Social Media Marketing Industry Report - MyAssignmenthelp.com

Question: Discuss about the Social Media Marketing Industry Report. Answer: Introduction The digital advertising is a field of continuous change and development. Allahabad bank is failing in creating and updating to the latest technology to get in touch with the customer. The following report is analysing about how Allahabad bank has failed on digital platform in digital marketing, identifying the target customer of bank, Facebook and Instagram as promotion strategy and Snapchat as new social media strategy. Non-incorporated frameworks: A non-incorporated framework do not keep them from having a basic endeavour wide view and cripple association wide endeavours to enhance neither client, nor it allows satisfactorily screen operational exercises to customers (Teece, 2010). Undervaluing significance of content: The value of content is important part of digital marketing efforts which depends upon the consistent stream of high and applicable substance (Wymbs, 2011). At the point, Allahabad bank is lacking with the shortage of substance and in the end either Allahabad bank had to wind up trading off on the nature of the substance or wind up surrendering their computerized marketing efforts. Allahabad bank fascinated by amazing measurements related with computerized media stages and by consistently developing number of online organizations expecting quick success. Allahabad bank who set out upon the excursion of advanced advertising trusts that it's a supernatural wand, which will understand their deals and promote targets overnight. Target customer of Allahabad bank: The target customer of Allahabad banks can be divided into following segments (Royle Laing, 2014): Non customers: This segment covers customers of various banks and younger consumers. The other banks customers like SBI, Canara Bank and many more. Other customers are students and employees in colleges, schools and many more. Low value clients: This segment covers limited income or financial needs and business spread over several banks. For instance small proprietors, individuals needing loan and many more. Medium value clients: This segment covers most business with one bank and business spread over numerous banks. For instance loan customer already in other banks and clients with finance needs. High value clients: This segment covers ex-customers, inactive customer and closed accounts. For instance the old customers of bank who moved to other banks, withdrawal accounts of customers and many more. Allahabad bank is not successful The bank is unsuccessful in meeting the needs/wants of the target customer digitally: Technology has considerably transformed that how nowadays banks conduct business and customers not only wish flexibility but also anticipate it. In addition also needs mobile competences which Allahabad bank is lacking (Bedi, 2010). They still want to prefer communication for additional complicated concern. People in the present world want every issue and transaction to be resolved online with lesser time consumption. Allahabad bank needs to set up a commercial account. Nowadays customers are moving towards the digital age, and services of Allahabad bank are not up to the date. This is the main reason behind the failure of Allahabad bank in reaching target customers. Moreover, the services which should be online or digitalized are not usable for customers. For each and every transaction proceeded online by customers are facing issues creating dissatisfaction amongst customers (Chaudhary, et al., 2017). In the age of digitalization, Allahabad bank customers still have to visit the branch for small work as well. May it is related to deposit money or taking the loan, every transaction has to be proceeded by the bank by the visit of customers. Moreover, the customer complaints online are also not effectively responding to customer complaints. The Allahabad bank is also lacking in net-banking facilities which others banks are providing very effectively to its customers. It is also not enhancing its software to allow to the customer to interact with effectively. The bank facility is not authorizing its customer to do transaction conveniently. The staffs hired for managing digital marketing is also not taking effective steps to reach to target customers quickly (Singh Arora, 2011). Facebook as promotion strategy: How Facebook can be implemented and used: A Facebook page is an incredible free advertising apparatus for banks to promote their services (Berthon, et al., 2012). The AIDA framework is as follows: Awareness: A Facebook page or post can be used as a way to gather attention of followers and public. In a Facebook add, it may be a photograph or post, bold type, video, size of add and many more is used as strategy by Allahabad bank. Interest: Information related to services and products of Allahabad bank like prices, interest rate, various charges and many more information should be available on Facebook page. Desire: Allahabad bank should create desirability of its services and products amongst the customers and public. This can be enhanced by Allahabad bank by makin advertisement very creative. Action: These are actions which should be done presently by Allahabad bank to overcome its limited availability of products and services. Instagram as promotion strategy: Instagram posts give an unbelievable arrangement and give your gathering of people higher information about the banks products (Smith, Fischer Yongjian, 2012). Awareness: An Instagram account can be used as a way to attract responsiveness of followers and public. In an Instagram add, it may be a photograph or post, story, video, live video, size of add and many more is used as strategy by Allahabad bank through Instagram. Interest: Information related to services and products of Allahabad bank like prices of services and products, interest rate, various charges and many more information should be available on Instagram page to enhance goodwill. Desire: Allahabad bank should create desirability of its services and products through Instagram page amongst the customers and public. This can be enhanced by Allahabad bank by making advertisement very creative and attractive. The Instagram posts are very effective in creating desirability of products. Action: These are actions which should be done presently by Allahabad bank to overcome its various shortcomings in products and services by creating attractive page of Instagram and improving over it. New social media platform by Allahabad bank: Snapchat: With the presentation of Snap Ads and Geofilters, notwithstanding "My Story", it's the clear view that Snapchat is rapidly turning into a social stage advertisers can't overlook, and in light of current circumstances (Scott, 2015). It's a standout amongst other spots to develop a bank business; banks simply need to know how to do it. Awareness: A Snapchat account or post can be used as a way to collect attention of followers and public. In a Snapchat story, it may be a service related image or post, instant story, public profile and many more can be used as strategy by Allahabad bank. Interest: Information regarding services, offers and products of Allahabad bank like bank loan rates, interest rate, other charges and many more information should be available on Snapchat profile to attract new customers. Desire: Allahabad bank should enhance its desirability of services, latest offers and products amongst the customers and public. This can be enhanced by Allahabad bank by making Snapchat story very creative and attractive to hold the public. Action: These are actions or loopholes which should be removed by bank instantly. These are related to generally its services in net-banking, App features, no response from customer care and many more which are stopping customers to continue with bank services. Banks can use Snapchat for various purposes including advertising to work searchers, tending to inquiries from clients and for the most part attempting to be more active on a web-based social networking channel all the more vigorously utilized by more youthful individuals. Banks like Allahabad can is trying to make sense of what works best, so the approach is as yet careful and experimental. In any case, purchasers, especially Snapchat's to a great extent millennial client base, have a high bar for the natural substance. Conclusion: From the above report it has been analysed that digital strategy of Allahabad bank is not successful in comparison to others. It is lacking at various platforms in digital strategy to become successful. Allahabad bank customers are not satisfied with the digital services of bank. The report also concluded about the target customers of bank which it can approach with fewer efforts. Allahabad bank is using Facebook, Instagram and many more platforms to increase its brand value amongst the mind of customers. The new platform which is very popularly used by young people of country is Snapchat which can increase the goodwill of bank in market is also explained in the report. References: Bedi, M., 2010. An integrated framework for service quality, customer satisfaction and behavioral responses in Indian banking industry-a comparison of public and private sector banks.Journal of Services Research,10(1), p.157. Berthon, P.R., Pitt, L.F., Plangger, K. and Shapiro, D., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy.Business horizons,55(3), pp.261-271. Chaudhary, P., Chaudhary, P., Lodhwal, R.K. and Lodhwal, R.K., 2017. An analytical study of organizational role stress (ORS) in employees of nationalized banks: A case of Allahabad Bank.Journal of Management Development,36(5), pp.671-680. Royle, J. and Laing, A., 2014. The digital marketing skills gap: Developing a Digital Marketer Model for the communication industries.International Journal of Information Management,34(2), pp.65-73. Scott, D.M., 2015.The new rules of marketing and PR: How to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John Wiley Sons. Singh, S. and Arora, R., 2011. A comparative study of banking services and customer satisfaction in public, private and foreign banks.J Economics,2(1), pp.45-56. Smith, A.N., Fischer, E. and Yongjian, C., 2012. How does brand-related user-generated content differ across YouTube, Facebook, and Twitter?.Journal of Interactive Marketing,26(2), pp.102-113. Stelzner, M., 2011. The 2011 social media marketing industry report.Social Media Examiner,7. Wymbs, C., 2011. Digital marketing: The time for a new academic major has arrived.Journal of Marketing Education,33(1), pp.93-106. Teece, D.J., 2010. Business models, business strategy and innovation.Long range planning,43(2), pp.172-194.