case the company wants to effectively introduce any new strategies that provide immense
benefits to people. In addition to this, social media could be an effective way in which
institutions could track strategies of their competitive organisations which could help the firm
stay a step ahead.
Research Aim:
To determine the role of social media and its impact on consumer attraction and retention
in Barclays.
Research Objectives:
 To determine the concept of Social Media
 To identify the indicators of customer attraction and retention
 To determine how customer retention improves competition?
 To determine the relationship between social media and customer attraction and retention
in Barclays
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Research Questions:
 What is the concept of social media?
 What are the indicators of customer attraction and retention
 How customer retention improves competition for organisations?
 What is the relationship between social media and customer attraction and retention of
Barclays?
Rationale of the Study and Review of the Problem:
Employee attraction and retention is quite imperative and helpful for every organisation
to effectively progress in the business and effectively sustain in such a dynamic and competitive
business environment. Barclays aim to retain their buyers lately and and it is very complex to
track the level of satisfaction of the customers. Barclays is attracting millennials as their potential
customers to provide them better services (U.K. Millennial Wallets Are The Target: Digital And
Mobile Is The Key, 2019). To achieve this, the company is planning to incline its operations
towards more usage of technology. For this, the firm is opting for social media as an effective
measure to retain their customers as well as attract new ones. This is a viable strategy for
Barclays as young customers are quite active on social media and could enhance their familiarity
with the operations of Barclays. Millennials could be appropriate target customers for the bank
as the new age customerrs are inclined towards technological advancements and use of social-
media. The impact for the same on customer attraction and retention could be well witnessed in
case the target customers are active users of social media. It is also important for Barclays as this
would allow the firm to spend their time and resources in developing strategies that would allow
the company to provide effective services to its clients and achieve their organisational targets.
This could be achieved by development of effective corporate strategies and governance (Amran,
Lee and Devi, 2014). Social media would help the managers to manage internal as well as
external stakeholders of the firm. The firm could develop effective strategies by establishing
effective communication channels with their stakeholders as well as the board. In addition to
this, social media could be used by the company to formulate and make customers familiar with
their internal regulations as well as policies. Social Media is being given extreme importance
lately as without this, the bank would fail to attract customers outside its niche market
effectively. In addition to this, without social media, the firm would have to spend a lot of money
in marketing its services and attracting new customers towards the firm. This research would
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allow the firm to measure the accurate impact of social media on the firm and its agenda of
attracting and retaining customers. In addition to this, this research would also allow Barclays to
effectively formulate their strategy through social media tools to attract and retain more
customers in a healthy manner and for a long-term purpose. This study would also focus on
various departments within Barclays that would be affected by this decision of the firm to use
social media as a method of attracting new customers and retaining existing ones. It is imperative
for Barclays to conduct this research in order to determine various methods and social media
tools that would aid the purpose of the study in the best manner possible.
Structure of the Report
The following report is divided into various sections that are describing different aspects
of the impact which social media has on customer attraction and retention.
The first aspect covers Literature review which gives a detailed review of the concept of
social media. It describes how social media is advantageous in the current business scenario. In
addition to this, it discusses various social media portals and how they could effectively help the
companies in achieving various objectives using each portal.
Next, the report covers research methodologies that have been used by the researcher to
effectively conduct the research. For this research, there are two types of research methodology
used, mainly, primary research and secondary research. The report covers effective discussion on
both these methodologies along with various methods that could be used to conduct the research.
After research methodology, the report covers a detailed critical analysis of the outcomes
of these methodologies. For secondary research, literature review has been analysed. As for
secondary research, a questionnaire is prepared and distributed among 50 respondents. Their
responses have been effectively interpreted to examine the impact of social media on customer
attraction and retention for Barclays.
Lastly, the report covers recommendation and action plan for Barclays Plc to effectively
channelise their resources to maximise the impact of social media for acquiring new customers
and retain existing ones. Moreover, a detailed emphasis has been given on corporate strategy and
governance which are equal determinants to scale a firm towards success.
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LITERATURE REVIEW
Literature review refers to those articles that cover published information about a specific
subject area. It is a quite important part of the research and undertakes evaluation of sources and
provide relevant information to the researcher.
Concept of Social Media
According to Driver Saige (2018), Social Media is imperative for businesses as it is
considered to be one of the most effective and a cheap marketing tool. Its campaigns could help
companies reach a lot of customers. Social media provide companies with effective targeting
capabilities and a wide reach than other methods used by companies to approach and attract
customers.
