A PROJECT REPORT ON

SOCIAL MEDIA MARKETING IN BANK

SUBMITTED BY
RAVISH RAJESH PATEL

T.Y.BBI (2017-2018)
ROLL NO-48
SEMESTER V
M.L.DAHANUKAR COLLEGE OF COMMERCE

PROJECT GUIDE
(PROF MITALI CHOGLE)

SUBMITTED TO:
UNIVERSITY OF MUMBAI
FOR THE AWARD OF DEGREE OF
BACHELOR OF BANKING AND INSURANCE
FOR THE ACADEMIC YEAR
2017- 2018
 DECLARATION

I, RAVISH RAJESH PATEL OF M.L.DAHANUKAR

COLLEGE OF COMMERCE OF T.Y.BBI (SEMESTER V),
HERE BY DECLARE THAT I HAVE COMPLETED
PROJECT SOCIAL MEDIA MARKETING IN BANK IN
THE ACADEMIC YEAR 2017- 18 AS PER THE
REQUIREMENTS OF THE UNIVERSITY OF MUMBAI AS
A PART OF BACHELOR OF (BBI) PROGRAM. THE
INFORMATION SUBMITTED IS TRUE AND ORIGINAL
TO THE BEST OF MY KNOWLEDGE.

RAVISH RAJESH PATEL

SIGNATURE OF STUDENT
 ACKNOWLEDGEMENT

I have been proud to assign this project on SOCIAL MEDIA

MARKETING IN BANK. Before I get into the thick of the
thin I would like to add few words for the people who were part
of this project in numerous ways, so I take this opportunity to
offer thanks to all those people who helped me and without
whose help this would indeed been a very difficult task.

I am thankful to Prof Mrs MITALI CHOGLE for the

encouragement and valuable advice, without her, this project
would not be completed.

I also extend my sincere thanks to the principal of our college

Mrs. MADHAVI PETHE for supporting me in an indirect
manner.

Also lastly I would like to thank my parents for encouraging and

helping me to successfully complete this project.
 CERTIFICATE

This is to certify that Mr RAVISH RAJESH PATEL

Roll No 48 of Third Year B..., Semester V (2017- 2018) has
successfully completed the project on SOCIAL MEDIA
MARKETING IN BANK. Under the guidance of Mrs
MITALI CHOGLE.

__________________ __________________
(Prof MITALI CHOGLE) (External Examiner)
Project Guide

__________________ __________________
(Dr. Madhavi S. Pethe) (Prof MITALI
Principal Program Coordinator
 TABLE OF CONTENTS
CHAPTER NO TOPIC PAGE NO
LIST OF TABLES V
LIST OF CHARTS VI
EXECUTIVE SUMMARY VII
INTRODUCTION
1
-- your topic as 1.1,1.2,1.3
2 REVIEW OF LITERATURE
-- your topic as 1.1,1.2,1.3
THEORETICAL BACKGROUND OF THE TOPIC
3
-- your topic as 1.1,1.2,1.3
4 DATA ANALYSIS AND INTERPRETATION
-- your topic as 1.1,1.2,1.3
5 CONCLUSION
BIBLIOGRAPHY
ANNEXURE
 LIST OF TABLES

TABLE DESCRIPTION PAGE NO

NO
 LIST OF CHART

TABLE DESCRIPTION PAGE NO

NO
 PREFACE

This black book project on SOCIAL MEDIA MARKETING

IN BANK was required for completing my degree of
BACHELOR OF BANKING AND INSURANCE, how
SOCIAL MEDIA MARKETING IN BANK is done it also
consist. The different method used by bank for their promotion
it also consist a survey of different people using social media.
I thank my teaching staff of college for encouraging me to do a
research work on this topic.
I think, this project will be also helpful for other students for
their references.

BY: Mr RAVISH RAJESH PATEL

 CHAPTER 1

1.1 INTRODUCTION ABOUT THE SECTOR

BANKING SECTOR
A bank is a financial institution that accepts deposits from the public and
creates. Banking sector play a vital role in growth and development of Indian
economy. After liberalization the banking industry in India under gone major
changes. The process of liberalization and globalization has strongly influenced the
Indian banking sector. A Banking Sector performs three primary functions in
economy, the operation of the payment system, the mobilization of savings and the
Allocation of saving to investment products. Their activities are increasing and
diversifying. Hence it is very difficult to give a universally acceptable definition of
bank. "Banking business" means the business of receiving money on current or
deposit account, paying and collecting cheques drawn by or paid in by customers,
the making of advances to customers, and includes such other business as the
Authority
May prescribe for the purposes of this Act. Actually meaning of bank is not
specifies in any regulation or act. In
India, different people have different type of meaning for bank. Normal salary
Earner knows means of bank that it is a saving institution, for current account
Holder or businessman knows bank as a financial institutions and many other.
Bank is not for profit making, it creates saving activity in salary earner.
Definitions of Bank:

Indian Banking Regulation act 1949 section 5 (1) (b) of the banking
Regulation Act 1949 Banking is defined as.
Accepting for the purpose of the landing of investment of deposits of money
From public repayable on demand or other wise and withdraw able by
Cheques, draft, order or otherwise.
Bank as institutions which collects money from those who it to spare or who
are saving it out of their income and lends out to those who required it
Prof. Crowthers
A Bankers is one who is the ordinary course of his business honors drawn
upon him by person from and for whom he receives money on current
account
- Dr H. L. Hert
 OBJECTIVE OF THE PROJECT

To understand the human behavior and the human nature of surfing in

social media.

To understand the banking marketing strategy of banks

To understand reaction of human seeing the advertisement on social

media side.

