Management Communication - Case Study

Added on - 28 May 2020

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MANAGEMENT COMMUNICATION - A CASE STUDY1To:Lana Strydon, Head Digital Marketing and Media, FNBFrom:Date:Re:Analysis of the management of the social media strategy.The purpose of this memorandum is to analyze the management of the social mediastrategy of the First National Bank, South Africa.Ways in which FNB has used the social and the digital media to engage withcustomers. –FNB had ventured initially into the social media in the year 2004. Themanagement decided on the social media to be an area that could be used to promote theservices offered by the financial institution and communicate better with the clients andemployees. This decision was taken by the company due to the fact that a huge population ofthe country has been observed to be increasingly active on the social media thereby making ita huge pool of resources for the company to explore. The management of the companyintroduced a eWallet game on the social media handle of FNB on Facebook (Mazinteret al2015). This game was introduced in order to create market awareness about the product aswell as educate the existing customers of the financial institution regarding the functionalityof the service. The bank also introduced the policies that stated the presence of the customerservice executives who would be responding to the clients and their complaints on the socialmedia at all given points of time.Benefits of FNB on the investment in the social media strategies. –The FirstNational Bank, one of the oldest banks of South Africa, had introduced itself to social mediain the year 2004 (Mazinteret al2015). It had been catering to its client base over socialmedia since its initial steps to the social media handles. The financial organization has
MANAGEMENT COMMUNICATION - A CASE STUDY2benefitted greatly from the social media interactions. The introduction of the eWallet gameover the social media handle of the financial institution on Facebook had led to theimprovement of the interactions between the clients of the bank and the concerned officials ofthe bank. The game had promoted the education of the customers on the issue of theworkings of the product. This had also helped in the creation of the market awareness of theproducts and the benefits that they offer. The game had contributed a huge deal towards therevenues that have been earned by the financial institutions.The head of the digital marketing and media of the social media strategy of thecompany, Lana Strydon, had suggested a strategic move on the part of the financialorganization that led the financial institution to focus more on the quality of the services thatthey offer. The digital media and marketing head had opined that the chances of thewidespread reaches of the financial organization get higher with the increase in the activitiesof the financial organization.Lessons that FNB might learn about the development and the implementation ofthe social media strategies. –The development and the implementation of the social mediastrategies of the bank has resulted in the increase of the number of the clients of the financialorganization. The implementation of the social media strategies by the banks had led to theincrease in the customer base of the financial organization. The social media strategies thatwere implemented by the financial organization had also led to the increase in thetransactional volumes of the financial institution. The bank has faced the increment of theclient base which was observed to be a high 30% by June 2012 (Mazinteret al2015). Thesecustomers mainly used to the online banking services of the company. FNB had been one ofthe leading banks in the country that provide its customers with the facility of the internetbanking. The eWallet game that had been introduced by the company had also led to theincrement in the number of the transactions in the bank. The game had led to the contribution
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