As per Maina Antony (2018), there are various social media platforms that are used by
individuals as well as organisation to exchange information and communicate and manage
customers respectively. One such platform is Facebook. It is by far the most popular social
media platform and majority of business organisation working at small as well as large scale uses
this portal to conduct some of their business activities like marketing an promotion. Another
social media platform is twitter that is widely used by companies to give short updates and share
effective links for various important content. YouTube is yet another social media network
which solely works over sharing of videos. Business organisations could use this portal to make
people familiar with their business processes, product and service specifications and techniques
of customer and employee management. Specifically for business purposes and with 260 million
monthly users, LinkedIn is designed to create professional networking. Firms use this portal to
hire talented individuals for their companies to enhance their workforce. These platforms help
companies to assure complete transparency with their targeted and potential customers.
From the viewpoints of Lazano Dhariana (2016), there are various benefits if companies
use so social media for their business operations. The first and foremost benefit of using it is that
it helps organisations to make customers aware about what companies have to offer. In addition
to this, companies could indulge in conversation with interested customers to address their
doubts which could get them interested in organisations' offerings. Moreover, the biggest benefit
of social media is that there are a lot of customers that use these portals for different purposes.
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Illustration 1: 23 Benefits of Social Media for Business
(Source: 23 Benefits of Social Media for Business, 2019)
As per the image, a large number of individuals use social media and this could be an
advantage for companies to attract customers using effective techniques and customer
engagement methods which will contribute in their sustainable growth and profitability. Social
media could also be used by companies to promote content as well as involve customers in
decision-making process. In this manner, customers will be engaged and would provide effective
contribution to the firm's new product ideas and designs.
Indicators of customer attraction and retention
As per the views of Steiner, W.J., and et. al., (2014), customer attraction and retention
depends upon the pricing as well as quality of the products. The agenda for each company is to
earn profit, however, they must set such a price for their offerings that attract and retain a lots of
customers. More companies are giving importance to customer retention lately rather than
customer acquisitions in the market. To retain these customers and to ensure their loyalties, it is
becoming quite important for them to set the prices in the most appropriate and effective manner
that are favoured by customers and help organisations to attract and retain their buyers.
According to Lowenstein Michael (2015), alongside prices, firms could also gain
customer loyalty overtime by providing effective value for money and superior quality products
to its customer base. This would help them in increasing demands for their products as people
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want organisations that provide them comfort and quality both on a favourable price range. This
pattern must also be quite consistent for companies to effectively retain their existing customers.
Quality of products and services require companies to perform extensive market research to
determine what modifications could the company perform in order to satisfy current demands of
the marketplace.
According to Ngai, E.W., and et. al., (2015), it is essential that companies apply some
effective corporate strategies to ensure long term customer retention. It also helps companies
sustain in a highly competitive environment. There are various models that govern how
companies could retain their customers. One such model gives a full circle approach as an
effective method to retain buyers within a company's targeted environment.
Illustration 2: Why a focus on the fundamentals of customer retention is essential to
business growth
(Source: Why a focus on the fundamentals of customer retention is essential to business growth,
2017)
Such a model could be effective for companies to gain a 360-degree overview on each
customer and could develop strategies that could provide customer satisfaction. These strategies
include inducing an emotional connection with the consumers. This makes it hard for them to
shift onto another firm. Another strategy calls in for providing value for money, which could
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help a firm stand effective against their competitors. Then comes effective customer service that
would allow the firms to encourage customers in buying their products repeatedly. The last stage
of this model requires customers to recommend the offerings in their interest groups.
Role of customer retention in improvisation of competition
As per the viewpoints of Heinz Matt (2018), loyal customers contribute in a firm's
growth and success. These customers could effectively make a company achieve their corporate
objectives and effectively enhance their competitive strengths. Customer retention in
organisations really help in them gaining competitive edge. As per Hinshaw Michael (2019),
One way is that they effectively identify current customer experience and future trends and their
anticipated preferences which could be beneficial for a company's strategy of developing new
products and introducing innovation in existing ones. Higher customer retention denotes high
customer experience that a firm offers. This aids a company in establishing itself in the
marketplace. Customer retention allows organisations to experiment with their products
according to a large number of consumer preferences that is one effective strategy to beat
competition. Customer retention also helps to gain insight in the experience gaps which enables
the companies to modify strategies according to customer touchpoints. This aids in creation of
new market opportunities for companies in the current as well as future market scenario.
