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Effectiveness of Social Media Marketing

This document summarizes a case study on the effectiveness of social media marketing by ICICI Bank. It begins by providing context on the evolution of the banking sector in India and the increased use of social media by financial institutions. It then discusses how ICICI Bank and other leading banks in India are utilizing social media platforms like Facebook, Twitter and blogs to promote their services, engage customers, and stay competitive. The document highlights the advantages of social media marketing for banks, including increased exposure, new business partnerships, and lower overall marketing costs. It emphasizes the importance of social media in differentiating brands and meeting evolving customer expectations around convenient access to banking services.

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0% found this document useful (0 votes)

109 views10 pages

Effectiveness of Social Media Marketing

Uploaded by

PRATIK KEJRIWAL

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

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International Journal in Management and Social Science

Volume 07 Issue 06, June 2019 ISSN: 2321-1784 Impact Factor: 6.319
Journal Homepage: http://ijmr.net.in, Email: [email protected] Double-Blind Peer
Reviewed Refereed Open Access International Journal

EFFECTIVENESS OF SOCIAL MEDIA MARKETING: A CASE STUDY OF ICICI

BANK

Dr. Venkatesh. R
Professor, Community Institute of Management Studies
Jayanagar, Bangalore.

Introduction:
Reformations and developments in the banking sector have translated the hopes and aspirations
of numerous individuals into reality. Before the twentieth century, usury or disposition cash at a
high rate of interest was wide prevailing in the country. Entry of foreign, private and joint stock
banks, which was further accelerated by development of cooperative movement have
appropriated an honest deal of business from the hands of the local money lenders, who although
still exist, have lost his forbidding teeth, losing their market share considerably. The process got
momentum with nationalization of commercial banks. Social media is a phenomenon that draws
lot of attention of firms and people interacting on the networking landscape. Looking back into
the history of internet, wherever social media need to be evolved, some related ideas will be
derived. Some financial institutions grants permissions to send public messages such as blogs
and updates or any other activities, where these all are user generated codes which are later
generated throughout the social media and which are easily accessible. Social media platforms
like facebook, twitter and lots of different blogs that facilitate in selling their services that
enhance their page to produce customer exclusive offers, product details and client care services.
With many banks taking the lead, the direction is ready for different banks to supply on-line
financial services through such platforms sooner instead of later. ICICI Bank, HDFC Bank and
Axis Bank are among the prime 10 Banks with Social Media presence as per a recent survey.
Banks started providing regular updates on the most recent offers and perform basic consumer
operations through standard social media sites. Social media selling is that the new trend setter
for many brands. Financial institutions are keeping an eye fixed of the many completely different
social media possibilities and beginning to introduce new social initiatives at a better rate than
before. Businesses are utilizing social media selling to become additional extremely developed in
market. Some folks cannot afford to own presence in social channels, wherever the contestant is
already creating bigger moves with its product and services. The explosion of the social media is
as remarkable as that and also the pace at that it’s growing is fabulous. World corporations
everywhere the globe have recognized social media selling as a strong selling platform, it
utilized with innovations to create their advertisement campaign with social media selling.

Key words: Advertisement, Banks, Competition, Financial services, Innovations, Social media.

16 International Journal in Management and Social Science

http://ijmr.net.in, Email: [email protected]
International Journal in Management and Social Science
Volume 07 Issue 06, June 2019 ISSN: 2321-1784 Impact Factor: 6.319
Journal Homepage: http://ijmr.net.in, Email: [email protected] Double-Blind Peer
Reviewed Refereed Open Access International Journal

Changing perception of bank marketing has created remarkable platform of using social method
to promote their products. A collaboration of two words banks and marketing therefore focuses
attention on the following:

 Bank marketing is a social control approach to survive in extremely competitive market

as well as reliable service delivery to focus on customers.

 It is a human process to serve social interests.

 It is a good way of augmenting profits.

 It is an art to create potential performance-orientation.

 It is a professionally tested skill to surpass competition.

