A Case Study Of Management Communication - Myassignmenthelp.Com

Question: Discuss about the A Case Study Of Management Communication. Answer: To: Lana Strydon, Head Digital Marketing and Media, FNB From: Date: Re: Analysis of the management of the social media strategy. The purpose of this memorandum is to analyze the management of the social media strategy of the First National Bank, South Africa. Ways in which FNB has used the social and the digital media to engage with customers. FNB had ventured initially into the social media in the year 2004. The management decided on the social media to be an area that could be used to promote the services offered by the financial institution and communicate better with the clients and employees. This decision was taken by the company due to the fact that a huge population of the country has been observed to be increasingly active on the social media thereby making it a huge pool of resources for the company to explore. The management of the company introduced a eWallet game on the social media handle of FNB on Facebook (Mazinter et al 2015). This game was introduced in order to create market awareness about the product as well as educate the existing customers of the financial institution regarding the functionality of the service. The bank also introduced the policies that stated the presence of the customer service executives who wou ld be responding to the clients and their complaints on the social media at all given points of time. Benefits of FNB on the investment in the social media strategies. The First National Bank, one of the oldest banks of South Africa, had introduced itself to social media in the year 2004 (Mazinter et al 2015). It had been catering to its client base over social media since its initial steps to the social media handles. The financial organization has benefitted greatly from the social media interactions. The introduction of the eWallet game over the social media handle of the financial institution on Facebook had led to the improvement of the interactions between the clients of the bank and the concerned officials of the bank. The game had promoted the education of the customers on the issue of the workings of the product. This had also helped in the creation of the market awareness of the products and the benefits that they offer. The game had contributed a huge deal towards the revenues that have been earned by the financial institutions. The head of the digital marketing and media of the social media strategy of the company, Lana Strydon, had suggested a strategic move on the part of the financial organization that led the financial institution to focus more on the quality of the services that they offer. The digital media and marketing head had opined that the chances of the widespread reaches of the financial organization get higher with the increase in the activities of the financial organization. Lessons that FNB might learn about the development and the implementation of the social media strategies. The development and the implementation of the social media strategies of the bank has resulted in the increase of the number of the clients of the financial organization. The implementation of the social media strategies by the banks had led to the increase in the customer base of the financial organization. The social media strategies that were implemented by the financial organization had also led to the increase in the transactional volumes of the financial institution. The bank has faced the increment of the client base which was observed to be a high 30% by June 2012 (Mazinter et al 2015). These customers mainly used to the online banking services of the company. FNB had been one of the leading banks in the country that provide its customers with the facility of the internet banking. The eWallet game that had been introduced by the company had also led to the increment in t he number of the transactions in the bank. The game had led to the contribution of 30000 new transactions to the eWallet product that had been introduced by the financial institutions to their customers. Important factors pertaining to the usage of the social media for customer communication. There have been many factors that should be taken into consideration by an organization while communicating with their clients over the social media handles which may lead to the improvement of the experiences of the concerned client of the bank. The company must develop a well-defined response strategy towards the handling of the concerns and the complaints that are raised by the clients of the firm (Chanda and Zaorski 2013). The company needs to make sure that the desires of the clients of the company are addressed. This helps the company to attract the potential clients. The usage of the social media helps the company to build up relationships with their clients by interacting with them on a regular basis (Gu and Ye 2014). The executives involved with the social media handles of the given company should be able to handle the customers who have been complaining vehemently regarding any dissat isfaction that they might have faced. The financial institutions might offer their clients with some discounts over the online transactions that they might undertake. The most important factor that needs to be addressed by the executives dealing with the social media handles is the response to the emails, tweets and calls of the customers (Tsimonis and Dimitriadis 2014). The executives must revert to the posts of the clients of the financial institutions over the social media in a regular and timely manner. The social media has, in modern times become a very effective means of communication between the clients of a business organization and the officials of the concerned organization. The companies that have been operating within the industries in the modern times deal with the interactions that they have with the respective clients over the various social media handles over which they do operate. The experts in the field of customer handling might suggest a few ways to deal with the complaints and the comments that the clients might provide over the various social media that is available to them. The executives employed for dealing with the customer are advised to monitor all the social handles of the concerned company. They are also advised to scrutinize the other websites that the customers might be using for commenting on the services that they have been offered by the concerned business organizations. According to the experts, the concerned executive should be able to identify the issues that might justly demand a response (Tiago and Verssimo 2014). The executive handling the concerned situation must be able to respond quickly to the complaints or the comments that have been registered by the client. A longer wait might lead the concerned client to get more irked leading to a more negative review of the concerned company. The executives dealing with the concerned clients are advised to converse with the clients empathetically and must use a harmonious tone while conversing with the concerned client. The executives dealing with the clients are always advised to convey a real apology towards the clients which might lead the client to mellow down on the complaints. The clients are observed to appreciate more if they are offered a fixation of the problem that had occurred in the first place. The organization might face a return of the same client if the complaints and the concerns of the client are addressed to in a proper manner. The executive are always advised to keep the conversation that they have with the client publicly available as that might lead the concerned business organization to attract the clients based on the after-sales services that they offer to the customers. This might in turn help the company to earn the required good will (Shammout and Haddad 2014). References Chanda, R. and Zaorski, S., 2013. Social media usage in the financial services industry: Toward a business-driven compliance approach.Journal of Taxation and Regulation of Financial Institutions,26(5), pp.5-20. Gu, B. and Ye, Q., 2014. First step in social media: Measuring the influence of online management responses on customer satisfaction.Production and Operations Management,23(4), pp.570-582. Mazinter,L.,Kleyn,N.,Goldman,M.,and Lindsey-Renton,J.2015,Banking on Social Media (A),Gordon Institute of Business Science: University of Pretoria,28(1),pp. 1-11. Shammout, M.Z. and Haddad, S.I., 2014. The Impact of Complaints' Handling on Customers' Satisfaction: Empirical Study on Commercial Banks' Clients in Jordan.International Business Research,7(11), p.203. Tiago, M.T.P.M.B. and Verssimo, J.M.C., 2014. Digital marketing and social media: Why bother?.Business Horizons,57(6), pp.703-708. Tsimonis, G. and Dimitriadis, S., 2014. Brand strategies in social media.Marketing Intelligence Planning,32(3), pp.328-344.