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An article relating to this blog post on Finextra:

NAB says social media 'break up' campaign has won new customers

National Australia Bank (NAB) claims its recent social media-heavy 'break up' campaign has nabbed it an extra one per cent of the country's mortgage market.


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Social Media - The Bill Board of Digital Age

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?

 

  

 

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Comments: (1)

A Finextra member
A Finextra member 13 June, 2011, 14:01Be the first to give this comment the thumbs up 0 likes

Social media as a digital bill board is a very good comparison.  I think Gen Y/GenX definition needs a change here when we are in the age where we say 40's are the new 30's.  The characteristics of Gen Y /Gen X are slightly overlapping at least to the extent of adoption of new technologies that come their way... both segments lap it up eagerly in almost equal proportion. Social media has the potential to drive product innovation today,when banks are competing for market share. but it also depends on how effectively and efficiently  it is adopted by the banks and to do so.. they need to use all the data they have on their customers intelligently... Analytics (Web, behavioral, transactional analytics) can help banks leverage Social media in a better way and in a way ,can directly influence innovation as well.

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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