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As SBI doing all the campaigns already , I designed a simple 6 step process to verify SBIs
efficiency in each step and stated some of the uncovered approaches along with the
recommendations in each step bases on the my secondary research.
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Client Brief1
SBI has wide range of products in its retail banking business. Those include Term Deposits,
Recurring Deposits, Housing Loan, Educational Loan, personal loan for Pensioners, Against
Mortgage of Property, Against Shares & Debentures, Plus Scheme Medi-Plus Scheme, Rates
of Interest and Debit/Credit cards. SBI has its presence all over India with 16,000 branches.
Background
Digital Media:
Digital marketing is a tool for interactive marketing of products and services using digital
technologies to reach customers. The marketers promote brands and increase sales through
various digital marketing techniques. They mainly use the Internet as a core promotional
medium.
Why Digital Media Marketing is important:
Digital marketing differs from traditional marketing because it involves the use of channels
and methods to analyse marketing campaigns and also can understand where they are lacking
and what to improve. The growth of Digital media users has been rapidly increasing. Surveys
showing that up to 2013 there are majority of traditional customers but from 2013 to 2019
period, the digital converts are the majority and 2020 and beyond digital native customers
dominate the market ( Apendix1).
Digital Media in BFSI space:
Digital Media especially Social Media, today is playing a significant role in Indian banking
sector. Every brand is there on one or the other platform and trying to engage with consumers
online. The most important performance indicators a BFSI Brands must keep in mind is
Engagement Ratio. The 5 social media platforms which are best suited for BFSI Brands
keeping in mind the nature of the business would be
Facebook: To Engage with the users
Google Plus: To Build community
YouTube: Video is the best form of expression so express
LinkedIn: To create engagement with their brand
Twitter: To create buzzword
The main reason for the necessity of social media banking is the opportunity for interacting
with customers and also obtaining required data for analytics to serve them better. Social data
analytics could also provide banks with information about potential defaulters on loans.
Another reason for banks to have a presence in Social media is to obtain positive reactions to
customer service.
1 Www.sbi.co.in
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players like Amazon and snap deal to fillip to e-commerce and brings lots of value to their
retail business.
So , the overall SBI especially in retail banking has presence in digital media but lacking in
several aspects. The campaign part is designed in such a way to address the problem or
develop its presence throughout all parts of digital media.
Campaign Design and Scope of improvement:
First to start with basic design of the campaign let us analyze 6 step process of the design
STEP 1 SEGMENTATION: Which understand the market, accounts and buyers and ensures
the strategy is differentiated from the competitors.
STEP 2 PLANNING: Which leverage the segmentation findings to develop revenue, budget,
product/solution, campaign and content.
STEP 3 ENGAGEMENT: Which Define the processes for how the marketing team is going
to interact with prospects and customers.
STEP 4 ORGANIZATIONAL STRUCTURE: Make sure the organizational structure is set
up correctly so the right people are in the right roles to execute the processes.
STEP 5 EXECUTION: Executing the core strategy
STEP 6 CUSTOMER SUPPORT: Engage with customers in problem solving.
Though SBI has followed the same design to implement digital media strategy, there is need
to be an improvement in all the steps especially in Execution and Customer support part. In
segmentation step the geography based and psychographic based segmentation is not clearly
visible because the professional news sites and shares related sites, you dont find SBI ads
related specifically related to loans, pensions etc. I felt a proper segment wise targeting is
necessary in up-front. Coming to the Engagement and Org parts, SBI has now partnered with
Accenture to obtain proper technology support and development in their digital processes and
partnering with amazon to fillip into e commerce space which has done by other players
relatively earlier. It should focus more on these partnerships to develop and expand its digital
processes.
Planning & Engagement:
Efficient planning and engagement can improve customer acquisition and onboarding.
Growing customer base is top priority for every business. So taking advantage of richer,
cheaper data access is the best option to plan further. One of the advantages of digital boom is
the availability of data for lower costs. The objective is to not only acquire the contacting
potential customers, but to go a step further and accurately measure the possibility of lead
conversion through analytics. Banks utilize social data to profiling customers and to
understand their individual requirements. Search engine optimization and search engine
marketing also the best tools to acquire the potential customers. Target news blogs ,
professional sites for suitable customer for the some of the retail business products would be
a great option.
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Customer Support/Servicing:
Keeping your customer connected to your brand:
This can be achieved through efficient utilization of social media. As we have seen in the
analysis part the share of voice /share of quotient values are less compared to other major
players. The overall buzz and SSI index is also very less for SBI. So, the first step to keep the
customer connected to the brand by creating buzz in the social media. Though it has good
presence and following in the facebook it has scope to improve in twitter by creating buzz.
For example take low interest rate for student loans. It can make buzz about it by creating
hashtag #kamsepadojyadapado or it can target the special days like fathers day by giving
more discounts on that day and crate hashtag #mydadisahero (obviously dad has to give
surety and has to repay in worst scenarios). Create some creative videos with the same
concept and upload it in youtube channel to make the channel more interesting.
Create separate page for each and product in the retail business channel. And allow them to
post as SBI doesnt allow users to post on its walls. It is kind of gives a negative impression
on brand and challenges its commitment towards customer service. Improve youtube channel
by making more creative ads which looks channel interesting and also create videos just for
to assist the customers to solve their issues / giving any information.
Improve its presence through all available digital platforms making available in google plus,
Pinterest etc also.
Efficient customer problem solving:
As discussed in the analysis part SBI is taking comparatively more time to respond to the
customer problems. The percentage of retweets taking more than one day is higher for SBI.
This is very bad part on SBI because customers expect immediate reply especially in the
mediums like twitter. It has to improve in this part. It is also not reaching customers much
through email especially in assistance based scenario which can also be leveraged some far.
SBI doesnt allow its consumers to post it on the walls in some pages. It has to be changed to
give proper assistance in customer problems.
Create official SBI blogs for discussions and addressing the customer problems.
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Conclusion:
SBI operated in retail banking sector has improved its digital media presence in the recent
years but still in lack compared to other major players like HDFC, ICICI and Axis. Some are
under the scope and control of SBI which can easily turn over and improve its presence in the
digital media. Hence I suggested a campaign which includes all basic steps to design a digial
media campaign and in each step I proposed how to execute and scope of improvement.
On concluding the to sum-up all the recommendations, To develop its digital media strategy
by improving
1. Search Engine Marketing : Through content strategy and SEO or through Paid Search
Advertising (Adwords)
2. Social media promotions Paid advertising on Facebook, promotion on Twitter, Pinterest
and Google+.
3. Mobile market promotions Development of native apps and submission to the Google
Play and Apple Store
4. Email marketing Promotion of products or services through email marketing campaigns
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