BFSI VISION | Social Media Strategy


Vikas Pradhan

Consultant, Multinational Software Solutions

Forms of evolutions seen in the use of new media

Trends that will drive changes in social media strategy
Short term, Quick turnaround or Limited period offers, wherein high volume and at times low value transactions are envisaged; Social Media is an ideal vehicle. A huge advantage being its ability to use a visual both still and video to support the messaging

Similarly any build up to a future event, or reminders related to pending action or as a nudge agent. Hence an extremely powerful marketing tool is now available to reach directly to the desired person. With the growing population of smartphones which are becoming affordable to many has widened the sphere for this medium.

Therefore any strategy which involves the above cannot be successful without the Social Media as a Key player.

Trends seen in the evolution of social media strategy
A relatively closed group interaction and that too entirely on a PC literate or the younger generation has now broken the barriers of age and literacy. A rapidly growing smart phone population and reaching even the rural parts of the country. Another contributing factor is the trend of providing free WIFI facility is various geographies, railway stations, trains, buses etc. is making it easier for people to use it without any incremental cost to incur. Political parties have probably highlighted the power of this medium in the last Lok Sabha elections.

This medium is also playing a major part in supporting the online portal activity. Basic information dissemination or the ability to que or direct an individual to a sister medium of a portal.

Trends in social media strategies that triggers the traffic
Social Media is a very powerful and almost free medium and can be flogged amongst literate as well as semi literate communities, however this is a vehicle which has a very short longevity and needs a rigorous follow up messaging. The Biggest advantage is that it is visible to the target audience almost instantaneously.

All the above is bound to create a traffic which will need to be preempted to manage.