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ICICI Bank’s Social Media Strategy
We are always on the lookout for understanding the marketing strategies and plans of major Indian business houses. So I got in touch with Mr. Sujit Ganguli, Senior General Manager – Corporate Communications and Brand, ICICI Bank Limited and tried to understand ICICI Bank’s social media marketing initiatives through an email interview. Given below is the interview in detail.
1. What is the core theme of ICICI Bank’s social media program?
At ICICI Bank, we believe social media is strategically important. It gives us direct online access to customers, helping us get their feedback on a real-time basis in a cost-effective manner. Also, social media is becoming part of life of several segments of the population, who are either existing or prospective customers.
We believe that the 21st century Indian consumer is digitally adept, socially connected and wants the best value and service from any service provider. We, at ICICI Bank, strive to be his/her financial brand of choice through everything we do.
One of the important reasons why we decided to be on social media was to create conversations and be high on engagement with our customers and fans in their day-to-day life. We have been the most-engaged Indian banking brand on Facebook.
We follow a well-defined process to ensure our customers get the quality of service they seek online. The process begins with listening to our customers posting online comments on hundreds of websites including Facebook, Google, Twitter and forums 24X7. Our next step is respond to those comments. We, at the same time, analyse the comment stream to look for trends to understand the customer sentiment better.
Our social media presence is spread over various platforms:
Twitter: We established our presence on Twitter by creating a very robust infrastructure to “listen” to our customers. This helped us to effectively and efficiently address queries/concerns of our customers.
Facebook: ICICI Bank launched its Facebook page in January 2012. We wanted the launch to be not just another medium to connect with audience but also provide value-added services on the platform. We launched the one-of-its-kind application that allows a registered user to check the bank account details while on the social media platform and also avail of a host of services. We have always encouraged users to follow safe banking practices. Indeed, we have received a good response on our safe banking tips. In a short span of over a year, we have built a 2 million strong community on Facebook. On Facebook, we engage with our fans not only by providing them information on convenience of banking but also by educating and increasing financial literacy among our young fan base. We always encourage feedback from our fans to make the conversation a two-way traffic. We have also gone beyond just disseminating information and limiting our conversation to banking. We have created games, fun applications and contests for our fans to keep interacting with them.
YouTube: Our YouTube channel is a library to view our advertisements, watch interviews of our senior management, view product videos and share them among each other. Our channel has garnered over 1 million views since it was launched in January 2012. It helped us to disseminate video information on other platforms such as Facebook and Twitter. We increasingly look towards adding video inventory to further engage with our online-savvy customers.
2. On what basis do you choose the social media platforms to be present on?
At ICICI Bank, we use the social media platform to engage with fans, prospective customers and help build affinity towards the brand. We try to reach out to customers depending on their presence across digital medium. Our objective is to provide various touchpoints to customers to engage with the brand at their convenience. We provide our customers with a rich offering of apps, product information, and utilize the social media platform to increase financial literacy. We look at platforms depending on the type of audience and content consumption pattern.
3. Can you share more details of some of the initiatives or applications you introduced on social media?
We believe that engagement and interaction with fans is vital for our growth on the social media platform. In an effort to create that engagement, keeping in mind the industry we operate in, we have created a one-of-its- kind app through which a customer can conveniently check his account details while on Facebook. After authenticating his/her ID, a registered user can do the following transactions: account details, mini statement, open FD/ RD, cheque book request, stop cheque request, cheque status inquiry, apply for email statement and upgrade debit card.
Over last one year, we have created a bouquet of rich offerings on Facebook – a bank account app, a money personality app, a deal-of-the-day offers sections, offers on banking products/services and a mechanism for customers to write to us.
We have also gone beyond just disseminating information and limiting our conversation to banking. We have created games, fun applications and contests for our fans to enhance interaction. For example, we organized a photo contest on the lines of our philosophy of “consumer first” – Khayaal Aapka – on Facebook. The contest encouraged fans to upload an original photograph clicked by them that conveyed the message or depicted a Khayaal Aapka moment. The contest received more than 2,000 entries and all entries were judged by a special jury. The winner was given a Nikon coolpix camera.
The latest addition to our bouquet of apps on Facebook is iWish, a flexible recurring deposit account which helps you plan and fulfills your wish. The app shares the wishes of the users and also let them know about the people likely to help them fulfill their wish. The experience on the app helps them understand the product and encourages them to sign up for it.
ICICI Bank has been keen on engaging with its fan base and thus has launched a number of social media campaigns in 2012 such as ‘Personality quiz’ and ‘Fan of the month’.
4. How do you measure your campaign performance on social media?
We make 360-degree use of the social media space for both displaying our products and services and helping the businesses in getting leads and customer applications for various products. We measure the campaign performance of our posts through two metrics: engagement and reach.
5. How do you see the growth of social media in the near future?
Big companies now need to create content that connects with the fans. Fans will dissociate themselves from overall “product” content and engage with content that is “relevant” to them. Brands will have to, therefore, be creative in conversations with their fans. They will need to understand fan clusters and analyze what is relevant to these fans. Another big development for brands on social will be to meet expectations of fans in terms of delivering experience on mobile. E-commerce is one of the biggest successful stories recently. It is still evolving in multiple dimensions. Social commerce is the next horizon.