To see that marketing of social media helps bank in increasing their

business.

To understand why social media marketing plays an important role in

marketing.
 SCOPE OF THE SECTOR

Social media is catching up fast amongst marketers. But, this trend is not apparent visible in
India.

The scope is very wide, but the pace and understanding of the domain is quite low.
Digital Marketing managers still need to realize the importance of social media over
traditional media
Social media in India is Facebook & Twitter - Brand manager need to understand
the scope for social Media, the social media in beyond Facebook twitter as in its utility
in form of social applications, online communities, social campaigns
A lot of questions are being asked about ROI and that is holding them to make
significant investments. Marketing managers need to be comfortable with the social
media metrics like active users, engaged users, evangelists etc.
Having said that however, India is a market, which once convinced, adopts newer
technologies and business models very fast. Hence once marketing managers are
convinced about this new media, we will see tremendous change in initiatives and
outlook.
Even till today a lot of brands have done some exciting stuff for Indian audiences
on social web like- snapdeal.com, Hero Electric, Ozone
Ayurvedics,https://www.facebook.com/frndineed , Jabong.com,Banks and many
more
 HYPOTHESIS

an idea or explanation for something that is based on known facts but has
not yet been proved is known as hypotheses.

LIMITATION OF THE STUDY

The first limitation was to find the data of which bank use which social media side for
marketing.

Due to lack of time it was difficult to manage time for conducting survey and research
and college curriculums lectures

Due to time constraints meeting number of respondent was difficult.

It requires huge chunk of money for operating effectively finishing the project.

And non-earning becomes the difficulty to complete the project

RESEARCH DESIGN AND METHODOLOGY

The sources of data used in this project report are both primary and
secondary data.

1. Primary data

Primary data consists of original information gathered from sample size of

30 respondents residing in Mumbai, India. Primary data may be collected
either through observation or through direct communication with
respondents in one form or another through personal interviews. There are
several ways of collecting primary data.
2. Secondary data
Secondary data is collected by someone other than user. It consists of
information that already exists and that was collected in the past for some
other purposes. Common sources include census, surveys, organizational
record, and data collected through qualitative methodology and qualitative
research.

Primary data consist of

I. OBSERVATION METHOD

In observation method, the information is sought by way of investigators

own direct observation without asking from the respondent. The main
advantage of this method is that it is free from subjective biasness, as it is
free from respondents willingness. It is, however, an expensive and time
consuming method.

II. INTERVIEW METHOD

Primary data may be collected either through personal interviews or

through telephonic interviews:
(a) In the personal interviews the interviewer asks questions generally in a
face to face contact
(b) In telephonic interviews contact is made with the respondents through
telephone.

III. QUESTIONNAIRE METHOD

In this method a questionnaire is mailed to the person concerned with a
request to answer the questions and return the questionnaire. This method
is most extensively applied in various researches of human and economic
geography.
IV. SCHEDULE METHOD
This method of data collection is very much like the collection of data
through questionnaires, with little difference that lies in the fact that
schedules are being filled in by the enumerators who are specially appointed for this purpose.

Following are prime source of secondary data

1.7 DATA COLLECTION TOOL USED

Questionnaire:
The data collection tool used for the research is Questionnaires to
get the primary data for the empirical research on consumer
preference on online grocery shopping.
The Questionnaire which is attached in the book consists of a
number of questions printed in a definite order on a form which the
respondents read.

HISTORY OF BANK

Banking in India in the modern sense originated in the last decades of the 18th century. The
first banks were Bank of Hindustan (1770-1829) and The General Bank of India, established
1786 and since defunct. During the period of British rule merchants established the Union
Bank of Calcutta in 1829, first as a private joint stock association, then partnership. Union
Bank was incorporated in 1845 but failed in 1848. The Allahabad Bank, established in 1865
and still functioning today. HSBC established itself in Bengal in 1869. The next was the
Punjab National Bank, established in Lahore in 1895. The Reserve Bank of India, India's
central banking authority, was established in April 1935, but was nationalised on 1 January
1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948
(RBI, 2005b). In 1949, the Banking Regulation Act was enacted which empowered the
Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India"
Despite the provisions of nationalization, control and regulations of Reserve Bank of India,
banks in India except the State Bank of India or SBI, continued to be owned and operated by
private persons. By the 1960s, the Indian banking industry had become an important tool to
facilitate the development of the Indian economy. The Government of India issued an
ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance,
1969')) The Government of India issued an ordinance ('Banking Companies (Acquisition and
Transfer of Undertakings) Ordinance, 1969') and nationalised the 14 largest commercial
banks with effect from the midnight of 19 July 1969. These banks contained 85 percent of
bank deposits in the country.
In the early 1990s, the then government embarked on a policy of liberalization, licensing a
small number of private banks. These came to be known as New Generation tech-savvy
banks, and included Global Trust Bank which later brought Oriental Bank of Commerce,
UTI Bank (since renamed Axis Bank), ICICI Bank and HDFC Bank.in the market for the
competition The next stage for the Indian banking has been set up for Foreign Direct
Investment. Where all Foreign Investors in banks may be given voting rights which could
exceed the present cap of 10%, at present it has gone up to 74% with some restrictions.
In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in
Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has
been allowed to hold more than 5% in a private sector bank since the RBI announced norms
in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by
them.
The RBI set up a number of committees to define and co-ordinate banking technology. These
have included: In 1984 formed the Committee on Mechanisation in the Banking Industry In
1988, the RBI set up the Committee on Computerisation in Banks In 1994, Committee on
Technology Issues relating to Payment systems, Cheque Clearing and Securities Settlement.
The RBI set up a number of committees to define and co-ordinate banking technology. These
have included: In 1984 formed the Committee on Mechanisation in the Banking Industry In
1988, the RBI set up the Committee on Computerisation in Banks In 1994, Committee on
Technology Issues relating to Payment systems, Cheque Clearing and Securities Settlement.

