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Management of Social Media Strategy 5 Banking on Social Media

   

Added on  2020-05-28

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BANKING ON SOCIAL MEDIAManagement of social media strategy[DATE]
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Management of social media strategy 1To:From:Date:Subject: Management CommunicationIntroductionFNB (First National Bank) is one of the oldest bank in South Africa founded in 1838. JacquesCelliers is the CEO of FNB bank who deals with the financial services. In 1998, The First RandGroup was established by the merger of First National Bank, Rand Merchant Bank andMomentum Insurance & Asset Management (Mazinter, 2015). FNB is one of the “big four”banks which include Ned bank, Standard bank and Absa. In 1998, FNB became a wholly-ownedsubsidiary of FirstRand FNB. On 30 June 1999, FirstRand formally merged its banking interest rateinto a single entity to form FirstRand Bank. FNB, Wes Bank and RMB now trade as divisions ofFirstRand Bank (FNB, 2018). About 30% of the online customers were using FNB online products that proved to be an increasedvolume transaction. .FNB CEO used to discuss various topics and complaints of the customers onlinewhich created a positive impact on the minds of customers and boosted them towards online transaction.Moreover, according to the case study given(case study page 5), FNB conclude 1.5 million SouthAfricans on twitter, 1.8 million on LinkedIn and 5.3 million people on Facebook which is a huge attemptto engage its customers. The company conducted survey where 78% of the people in the survey statedthat CEO involvement in social media helps in improved communication where 71% of the respondentssaid it enhanced brand image and 64% of them responded that it created transparency. Thus, due toextended digital media, the company grew from one to many in very few months. And was successfullyable to attract more and more customers. According to Strydom (page 5 of case study), the benefits FNB obtains from social mediastrategy is building a strong relationships between customers and potential customers. The mediaincluded engagement in various sectors like marketing (awareness), sales (acquiring), support(education, results, advice and complaints) and transacting (Internet commerce and loyalty)which booted up the customers. The additional benefits included customer’s lifestyle choices andinterests. According to its customers, 78% of them responded FNB as a platform for better
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Management of social media strategy 2communication, 71% of them responded like it leads to improved brand image and 64% of themresponded like it provide a clear transparency which is again a pros for the company. FNBfollows the core value” How can we help you?” which represent bank as trustworthy andlikeable and these media strategy add as an additional benefit for the customers and improved itsoverall business in terms of growth and success.FNB is only engaged on Facebook, LinkedIn and twitter but it should target themselves on moresocial networking channels and platforms. In 2012, standard bank group accused FNB ofmisleading advertising where FNB involved itself on twitter many times and adopted the rule oftransparency. FNB always focused on the core value” How can we help you?” which wasmisleaded due to poor customers experience and lack of personal contact but then Jordaanimproved it with vocal assistance and improved brand communication. Developing andimplementing a social media and maintaining its brand image is a very difficult task because itrequires both the transparency as well as customer’s satisfaction. FNB used several social mediastrategy to engage its customers and they all successfully worked out.There are several factors that an organization must focus on in order to boost themselves onsocial media because established a good image on social media is a very difficult task because itseeks customers satisfaction which is again a big task to deal with. (Kaplan and Heinlein, 2010).Some of the important factors that an organization should focus when they are using socialmedia platform in order to communicate with their customers and improve their experience areshown below. Generate your content strategy over and overAs Rich Brooks writes, “A keyword analysis and social media demographics will only take youso far. You’ll need to evolve your content strategy over time, based on what’s going on in yourindustry, with your audience and in the world around you.” Which says that an organization mustrevise its content strategy again and again and be flexible enough about what and when to post(Hemley, July 16). Respond to inquiries honestly
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