This proves beyond doubt that social media has come to stay. In this digital world, one sees virtual groups, meeting in virtual locales. Marketing, in this virtual market place is inexpensive and proving to be effective. In the days of yore (beyond last
year) in real locales, real groups one saw huge bill boards in rush places and the response was luke warm. This was high on budget, heavy on strategic positioning and the results were not outstanding. Each year it was renewal of space and not many evaluated
the return on such expenditure. Turn the clock back a few decades. The first time advertising campaign was innovated by bill boards. Wow! marketing took a new turn, it was a differentiator. The customers poured in dozens at various branches of the bank (brick
and mortar days, when life was real and digital was a word not yet in the oxford dictionary). The bank that put up the first bill board got the first mover advantage. The rest followed, with each new entrant the unique became common place.
In this digital world social media is not very different from bill boards. This very blog may be motivating the readers to check on NAB on the social media; that is the power and reach of digital bill boards.
The board room at NAB must have resonated with debates between the modern and the conservative. The decision to advertise in the social media must have been viewed as high risk and watched closely. Banks are not fashion stores to hit the streets running.
The first mover advantage is now with NAB and will remain for a while. It will not be long before others join in. In quick time the unique will be a common place.
One fact that all of us will be keen to know. The proportion of Gen Y to Gen X in the new business that walked in. This will tell if the Gen X are toeing the line of Gen Y. I read that an Ipod/pad is an expression of youth and Gen X users are a significant
number. Is it the same of social media as well? In addition I want to see innovation in products, that has been missing for a while. Will social media drive the product innovation that is customer centric?