SOCIAL MEDIA SECTOR

There are over 100 million worldwide views per day on YouTube There are more Facebook
users (350 million) than there are U.S. residents (309 million) Twitter will process about 10
billion "tweets" this year Fastest-growing Facebook segment: ages 35-54 Force multiplier
through sharing The way business is being done Nearly 3 in 4 people participate in at least
one online community or social network. Facebook (58%) YouTube (31%) Myspace (24%)
Twitter (15%) Groups (12%) LinkedIn (9%) Forums (9%) Blog (7%) Flicker (6%) Yelp
(2%) Foursquare (2%).Government using social media due to the reason. Its where people
are Expand reach to new and diverse audiencesand have those audiences REACH US
Facilitate interactive communication & community put human face on government Reduce
duplication save time and money Leverage unique characteristics of emerging channels
.
Social media defined
Social media are primarily Internet-based tools for sharing and discussing information
among human beings.

- Wikipedia

A category of sites that is based on user participation and user-generated content. They
include social networking sites like LinkedIn, Facebook, or My Space, social bookmarking
sites like Del.icio.us, social news sites like Digg or Simpy, and other sites that are centered
on user interaction.

- Lazworld

Online technologies and practices that people use to share opinions, insights, experiences,
and perspectives with each other.

- tvb.org

Social media are works of user-created video, audio, text or multimedia that are published
and shared in a social environment, such as a blog, wiki or video hosting site. - Capilanou

AINTER- RELATION BETWEEN TWO SECTORS

Creating Connections
Social media facilitates two-way communication and enables banks and credit unions
to talk with not simply to customers and members. Financial Social Media reports
that 44% of mass affluent consumers that use social media interact with financial
institutions specifically. Interacting with customers and members on social media
cultivates mutually beneficial, stronger relationships, which can contribute to brand
loyalty and customer satisfaction.

Promoting Products
Possessing fun and friendly qualities, social media affords a distinct opportunity to
sensationalize banking solutions with creative campaigns and positioning. A study
performed by LinkedIn found that 63% of mass affluent consumers were motivated to
take action after learning about financial products and services on social media so there
is legitimate value in talking banking on social media.
 Industry Insight
By providing the ability to share valuable information with the community, social
media offers the platform that the institution understands consumer needs and positions
the bank or credit union as a leader in financial services

4. Tactical Targeting
Social targeting permits users to distribute messages to individuals based on highly
specific criteria, including geographic location, age, gender, career, education and
interests among other significant user information that help bank to choose their
target audiences.

5. Apt Advertising
Extending the reach of organic posts, advertising lets banking industry send their
message to a substantially larger audience. Since social media platforms have altered their
algorithms impacting the reach of organic posts, advertising has become a necessity but
not an evil. 6. Connected Channels

6. Connected Channels
Social media can expand your reach and reinforce your marketing message. 90% of
marketers believe that connecting different digital marketing tactics would improve their
ability to innovate, personalize consumer interactions, send timely messages, boost loyalty,
evaluate campaigns, and increase return on buying their bank products.

7. Social Service
By opening the lines of communication, social media allows bank to effectively manage
relationships. A study performed by McKinsey & Company found that some consumers
actually prefer to connect with customer service via social networks. Actively listening to
online conversations enables banks and credit unions to address consumer concerns,

8. Compliance Compliant
Social media platforms offer protection against various forms of unfair use by presenting an
array of privacy policies, terms of use and technical functionality. This approach can help
ensure all parties are in agreement on the strategy from business, creative and compliance
perspectives.

9. Verifying Value
 As of late, social media platforms have made significant advancements to improve
their reporting capabilities. Offering comprehensive, granular insights while connecting
seamlessly to website analytics solutions such as Google Analytics, social media analytics
allow banks and credit unions to understand the value of their efforts.

Growth of Internet Usage Globally and India

According to a recent report, there were 3.49 billion internet users around
the world. Considering that the number of humans living on Earth is
presently estimated at some 8.5 billion, this means that over 41 percent of
the world population is interconnected through the use of internet. There
are, however, stark differences in user distribution according to region,
where East Asia is home to 923 million internet users, while African and
the Middle Eastern regions have lower user figures. As of 2017, China
ranks first in a top of countries with most internet users. Due to its ongoing
and fast-paced economic development, but also to a cultural inclination
towards technology, more than 731 million of the estimated 1.38
billion population in China are online. Some of the other notable emerging
markets are India, with a projected number of internet users of 636 million
by 2021, or Indonesia, which is expected to have 144.2 million of its
citizens surfing the World Wide Web around the same year.
Notwithstanding the leadership of China and the overall Asia Pacific region
 in terms of sheer number of cybercitizens, the most common language in
the online medium is still English, which is preferred by over 26 percent of
total number of internet users.

This statistic provides information on the number of internet users in India from 2015 to
2021. In 2016, India had 451.5 million internet users. This figure is projected to grow to
635.8 million internet users in 2021. Despite the untapped potential, India already is
the second-largest online market worldwide. The majority of India's internet users are mobile
phone internet users, who take advantage of cheap alternatives to expensive landline
connections that require desktop PCs and infrastructure. As of 2016, India had 323
million mobile phone internet users and forecasts estimate 525 million Indian mobile phone
internet users by 2021.
 WHAT DO PEOPLE DO ON THE INTERNET?

