Analysis of Social Media Strategy for Commonwealth Bank of Australia

This report provides a comprehensive analysis of the social media strategy employed by the Commonwealth Bank of Australia. It begins with an introduction to the bank and its operations, followed by an examination of its social media presence, including the platforms and technologies utilized. The report delves into the bank's social media audience, outlining how it targets customers, employees, and shareholders. It then explores the bank's social media marketing tactics, focusing on how it promotes its services and engages with its audience. Ethical considerations, privacy, and security issues related to social media use are also discussed. Finally, the report highlights the various social media technologies used by the bank and their impact on its business processes, concluding with a summary of the key findings. The report emphasizes the importance of social media in modern business communication and marketing strategies, particularly for financial institutions like the Commonwealth Bank.

Running head: SOCIAL MEDIA STRATEGY
Social Media Strategy
Name of the Student:
Name of the University:
Author’s Note:

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Executive Summary
This report will discuss the concept of the social media strategies in the light of the business
organization “Commonwealth Bank of Australia”. The report will begin by introducing the
company and the social media strategies used by them. Furthermore, the report will also talk
about their social presence and the technologies used by them. The report will also talk about
the audiences which they have and the marketing strategies used by them. The report will
conclude with a discussion of the “social media technologies” used by the organization.

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Table of Contents
Introduction................................................................................................................................3
“Commonwealth Bank of Australia”.........................................................................................3
“Social media presence”............................................................................................................4
“Social media audience”............................................................................................................5
“Social media marketing”..........................................................................................................6
“Ethics, privacy and security”....................................................................................................7
“Social media technologies”......................................................................................................8
Conclusion..................................................................................................................................9
References................................................................................................................................10

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Introduction
The “advent of globalization and the recent developments in the fields of technology
as well as the innovations has much transformed the way the various business organizations
as well as companies conduct their business in the recent times” (Aral, Dellarocas & Godes,
2013). It is a reflection of that the process of “communication has emerged as one of the
important processes for the various business organizations as well as companies” (Aral,
Dellarocas & Godes, 2013). Therefore, “the various business organizations take the help of
various kinds of communication styles in a bid to convey their message most effectively not
only to their employees but also to the various shareholders as well as the customers or the
end users related to the business organization” (Armstrong et al., 2015). In the recent times it
is seen that “the various platforms related to the social media has emerged as one of the most
important tools for the process of the communication used by the various business
organizations” (Aral, Dellarocas & Godes, 2013). This report will discuss about the concept
of the “use of the social media as a means of communication through the lens of the
Commonwealth Bank of Australia”.
“Commonwealth Bank of Australia”
The “Commonwealth Bank of Australia” is one of the largest banking organizations
of the nation of Australia and has been operational for more than a hundred years. The bank
under consideration here was founded in the year 1911 and is an “Australian multinational
bank with businesses across New Zealand, Asia, the United States and the United Kingdom”.
Initially the bank focused its activities in the nation of Australia however with the growth of
its business in the nation of Australia the bank gradually expanded its business in the other
important nations of the world. The bank under consideration here is commonly called by the
name of “Commonwealth Bank (or CBA or Commbank)” and is known for the financial

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services which it provides not only to the individuals but also to the retail sectors, the various
business organizations and others. In addition to these the bank also specializes in providing a
“variety of financial services including retail, business and institutional banking, funds
management, superannuation, insurance, investment and broking services”. It is significant to
note that this particular bank belonging to the nation of Australia is the 58th largest business
organization of the world in terms of the revenue which it generates and for the year 2017 it
had a turnover of “$109.9 Billion”. In addition to these, the Commonwealth of Australia is
the “largest Australian listed company on the Australian Securities Exchange as of August
2015 with brands including Bankwest, Colonial First State Investments, ASB Bank (New
Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance
(CommInsure)”. The below given figure provides some of the “financial details of the
organization-
Figure 1: “Financial Statistics of Commonwealth Bank of Australia”
Source: “Factset, Bloomberg, S&P Cap IQ; Forbes”
“Social media presence”
The company “Commonwealth Bank of Australia” post its expansion in the “various
nations of the world follows a very effective communication system for the purpose of

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conveying information about the kind of services provided by them to the customers and also
to communicate their message most effectively to the various shareholders and also the
various employees related to the business organization” (“Commonwealth Bank of Australia”
Coffee Company, 2018). Therefore, the “cheap as well as the inexpensive medium of the
social media has become one of the integral part of the process of communication used by the
business organization under consideration here” (Armstrong et al., 2015). The company
under consideration takes the help of the various platforms related to the social medium not
only for the purposes of the communication with the customers but also to convey relevant
information to the various people who are interested in the organization (Armstrong et al.,
2015). It is a reflection of this that the company under consideration here has enhanced its
social media presence in the recent times with a bid “to bring about the overall growth as well
as the development of their business process” (Laroche, Habibi & Richard, 2013). Therefore,
the company takes the help of the various kinds of fan pages and official brand pages “not
only to reach out to a larger number of people but also to convey the relevant information to
the people who are interested in the business process of the organization” (“Commonwealth
Bank of Australia” Coffee Company, 2018). Furthermore, it is a reflection of this that the
company in the recent times various kinds of online services to the customers as well
(Laroche, Habibi & Richard, 2013). In short it can be said that the various kinds of social
media strategies used by the concerned business organization has contributed a lot towards
“the overall growth as well as the development of the concerned business organization in the
recent times” (Laroche, Habibi & Richard, 2013).
“Social media audience”
The primary social media audience of the company is the various customers or the
end users of the products or the services who are related to the business organization

