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Social Media Analysis of the Australia

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Added on  2020-03-15

Social Media Analysis of the Australia

   Added on 2020-03-15

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Social media analysis 1SOCIAL MEDIA ANALYSIS OF THE AUSTRALIA AND NEW ZEALAND BANKNameCourseProfessor’s NameUniversityDate
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Social media analysis 2Social Media analysis of the Australia and New Zealand BankIntroductionSocial media channels provide a new way to reach customers, know their needs and know how to satisfy them. Currently, the most common social media channels for businesses are Facebook, Twitter, LinkedIn, and Instagram. For the banking industry, social media can provide new insights that can be used to customize financial products for the banks’ clients. Indeed, mostbanks have realized the potential of social media. For example, the Australia and New Zealand Bank had the strongest social media presence in July 2016, based on its number of likes, comments, and shares1. This essay on how ANZ uses its social media channels and recommends an improvement strategy. The Australia and New Zealand BankAustralia and New Zealand Bank (ANZ) which was established in the 1830s is one of theleading and largest banks in Australia. In fact, it is among the largest banks in Australia and NewZealand. The bank operates in approximately thirty markets such as America, Europe, and the Middle East. The company is among the top five listed companies in Australia with approximately 500,000 shareholders in early 2017.2 The company’s target customers are retail, commercial and institutional customers. In 2016, the bank developed a strategy to manage its sustainability by focusing on its purpose and the social and environmental issues. the bank has two major business divisions that focus on business and customers. The first division is based on the customers’ needs. It is further divided into Australia, New Zealand, Wealth, Institutional, and1 Vijay (2016).Find out how ANZ is Minting Engagement on Social Media [online]. [Accessed 4 Oct. 2017].2 Australia and New Zealand Bank (n.d.).ANZ Shareholder Center. [online] [Accessed 5 Oct. 2017].
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Social media analysis 3Asia Retail and Pacific. The second division is focused on business and it includes technology, digital banking, corporate center and group operations. The social media channels and their usesIn 2014, the ANZ bank launched its Instagram account because it was sponsoring a gay and lesbian campaign. The aim of the account was to provide a platform where ANZ shares photos and videos with its community. Presently, the account has more than 10,000 followers and 273 posts. In 2015, it became the first bank to promote a campaign for the Australia Open onInstagram with the assistance of Novak Djokovic.3 During that year, the engagement rate of Instagram was around 2.95 percent.4 In addition, it has used the platform to support netball in Australia which it sponsors. The campaigns are run on facebook and twitter as well. The bank uses Instagram to engage with the younger generation, create awareness about its brand, create a presence in social media, to track the progress of their brand and to connect with people through engaging with popular hashtags and relevant posts. The bank also has a twitter account with approximately 110,000 followers and more than 30,000 tweets. The bank joined twitter in 2011.5 The twitter account had an engagement of 0.12 percent in 2015. It uses the platform to provide support and updates on issues such as maintenance. It updates clients on emerging trends in the banking industry like digital marketing.There are Live question and answer sessions where customers can ask questions about the issues being addressed. Additionally, the company has other twitter accounts to serve clients in different locations and with specific needs. For example, there is an account for New Zealand, Blue notes, media, and research.3 Loras, Litsa, Richards, Vivo, and Boyd. (2015).ANZ Uses Instagram to Target a New Generation of Banking Customers. [Accessed 4 Oct. 2017].4 Marks, J. (2015).How New Zealand Brands Are Performing on Social Media. [Accessed 4 Oct. 2017].5 ANZ Australia (2017).ANZ Australia (@ANZ_AU) | Twitter. [Accessed 5 Oct. 2017].
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