How social media increased BankBazaar's consumer engagement
BankBazaar has increased its marketing spends on digital by 15–20%
As a fin-tech brand, BankBazaar seems to have cracked the code to staying relevant to its core group of users and increasing engagement with them. The secret is no secret really, it’s content marketing.
Head to BankBazaar’s YouTube channel and you are bound to emerge financially wiser and in all likelihood you may also hit the Subscribe button on the way out. BankBazaar has strategically used content to engage with users and has significantly increased its engagement with users on social media. On Facebook alone, the engagement rate has gone from 0.4% in 2015 to a current average engagement rate of 3.69%.
We caught up with Prince Thomas, Head -Brand marketing, BankBazaar, to understand how BankBazaar got here. Edited Excerpts:
When did BankBazaar start using social media actively?
We have been using social media from the very beginning although a lot of realignment has happened over the last two years. We identified that social media is a powerful tool only if the objectives are set as per the medium. We have identified the strengths of each platform and created content specific to that platform. Keeping the tonality of the content the same, we tailor the same content differently for each platform. Our content on Twitter will be slightly different from our content on Facebook, YouTube or Instagram.
During these two years, what was your main focus?
Our focus has been on creating good quality content. The content is an intersection of our strengths and what the audience wants to know about in this industry. That is why a lot of the content has been oriented towards educating the community with topics that they struggle with.
We have seen so much traction for these videos that we are now creating these videos in-house. That gives us a lot of control over the content and we have been able to deliver good level production quality as well.
Since we are in the fin-tech space, as subject matter experts we have a lot of knowledge that we can share with our customers directly. Because there is a lot of learning to happen here, we find ourselves in a position where we are better equipped to cater to our audience or serve our community.
How does this strategy work for retaining customers and acquiring customers?
We have seen a growth in new users randomly visiting our website from our social media platforms. In the long term, the primary objective of the social media strategy is brand awareness and retaining existing customers. The objective has been clear from the beginning - to build awareness and engage with customers and that eventually will lead to direct traffic.
On our platform we typically get engagement that is 2–3% of our total community size. Our goal is for all the content we share on social media to get that kind of engagement consistently. Currently, we have some hero content that garners very high engagement.
BankBazaar’s focus is skewed towards digital. In 2016, BankBazaar did not have any presence on television in terms of TVCs. Will that be the same this year as well?
While we were not on TV in terms of a TVC last year, we did create topical digital campaign videos. We worked on multiple digital format ads, like a 30-second sale ad or a six-second bumper ad, etc. Given that our audience is primarily on digital, why should we move on TV when we can get effective measurable results on digital? In the next six months, we are not looking at TV as a medium for any marketing campaign, but going forward things could change and we may have different markets or segments to go after. Currently, we are very clear on digital as the medium to be active on.
Given that your focus is on the digital medium, how have your marketing spends on this medium increased over the years?
From last year we have increased our marketing spends on digital by a good 15–20%. We are able to measure every rupee that we spend. That gives us confidence to spend more and expect set returns. In that sense, there is a lot of predictability with digital spends.
Branded content and content marketing is the way forward for most brands it seems…
Smartphone penetration in India has significantly increased in the last year alone. People have also moved from typically group consumption of media to individual consumption of media so everyone is hooked to their phones and consuming content at a break-neck speed. In all of this, if you are someone who interrupts their viewing time then you will not be positively remembered as a brand. So the whole shift then is to get into creating the content itself without forcing them to see the content. That is why I think branded content is seeing so many takers. We have ourselves seen the results. We have collaborated with YouTube celebrities and that has significantly helped us.
Does BankBazaar have any new campaign that you will break soon?
We have collaborated with a bunch of beat-boxers who have a YouTube channel named Voxtronica to create a music video. This is something that has not been tried in our category. The video should be live in the next one week or so. It will be launched via our social media channels.
BankBazaar on YouTube:
BankBazaar on Twitter:
You've got to start that retirement plan now! Here are some smart tips. https://t.co/XrewbNiYuy
— BankBazaar.com (@BankBazaar) August 24, 2017
BankBazaar on Facebook:
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