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Management Communication Assignment - First National Bank

   

Added on  2020-05-28

7 Pages1381 Words227 Views
Running head: MANAGEMENT COMMUNICATIONManagement CommunicationName of the StudentName of the UniversityAuthor Note
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1MANAGEMENT COMMUNICATIONTO: Lana Strydom, Head Digital Marketing and Media, FNBFROM: Student NameDATE: 10 January 2018SUBJECT: Social Media Strategies of First National BankAs you requested, I have conducted primary and secondary research to analyze themanagement of social media (SM) strategy and to recommend ways in which First NationalBank (FNB) can manage its ongoing SM strategy. The purpose of this writing is to help FNB toanalyze the social media marketing strategies of First National Bank and to help the organizationinretaining itsposition in the market and to suggest some additional steps to improve its socialmedia marketing strategies. My thesis is that The First National Bank needs to improve itsinternet security if the company wants to continue its progressive social media strategy. Thisthesis 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 timeis one of the most important strategies of FNB (Iveycases.com 2018). Responding to the queriesof the customers is the primary requirement of the banking organizations; if they stop payingattention to their customers then the bank will lose the loyalty of their customers. FNB monitorstheir social media accounts for most of the time throughout the day “Employing a team of socialmedia writers from public relations, copywriting, and similar backgrounds in a shift from 6 a.muntil 10 p.m seven days a week, including holidays, meant that FNB was able to maintain anactive voice in the community” (Iveycases.com 2018, pp- 7). Their responsiveness makes theirsocial media marketing strategy a success. The opinions and requirements of the customers
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2MANAGEMENT COMMUNICATIONmatters the most when it comes to social media marketing. The core values of FNB consist ofhelping the customers (Iveycases.com 2018, pp- 5). The social media provides an opportunity forpromoting the brand’s 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 notrespond to tweets and chats, but the FNB CEO Michael Jordan maintains a notable presence inthe social media (Iveycases.com 2018, pp- 4). He responds to tweets and remains quite active inthe 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 bankeasily thus increasing publicity of the bank. Due to the bank’s prominent social presence andtheir prompt response to the customers, FNB experienced a rise in popularity and their brandname 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 socialmedia team created a game, which allowed the customers to learn about the products features inan 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. TheCool Revolution helped in upgrading the image of the bank in front of the employees and thushelped in attracting and retaining the employees (Reynolds, Roberts and Meyer 2015, pp-25).Lessons That FNB Can Learn About Developing Social Media StrategiesIn the social media world, listening to what the people have to say is the key to achievesuccess. Finding out the people who plays an important role in influencing the decisions ofothers is important point that FNB can keep in mind. Monitoring the comments of the people and
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