Developing a Social Media Strategy for RBC: A Comprehensive Report

This report presents a social media strategy tailored for the Royal Bank of Canada (RBC). It emphasizes the importance of social media in modern financial services for customer engagement, advertising, and service. The strategy begins by establishing clear, measurable objectives aligned with RBC's goals, focusing on targeting the right customers with relevant messages. The report highlights the significance of understanding the competitive landscape and leveraging platforms like Facebook, YouTube, and LinkedIn to build trust and drive customer loyalty. It also considers various factors influencing the strategy, including social, technological, environmental, economic, legal, and political factors. Furthermore, the report stresses the importance of ethical and sustainable practices, such as avoiding biases and protecting customer privacy. The report concludes by discussing the need for a strong content plan and the selection of appropriate social media platforms to effectively market RBC's services.

Running head: SOCIAL MEDIA STRATEGY FOR RBC
Social media strategy for RBC
Name of the student
Name of the university
Author note

SOCIAL MEDIA STRATEGY FOR RBC
Social media strategy for the Royal Bank of Canada
The social media marketing in case of banks have become an important solution in
order to maintain healthy relationships with the customers. The social media helps the
modern financial services for understanding customers for targeting, advertising, customer
service and also for the experience of the users. With the help of social media platforms it can
real offer real help and support to the customers. Banks nowadays have employed different
kinds of technique for using social media in order to boost their bottom lines. The social
media is one of the significant tools in the marketing strategy(Ashley & Tuten, 2015).
However, the marketers make the mistake of driving the social media without making a clear
plan. In order to benefit from the social media a clear strategy must be always made to know
what the bank is trying to achieve, who the customers are and what the competition is doing.
One of the first step for creating the social media marketing strategy is to understand
the main goals and the purpose of the marketing efforts. The marketer of the bank should set
clear objectives which is based on their goals. They should also make sure that the objectives
are specific, measurable, relevant, time based and attainable in nature. A successful social
media strategy is mainly about targeting the right customers with the right messages
(Tsimonis & Dimitriadis, 2014). Therefore, there will be no point in targeting all the
customers, if the main motive is for target young professionals. The social media have
nowadays become a great equalizer for the marketers. They can use the Facebook video ads
through which they can state what separates their products from everyone else (Guo &
Saxton, 2014). The first step for creating a social media marketing strategy is establishing
S.M.A.R.T objectives to measure the return on investment. Therefore, each goal should be
specific, attainable, relevant and time bound in nature. Knowing who will be the customers

SOCIAL MEDIA STRATEGY FOR RBC
and what they would want to see is significant for social marketing strategy. Also knowing
who the competitors might be will help the marketers of the Royal Bank of Canada might
provide them huge benefits. Analyzing the competitors will also help them in spotting
opportunities. For example, when one of the competitors might be dominant on Facebook,
while they had put a little effort in Twitter, the marketer might provide good efforts in the
latter platform of social media. Social listening can also be termed a s another way for
keeping an eye on the competition. With the help of YouTube it will help them to tap new
customers which will be entering in the market.
Sharing live webinars on different subjects like debt consolidation and savings, banks
can provide value to the loyal customers at a much less cost while driving the customer
loyalty. Also, by responding in social media chats, the employees can answer questions at a
minor cost for cultivating strong relationships with the customers (Tsimonis & Dimitriadis,
2014). The marketer of the bank can also share industry insights and information in a way in
the social media which will help in building trusts.
Social factors: The social factors which will be impacting the Royal Bank of Canada
are the demographics, class structure, culture and leisure interest (Ashley & Tuten, 2015).
Technological factor: The technological factors which will be impacting the bank are
the recent technological developments taken by the competitors. Therefore, the strategy
should be made in such a way that it should compete with the competitors in the banking
industry.
Environmental factors: Before entering the social media for marketing, the marketer
of the bank should carefully evaluate the environmental standards as well like attitudes
towards ecological or for green products. Recycling of products, climatic change and

SOCIAL MEDIA STRATEGY FOR RBC
supporting the renewable energy are some of the macro economic factors which should be
kept in mind for building the strategies.
Economic factors: the inflation rate savings rate, forex rates along with the comic
cycles will be determining the demand and supply of the product. Social media is also deeply
linked to various platforms of the industry. Therefore, while making the strategy for the RBC,
the inflation rat, exchange rates and economic cycles should be kept in mind.
Legal factors: the legal factors which will limit the business of the social media strategy is
the applicability of the patent laws worldwide, rising regulation of the online data and the
internet regulation which is present worldwide.
Political factors: The political factors also plays an important role for determining the factors
which will be impacting the long term profitability of the market. The trade regulation and
tariffs, anti trust maws and pricing regulations should be kept in mind while forming the
strategy of the social media marketing.
Information factors: By sharing Facebook videos or Instagram posts and by creating
helpful articles online will help them in building trust (Guo & Saxton, 2014).. Also, LinkedIn
have become one of the major channels for the financial markets where the agents and the
advisors can connect one to one with the customers in a much more professional way. The
online reviews and the testimonials can also help in building transactions.
Ethical and Sustainable factors: The marketer of the social media strategy should be staying
away negative political, ethnic or cultural bias. The marketer of the social media should aso
not compromise on the privacy .

SOCIAL MEDIA STRATEGY FOR RBC
The Royal Bank of Canada will be using the social media platforms for the branding
value.
However, it should be kept in mind that all the social media platforms are not same.
The right ones for the products or services which will be sold to the customers. The marketer
of the bank should be developing string content plan which will be delivering engaging
material.

SOCIAL MEDIA STRATEGY FOR RBC
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