Indeed, just this week, a new damning report by The American Banker demonstrated the numerous ways major US banks continued to push predatory lending practices even after the financial crisis that was brought on by their predatory lending practices. So it's just as well that, over the past 12 months, a number of financial services companies have proved themselves adroit at communicating innovative new social responsibility and sustainability ventures, often through collaborative communities and social media.
The Great Costa Coffee ‘Con’
It's not been an easy journey for the banks. Realising that they no longer have control over consumer marketing and coming to terms with a very vocal and often angry customer base has been a steep learning curve for most financial institutions. Along the way, many banks have preferred to retreat into their shells rather than adapt to the new social media communication landscape that their customers are embracing. But, as episodes such as Bank of America's fee fiasco made clear, pretending social media doesn't matter is no longer an option.
The Great Costa Coffee ‘Con’
Slowly, consumer banks have come to terms with the need to provide social media customer service — often supported via Twitter Citi, Bank of Scotland and, yes, Bank of America are just a few examples. Still, answering customer queries is surely the bare minimum of what banks should be doing with social media.
Communicating sustainability or social commitment should be a far more rewarding challenge, not least because communities on Twitter, Facebook and company blogs or social networks deliver the authenticity, reality and transparency that good sustainability and CSR projects need to be judged by. VanCity, a Vancouver community bank, understood this back in when it launched a pioneering new social network called Change Everything.
#FAIL: The 50 Greatest Social Media Screw-Ups and How to Avoid Being the Next One
That simple venture — asking Vancouver residents what they would like to change for the better in their city — became a blueprint for banks enabling social conversation and action online. Closer to home for Big Society Capital, the Co-operative Bank's Join the Revolution initiative offers a good steer for how social media storytelling can shine a light on financial-sector social investment, while BNP Paribas' For a Changing World shows how a big consumer bank can communicate the intricate nature of micro finance in a way that connects with customers and, yes, shareholders.
Putting those plans before the UK "crowd" would certainly go some way to help counter the accusations of big bank spin. As the debate rumbles on, we focus more at the fragile nature of the relationship between a brand and its consumer.
The 50 Greatest Social Media Screw-Ups and How to Avoid Being the Next One
Today, the corporate giants have an unwieldy global network of stores and franchises that introduce a myriad of variables, directly affecting the brand value. Consumers are no longer on first name terms with store managers, in many cases, that local bond has been lost. Freedom of speech on social media can have an immediate, global, seismic effect on your brand and, as in the case of Costa Coffee, the instigator can even be wrong! The speed in which stories are shared means that few people fact-check or consider that the user may be mistaken. So how can you stop the maelstrom, or at least minimise the damage?
Be honest and be reachable.
Big Society Capital will need a skilful social media campaign behind it
A brand touch point, also known as a brand encounter is formed when consumers are exposed to your brand. No longer just a physical product, your brand must extend to your advertising, packaging, website, app and social media.
Touch points make up an important and effective means of interacting with a customer base and build a notion and image of a brand within the memory of a customer. Together, these encounters create a brand experience and build trust. Now they are synonymous with the sleek white packaging that has inspired a generation. Their ultra-modern Apple store is not just a retail shop, it is also a brand experience centre, a content distributor channel, and a customer service delivery point.
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- Burma Boy.
- Nathan Bigs Ultimate Online Marketing Guide.
- #FAIL: The 50 Greatest Social Media Screw-ups • Allister Frost.
- The Bladewitch.
- mpdf | Libros electrónicos | Editorial.
- CREMATION - ARE YOU REALLY SURE?!
Strong customers who are able to live and breath the brand are brand advocates; the most powerful form of endorsement a brand could ever have.
Related #FAIL: The 50 Greatest Social Media Screw-Ups and How to Avoid Being the Next One
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