For these reasons, nearly every business has connected very much with social media and
exploring it for promoting initiatives. It is promoting the online communities, social networks,
blog promoting and more. It is the latest innovation in marketing. The organizational cause has
replaced the social cause, as companies request to have interaction with their audience via the net
platforms. Adoption of social media to promote their financial products will help the
organizations in sharing their experiences and knowledge, to share consumer’s knowledge and
ideas, a known customer can help the other customers, gives chance to customer to learn,
consumer interactions through transactions, creating and promoting brand awareness. It has
several different typical promoting ways, it offers three distinct benefits. It provides a window to
marketers to not only gift products or services to customers, but also provides a window to
additionally listen to customer’s grievances and suggestions. It makes easy for marketers to
decide the varied peer teams or influencers among the groups, who flip in will become
completely learnt and facilitate an organic growth of a complete. All this is done at nearly zero
cost as most of the social networking sites are free. Interaction through social sites makes the
users feel personal because of their previous experiences with social networking sites. They
allow individual followers to re-tweet or re-post comments created by the product being
promoted. By repeating the message, all of the user’s connections are in a position to see the
message, therefore reaching a lot of individuals and they usually act as word of mouth.

Advantages of Social Media Marketing: Exposure to businesses, Building new business

partnerships, Rise in search engine rankings, To provide qualified leads due to better lead
generation efforts, Selling additional merchandise and services, Reduction in overall marketing
expenses.

Importance of the study: Social media plays a vital role in differentiating brands and making
them more relevant to customers. Each and every customer differs in their choices and
expectations. They even have different expectations from banks including how they wish to
17 International Journal in Management and Social Science
http://ijmr.net.in, Email: [email protected]
International Journal in Management and Social Science
Volume 07 Issue 06, June 2019 ISSN: 2321-1784 Impact Factor: 6.319
Journal Homepage: http://ijmr.net.in, Email: [email protected] Double-Blind Peer
Reviewed Refereed Open Access International Journal

interact. They are inclined to trust friends and ask help for advice on product and services as a
guide on decision making. As such, customers are embracing social networking sites more than
before to make easy access of the transactions or information. This makes it necessary for banks
to use social media to move beyond the customer’s expectations. In today’s context customers
want an easy access to products or services without going to bank. Even, banks thought in a new
way and introduced themselves to the social media through their marketing, which has impressed
customers and also some of them are in a confusion to trust or not. But many of them now-a-
days feel to finish their work within no time. Even customers are finding easy approaches to
finish their work. Through Social media marketing banks are making a new relationship with
customers and also making them to trust this new way of transactions.

Need for the study: Social media usage is increasing more to satisfy the social wants of net
users. At the same time it is also accumulated the opportunities for banks to plug their
merchandise and services in an exceedingly personalized manner. Social media revolution has
transformed not only customer’s behavior, however their expectations of banks as their money
partner. Banks should concentrate on the purchasers demand, understand their price. Social
media has contributed significantly in ever-changing the perception of customers in shopping for
method and influence their shopping for call. Banks recognize the advantages of enhancing their
social capabilities, competitive atmosphere where banks aren’t solely competitor with their peers
however additionally with non-banks and different money establishments and therefore client
retention is feasible solely by understanding more regarding customers and hear them. Banks
around world are responding to social media trend by evolving into social banks, which ought to
have transparency and to manner interaction through social media to meet and exceed client
expectations.

Review of Literature:

 Mangold and Faulds (2008), asserts that traditional communication are the examples for
which they relied on the classic promotional combine to produce integrated selling
communications, must provide manner to a brand new paradigm that features all sorts of
social media as potential tools in coming up with and implementing integrated selling
communication methods. Retailers are paying attention once it involves social media as a
result of it provides a key element that companies have struggled to gather for years.
Feedback from consumers has continuously been vital once it comes to product, brand, and
business development.

 Shih (2008) says that there are a whole bunch of legion active users across sites like
FaceBook, twitter, LinkedIn, and MySpace. 2.6 billion Are spent on FaceBook every day.

18 International Journal in Management and Social Science

These websites are cultivating brands to interact the correct individuals within the right
language at right time. Marketing the brands through social media is turning into precise,
personal, interesting and also more interactive socially.

 Weber (2009) says advertising a community is just like as promoting a brand new product or
service to the customers. Social media is used to speak with individuals within the
promotional side to involve the people. Traditional advertising and direct selling in social
media is to send individuals to the digital community to be told, entertained and detected.
Users find it appealing and also a value high enough to support them to involve in it.

 Borges (2010) finds that today's consumers wish to be engaged otherwise than in years past
and several ancient selling techniques merely don't work any longer. Social media marketing
is a revolutionary thanks to build solid relationships with consumers. Low cost, brand
building, staffing advantages, loyalty and level playing field area unit key advantages of
social networking sites as a productive selling media.