A unique platform that connects people worldwide and at the same time
brings truckloads of information on almost anything you can imagine.
Internet is the new age tool for marketers to optimize their businesses.
People can interact with each other, see videos, share stuff, read news,
research, play games, shop, search jobs, banking and a lot other activities.
Internet is a new world a lt og e th e r .

However, if we go by statistics most of the people use the internet for

purposes like emailing and search information and news. However, now
with the growth of internet usage among age group of 16-34 and also social
media coming into the picture with sites like Facebook, twitter and Orkut
even, social networking and IM on the internet has also grown. But people
just dont stick to one task at a time, they do multi-tasking

Effectiveness of the Internet in Reaching Out to the Masses

The reach of Internet may not yet be as wide as that of other mass media,
but given the increasing number of internet users in the world and its unique
advantages it is undoubtedly the communication medium of the future.
Marketers around the world have from time to time tried to reach their
target audiences through various media. Scientific and technological
advances have and will continue to create newer media to improve
communication, and marketers will try to use the same to effectively
address their audiences. Internet is one of the latest to join the list of such
media inventions
 Current Media usage habits of the Indian audiences

TV, print and cinema have penetrated the most in India. Internet in the
media terms has made an impact and shown its true calibre but its still not
taken as a serious medium of Marketing in India.

Does that mean that Internet is not an effective tool for reaching out to
people? Or is it likely to work very well under certain conditions?

To understand this better, let us compare Internet and other traditional

media, first from the customers point of view. Current media options
serve two broad benefits to the customer:

1. Information

2. Entertainment

The reach or popularity of any media is related to:

1. The extent of benefits perceived to be delivered

2. The cost of acquisition of the media itself

In short, the reach is related to the net value perceived by the customer
about that particular medium.

On the basis of the above clarification, Internet appears to have a

comparatively higher cost of acquisition. However, Internet has brought
with it a very high degree of control to the media user. Not only are there a
plethora of sites catering to every imaginable need, there is also a high
degree of flexibility in what the user is able to do. All of this makes Internet
a highly interactive media but also an inexpensive one.

If the internet is treated and used exactly like any other medium, it is
unlikely to yield major benefits to the marketer. Its effectiveness is
dependent not only on the target audience one is talking to, but also largely
on the ability of the marketer to make use of the real advantages of the Net
like interactivity, flexibility, ability to monitor and the like

Next, one can also evaluate Internet as a media from the marketers point of
view by way of a similar classification. If evaluation as per the above
classification is done, the Internet does not appear as advantageous as the
other option either in terms of reach or in terms of reach or cost-
effectiveness. But Internet has various other advantages over the traditional
media which cannot be neglected. These stem mainly from the ability of
this medium to allow a far more focused targeting as compared to other
media. To quickly summarize the advantages of the Internet as seen from
the point of view of the user as well as the marketer:

To the user:

Internet gives more control in choosing content. It offers

customization of the content, the way the user wants to view it. It
offers a variety of options for information and entertainment. It offers
a wide range to choose from for the user.
It offers tremendous convenience to the user not only in delivery
of
information, but also in allowing him to transact often in a
seamless manner.
The best example of giving control of content is the My Yahoo!!
service offered by the Internet giant, Yahoo Inc. It gives the user the
choice of content for various topics ranging from news to stock
options to entertainment to sports and just about everything

To the marketer:

The Internet offers several options to a marketer trying to target a

particular community
It serves not only as a channel of information, but also of product distribution
Whatever, happens on the internet, stays there forever. Unlike other
 forms of media where it fades away.

It offers a highly interactive medium that sometimes (e.g. chats,

forums, VoIP) is almost equal to one-to-one interaction with the
audience.
It offers a higher level of identification of the user to the marketer
It allows the marketer to actually link his spends to action, and pay
only on action
This action could be a click on the banner or even product purchased
or just a banner impression or per 1000 impressions. In this ability
Internet is, in fact, unlike any other media.
Given the payment options and high interactivity, the Internet offers a
medium
For high level of experimentation at a low cost.
 4. Understanding the Internet Customers

Now to be able to use the seven Ps effectively in order to achieve the

predefined goals of any organization it is imperative to understand the
customers. Customization will only be truly effective if we understand our
customers and their true n e e d s .
Before adapting marketing practices to the Internet, the marketer needs
to understand the characteristics of the online customers. The Net users
can be classified into five categories depending upon their intention of
using the Internet.

The five categories of users are:

C Directed Information Seekers: They require specific, timely and

relevant information about the products and services being offered.

C Undirected Information Seekers: These users require something

interesting and useful. Something that can give them an edge,
advantage, insight or even a pleasant surprise.
C Bargain Hunters: They are of two kinds. One who look for free items
on the internet and other who are seeking better deals, higher discounts
etc.
C Entertainment Seekers: they see the Web as an entertainment medium
of vast breath and potential and want to explore the medium before the
mass gets there.
C Directed Buyers: They want to buy something - now. They are sure
what they require and just log on to the Web to purchase the item.
 BANK USING SOCIAL MEDIA
1. Community Building
Banks are not usually known for building warm and fuzzy communities around their products
and services. When we think of banks, we often think of impersonal bankers in pinstriped
suits denying customers their request for a car loan or a mortgage. The world is changing,
though, and even banks are trying to foster community rather than appear monolithic and
imposing. Focusing on customer service and adopting the personality of the people they
serve, community banks and credit unions can really teach the big guys a thing or two about
what it means to be close to customers. Community building is something that banks should
be doing more of because many of the most important touch points in our lives from
attending college, to buying our first cars and building a home, to starting a business and
saving for retirement all involve a relationship with a bank.

