Promotions and Marketing

Banks have begun to do more on social media than provide customer service or be start conversations. photo copyMore and more, banks are promoting and marketing their brand. One way banks can do this is by tapping into the conversations of potential customers. For example, Bank of America researched what economic-savvy people were talking about in Davos, Switzerland. They learned that #davoswomen was trending and proceeded to use that hashtag. They tweeted about the rising influence of women in the world of economics.

Linda Boff, the social media representative for General Electric, explains that tapping into the conversation is worth it. She claims that if a company fails to receive any responses, they have not waisted much time.

Navy Federal Credit Union started a marketing campaign called “Four Million Members, Four Million Stories” that involved giving away Credit Deposits to winners of their video contest on Facebook. After this promotion turned out so well, they decided to actually sell products on Facebook. They ended up developing 300,000 followers.

Jennifer Sadler, Navy FCU ‘s social media strategy manager, noted when you’re invited into a fans personal space, you have to be careful to not get yourself uninvited. It’s hard to gain interest and trust, but easy to lose that in an online presence.

The picture below shows Navy FCU’s Facebook cover that included some of the pictures people shared during the “four million members, four million stories” campaign.

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4 thoughts on “Promotions and Marketing

  1. I see where people really would like the “4 million people 4 million stories” campaign. Especially with banks, I think you often just feel like a number. People really want to feel like their bank knows them and will do what is best for them. Thinking about the topic I would say that is what is most important to me behind good rates and such of course. So that was a great strategy for them to take, everyone wants to feel special!

  2. It was interesting to see how banks are gaining more customers through social media platforms. I think it was creative for Bank of America to notice that #davoswomen was trending and used this hashtag to gain notieriety on Twitter. Also I think it was a different approach when engaging people in the banking industry when Navy Federal Credit Union created a campaign for people to win credit deposits. Everyone loves to win something and sometimes this is the perfect tactic to draw in an audience and get people talking. I really enjoyed this post because it is useful to see real life examples of social media being used when it comes to marketing and promoting.

  3. Stephanie Gross says:

    It’s interesting that they found an existing hashtag to use in order to intersect with their target market. Piquing the interest of women by tweeting about the rising influence of women shows that they understand these consumers. I feel like many companies are hesitant to get involved with social media at first, and it’s not until they see how beneficial their activity can be until they start to want to really get their feet wet.

  4. Most people I know use the bank their parents or friends use, but this is an awesome way for banks to reach out to try and reach more customers. Normally, once you join a bank you are with them for life, so it is extremely valuable for banks to spread the word to join their specific bank. I think it was interesting they used a hashtag to spread the word around.

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