Analyzing the Role and Impact of SMM in the Banking Industry

This project examines the role and impact of social media marketing (SMM) on the banking sector's success. The research, employing a qualitative design with survey data from 30 respondents and secondary data analysis of journals and articles, investigates how SMM, particularly through platforms like Facebook and Twitter, enhances brand exposure, broadens customer reach, and improves customer relationships. The study explores the significance of SMM in understanding customer needs, offering tailored products, and fostering customer loyalty, ultimately contributing to the growth and profitability of banking firms. The project includes an introduction outlining the background, aims, objectives, and research questions, followed by a literature review, detailed methodology, data analysis, and concluding recommendations for future SMM strategies in the banking sector. The findings indicate a strong association between SMM and the growth of banking firms, emphasizing the importance of adopting effective SMM strategies to meet customer expectations and achieve success in the competitive banking landscape.

Individual Business Project

Acknowledgement
I am thankful to my tutor, friends and relatives who gave me guidance and support. In
completing my dissertation on corporate governance they always encouraged for completing
dissertation in the best possible way. In addition to this, I also appreciate my mentor for giving
me guidance in preparing dissertation. From his support and experience I was in the position to
complete dissertation in a right manner. Finally, I want to extend my sincere thanks to everyone
who have directly or indirectly supported me in completion of my dissertation.

Executive Summary
Social media marketing as an element of internet marketing that makes use of Facebook,
Twitter for marketing the products as well as services. The main objectives behind undertaking
SMM is to frame content that users will share on social networks for enhancing brand exposure
and broadening the customer reach.With the motive to evaluate the role and impact of social
media marketing in the context of banking sector qualitative research design has been used.
Hence, by considering such research type data collection and analysis technique has been
selected. In the present investigation, interpretivism philosophy and inductive approach has been
selected by the researcher.By conducting survey on 30 respondents researcher has gained the
views about the impact of social media marketing on the success of banking sector. Besides this,
books, journals and scholarly articles related to social media marketing have been evaluated by
the investigator.In this, to investigate the impact of social media marketing on banking sector’s
performance qualitative research design has been considered by the scholar. On the basis of such
aspect, thematic analysis has been conducted by the researcher.
It has been articulated from the evaluation that social media marketing technique enables
firm to understand the needs, wants and expectations of customers. In this way, such marketing
tool offers opportunity to the banking unit in relation to making suitable changes in the existing
offering. Thus, by offering tailor made products or services to the customers banking firm can
attain success to the significant level.Further, it has been identified from primary data
investigation that Facebook and Twitter are the most effectual social networking sites that assist
banking firms in developing relationship with the customers. Now, individuals become more
active on social sites like Facebook, twitter, Instagram etc. SMM offers several benefits to the
banking sector firms in terms of high customer loyalty and base, competition, building
relationship with target market etc. It can be inferred from both primary and secondary data
investigation that social media marketing and growth of banking firms are highly associated with
each other.

TABLE OF CONTENTS
CHAPTER1: INTRODUCTION ....................................................................................................7
1.1 Background of the study ......................................................................................................7
1.2 Research aims and objectives ...............................................................................................7
1.3 Research question..................................................................................................................8
1.4 Rationale of the study ...........................................................................................................8
1.5 Significance of the study .......................................................................................................8
1.6 Structure of dissertation ........................................................................................................9
CHAPTER 2: LITERATURE REVIEW.......................................................................................11
2.1 Introduction .........................................................................................................................11
2.2 Concept and trend of social media marketing (SMM).........................................................11
2.3 Significance of social media marketing in banking sector .................................................13
2.4 Impact of social media marketing on the profitability and success of banking sector........15
2.5 Literature gap ......................................................................................................................18
2.6 Conclusion ..........................................................................................................................18
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................19
3.1 Research design...................................................................................................................19
3.2 Research approach ..............................................................................................................20
3.3 Research philosophy ...........................................................................................................20
3.4 Research type ......................................................................................................................21
3.5 Data collection.....................................................................................................................22
3.6 Sampling .............................................................................................................................23
3.7 Data analysis .......................................................................................................................23
3.8 Ethical consideration ...........................................................................................................24

3.9 Reliability and validity ........................................................................................................24
3.10 Research limitations ..........................................................................................................25
CHAPTER 4: DATA ANALYSIS AND FINDINGS...................................................................27
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS ..................................................41
5.1 Conclusion ..........................................................................................................................41
5.2 Recommendations ...............................................................................................................42
REFERENCES..............................................................................................................................44
APPENDIX....................................................................................................................................51

Topic: To evaluate the role and impact of Social Media Marketing on the success of Banking
Industry
CHAPTER1: INTRODUCTION
1.1 Background of the study
In the recent times, use of social networking sites increased with the very high pace in
each and every sector. All the business organizations undertake social media platform to promote
the products or services. It enables firm to track the progress, success and effectiveness of
products or services to a great extent. Social media sites such as Facebook, Twitter enables firm
to get information about the needs, wants and expectation level of customers. Moreover, now
individuals spend more time on social networking sites and share their views about specific
products or services. Such strategy enables firm to get information about the extent to which
customers are satisfied from the products or services. In this way, social media marketing offers
opportunity to the firm in relation to assessing the viewpoints of customers and thereby would
become able to make changes accordingly.
In the recent times, banking institutions are also placing emphasis on employing social
media marketing with the motive to develop awareness among the customers regarding services,
interest rate, loan etc. Moreover, customers are encouraged to invest more money when interest
rate increases. Besides this, when terms and conditions of loan simplify then people prefer to
take high level of financial assistance from banks. Thus, with the motive to build, maintain and
strengthen the relationship with customers companies operating in banking sector employ such
strategy. In this, dissertation will shed light on the significance on social media marketing or
strategy in the context of banking sector. It will provide deeper insight about the manner in
which social media marketing strategy aid in the productivity and profitability of firm.
1.2 Research aims and objectives
Aim: The aim of the present study is to analyze the role of social media marketing in the
growth and success of banking sector. On the basis of such aim, following objectives have been
drafted by scholar such as:
Objectives:

 To develop understanding about the concept of social media marketing.
 To assess the significance of social media marketing in banking sector.
 To examine the contribution and impact of social media marketing strategy on
organizational growth in the context of banking sector.
 To recommend the ways through which banking sector firms can get benefits via social
media marketing in the near future.
1.3 Research question
For carry out the whole study in a structured manner researcher lays more emphasis on
developing highly appropriate questions in line with the aims and objectives. Research questions
provide researcher with suitable direction and helps in conducting study in the right way. By
considering the above aim following questions have been framed by the researcher:
Q.1 What is the significance of social media marketing in banking sector?
Q.2 What is the impact on social media marketing on banking sector’s profitability and success?
1.4 Rationale of the study
The rationale behind conducting the present study is to examine the role of social media
marketing strategy in the growth and success of banking sector of firm. It is the issue because
now each business units whether belongs to financial sector or not makes focus on the adoption
of social media marketing strategy. In the former times, only firms pertaining to retail and
hospitality sector employ social media marketing strategy. However, now involvement or
activeness of banking sector firms regarding social media marketing enhanced to a great extent
(Kshetri and Voas, 2017). Thus, the present research will shed light on the extent to which social
media marketing strategy offers desired level of outcome to the firms of banking industry.
1.5 Significance of the study
Social media marketing becomes the vital part of an organization which in turn helps
them in developing effectual relationship with the customers. In this, report will create the
attention level of companies of banking sector towards the strategy of social media marketing.
Findings and outcomes of the present study will provide deeper insight to the companies which

are working in banking sector about the extent to which social media marketing is essential for
them. In addition to this, now interest level of other individuals and students towards research
increased to the significantly. In this, study and its outcome will help other scholars in
developing better insight abut social media marketing. Hence, by making evaluation of the
current study investigator would become able to develop new hypothesis and framework for the
future study.
1.6 Structure of dissertation
Chapter 1: Introduction
First chapter of dissertation depicts brief overview of social media marketing and its role
in banking industry. In this, aims, objectives and questions have been developed by the
researcher by keeping in mind the research topic or issue. In the introductory part, rationale
behind conducting study on social media marketing and its significance have been presented by
the researcher. In this, researcher also mentions structure that has been considered during the
whole study.
Chapter 2: Literature review
In the second chapter, scholarly articles that are based on social media marketing and its
significance have been evaluated. Hence, by evaluating the books and journals related to social
media brief thesis has been prepared by the scholar. Thus, secondary data analysis has been done
by the researcher in this section in accordance with the research aims and objectives.
Chapter 3: Research methodology
Third chapter of dissertation furnishes information about the tools and techniques that
have been undertaken by the researcher to assess the solution of issue. In this, research type,
approach and philosophy have been selected by the researcher which in turn helps in examining
the significance of social media marketing in banking sector. Further, data collection, sampling
and analysis technique have also been mentioned in such chapter.
Chapter 4: Data analysis and findings

This chapter of dissertation is highly significant which presents the significance of study
along with the charts and graphs. Methods identified in the research methodology section have
been employed to analyze the data set in an effectual way. Hence, in this, researcher has
presented the extent to which social media marketing positively influences the growth and
success of banking sector.
Chapter 5: Conclusion and Recommendations
In the final chapter of dissertation, researcher has summarized all the findings in an
appropriate manner as per the research aims. Besides this, recommendations have also been
given by the researcher which in turn helps companies of banking industry in attaining success in
the near future.

