Management Communication Assignment
6 Pages1352 Words61 Views
Added on 2020-04-15
Management Communication Assignment
Added on 2020-04-15
ShareRelated Documents
Running head: MANAGEMENT COMMUNICATIONManagement CommunicationName of the StudentName of the UniversityAuthor Note
1MANAGEMENT COMMUNICATIONTo: Lana Strydom, Head Digital Marketing and Media, FNB.From: Name of the Student, Senior Associate, Digital Marketing and Media, FNB.Date: Current DateSubject: Analyse the management of a social media strategy. Mrs Strydom,First National Bank of South Africa had spent a huge amount of money in the past fortheir marketing strategy. They even spent R216 million as a sponsorship fee in the FIFA WorldCup of 2010. They updated their marketing strategy by approaching the digital and social mediaas a form of far reaching, cheap form of marketing as the initial investment is low, and the returnrevenue they received was high. They even started awardingthoseemployees with the mostinnovative marketing ideas.Different marketing ideas on the digital media included a large number of YouTubevideos that hosted educational content, FNB digital storesand even creating the very first app thatthe people of South Africa can use for banking. A eWallet game was created on Facebook wherepeople could learn about the working procedures of the eWallet and the game served as a greatmarketing as well as advertisement tool. However, it was emphasized that Facebook shouldprimarily be used as a channel that would serve the customers of FNB with value added servicesrather than just using it as a marketing platform. Facebook and Twitter was focussed on toapproach the mass and LinkedIn was used to approach the banking professionals.The onlinepresence of FNB was humanized where a persona named RB Jacobswas created. RB Jacobswould represent FNB on all of the social media sites.
2MANAGEMENT COMMUNICATIONThe investment in the social media strategy providedFNB with a huge success.Approximately 50,000 people showed interest in the game and around 30,000 people played thegame repetitively. Considering the revenue perspective of the eWallet initiative, an investment ofR1.4 million was made and R6.1 million was achieved as return on investment. People usuallyconducted online research as to develop their choice of bank. Thus, this strategy helped inattracting potential customers and retaining the old customers as well. Social Media helps banks and the financial institutions in multiple ways. It helps to createchannels. The social media assists in creating channels, the social media sites help the consumershelp the consumers to stay connected all the time. the consumers like, share and comments,depending on that FNB can know the preference of the consumers. Based on the socialresponses, they can shape their business (Rokka, Karlssonand Tienari2014). The social mediaalso helps in promoting the products of the banks. The social media can help the engage theconsumers, it helps in enhancing the brand value of FNB. The social media also facilitatesimplementing functionality to accommodate online apps. It also facilitates the opening ofaccounts of new consumers. The social media can help FNB to gain the industry insight, FNBcan know their position in the market with the help of the social media. The social media can give them the competitive edge, as well as they can know theirdominance in the market (Hollebeek, Glynnand Brodie2014). FNB can learn about the latestmarket trends and the consumer demands. FNB with the aid of the social media can spread theirmarket. They can reach to many customers. FNB with the aid of social media can advertise andcan earn money. The consumers will click the button and in turn FNB will earn revenues. Thesocial service can help them to build relationships. FNB should implement the informed teamand that will manage the communications in effective manner (Varnali et al. 2017). The
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Management Communication First National Bank (FNB)lg...
|5
|1382
|142
Management Communication - Case Studylg...
|6
|1655
|105
Assignment Communication Managementlg...
|8
|1983
|110
Management Communication Reportlg...
|8
|1639
|65
Business Case Analysis of Social Media Strategy of First National Banklg...
|5
|1359
|78
Management of Social Media Strategy 5 Banking on Social Medialg...
|6
|1440
|417