Missouri Bank, known popularly as Mabank, is a financial institution with a cool vibe that
makes them a natural fit to utilize social media. They serve an eclectic customer base of
visionaries and artists people known to take chances, and though they have only three
branches, theyre located in areas where people are invested in the community. Theyre not
using social media to "sell" anything, but instead utilize social media as a way to build upon
the community-minded philosophy that they have spent years developing. Hip, young and
cool, the bank parlays that image on a Facebook Page that acts as an online neighborhood for
their customers to interact with each other and the bank much like their branches

2. Product Research
Whether youre crowdsourcing to find out what customers think of your services or using
social media as one tool in your arsenal to enlist customers to help develop new products, a
social network is an undeniably powerful research and development resource.

Social media was a big part of formulating a new and popular type of checking account at 1st
Mariner Bank. The company's marketing department used social media tools to take a look
at their customers needs and used that to build new products and services.

Steven L. Kruskamp Jr., E-Commerce Marketing Manager for the bank, said that the bank
asked through social networks what was needed most in their marketplace. The bank was
able to use social communications tools and online surveys to develop a financial life cycle
for their customers and identify that many people today establish a long lasting relationship
with a bank in their late teens. They also found that parents are a major influence in the
decision of which bank people ultimately decide to use. At the time, they didn't have an
attractive account to market to both parents and 18-25 year olds. With more research using
social tools, they identified which features and benefits were important and which
combination would give them a competitive edge.
3. Customer Service
Social media has become a great customer service tool across many industries and banking is
no exception. However, not all banks are so proactive. A study done by the American
Bankers Association found that four out of ten banks polled said that they avoid discussing
specific products and services in their social media efforts. But for banks that are more active
in engaging with their customers over social media channels about their products, real-time
search can be helpful in addressing problems with customers. In other cases, a visible Twitter
account can be a quick and easy first step in the customer service chain when people want to
get specific information.

4. Marketing & Promotion

Banks that are using social media to brand themselves or to market a specific product or
service have found success by integrating social tools into their existing campaigns or
creating new ones that capitalize on the spirit of the community. Whether its by making the
bank synonymous with solid financial advice or giving people the power to do some good in
the world, banks have been finding that immersive marketing techniques using social media
tools have brought solid results Citi is one of the big banks using social media to build a
community around its brand. As might be expected for such a large financial institution,
different divisions have shown themselves to be more independent and innovative than the
rest. Citi Credit Cards, for example, has launched a campaign that centers on the power of
harnessing your Facebook network. Their Make a Difference, One Friend at a Time program
combines the friends in your networks and charitable giving by promising to donate $50 to
the charity of your choice for every approved credit card application your refer through your
social graph.

First National Bank of Omaha (FNBO), an online-only bank, encouraged customers to utilize
the ease of transferring balances online to maximize the interest they earn on the money in
their bank accounts via an innovative social media marketing campaign called the Pay
Yourself First Challenge. The campaign helped customers develop a personalized saving
plan, and FNBO utilized a number of different social media outlets, including YouTube,
Facebook, Twitter, Myspace, iTunes and blogging to get the word out.5. Transparency

The current financial crisis has led many customers to distrust banks, which is one reason
why many banks are now turning to social media as a way to become more transparent to
customers and build trust. David Armano, Senior Partner at Dachis Corporation, says that
banks are like every other institution facing the evolution of the networks and websites
providing empowerment to individuals, and that they must adapt to join the conversation.
Banks also dealing with trust issues may accelerate that change, he said.

Nicolet National Bank has used social media in order to be more transparent, said Jeff Gahnz.
The President of their bank answers questions directly on their blog, for example, and they
have helped people with mortgage questions, business loan queries, and general finance
questions. They have also blogged their thoughts on the Troubled Asset Relief Program
(TARP), where the money has gone, and why their bank participated.
5. Transparency
The current financial crisis has led many customers to distrust banks, which is one reason
why many banks are now turning to social media as a way to become more transparent to
customers and build trust. David Armano, Senior Partner at Dachis Corporation, says that
banks are like every other institution facing the evolution of the networks and websites
providing empowerment to individuals, and that they must adapt to join the conversation.
Banks also dealing with trust issues may accelerate that change, he said.

Nicolet National Bank has used social media in order to be more transparent, said Jeff
Gahnz. The President of their bank answers questions directly on their blog, for example, and
they have helped people with mortgage questions, business loan queries, and general finance
questions. They have also blogged their thoughts on the Troubled Asset Relief Program
(TARP), where the money has gone, and why their bank participated.
 5. 7 P's of Marketing on the Internet

The four P's - Product, Price, Place and Promotion have long been
associated with marketing, but things have changed on the Internet. So
along with a change in the nature of the four Ps there are three new Ps
which are relevant to the internet marketer.

1. The Product on the Internet usually changes form online, and the user
experiences it electronically, in the form of text, images and multimedia.
Physical goods are usually presented in the form of a detailed online
catalogue that the customer can browse through. Technology allows the
user to virtually touch and feel the product on the Internet - rotate it, zoom
in or zoom out and even visualize the product in different configurations
and combination. The example of the above can be seen at dell.com where
the company offers the user to virtually feel every aspect of their product
before they go into a buy decision. Content and software are two avatars of
digitized products that can be even distributed over the Internet. Infact
Information is one of the biggest product on the internet as people search
and read a lot of news and information on the internet. On the Internet, E-
marketing will be based more on the product qualities rather than on the
price. Every company will be able to bring down the cost of its products and
hence competition will not be on price. It will rather be on the uniqueness
of the product. To be able to attract the customers and retain them, the
company will have to provide nouvelle and distinct products that forces the
net users to purchase and come back for more.

