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JAIIB CAIIB STUDY MATERAILS

Unit 37 : Social Media Marketing

Social Media Marketing is a term used to describe marketing techniques that are focused on social media sites such as Twitter, FaceBook and Youtube etc,. It is actually using social media as a communications tool that makes the companies accessible to those interested in their product and make them visible to those who have no knowledge of their products.

Scope in Social Media Marketing

Social Media Marketing has a huge scope in India. As rightly pointed out by earlier user, Facebook has more than 20 million Indians. Most of the youth-focused brands already have an active social media presence. But the trend might not have caught the brands targeting other age segments.

We are seeing in explosion in internet penetration in India which in turn will propel growth in social media. We are seeing lots and lots of brands, both big and small, getting onto social media. If employed properly, it can even help start-ups rise to prominence.

Some of the popular Social Marketing Networks

  1. Twitter. Perhaps the simplest of all social media platforms, Twitter also just happens to be one of the most fun and interesting. Messages are limited to 140 characters or less, but that’s more than enough to post a link, share an image, or even trade thoughts with your favorite celebrity or influencer. Twitter’s interface is easy to learn and use, and setting up a new profile only takes minutes.

  • Facebook. Considered to be synonymous with “social media” by some, Facebook is the one site where you’re likely to find friends, colleagues, and relatives all floating around. Although Facebook is mainly centered around sharing photos, links, and quick thoughts of a personal nature, individuals can also show their support to brands or organizations by becoming fans.

  • LinkedIn. One of the only mainstream social media sites that’s actually geared towards business,
  • LinkedIn is to cyberspace what networking groups once were to local business communities. It’s great for meeting customers, getting in touch with vendors, recruiting new employees, and keeping up with the latest in business or industry news. If it matters to your company or career, you can probably do it on LinkedIn.

  1. Xing. Another professional networking and recruitment site, Xing has the global presence and focus that LinkedIn lacks. Although it can be mistaken for a job search portal, the site actually has a number of features and communities that make it easy to develop relationships with suppliers, colleagues and even thought leaders within industry.

  • Google+. Social media’s big up-and-comer has really arrived over the past few years. By combining the best of Facebook and Twitter into one site – and backing it by the power of the world’s largest search engine, Google has given users a social site that has a little something for everyone. You can add new content, highlight topics with hashtags, and even separate contacts into circles. And, a G+ profile only takes a few minutes to get set up.
  • Pinterest. Serving as a giant virtual idea and inspiration board, Pinterest has made a huge impact on social media in the last few years. Especially popular with women and the do-it-yourself crowd, it lets you share pictures, creative thoughts, or (especially) before-and-after pictures of projects that others can pin, save, or duplicate.
  • YouTube. As a video sharing service, YouTube has become so popular that its catalog of billions and billions of videos has become known as “the world’s second-largest search engine” in some circles. The site has everything from first-person product reviews to promotional clips and “how-two” instruction on virtually any topic or discipline. Users have the ability to share, rate, and comment on what they see.
  • Instagram. If you’re looking for a quick, convenient connection between the camera feature on your smart phone and all your social profiles, then Instagram is the answer. Not only will allow you to share via Twitter, Facebook, and the Instagram website, you can choose from a variety of photo filters and invite friends to comment on your photos or ideas.

Banks in India and Social Media Marketing

Indian Banking Industry has shown a tremendous growth on Social Media platforms like Facebook, Twitter, YouTube etc. The Banking sector in India has proven that its not just about opening saving bank accounts, credit cards, investments, wealth management, mutual funds, insurance and so on. With the increasing growth in Social Media in India, banks have understood that likes, tweets, shares do matter to engage with the young generation.

With a more globalized approach and increasing competition, banks have increased their marketing budgets and Social Media is one of the major portion of it. There are banks that we have seen, using social platforms as another customer care, using them to showcase their thought leadership, using them to launch new products, endorsing celebrities and many more. Social media is being used by businesses to discuss products and services. Consumers like to use services which not only tell them about themselves but also listen to them. A few private banks like ICICI and HDFC have begin to understand this shift and have started to be engaging rather than selling but majority of the banks in India still have a long way to go.

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