The financial brands, insurance, and banking sectors are widely using social media strategies to stay connected with their customers. However, simply posting an image or content on social media channels like Facebook or Twitter is not a business social media activity. Engaging your audiences and keeping them connected is beyond this. As a financial brand, you need to understand your market and need to find out your potential customers. Along with this, you need to identify suitable social media channels, conduct a competitive analysis and take feedback from customers. And one such exemplary example is ICICI bank, which is doing all of these in a very creative and effective fashion.
Well before we move ahead, have you seen ICICI bank’s recent Digital Marketing campaign? People have the notion that banking business is a very serious field to work in. However, ICICI bank came up with an innovative concept and launched lighthearted, everyday topics for their iMobile digital campaign. The bank released a series of 5 ads for the digital platform. One video shows a conversation between two bags in a very innovative and attractive way. The video ends with ICICI bank travel card benefits. Another ad video explains the benefits of ICICI bank credit card through two trucks – many wheeled love story.
Today ICICI Bank is one of India’s top private sector bank with a tag or “modern bank”.
They have a creative, young and energetic team handling their social media marketing. The young brigade is making sure that the bank is actively participating on the major social media networks: Facebook, Twitter and YouTube, trying best to maximize its reach.
ICICI bank is not only focusing on Facebook marketing campaign, but also going beyond that. Facebook ads focus on brand awareness, lead generation and customer engagements. They are paying attention to customer feedback as well as engaging them with different appealing messages like word currency facts, puzzles or quiz. ICICI bank also has the right blend of offline and online marketing campaigns. Facebook campaigns are also targeted to drive more traffic to their website.
One of the critical strategies of ICICI bank is that their tweets have a human touch. They are not tweeting like an answering machine. ICICI Bank’s social media team responds to customers concerns on the spot. They are very effective in creating and sustaining effective communication with their consumers. ICICI focuses more on interacting with its user in a friendly manner. They use this medium to promote their products differently; how they can understand banking needs and provide solutions.
ICICI Bank is developing fresh, crisp and useful content for its YouTube channel. They have posted economy related interviews, current financial trends, inside stories, testimonials, etc. Currently, they have more than 118 videos on the YouTube channel.
To summarize, ICICI Bank is doing a magnificent job in social media marketing as compared to other similar players in the market. They have gained consumers trust by continuous efforts of delivering useful, valuable content with a reliable communication pattern. It is a natural human tendency that human likes to interact with humans, not machines or robots.
The digital marketing strategies are helping ICICI bank to get new consumers as well as build a good rapport with the old ones. By using social media, they have gained improved customer satisfaction and positive perceptions. There is an increase in mobile banking users with more millions of transactions.
Around 60% of banks total savings account transactions are now under new digital channels such as iMobile or online banking. With this digital medium, ICICI bank reduced their costing, and that resulted in a better cost to income ratio. They have more than 4 million followers on Facebook and 3.3 million views on the YouTube channel.
P.S: It is essential for a financial brand to maintain transparency to win the trust of the customer along with maintaining an impeccable blend of creativity, empathy and clarity.