Another role that customer retention plays in improvisation of competition is that higher
retention restricts new companies to enter the marketplace as existing organisations with a huge
customer base. This further helps companies in gaining a competitive advantage over other
companies in the market.
Relationship between social media and customer attraction and retention in Barclays
According to the Saige Driver (2018), Social media is the platform which is designed and
control to influence the various social idea and involving the consideration of product planning,
pricing, communication, distribution and marketing research. It has played the necessary role in
getting the customer attraction along with retaining their physical existence for beneficial of the
business entity, especially for banking business like Barclays. When particular customer is
looking for any products & services, social media is best suitable to target the pin-point of the
customer related to that items. Social media has put positive impact by building the effective
relationship with the customer's or follower to be get influenced by the business of any firm. The
best ways for the customer retention is building an effective relation with the prospective to get
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their response and attraction for the future period of time. In context with Barclays bank, social
media is the major tool for this banking organisation to enhance their prospective customer
attention towards the business activities or any new products.
It was noticed in various past researches that business entities use this tool majorly for
customer service along with post-purchase actions and plans. Also, Barclays use social media for
receiving any issues or queries about their products to convert it into the corrective actions. It is
also used to communicate with wider audience about offerings and values. Along with this,
social media has put reverse impact of its positives by decreasing the traditional work process
which has effected the current work accountability with losing the past customers who has
believe over the Barclays system. Apart from this, the good response is that customer acquisition
and retention has becoming convenient and profitable for an organisation. Hence, it is necessary
for this organisation to engage social media platform on an optimized and productive manner. It
is pecuniary for every organisation to make the strategic action plan with focal purpose of
gaining the maximum customer attention along with strategic retention.
METHODOLOGY
Research Methodology refers to the process which helps in effective collection of data as
well as important information that helps a firm in appropriate decision-making (Flick, U., 2015).
It helps companies to evaluate the study on the basis of their reliability and validity. It also helps
organisations in choosing the best type of methodology that help them to gather and analyse the
most relevant type of information of their research topic (Mackey and Gass, 2015).
Data collection is a process of collecting information from various sources regarding the
research topic. It also assists in measuring the collected information on various targeted variables
which helps in evaluation of the relevant information. The integrity of this research is dependant
upon the accuracy of the data collected (Taylor, Bogdan and DeVault, 2015). In addition, this
process is imperative to determine how well the information collected is accurate and defined. It
also helps to identify validity of findings too. Thus, it is imperative that the most appropriate
instrument be used in order to ensure an appropriate way of data collection.
Barclays could use two types of techniques to gather information relevant to employee
attraction and retention. These types are mentioned below:
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Primary Research
This type of research enables the researcher gathering primary data effectively, i.e.,
information that has never been collected before (McCusker and Gunaydin, 2015). It is a new
research where the researcher effectively collects raw data relevant to the research topic directly
rather than depending on previously collected data. It is solely performed to address a specific
issue which requires an effective in-depth analysis (Silverman, 2016). There are several methods
by which primary research could be carried out. These methods are described below: Questionnaire: This is a research instrument which contains certain questions regarding
the research topic. These questions are presented to the respondents to identify their
responses which set up the base for analysis. The major benefit of questionnaire is that
they are cost-efficient. Another benefit of questionnaire is that they provide faster result
to the researcher. The type of questions used in the questionnaire are closed type. This is
because open ended questions cover a very wide spectrum of evaluation and are very
complex to analyse. Whereas closed questions provide with relevant and specific
information required to accomplish the agenda of analysis of the research questions. Interviews: These refer to direct interaction of the researcher with the respondent. These
could be conducted in different ways like telephonic or face-to-face. Interviews allow
customers to give descriptive and subjective answers which could help researchers to
gain a deeper insight on the research topic. Moreover, face-to-face interviews help in
getting more accurate responses as the respondents are interested in discussion of the
research topic as well as the chances of accurate responses are highly likely.
 Focus Groups: This type of research enables researcher to gain data from a small
number of individuals. These individuals are generally experts of the matter in question
and allow them to discuss their viewpoints with the researcher which helps in gathering
more valuable and diverse information.
Secondary Research
In this type of research, the researcher gathers data through existing sources and by
synthesising existing researches (Johnston, 2017). Unlike primary research, this research helps in
gathering data which has already been gathered by previous researchers. This type of research
includes materials that have been published in previous research report and other documents.
