Social media agency Social Wavelength has been appointed by Magma Fincorp to manage its social media communications following a multi-agency pitch. This is the first time that Magma is using social media as a part of the brand’s overall strategy. The brand plans to use digital media to connect with multiple stakeholders such as customers, current and prospective employees, investors, share holders and business partners.
Magma intends to use its social media initiatives to create multiple interactive touch points to reach out to consumers, and guiding consumers during their decision making process.
Magma spokesperson Harshvardhan Chamria said, “Magma has been at the fore front of innovative business practices. In line with our overall business philosophy, we believe that engaging with India's fast growing digitally literate population would be a key business driver for us, in time to come.”
Magma is approaching social media at a more holistic level and intends to use it as tool for internal collaboration and as a knowledge management system.
Hareesh Tibrewala, Joint CEO, Social Wavelength, said, “Research establishes the power for word-of-mouth communication when it comes to financial services products. Thus Magma, with its product offering, is well positioned to leverage social media as a tool for building brand loyalty and brand advocacy.”