2. The Price has been drastically changed over the Internet. It lets the buyer
decides the price. Also it gives the buyers information about multiple sellers
selling the same product. It leads to best possible deal for the buyers in
terms of price. A website named cleartrip.com is extremely popular as its
compares the price of many airlines and offers the least price to the buyer.
The very famous bazee.com now known as eBay. in follows the same
 principles and it is one of the biggest online shopping websites in the world.
Pricing is dynamic over the Internet.

3. The Place revolves around setting up of a marketing channel to reach the

customer. Internet serves as a direct marketing channel that allows the
producer to reach the customer directly. The elimination of the intermediate
channel allows the producer to pass the reduced distribution cost to the
customer in the form of discounts. For example, Dell Computers used this
strategy very effectively and hence they have been able to reduce their
prices of their laptops drastically and reaped huge profits.

4. Promotion is extremely necessary to entice the customer to its website, as

there are currently more than 18 billion web pages. Promoting a website
includes both online and offline strategies. Online strategies include
search engine optimization, banner ads, multiple points of entry, social
media marketing, strategic partnership and affiliate marketing. Presently,
the cyberspace is already cluttered with thousands of sites probably selling
similar products. For the customers to know of the Companys existence
and to garner information on the kind of products or services that the
company is offering, promotion has to be carried out. There can be traded
links or banner advertisements for the same. Also the traditional mediums
like print, outdoor advertising and television can be used to spread
awareness. Email campaigns and spamming the Chat rooms on almost
every server has been exploited to the maximum for the cause of promoting
their website.

5. Presentation The presentation of the online business/ website needs to

have an easy to use navigation and a pleasant and neat look. The look and
the feel of the web site should be based on corporate logos and standards.
About 80% of the people read onl y 20% of the web page. Therefore, the
web page should not be cluttered with a lot of information. Also, simple but
powerful navigational aids on all web pages like search engines make it
 easy for customer to find their way around. The principle of K.I.S.S (Keep
it simple stupid) is the most important factor that has to be considered while
presenting the online business

6. Processes Customer supports needs to be integrated into the online web site. A sales
service that will be able to answer the questions of their customers fast and in a reliable
manner is necessary. To further enhance after sales service, customers must be able to
find out about their order status after the sale has been made. For e.g. FedEx
(www.fedex.com), the, the overnight Courier Company allows its customers to keep
t r a c k of the parcel and they are well informed about the present whereabouts of their
package. Similar variants have been used by the Govt of India for its Speed post and
Registered Ad services where you can keep a track of your post by entering the code that
has been issued to you.

7. Personalization Using the latest software from Broad-Vision and others,

it is possible to customize the entire web site for every single user, without
any additional costs. The mass customization allows the company to create
web pages products and services that suit the requirement of the user. A
customized web page does not only include the preferred layout of the
customer but also a pre selection of goods the customer may be interested
in. For e.g. Yahoo! (www.yahoo.co.in) entered the Indian cyberspace and
started its personalized services. A registered user of Yahoo can now
personalize the front page with all the information he needs. He can read the
news of the world, add a tax calculator, see the weather forecasts of his city
and listen to his favourite songs and all this simultaneously.
 List of Blogs:

Communication

Blogs: Blogger, Live Journal, Open Diary, Type Pad,

WordPress, Vox, Expression Engine, Xanga
Micro-blogging / Presence applications: Twitter, Plurk, Tumblr, Jaiku, fmylife
Social networking: Bebo, Facebook, LinkedIn, Myspace, Orkut, Sky rock,
Hi5, Ning, Elgg
Social network aggregation: Nutshell Mail, Friend Feed
Events: Upcoming, Eventful, Meetup.com

Collaboration

Wikis: Wikipedia, PBwiki, wet paint

Social bookmarking (or social tagging)[3]: Delicious, Stumble Upon,
Google Reader, CiteULike
Social news: Digg, Mix, Reedit, Now Public
Opinion sites: epinions, Yelp

Multimedia
Photo sharing: Flickr, Zooomr, Photobucket, SmugMug, Picasa
Video sharing: YouTube, Vimeo, sevenload
Livecasting: Ustream.tv, Justin.tv, Stickam
Audio and Music Sharing: imeem, The Hype Machine, Last.fm, ccMixter

Reviews and Opinions

Product Reviews: epinions.com, MouthShut.com
Community Q&A: Yahoo! Answers, WikiAnswers, Askville, Google Answers

Entertainment
Media & Entertainment Platforms: Cisco Eos
Virtual worlds: Second Life, The Sims Online, Forterra
Game sharing: Miniclip, Kongregate
 WHY SOCIAL MEDIA MARKETING IS GAINING
IMPORTANCE?
SOME INTERESTING FACTS

Facebook Facts :

1. Facebook now has 125 Million MAUs in India, out of which 114 Million are mobile
Facebook users. The figure makes India a second largest country using Facebook, US being
the first!
2. 47% of overall Internet users have a Facebook account.
3. Facebook is the top active social media platform in India.
4. Largest audience on Facebook is dedicated to Mr. Narendra Modi with a total number of fan
count 30,089,316, followed by Yo!Yo Honey Singh 28,657,206 and Deepika Padukone
27,773,027.
5. John Abraham is top among Facebook Fan Pages with +33,397 Fan base followed by
Banjrangi Bhaijaan with +19,658 fans and counting.
6. Facebook generates 4.5 billion likes daily.
7. Flipkart is the top socially devoted brands on Facebook with 78% response rate and 131 min
response time.
8. Direct video upload on Facebook is higher than YouTube.
9. Cadbury Dairy Milk Silk grabs the position of top Facebook posts, so have you felt silk
lately?
10.Aaj Tak is the Top Media brands on Facebook with a total fan number 8,451,166.
11.76% of Facebooks ad revenues in the quarter ended June 2015 came in from mobile ads.
Asia-Pacific contributed $605 million out of $3.83 billion overall.
12.Most popular brands on Facebook are Facebook for every phone with 547 million fans and
Coca-cola with 93 million fans.
13.Facebook is at 4th position in the top apps India, whatsapp grabbed the first place, followed
by Flipkart and FB Messenger.