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Such documents could be accessed by researchers through websites, libraries, etc (Flick, 2015).
There are various methods by which secondary data is collected. These are mentioned below: Internet: Most of the secondary data is available on the internet. It is a medium through
which information could be accessed effectively by the researcher on any subject matter.
The data is generally free of cost which increases the convenience of this method.
However, it is imperative that research topic be authenticated to provide maximum
accurate information for companies. Public Libraries: As one of the most effective methods of collecting information,
libraries have various books, journals and magazines from where researcher could get a
lot of information from various authors that have presented their viewpoints on the
research topic.
 Government Agencies: Another method for gathering research data is with the
government agencies. There are government institutions that provide ample amount of
authentic information to the researcher. The best aspect of opting this method for
companies is that firms could effectively use this data as it is accurate and reliable
(Bernard, Wutich and Ryan, 2016).
For the given research, both the primary as well as secondary research is carried out
which allows researcher to efficiently and timely gather relevant information on the impact of
social media on customer retention as well as attraction in Barclays. For secondary research,
various articles, journals from internet and books were used to gather effective data. Whereas,
for primary research, questionnaires have been created which allows researcher to gather primary
data from large number of respondents. A sample questionnaire is mentioned in Appendix 1:
CRITICAL REVIEW
This part of the research project is perhaps one of the most important aspects of the
research project. Under this, a detailed interpretation and analysis is performed of the research
questions. Literature review too is analysed and interpreted to determine the impact of social
media on customer attraction and retention in Barclays.
For secondary research, the researcher have used various sources of secondary data
methods like books, journals as well as online articles to gain insight on the concept of social
media and its relation with customer attraction and retention.
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According to Driver Saige (2018), social media is a huge concept and organisations could
enhance the effectiveness of their business practices by using various platforms provided by
social media. Facebook, Twitter, YouTube and LinkedIn provide organisations to showcase their
products and processes to effectively gather customer attention and stay ahead in the market. In
addition to this, with so many as 3 Billion active Social Media users, a firm could reach out large
target customer groups within limited time period.
As per Steiner, W.J., and et. al., (2014), customer attraction and retention have various
indicators that could assist companies develop corporate strategies to ensure their engagement
with existing customers and acquisition of new ones. Price and quality are two of the most
effective indicators of customer retention and attraction. Firms should work in a way where they
effectively could set favourable prices for customers without reducing quality of their products.
In addition to this, customer retention models could allow companies to gain an overall approach
of how best to retain customers. Each step of the model must be considered by the companies to
ensure appropriate and effective customer retention. Failure to accomplish even one step could
increase the threat of them to switch companies. Thus, it is imperative that companies pay
attention to the indicators and these models to attract customers and better customer retention.
As per the viewpoints of Heinz Matt (2018), customer retention could aid companies in
improving competition. It effectively helps firms in determining future trends effectively which
is necessary for them to anticipate to stay ahead in the competition. It also ensures that
companies manage customer gaps effectively to enhance the core strength of their customer base.
Customer retention could assist firms in bringing in new ideas by involving them in decision-
making process so that they could create their offerings as per the market needs. With strong
customer retention, new firms tend to cause less threat to the companies as they already have a
loyal customer base.
According to Driver Saige (2018), social media is not merely a tool for managing
customer experience, rather an effective measure for Barclays for customer retention and
acquisition. It could help the firm in building effective relationships with customers overtime
using social media by establishing effective communication channel. However social media has
replaced the traditional work processes, for instance, query centres but it effectively helps
customers to enquire about a firm's offerings and thus, helps in their retention.
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To effectively serve the agenda of detailed analysis of the study, the researcher would
adopt thematic analysis to effectively carry out the interpretation. For the primary research, 50
respondents were chosen by the researcher that would serve as the medium of gathering
information about the impact of social media in attraction and retention of customers in Barclays.
A number of these respondents belong to financial fields and have a keen insight where social
media is concerned.
Theme 1: Concept of Social Media
Q1) Are you familiar with the concept of
Social Media? Frequency
Yes 45
No 5
Interpretation: As per the viewpoint of 50 respondents, 45 were clearly aware of concept
of social media, however, 5 were still unaware about it. Thus, it could be said that Social Media
is a wide concept and is recognised by majority of respondents. This is because it is used at an
individual as well as organisational levels to conduct various personal and professional activities
respectively.