 Zarrella (2011) says that the main cause of online social networking will be derived to the
Nineteen Eighties bulletin board systems. These systems allowed the internet users to create
personal profiles and also to share information and also events at low speed connectivity.
After the evolution of social networking technology in the net world, it grew higher and
popular among the net user.

 Lacy and Hernandez (2012) says Twitter gives the ability to share nearly 140 characters
thoughts in an exceedingly bit, where user will simply share links to press releases and
stories concerning their business, services or products. Making tweets fascinating and
numerous, there is a more chance of accelerating the followers, by consider with news
sharing and stories concerning the business that they serve.

Scope of the study:

The study is based on social media marketing practices followed by ICICI bank, which
would help in gathering the opinion of individuals for social networking sites, how do they
use it, what are the benefits gained by the financial institutes. The impact of social
networking sites on them. The study further helps to know the perception of customers,
employees. To understand their problems and identify the improvements needed in the
practices which ICICI banks use. The study will help to analyze the benefits of promoting
through social media and also identify the benefits which customers are getting through
social media marketing. The study mainly focuses on the customer perception and the impact

19 International Journal in Management and Social Science

of the social networking sites on them. It also helps to enhance the customer needs and
satisfaction.

The objectives of the study are as follows:

 To study the influence of social media marketing on consumer buying behavior.

 To analyze the perception of customers and employees on social media marketing
practices utilized by the bank.
 To find the impact of social media marketing through the social networking sites on
customers.
 To identify the social media selling practices of ICICI bank to enhance the customer
satisfaction.

Research Methodology:

Research Design: It is a descriptive research, which helps to evaluate the perception of

customers on social media marketing of ICICI bank.

Data Collection: The primary data was collected by the means of a sample survey.
Questionnaire was prepared questions which are related to the social media marketing to find out
the perception of customer and also employees about the information and the services they
receive through the social networking sites were included. The data which was filled by the
customers and employees will be later analyzed to obtain the required interpretation and
findings. Secondary Data was collected through various books, website of the bank, articles and
journals of social media marketing.

Sampling units: Customers of ICICI bank.

Sample technique: Random sampling

Research instrument: Structured Questionnaire.

Sample Size: 100 respondents opinion was taken. This includes 80 customers of ICICI bank and
20 employees of ICICI bank.

Area of the study: Bangalore, Jayanagar.

20 International Journal in Management and Social Science

Data Analysis:

Age of the respondents (Customers of ICICI)

Age category No. of respondents Percentage
Below 25 years 24 30
25-35 years 35 44
35-45 years 13 16
Above 45 years 8 10
TOTAL 80 100

Source: Primary Data

Educational qualification of the respondents

Response No. of respondents Percentage
Under graduate 7 9
Graduate 50 62
Post graduate 23 29
TOTAL 80 100
Source: Primary Data

Awareness about social networking sites

Response No. of respondents Percentage
Yes 72 90
No 8 10
Total 80 100
Source: Primary Data

Internet usage frequency of the respondents

Response No. of respondents Percentage
Less than 3hrs a week 21 27
More than 3hrs a week 39 48
3 to 4 days in a week 17 21
Once in a week 3 4
Total 80 100

21 International Journal in Management and Social Science

Source: Primary Data

Types of social sites used by the respondents

Response No. of Percentage

Respondents
Face book 47 58
Twitter 7 8
Linkedin 8 11
You tube 13 17
All the above 5 6
Total 80 100
Source: Primary Data

Impact of social networking sites on respondents

Response No. of Respondents Percentage

Strongly agree 25 31
Agree 36 45
Neutral 14 17
Disagree 3 4
Strongly disagree 2 3
Total 80 100

Source: Primary Data

Which social networking site do you find ICICI services are communicated well

Response No. of Respondents Percentage

Face book 48 61
Twitter 16 20
Linkedin 4 5
You tube 7 8
All the above 5 6
TOTAL 80 100
Source: Primary Data

22 International Journal in Management and Social Science

Purpose of using online services by the respondents

Response No. of Respondents Percentage

Fund transfer 43 54
Book tickets 22 28
Posting complaints 10 12
Pay for friend 5 6
Total 80 100
Source: Primary Data

Analysis:

Majority of the respondents are in the age group of 25-35, which is the working population and
moreover the respondents are well-versed with technology, maximum number of respondents are
graduates, which shows that the customers are well educated and technical savvy. Most of the
respondents use internet more than 3 hours per week, where some respondents use less than 3
hours per week and very few respondents use 3 to 4 days in a week and once in a week which
shows that maximum number of respondents use internet very frequently more than 3 hours per
day and less number of respondents use once in a week. Respondents are using face book
predominantly and some respondents are using you tube and few of the respondents are using
twitter and linkedin which shows that maximum number of respondents mostly use face Book
less than the other social networking sites. In the process of interview respondents agreed that
social networking sites have impact on them and where some of them neutral about the impact
and very few of them disagree and strongly disagree that it does not show any impact on them
which shows that in today’s world these social media sites are influencing their life and have
maximum impact on their lives. Most of the respondents are attracted to the pockets app and
travel card, where some of the respondents are attracted to the smart vault and I wish app and
very few of the respondents are attracted to Fab hotels feature which shows that the maximum
number of respondents are attracted to the pockets app than the other respondents.

Findings of the study:

 More number of respondents are using Facebook. They often log on to these sites. Many
customers accepted that social networking sites show much impact in their life.

 As per the customer’s perception services of ICICI bank are communicated well through
Facebook

 Most of the respondents are using net banking services for fund transfer service.

23 International Journal in Management and Social Science

 Respondents opined that services of social media marketing through these social networking
sites are better than the bank visits. They feel that it is low cost and also time saving
advantage for them.

 Pockets app is the feature is mostly attracted by the customers.

 Employees strongly believed that, they can find potential customers through the social media
marketing to retain the existing customers and attract the new ones.

 The majority of the employees are replying customer’s queries on time in social networking
sites and they also give required information at the time of queries which is seen that they
have complete dedication towards the customers and are also very much responsive who give
information to them on time when the queries are requested.

 The employees do inform about the CHANGES IN SERVICES time to time to their
customers, where the other employees feel that the services provided to the customers are
better reached through the social networking sites than the bank visits.

 The employees working in the ICICI bank are mostly satisfied with the quality of services
provided to the customers which is seen that the employees are showing the dedication
towards customers in providing services to them.

Suggestions for further improvements:

 Banks must take care of the secure transaction in the social media due to many hackers which
may create problem to the customers.
 Some bankers abroad have introduced video calling feature for non-resident Indians (NRI),
same feature should also be introduced in India so that customers can easily communicate
with the customer care representatives.
 Smart vault is an automated locker facility of robotic technology which can be accessed from
anywhere and anytime. This feature gives a lot of benefit to customers but also many of them
are not aware of the service or the feature, it develops some fears for customer about the
safety and security. It should be clearly explained to them about its uses and also the benefits
with the security.

24 International Journal in Management and Social Science

 ICICI bank should arrange some awareness campaigns on social media marketing and its
benefits to the customers and also ensure them with safety promises.
 ICICI bank can include many other features or services to attract customers, usually people
using facebook know about the pocket apps but compared to that less people use twitter and
they are not aware of the services in them. They can improvise the services more in facebook
due the usage is more compared to other social networking sites.

Conclusion:

Social media usage is increasing in the recent past to satisfy the social wants of net users. At the
same time it is also accumulated the opportunities for banks to plug their merchandise and
services in an exceedingly personalized manner. Social media revolution has transformed not
only customer’s behavior, however their expectations of banks as their money partner. Banks
should concentrate on the purchasers demand, understand their price. Social media has
contributed significantly in ever-changing the perception of customers in shopping for method
and influence their shopping for call. Banks recognize the advantages of enhancing their social
capabilities, competitive atmosphere where banks are not solely competitor with their peers
however additionally with non-banks and different money establishments and therefore client
retention is feasible solely by understanding more regarding customers and hear customer
grievances.

References:

1. http://www.icicibank.com/
2. https://twitter.com/ICICIBank_Care?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7C
twgr%5Eauthor
3. https://www.facebook.com/icicibank/
4. https://www.linkedin.com/company/icici-bank
5. https://www.youtube.com/user/icicibank
6. http://digitalcommons.uri.edu/cgi/viewcontent.cgi?article=1001&context=tmd_major
7. https://www.theseus.fi/bitstream/handle/10024/44591/Christine.A.Odhiambo.pdf?...
8. https://www.researchgate.net/publication/236152792_A_Literature_Review_on_the_Busi
ness_Impacts_of_Social_Network_Sites
9. https://www.peelregion.ca/health/resources/pdf/socialmedia.pdf