MNG81001 Management Communication in First National Bank - Report
Added on 2020-05-28
7 Pages1484 Words121 Views
Running head: MANAGEMENT COMMUNICATIONManagement communicationName of the studentName of the universityAuthor note
1MANAGEMENT COMMUNICATIONTo,The manager,First national bankSouth AfricaDate: 12/01/2018Sub: Benefits of social media gained by First National BankDear Sir,Hope you are doing well. I would like to communicate to you regarding the benefitsbeing gained by First National Bank by initiating the social media strategy. This strategy is verymuch important in the current business scenario due to the reason that, customer engagement isone of the key aspects to be considered by the business organizations (Ashley and Tuten 2015).Moreover, financial institutions such as First National Bank should initiate this strategy in orderto attract more customers and aware them regarding the new service offerings of them. However, First National Bank has initiated social media strategy in a unique way quitedifferent from other organizations. One of the key differences being identified is having thepresence in different social media platforms from the initial stage. According to the informationbeing provided in the case study, First National Bank is having their online presence in differentsocial media platforms including LinkedIn, facebook and twitter (Wolney and Mueller 2013).This helped them to cover maximum number of customers from the initial stage. Moreover italso helped them to determine the different preference pattern of the customers in different socialmedia platforms.
2MANAGEMENT COMMUNICATIONAnother distinctive approach being identified is concentration on more interactiveapproach rather than just communicating or advertising their products. This is due to the reasonthat, in the given case study, it is being stated that, First National Bank has initiated ewalletfacebook game. The key objective behind this initiation of the game is to aware the customersregarding the use and benefits of the ewallet. According to First National Bank, it is being seenin the earlier cases that, though the facility of ewallet is known to all but still majority of themare not having the basic understanding. Thus, initiation of the game helps the organization toengage the customers effectively. However, apart from the distinctive approach of the initiation of the social media strategyby First National Bank, there are various other elements that should be discussed. One of theseelements is the benefits being gained by the First National Bank from their social media strategy.One of the key benefits being gained by them is he increase in the customer traffic (Dahmi et al.2014). This is due to the reason that, initiation of the social media strategy helps First NationalBank to communicate with more number of customers at once. Moreover, with the help of thesocial media strategy, the new service offerings of First National Bank are getting more customerexposure and it helps the organization to push their new offerings in the market more effectively.Another advantage being gained by First National Bank from the initiation of the socialmedia strategy is the determination of the taste and preference pattern of the customers. This isdue to the reason that, engaging and communicating with the customers through social mediahelps to promote one to one communication process along with having two ways flow. Thus,with the help of the social media, customers can also convey their opinions and feedback to theorganizations. Thus, in accordance to that, First National Bank can initiate their customer serviceprocess and service offerings. It is helping them to cater to the target customers effectively.
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