CHAPTER 2. RESEARCH METHODOLOGY AND DATA ANALYSIS
2.2.12. Social Media Marketing in Branding
Social media is a powerful way to boost the brand. Even small banks have raised their profiles to thousands of likes and tens of thousands of view with community – minded posts and viral videos. With “Like”, “Share”, “Comment”, “Tweet”.. Social media users can spread their experiences to all their friends, even friends of their friends or a big group with thousand people that have the same concerns about everything in life.
“ In the last year, we‟ve gotten about 3,400 visitors linking to our website from social media”, says McCarthy. “About one-third of those were the first-time visitors to our site, so we‟re exposing new people to our brand. Of those, eight people applied for a loan.
We do believe social media is starting to be a business generator for the bank and will continue to be so as time goes on” (AMA report, 2017).
Banks can bring in visitors by showcasing their lighter side. For example, First Financial Centre‟s “Where‟s Mark Wednesday” feature on Facebook has made its CEO
something of celebrity. “Mark gets recognized at conferences and professional association meetings”, says McCarthy. “This fun contest has humanized our bank, showing our CEO as an approachable guy with a sense of humor, the kind of guy you‟d like to sit down and have a cup of coffee with, and that‟s not the general impression people have of bankers. It has been a real win for us”. Or Citizens Bank of Edmond hosted PokemonStops with free water and a giveaway contest when the Pokemon Go craze broke in July 2016. Users could snap a photo of a pokemon, tag the bank on social media and show it to a banker to get a free gift card to a local café. New visitors who come for contests or promotions might stay for a closer look at what the organization has offer financially.
Banks have also had success using social media to establish new business relationships. Avidia Bank actively looks for opportunities to cross-promote local businesses through social media. “We have businesses that want to partner or bank with us because we‟re sharing their story”, says Cormier. “We have a cool group of restaurants near us that are new “startups” asking if we can come to their grand opening or an event.
Places are choosing to bank with us because we are not just going there to do a cold business development call but going to these businesses to highlight what they are doing in community”.
In author‟s online survey, customers know and use banking products and services through Bank‟s Campaigns online and offline(53,9%), recommended by family and friends (36,9%), in popular social media (34,8%) and other channels like television, newspaper, radio, brochures and leaflets… So Banks can push up social media marketing channel to promote their brands by contents, activities, campaigns, minigames…
Source: Author survey
Customers almost want Banks – a financial institution – known as cold and hard to connect have their own social media sites. That brings benefits for Bank and Customers to listen and solve problems for each other. 77,6% responses want that and 66,1%
respondents said they always read information about new banking products and services, banking promotions.
Is it enough for Banks to care about their own social media sites?
CHAPTER 3
VALUATING THE EFFICIENCY OF USING SOCIAL MEDIA MARKETING CHANNELS IN BIDV
3.1.Introduction about BIDV
3.1.1.Summary about BIDV foundation and development:
- Full name: Joint Stock Commercial Bank for Investment and Development of Viet Nam
- Abbreviation: BIDV - SWIFT code: BIDVVNVX
- Address: BIDV Tower – Hang Voi Street – Hoan Kiem district – Ha Noi – Viet Nam
- Charter Capital: VND 34.187.153.340.000 (Source: Annual Report 2017)
It was established in 1957 as Vietnam for Construction Bank of, under the Ministry of Finance. Been through 2 time – changing name in 1981 and 1994, BIDV was successfully equitized and converted into Joint Stock Commercial Bank for Investment and Development of Vietnam in 01st May 2012. After 60 years operating, BIDV has expanded network with 191 branches, 855 transaction offices, 63 nationwide network, 57.825 ATM and POS, 6 countries having BIDV‟s commercial presences and more than 25.000 employees. BIDV has also rated by prestigious organizations such as Moody‟s; S&P;
Nielsen Vietnam.
Besides, BIDV had achieved many international and domestic awards by years such as: Best Domestic Trade Finance Provider in Vietnam awarded by Euromoney; Best Foreign Exchange Provider in Vietnam awarded by Global Finance; Best Retail Bank in Vietnam for the third consecutive year (2015, 2016 & 2017) awarded by The Asian Banker; Top 2000 world‟s largest public companies as voted by Forbes; Top 500 global banking brands according to Brand Finance; First-class Independence Medal awarded by the Party and State of Lao People‟s Democratic Republic; The Royal Order of Monisaraphon – MOHA SEREIVATH class, awarded by the King of Cambodia; First – class Labour Medal awarded by the Party and State of the Socialist Republic of Vietnam;
Vietnam‟s Top 10 most valuable brands according to Forbes Vietnam; Ranking first for Readiness for IT application to business for 9 consecutive years as voted by Vietnam
Ministry of Information and Communication and Vietnam Association for Information Processing;..and many other awards
Those are illustrated by this following chart: