Published Date : Jul 16, 2014
Retail Banking and Social Media
Different businesses are realizing the importance of social media. The platform of social media is not just for entertainment, it can also be used for marketing purposes. Social media marketing is a great platform for businesses to promote their services, products, or content using a collaborative form of Internet social media which is either accessible by a smartphone, tablet, or a personal computer. Use of social networking sites such as Twitter, LinkedIn, and Facebook is a common way to promote business. Social media promotion can be done using videos, images, and music swapping. Organizations use social media development and marketing strategies to reach to their public relations and product/services sales goals. Usually, a company’s social media strategy involves promoting their site or business lines using social media channels.
Retail banking provides direct services to the clients. Many bank account holders have their account with a retail bank which offers retail services. Most basic retail banking services include checking and savings account. However, to promote their business they also offer other attractive services. Retail banking is a widespread business. To promote their services, retail banks have started focusing their attention on social media. The platform of social media can help promote the services of a retail bank. It can help to build a brand with the existing customers and to get more new customers.
Challenges in the Industry
Currently, retail banks are changing their business product offerings to the lucrative market of social media users. Social media networking provides companies with a stage where they can reach out to customers. It helps retail banks to deal with issues in real time; this helps to increase both the quality of the customer service and the consumer trust in the bank. Even though retail banks are focusing on social media platform for promotion purposes, there are various challenges that exist in achieving this goal. These obstacles can hinder retail banks from gaining the necessary attention on social media.
One challenge that retail banks face is comparing their social efforts to others within the industry which can be on a domestic level or international level. Determining the metrics that need to be tracked in order to provide customer satisfaction in social media networking is also another hurdle. Indentifying and implementing a tactical effort which has the maximum potential to improve the organization’s current social approach is another big challenge. It is important that the retail bank determines which social practices are to be implemented and which social practices are to be prioritized.
For retail banks to implement social media marketing effectively, various tactical measures should be undertaken. First of all instead of a collection of disparate tactics, an overarching framework for social media should be designed from the beginning. It should aim for specific segments and experiences. Also, there should be focus on the necessary internal piping to apply social media networking across channels. The strategy should be such that it covers well-defined metrics which indicate progress towards the bank’s business goals. These metrics should be in alignment with the existing driving metrics.
The strategy should include a structure which has clear governance, which means either placing a dedicated social media center of excellence or choosing the social media winners across the retail bank’s service or product lines. It should support effective involvement in social media with effective staff, skills, and control. The retail bank should begin with basic learning and listening platform that allows them to test the water and figure out the potential involvement. After this, the bank should progressively integrate the platform with current CRM tools to achieve a single view of clients.
Retail banks haven’t yet exploited the full benefits of social media platforms. Considering the challenges carefully and implementing a smart strategy can help them create a social media marketing channel. This will help them to build a large consumer base that can help to effectively promote the bank in the market.
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