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“Commonwealth Bank of Australia” (Sigala, Christou & Gretzel, 2012). It is “significant to
note that the company takes the help of the various platforms related to the social media not
only to convey the relevant amount of information about the various existing services
provided by them to the customers but also to convey the relevant amount of information
about the various new services which they are about to introduce into the business market”
(Sigala, Christou & Gretzel, 2012). Furthermore, the company “Commonwealth Bank of
Australia” also takes the help of the various kinds of social media to effectively “convey their
message to the various employees who are related to the concerned business organization”
(Sigala, Christou & Gretzel, 2012). It is “significant to note that the company
“Commonwealth Bank of Australia” has employees in the various parts of the world and
therefore to communicate effectively with all these employees the company takes the help of
the social media” (De Vries, Gensler & Leeflang, 2012). Furthermore, the company also
takes the help of the various kinds of social media platforms in a bid to communicate
effectively with the various shareholders who are related to the organization (De Vries,
Gensler & Leeflang, 2012). It is significant to note that the “shareholders are the people who
had invested in the business of the company and therefore it becomes very important for the
organization to convey the relevant amount of information to the various shareholders of the
organizations” (De Vries, Gensler & Leeflang, 2012). It is here that the various platforms
related to the social media become very important for the organization (De Vries, Gensler &
Leeflang, 2012).
“Social media marketing”
The company “Commonwealth Bank of Australia” takes the help of the concept of
“social media marketing” not only to “promote the products as well as the services offered by
them to the various customers but also to provide them the information about the new

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products or the services which they are about to launch in the market” (Bolton et al., 2013). It
“is a reflection of this that the company under consideration here also uses the help of the
various kinds of social media platforms to provide online services to the customers” (Bolton
et al., 2013). It is “significant to note that in the present times the various platforms related to
the social media has gained prominence and the various customers like to opt for the services
of a particular company which has an effective social media presence” (Bolton et al., 2013).
Therefore, “it would be apt to say that the use of the various platforms related to the social
media is one of the major reasons for the success attained by the company “Commonwealth
Bank of Australia” in the recent times” (Bolton et al., 2013).
“Ethics, privacy and security”
The “use of the social media for the various purposes of business entails with some
disadvantages as well”(Sigala, Christou & Gretzel, 2012). For example, the important thing
which “the various business organizations in the present times including “Commonwealth
Bank of Australia” need to take into consideration is the ethics, privacy and security of the
various customers related to them” (Sigala, Christou & Gretzel, 2012). It is “significant to
note that the various platforms related to the social media is an open accessed one and
therefore it is often seen that the information which the various customers provide over the
social media gets misused for various diverse purposes” (Sigala, Christou & Gretzel, 2012).
Furthermore, “it is also seen that the various business organizations in the recent times fail to
use the platform of the social media for diverse unethical purposes” (Laroche, Habibi &
Richard, 2013). It is a reflection of this that the various customers in the preset times have
become very conscious about the information which they share with the organization and also
about the information which the various business organizations share with the various
customers (Laroche, Habibi & Richard, 2013). Furthermore, it is generally seen that the

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various customers times opt for the services of a particular company depending on the kind of
reviews which the other customers who have opted for the same kind of services have given
and it is generally seen that the various business organizations themselves write fake reviews
about the services produced by them. Therefore, the various organizations should not do this
particular thing as it not only unethical but also it misleads the customers.
“Social media technologies”
The various “social media technologies” and “platforms like Facebook, Twitter and
others have emerged as one of the most of the important ones in the present times” (Laroche,
Habibi & Richard, 2013). It is “a reflection of this that the various business organizations in
the present times take the help of these technologies and also the platforms” offered by them
“to bring about the overall growth as well as the development of their business process”
(Armstrong et al., 2015). Thus, the company “Commonwealth Bank of Australia” takes the
help of the various kinds of fan pages as well as brand pages not only to reach out to a larger
number of people but also to earn the loyalty of the various customers who are related to
them (Armstrong et al., 2015). It is “significant to note that the concept of customer loyalty
plays a key role in the business of the various business organizations and many people take
the help of this particular concept to further the prospects of their business in the present day
business market” (Armstrong et al., 2015). Therefore, “it would be apt to say that the various
“social media technologies” have positively impacted the business process of the various
business organizations of the world” including “Commonwealth Bank of Australia” and is
one “of the main reasons for the recent success gained by the business organization
“Commonwealth Bank of Australia” in the recent times in the global context” (Armstrong et
al., 2015).

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Conclusion
To conclude,the business world “in the present times has undergone a drastic
transformation on account of the various factors like the advent of globalization and the
development in the fields of innovations and technology”. Therefore, the concept of
communication has emerged as one of the “most important ones in the present times and the
rise of the various platforms related to the social media” has provided invaluable services to
“the various business organizations in the present times”. The various platforms related to the
social media are not only cheap but also inexpensive. Therefore, the “various business
organizations in the present times use the various platforms related to the social media not
only to achieve the process of effective communication with the various customers or the end
users of the products which are offered by the company but also to communicate in the best
possible manner with the various employees as well as the shareholders who are related to the
business organization”. It is significant “to note that the use of social media for the purposes
of business has both positive as well as negative aspects” however the positive aspects of the
process far outweigh the negative aspects and thus “most of the business organizations take
the help of this particular concept”.

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