Theme 2: Usage of Social Media
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Q2) Do you use social media tools in your
personal and professional life? Frequency
Yes 38
No 12
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17

Yes No
0
5
10
15
20
25
30
35
40 38
12
Frequency
Interpretation: Social Media is a wide term and is used worldwide as an effective
method for individuals to conduct their online activities. 38 respondents use social media in both
their personal as well as professional life. Social Media platforms provide customers
communicate and form social groups and exchange various forms of media online which help
them to establish various communication channels with their peers and friends. As for
professional life, social media allows them to gain knowledge about different companies, their
product and service specification as well as comparison with offerings of similar firms. Thus,
Social Media is widely used by individuals in their personal and professional lives. 12
respondents, however still don't use social media as there are other sources available for them to
communicate as well as conducting their professional activities.
Theme 3: Social Media as a strategy for customer attraction and retention
Q3) Would Social Media be an effective
strategy for Barclays Plc to attract new
customers and retain existing ones?
Frequency
Yes 32
No 18
18

Interpretation: It is imperative for Barclays to establish a long term and competent
strategy to achieve its purpose of customer attraction and retention. 32 respondents favour social
media as an effective strategy while 18 still finds it ineffective. The data collected reflects that
social media may help a firm in gaining attention of a lot of customers together by displaying
benefits the firm has in store for them. By using same, organisation can also give personalised
services to existing customers which would in turn help in retaining them. Few respondents are
still against it. This reflects that social media is yet to ensure trust in individuals and
organisations to be used effectively as a strategy to approach, attract and retain customers.
Theme 4: Extent of Social Media Effectiveness
Q4) According to you, to what extent does
social media help companies to attract and
retain customers?
Frequency
To a huge extent 26
To a medium extent 20
To a low extent 4
19

Interpretation: Majority of customers feel that social media help companies to attract
customers up to a huge extent. 26 respondents feel that social media could help companies
acquire and retain customers to a huge extent while 20 feel that social media has a moderate
effect on acquisition and retention of customers. 4 respondents feel that social media has low
effect on customer attraction and retention. This shows that majority of customers are in favour
of social media having a considerate effect in customer attraction and retention.
Theme 5: Awareness of Barclays Plc Offerings
Q5) Are you aware about the products and
services of Barclays Plc? Frequency
Yes 17
No 9
Some of them 24
20

Interpretation: There are various products and services that Barclays Plc deal in. While
17 people know all about the company offerings, 24 respondents still doesn’t know about some
of the firm’s services like personal banking and health management. 9 respondents, however,
were still unaware about what offerings does the bank provide. From this information, it could be
analysed that Barclays must adopt ways to make customers aware about all of their offerings in
an effective manner.
Theme 6: Indicators of Customers Attraction of Retention
Q6) What are the indicators of customer
attraction and retention? Frequency
Cost of Barclay's services 18
Quality of firm's products 15
Number of positive feedbacks of customers 17
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Interpretation: For any company, the main goal is to gain high retention of customers for
getting sustainability in business. This would help in generating profitability and staying
competitive at marketplace. Where Barclays is concerned, there are various factors present which
indicates attraction and retention of customers. It includes cost of services, quality of products,
positive responses of targeted audience after purchasing commodities etc. As per survey on 50
respondents as shown in above graph, it has been interpreted that 18 respondents treat cost of
services as an effective indicator. While, other 15 respondents are in favour of quality of
products. Other than this, remaining respondents that are near about 17 give votes to number of
positive responses. This clearly reflects, that out of all the indicators, it is imperative that
organisations focus on cost as an effective indicator for customer attraction and retention.
Theme 7: Role of Corporate Governance
Q7) Does Corporate Governance play an
important a role in effective business
practices of a financial company like
Barclays?
Frequency
Yes 28
No 12
Maybe 10
22

Interpretation: Corporate governance plays a major role in an organisation in running its
business more effectively. In relation to Barclays, as this company deals in financial sector,
corporate strategy and governance help in setting ethical rules for the company. According to the
mentioned graph, it has been interpreted that 28 participants out of 50 agree with the above
statement that corporate governance play a major role in the company. While other 12
respondents think that corporate strategy and governance will not prove beneficial for Barclays
in accomplishment of its business goals. This reflects that the bank needs to concern on other
aspects like launching new product or service for getting sustainability in business. The rest 10
users state that corporate governance may aid this bank in attracting customers towards business.