CHAPTER 2: LITERATURE REVIEW
2.1 Introduction
In literature review, researcher discusses published information that is related to the
subject area which is going to be investigated. Hence, in such section scholar presents summary
of all the sources by taking into account research aims and objectives. Literature review includes
or combines both summary and synthesis. Thus, in this, with the motive to assess association
takes place between social media marketing and organizational success related books, journals
and articles have been evaluated by the researcher. Such chapter depicts theoretical findings
related to the subject area and provides assistance in evaluating the views of respondents in the
right direction. Findings of literature review section are highly significant which in turn assists
researcher in doing analysis of primary data results in a prominent way. Hence, in the literature
review section, several themes related to the trend of SMM, significance and its impact on the
growth of banking sector have been discussed by the researcher. Thus, by evaluating articles
regarding all such themes brief thesis has been framed by the scholar.
2.2 Concept and trend of social media marketing (SMM)
Bravo, Montaner and Pina (2012) presented that social media marketing as an element of
internet marketing that makes use of Facebook, Twitter for marketing the products as well as
services. The main objectives behind undertaking SMM is to frame content that users will share
on social networks for enhancing brand exposure and broadening the customer reach. Besides
this, Hajli and Nick., (2015) depicted that with the motive to products or services social media
platforms and websites are used by the marketer. Hence, business units which undertake social
media platforms for the marketing purpose have their own analytics tools or systems. By using
this, concerned business unit can track the progress and success of ad campaigns. In addition to
this, social media marketing also offers opportunity to the individuals or business units to
evaluate the level of customer’s association with ad campaign. In the recent times, large numbers
of companies are using the tool of social media marketing with the motive address more
stakeholders including both current and potential customers.

Further, Jeff and et.al., (2014) defined social media marketing as a tool that considers
network and application with the motive to enhance brand awareness and promote particular
product or services. In SMM, marketer establishes social media presence on several platforms
such as Facebook, Twitter etc. Under this marketing tool, concerned authority creates shareable
content as well as advertorials and thereby develops awareness among the customers regarding
the products or services offered by them. Luttrell (2014) perceived SMM as targeted type of
advertisement that is highly effectual and helps in creating brand awareness. This marketing tool
is undertaken by the business organization with an objective to interact with the target market by
using social media. Hence, to promote the products or services social media platforms such as
Facebook, Twitter, Instagram, Pinterest etc are undertaken by the firm. In order to enhance
referrals and leading sales company makes focus on using social media marketing tool.
Rajagopal., (2013)assessed several objectives which in turn encourages companies to undertake
SMM whether they are operating in retail or any other sector. Thus, main aim of the firm behind
employing SMM is to build and enhance word of mouth publicity. Usually, satisfied customers
share their experiences with several of others. In the context of social media marketing, users
prefer to share the image of products or services to which they are highly loyal. This in turn
helps business unit in developing awareness among the large number of people about the
products or services being offered at low cost. However, Sasmita and Suki (2015) said on a
critical note that social media marketing is the potential for embarrassment. Moreover, customers
give their reactions on the images of the products or services of well known brand. In this, if
customers negatively comments regarding the products or services offered by firm then it may
result into high level of embarrassment.
Bravo, Montaner and Pina (2012) assessed social media is the most cheapest way which
in turn helps in reaching to the large group of people at low as compared to other marketing
practices. This is one of the main aspects due to which use of social media marketing is
increasing with the very high pace. Along with this, SMM also helps in exposes brand to the
large number of audiences. Moreover, with the rise in the usage of smart phones now individuals
are accessing social networking sites such as Facebook, Twitter more frequently. In this, by
placing advertisements on all such sites awareness can be created among the people. However, it
is to critically evaluate by Reddick, Chatfield and Ojo (2017) that social media accounts are
prone to security breaches to the significant level. The main reasons behind this, now undesirable