BFSI VISION | Social Media Strategy

   
 


Varun Saxena

Head – Marketing, Karvy Pvt
Wealth Management Ltd

Bridging the gap through new mediums

Challenges that are faced in articulating a social media strategy
As a diversified financial services group our target audience varies, from the younger retail customer to a more matured HNI community. While the younger audience is certainly very active on social media the older HNIs are not so. Karvy Private Wealth being a Financial Brand catering to the HNI community where the largest proportion of target audience is >45 years in age, the challenges start from finding the right target audience on Social Media platforms beyond Linkedin. While social media platforms certainly help in brand building, ROI tracking and client acquisition is a big challenge due to lack of clear path presently, from rupee invested to sales for our range of products. Today the cost of acquisition is much higher than the other targeted marketing acquisition channels such as telemarketing, email marketing, events, SEO & SEM and hence allocation of funds is also a challenge.

The key success factors in any social media strategy
Measurability and ROI is a key success factor parameter for any social media strategy. The strategy should seamlessly integrate into not only the wider marketing strategy but also the overall business strategy. Encouraging user generated content & feedback is important for success. Creating a community, keeping the content fresh & relevant, identifying with a cause are just some more factors of a successful social media strategy.

The suggested changes and models for institutions when they adopt social media strategy
Users like to be heard and made to feel special. Being open about the problems & issues helps positively influence the brand image. Embrace mobile. For serious brands, ROI is harder to come. Hence look at social media from a brand building view, to start with. Collect data at every touch point and predict next action steps with the help of analytics. Build social into sales by harnessing social recommendations of products & services, or driving endorsements by incentivizing social sharing. Build the ability to optimize on real-time basis, build resources & allocate considerable budget to social media activities. With a continuous focus on business impact and ROI, you should test and learn to quickly figure out what works best for your brand, product, company, and industry.