Theme 8: Social Media Tools
Q8) Which social media tools would you
suggest Barclays use to attract and retain its
customers?
Frequency
Facebook 25
Twitter 12
YouTube 13
23

24

Facebook Twitter YouTube
0
5
10
15
20
25
25
12 13
Frequency
Interpretation: With development of technology, individuals and organisations get
opportunity to stay connected with each other for a longer period. For this purpose, companies
can use various platforms of social media for promoting their businesses and developing
interaction with target audience. In regard to this, it has been interpreted through survey on 50
participants that 25 users suggest Barclays to use Facebook for promoting its business. While 12
respondents are in favour of Twitter as it would provide information about new financial
schemes to its customers. Similarly, remaining 13 respondents give support to YouTube for the
same. According to them, YouTube is the biggest platform for any company for marketing its
services and enhance its customer base. Since, majority of respondents have chosen Facebook to
be the most effective tool for Barclays, it shows that the bank must focus its strategies to attract
and retain customers using this tool.
Theme 9: Advantages of Social Media
Q9) What advantages would social media
provide to Barclays? Frequency
Better customer management 18
Effective communication with customers 14
Better customer relation and product 18
25

information
Interpretation: Social media provide various advantages to a company in marketing its
business, enhance customer base by developing effective interaction, making relationship with
targeted audience etc. Through above mentioned graph, it has interpreted that out of 50
respondents, 18 think that better customer management is the most beneficial part of social
media for Barclays. Other than this, 14 respondents think that social media would allow Barclays
to establish an effective and consistent communication channel that would aid the firm in
acquiring feedbacks and even resolving their issues, thus, retaining their customers. 18
respondents have given weightage to social media aiding the firm in giving better product
information to its customers and developing better relations. Out of 50 respondents, almost equal
importance has been given by respondents on two advantages that are customer management and
relation.
RECOMMENDATION AND ACTION PLAN
As per the information mentioned above, it is recommended that social media is a viable
strategy for Barclays Plc to retain and attract customers. To strengthen their customer base, the
firm must adopt various social media platforms to engage with their customers and establish
effective communication with them through social media.
26

The firm could use Facebook to interact with customers and create effective links that
direct them to their new products and services. This would allow the bank to increase awareness
about what all products they offer in the marketplace. Another social media platform that could
be a strategy for Barclays is YouTube, where company could create and upload compelling
videos about their business processes and services. Having multiple platforms could enhance the
extent up to which social media could be used for customer acquisition and retention. Social
media could also aware customers about the cost and quality of Barclays offerings which
effectively could help them in getting more customer perceptions and develop strategies to
increase the number of their positive feedbacks. It is recommended that Barclays Plc use social
media to also gain personal reviews of the customers. Personal interactions could help the firm
gather the touchpoints on which it could develop its strategies and ensure customer retention.
Social media could also help Barclays in tracking competitors' strategies and which in turn could
help them come up with something more effective that could appeal to the customers and make
them choose this company over others.
Social media could also assist the company in gaining insight to customer expectations
from the company. This could be regarding their customer service or their offerings or even
sector in which they should provide their services. It could be a major aspect on which Barclays
could attract even more customers than their target market.
Social Media could have a positive impact if certain strategies are implemented by the
firm to attract or retain customers (Ozuem, 2016). One strategy that could be implemented by
Barclays to achieve the same is inbound marketing. This must be focused on to solve the real and
immediate financial problems of clients. In this manner, it could position the indicators well in
place where they get appropriate attention of customers. In addition to this, inbound marketing
would help the company drive away competition by retaining customers as appropriate attention
will be given to all of them regarding their problems.
Another recommended strategy could be real-time communication. Social media as a tool
to establish conversations with customers would help them in tracking customer expectations and
areas where that needs appropriate attention (Poell and Van Dijck, 2015). As mentioned in the
literature review, various portals offer the firm to communicate with their existing and potential
customers and Barclays must make full use of this aspect in order to effectively connect with
their buyers globally.
