BFSI VISION | Social Media Strategy


Yogesh Gupta

Senior Vice President & Head - Business
Procurement & Financial Inclusion,
Bajaj Allianz Life Insurance Co. Ltd.

Social media- An emerging trend

With the change in technology and trends, Social media is not an option – it is a must.

Today, social media allow us to real-time monitor the trend which can drive business decisions and enhance the social health of brand. We can no longer afford to ignore it.

Effective social media, especially in insurance sector, should be able to identify and share best practices, overcome objections and obstacles and should provide real-time solution as well.

As companies have a focus on effectively leveraging social media platforms, there are a few critical things to keep in mind.

Following are the strategies that one should keep in mind to achieve superior results:

  • Social media strategy should be comprehensive – A comprehensive social media strategy should incorporate customers, prospects, employees and candidates effectively. For instance we can ensure higher effectiveness through industry/geography/stake holder specific platform.
    A company needs to systematically track top platforms where the company and its brands are being discussed.
  • Establish a two-way communication model - In insurance sector, it is very important that we should have a model where we can welcome customer suggestions/apprehensions and feedback.
  • Retain control of content being posted - As an insurance company, we have to affirm the use of any content/matter posted should be within regulatory framework and should not deceive its meaning otherwise.
  • Comprehend brand Image - It is very important that brand image of company should not get diluted or mixed. Due care is required while making a choice of domain to be used for social media.

The current trends and strategies in social media

  • These days people interact with business via mobile devices so it is one of the top priorities.
  • Videos create meaningful relationships between business and consumer. It has been observed customers watching videos repeatedly on their mobile phone that has a long term impact in their mind.
  • Creating great content on a regular basis and driving traffic back to site is one of very important way today to generate new leads.
  • Consumers are looking to connect with brands and by providing custom content for them based on their behavior help increase sales volume.
If we have right strategy in place, we can ensure maximum benefit from social media initiatives

Some of the benefits include:

  • Enhance brand image and brand recognition at social media platform.
  • Company can improve sales figure through effective social media platform. They can generate direct leads by providing targeted offers via social media, indirect leads by driving greater brand advocacy and providing an open platform for happy customers to voice their opinions
  • Company can further improve customer satisfaction by responding directly through two-way communication model.
  • Finally it is more efficient, faster and cost effective mechanism of advertising as compare to traditional advertising/communication model.