Twitter Facts :

14.Twitter has 316 Million users worldwide, 77% are outside USA.
15.Total number of Twitter users in India are 40 million.
16.Amitabh Bachchan has most followers 16,575713, followed by Shah Rukh Khan with total
followers of 14,903,901 and counting.
17.Aamir Khan is ahead of PMO India with a profile follower of +17,341, while PMs profile
has +14,495 followers.
18.76% users visit Twitter at least once a day.
19.79% users access Twitter on Mobile.
20.64% use Twitter to follow brands, 33% for shopping and 29% for discovering new brand.
 LinkedIn Facts :

21.LinkedIn crossed 30 million user base in India, a growth 50% compared to last two years. It
also claims Mr. Narendra Modi, Nandan Nilekani and Ronnie Screwvala having accounts.
22.LinkedIn has a second largest user base in India, US being the first.
23.LinkedIn is more popular among Indian than Pinterest and Instagram.
24.1.07+ million users are of top brass, CXO, VP and Directors.

Instagram :

25.Instagram usage is dominated by men when compared to women; the ratio being 75/25, only
1/4th of women population in India are on Instagram.
26.53% of web users aged 18-29 have Instagram account.

Pinterest Facts :

27.Pinterest has over 70 million users; 8.19 million users are from India.
28.Most pinned and most browsed category on Pinterest is food and drink.
29.The Majority of daily active pinners are below 40 years.

YouTube Facts :

30.AIB and TVF have more than 1 Million subscribers.

31.T-series has the largest audience on YouTube from India with a total number of views
4,629,410,246 and counting.
32.T-series (+9,986,155 views) is also the fastest growing channel in India followed by Colors
TV (+3,450,864 views).
33.Most video shared are of films or movie trailers.

Google+ Facts :

34.82% of the online population in India uses Google.

35.+button is hit 5 billion times a day.

Social Media Mobile Facts :

36.Social media activities and viewing videos on mobile account 10% in overall mobile
activities followed by playing games on mobile.
37.Paytm has crossed 100 million users across India, while MobiKwik is struggling to improve
its 17 Million users across the country.
38.41% Indian users read online content over mobile. 10.30 pm is the peak time for mobile and
tablet users to go online.
39.According to Wegilant, 29% of mobile banking applications are vulnerable to attacks in
India.
40.India has more than 118 Million active social media accounts, 100 million are accessing
accounts via mobile.
41.Out of 243 active internet users, 200 million access internet on mobile, however the total
number of users may increase to 500 Million by 2018.
42.72% of website traffic is gained via mobile devices.

Other Social Media Facts :

43.Social media usage in rural India has grown 100% in the past year with 25 million people
using the Internet just to login to Twitter and Facebook.
44.India is second largest in cyber attacks through social media sites, says Symantec
45.21% of NDTV revenue credit goes to digital and eCommerce business in quarter 1, which
reports a growth of 29.96% when compared to last year.
46.78% of Indian users love to watch video content in their native language.
47.Indias average Internet speed is 2.3 Mbps, which is second worst in Asia-Pacific. Indonesia
has 2.2 Mbps as the average internet speed.
48.Only 20% of 800k Internet.org users in India are first time Internet users.
49.89% of social media usage is done by the age group of 18-29.
50.50-60 years old are active on social media by 60%.
51.Annual Growth Number +14% in active internet users, +31% in active social media
account, +6% in mobile subscription and +39% in mobile social accounts.
 A REASEARCH OF BANKS USING SOCIAL MEDIA FOR
MARKETIG PURPOSE

SR.NO BANK NAME FACEBOOK TWITTER

1 Allahabad Bank NO YES
2 Andhra Bank YES YES
3 Axis Bank YES YES
4 Bank of Bahrain and Kuwait YES NO
5 Bank of Baroda - Corporate Banking YES YES
6 Reserve bank of india YES YES
7 Bank of India YES NO
8 Bank of Maharashtra YES NO
 9 Canara Bank YES YES
10 Central Bank of India YES YES
11 City Union Bank NO NO
12 Corporation Bank NO NO
13 Deutsche Bank YES YES
14 Development Credit Bank NO NO
15 Dhanlaxmi Bank NO NO
16 Federal Bank YES YES
17 ICICI Bank YES YES
18 IDBI Bank YES YES
19 Indian Bank YES YES
20 Indian Overseas Bank YES YES
21 IndusInd Bank YES YES
22 ING Vysya Bank NO NO
23 Jammu and Kashmir Bank YES NO
24 Karnataka Bank Ltd YES NO
25 Karur Vysya Bank YES YES
26 Kotak Bank YES YES
27 Laxmi Vilas Bank NO NO
28 Oriental Bank of Commerce NO NO
Punjab National Bank - Corporate
29 Banking NO NO
30 Punjab National Bank - Retail Banking NO NO
31 Punjab & Sind Bank NO NO
32 Shamrao Vitthal Co-operative Bank NO NO
33 South Indian Bank NO NO
34 State Bank of Bikaner & Jaipur NO NO
35 State Bank of Hyderabad NO NO
36 State Bank of India YES YES
37 State Bank of Mysore NO NO
38 State Bank of Patiala NO NO
39 State Bank of Travancore NO NO
40 Syndicate Bank NO NO
41 Tamilnad Mercantile Bank Ltd. YES NO
42 UCO Bank YES YES
43 Union Bank of India YES YES
44 United Bank of India YES NO
45 Vijaya Bank YES YES
46 Yes Bank Ltd YES YES
 Benefits of a Social Media Marketing:

More online conversations about your brand

A successful Social Media Marketing campaign leads to a lot more talk
about your brand online. When your message works with your users, they
will spread your message more effectively than tradition methods.
Quick turnaround
Hitting a front page of major social video, news and bookmark sites will
send you huge amounts traffic and almost instantly. This doesnt mean the
traffic will equate to conversions, but it should generate momentum in the
right direction.
Low costs
A comprehensive SMM strategy may provide a partial or full replacement
advertising and marketing at a fraction of the costs.
Impact on search engine rankings
SMM campaigns bring you large amounts of backlinks that benefit your
ranking in search engines.
Compatible with traditional Marketing
No one says you have to approach and embrace SMM full on. SMM
campaigns can be run alongside traditional marketing and advertising.
The power of recommendation
Would you rather buy from a faceless company or from a company that
people recommend? We know that initiators and influencers play an
important role the buying process and you can reach these people with
SMM.
Sidestepping ad blindness
Traditional online advertising methods, such as, banner ads are seeing drops
in the level of their effectiveness. As ad blindness increases, social media
marketing has the potential to send visitors to your website without
traditional advertising methods.
 Things to consider

Social Media Marketing can be unpredictable if sufficient planning has not

been made. Consider the following points for any SMM campaign.
Target audience
Having a general idea of what your customers want is not enough for
effective SMM. You should define in detail who your target audience is,
what is it that they want, and how you offer content of value that is most
relevant for their needs.
Once you identify your target audience, you will be able to focus on what
they have in common and crafting a strategy to draw in more of the same
people.
Length of campaign
Although you may see traffic relatively quickly, it is important to note that a
for real success in SMM, you must think and plan long term. It may be more
damaging to abruptly end conversations with your customers than to never
start one in the first place. Know your time scale objectives and work
towards t h e m .
Strength of product
Consider that your products or service will be exposed to a huge amount of
potential customers almost instant; Are you confident in the strength of your
product? It is imperative to understand that you will be under scrutiny and
having a product or service which just isnt strong enough can have very
negative side effects. If your product or services do not perform well, then
maybe you need to re-evaluate your target and or the viability or appeal of
your product.
 Pros/ Cons

Pros

It takes less time for the campaign to act on

customer. Can be targeted to the particular customer individually.
Real customers can directly interact with the management or
developer team. Allow users immediately share the service to other
people creating a chain effect
You can build brand loyalty through blogs and other content
generation and get connected to the customers.
You can learn more about the needs of the customer and implement
them +in your product.

Cons
A dedicated team needs to be assigned for continuous presence in the
media. Continuous relevant content generation is required
There is a delay between the creation of the relationship with the
customers and the actual ROI.
There is high risk of getting involved in the negative criticism of the
customers. Less number of indicators developed for tracking the
success of the c a m p a i g n .

However, Social Media Marketing (SMM) has more pros than cons and
today is a very important mode of marketing on the internet. It proves to be
more beneficial to big multinational companies for building brand image.
 Case Studies

Banking is Social with Kotak Mahindra Bank

With 220M Facebook Likes and 100M dedicated Twitter Followers, Kotak Mahindra Bank
ranks 11th in the power 100 social media rankings for banks globally, as per The Financial
Brand Q2 2014report. This year, Kotak Mahindra Bank made a remarkable leap by
announcing the launch of first-of-its-kind fully integrated social banking account Jifi
designed for the tech-savvy digital generation. The product helped customer acquisition and
created lot of buzz on the internet.
Jifi integrates social media platforms like Twitter and Facebook with mainstream banking for
secure and seamless on-the-go information. The entire process from opening a Jifi account to
the ability to transact on social media platforms is highly simplified, secure and all with
minimal human intervention. A list of pre-defined hashtags released by the bank aids you
with getting account updates, branch locations, and much more via DM on Twitter. To
literally stand-out and sustain on a social platform that has more than a million tweets
accounted in every 2 days, there comes a huge responsibility to constantly deliver, engage
and interact with your consumer to their satisfaction. The value proposition other than on-the-
go banking also lies in the loyalty points the account holder earns for his/her social activities
like online transactions, liking/commenting on Facebook, inviting and adding friends to Jifi
network.

Branch Banking goes Digital with State Bank of India

SBI becomes the first public sector bank in India that goes digital. With its digital branches,
its marching ahead of the race by bringing in world-class digital banking experience. It is
also present on social media sites to cater to tech savvy customer online. Their strategy for
the social media has been one step at a time. The bank is constantly learning on its way and
listening to the customer has helped them align products & services to the customer needs.
They have run product launches through YouTube and they have active customer interaction
through Facebook and Twitter. Social media helped SBI to break out of the traditional bank
image that the young generation perceived over the years and in return has helped in
customer acquisition especially in the younger age group.
 Social-media Marketing
/
Traditional Marketing

Social-media Marketing Traditional Marketing

: 1. Targeted Marketing 1. Non- Targeted Marketing

2. Economical and fast way to 2. Expensive and takes more

promote product. time to promote product.
3. Cost-Effective for promoting 3. Expensive and time
product globally consuming process for
4. Your product or service is 24 X 4. That is marketing.
traditional not possible in
traditional marketing.
7 advertising
5. Effective mode of tracking 5. Effective mode of tracking
investment investment is not possible.