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Action Plan
As an imperative part of the research, action plan is a document which describes the
stages that a company should take to ensure their effectiveness towards achieving their
corporate objectives and goals. The main agenda for which action plan is developed is to
determine all the possible resources that a company would undertake to ensure
appropriate approach towards addressing all the arising issues. It also helps the firm in
framing possible steps for execution of research on a certain time-period. After analysis of
impact of social media, it is quite necessary for the company to develop an action plan to
form a structure for addressing the issue. For the current project, the action plan is
described below:
Steps Description
Step 1: Identify the
reason
The very first stage of an action plan is to identify the specific reason
for which the research would be conducted. For Barclays Plc, the firm
is adopting various new ways for customer attraction and retention
and thus, the firm needs a long-term measure to effectively address
this issue.
Step 2: Formulate the
strategies
The next step of action plan is to formulate the strategy after
determining the reason. For Barclays, it is imperative that it
formulates specific strategies to effectively help achieve the purpose.
For this, the firm could use social media as an effective strategy to
retain and attract the customers. The various social media portals
could be well utilised by the company to acquire new buyers and
retain their existing ones.
Step 3: Improve
infrastructure of
company
The next step requires the company to improve its infrastructure and
effectively modify its operations to use social media as a strategy. For
this, the firm needs to hire an IT team which would guide the firm on
how best it could use social media to conduct its business operations.
Also, digital experts also could be approached by the firm to ensure
effectiveness in this process.
Step 4: Offer various This step would require Barclays to offer various schemes through
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schemes through
Social Media
social media and attract more customers. It could also be used to
make customers aware about each sector the company deals in and
make personalised offers to customers by using multiple platforms of
social media like Facebook and YouTube.
Step 5:
Implementation of
corporate strategies
and governance
After formulation of above strategies, for customer attraction and
retention, the most important step for Barclays Plc is to implement
effective corporate strategies and governance (Sethi, 2012). This
would aid in giving accurate roles and duties to employees as per
organisational objectives. Through this process, organisation would
effectively use social media as an appropriate measure to enhance
customer attraction and retention. For instance, through real-time
communication and inbound marketing, the firm could effectively
accomplish the same.
CONCLUSION
Thus, it is concluded that the impact of social media on customer retention and
governance is quite evident and could be an effective strategy for firms to acquire new customers
and retain existing ones. Literature Review effectively helps to gain insight on several issues
related to the research topics. As for the methodologies, primary and secondary research helps in
acquiring primary and secondary data from a pool of resources. Moreover, firms could
effectively interpret the impact of social media through data analysis. Lastly, action plan and
timescale could help in determining the stages and possible time frame in which the firm could
adopt and implement the strategy effectively to ensure appropriate customer retention and
acquisition.
In my opinion, with enhancements of technology, Barclays must make a good use of
Social Media as a vital tool to attract and retain customers. The world is connecting through
internet and various portals which could be of viable strength for the bank to approach customers
globally, analyse trends, evaluate their strategies and implement innovative ways to attract and
retain their customers. The firm must introduce new methods to grab the attention of customers
in ways which effectively could help them in enhancing brand awareness and positively develop
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a strong position in the market. The action plan would be quite favouring for the company in
order to ensure new methods to approach and acquire new customers and retain their existing
buyers. In the end, it is concluded, that social media has a wide impact on customer attraction
and retention in Barclays and could be effectively used as a method for the same in the
foreseeable future.
30

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APPENDICES
Appendix-1
Questionnaire
Name:
Age:
Gender:
Q1) Are you familiar with the concept of Social Media?
a) Yes
b) No
Q2) Do you use social media tools in your personal and professional life?
a) Yes
b) No
Q3) Would Social Media be an effective strategy for Barclays Plc to attract new customers
and retain existing ones?
a) Yes
b) No
Q4) According to you, to what extent does social media help companies to attract and
retain customers?
a) To a huge extent
b) To a medium extent
c) To a low extent
Q5) Are you aware about the products and services of Barclays Plc?
a) Yes
b) No
c) Some of them
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Q6) What are the indicators of customer attraction and retention?
a) Cost of Barclay's services
b) Quality of firm's products
c) Number of positive feedbacks of customers
Q7) Does Corporate Governance play an important a role in effective business practices of
a financial company like Barclays?
a) Yes
b) No
c) Maybe
Q8) Which social media tools would you suggest Barclays use to attract and retain its
customers?
a) Facebook
b) Twitter
c) YouTube
Q9) What advantages would social media provide to Barclays?
a) Better customer management
b) Effective communication with customers
c) Better customer relation and product information
Q10) What other recommendations would you like to give Barclays in order to effectively
attract and retain their customers?
34