Project: Nordea Step-by-step Journey in Social mediaCategory: DIGITAL COMMUNICATIONSummaryNordea is one of the leading banks in Latvia, which has strengthened its reputation aswell as market positions during the global economic crisis. The increasing popularityof the usage of social media challenged the communications strategy and tactics ofthe bank, as the user generated content could influence the awareness andreputation of the bank. Social media is one of the most challenging communicationsplatforms as there are no set rules of action and, therefore, it was obvious that onlyan active “step-by-step” participation could lead towards good results.Although the banks are perceived as a conservative business, Nordea started anactive “step by step” communication in social media in order to stimulate greatcustomer experiences through its presence in the most popular social media sites aswell as creating its own media platforms that enabled dialogue and engagement withNordea. Strategic and well designed and integrated pro-active social media activitiesthat become an integrated part of Nordea’s communications mix in turn enabledNordea to fulfil the banks’ reputation objectives – to be perceived as a trustful andreliable financial partner that is accordingly headed for good business results.SituationThe increasing popularity of social media became a challenge as well as anopportunity for many business organisations globally as well as in Latvia. As therewere no clear rules and guidelines of communications then, only by implementing apro-active strategy that included constant monitoring, action, and evaluation was itpossible to set the most appropriate social media participation approach.Thus, Nordea in the Group’s level as well as the local Latvian level took a decision tointegrate social media communications within its integrated communications mix inorder to reach its reputation and business results.
ObjectivesBy taking an active role in social media, the goal was to strengthen the reputation ofNordea as a secure and stable financial partner that is open and transparent in itscommunication thus it stimulates the business results.The objectives (1) research and customers’ insights by the monitoring of what is saidabout Nordea and finances, (2) information dissemination and brand awareness ifsocial media becomes a part of the integrated communications, (3) strengthenedreputation of Nordea as a reliable and safe partner that is characterised by open andtransparent communications.The target audience – Nordea’s existing and potential clients that are present in socialmedia.StrategyNordea implemented a “Step-by-step” strategy in social media and constantlyevaluated the necessity of additional know-how and other resources. As much aspossible, the in-house resources were used both to expand the additional functions insocial media as well as for expertise in content generation.The external expertise was only used to consultant to adjust specific technical orcontent requirements. The main focus was on strengthening such reputationdimensions as opinion leader and high corporate social responsibility. However, theplanning of different marketing and sponsorship campaigns for social media werealso considered as one of essential elements of the communication mix. Thecommunication was based on a social media team of communicators – the bankingspokespersons, particular personalities that already represented Nordea in differentpublic activities.It was considered that, in the case of a positive experience, the strategy in 2011would have to focus on the enabling of discussions and engagement, what might becalled “Step-by-step – Towards Dialogue and Experience.”ExecutionNordea implemented a step-by-step social media strategy in two directions – byparticipating in the most popular social media platforms, as well as creating its ownmedia platforms that enabled the engagement with Nordea.The execution programme was set in 4 stages:1) Monitoring – Familiarisation and everyday usage of social media monitoring tools,e.g.Hootsuite, MeltBuzz
2) Reaction – Development of Nordea profiles in the most popular social mediaplatforms, e.g., YouTube, Twitter, Flickr3) Interaction – Establishment and education of Nordea social media team ofcommunicators, guidelines of social media for Nordea employees4) Content – Integration of social media in everyday projects as well as the creation ofseparate media platforms, e.g., Nordea Economic Outlook – a live video pressconference or support for Nordea sponsorship projects – the most popular summerfestival “Positivus” or the Nordea Riga marathon.Special focus was paid to constant analyses of the strategy implementation,feedback, andlessons learnt in order to develop an objective evaluation system of social mediaperformance.Documented Results(1) Input or Project results:- Successful know-how of research and customers’ insights by using monitoring tools,such as Hootsuite and Meltwater Buzz, identification of customers concerns andreaction (e.g., lost cards)- Establishment of active team of communicators (e.g., economic analyst A.Strazds,financial expert A.Larins, head of HR V.Veisa, head of sponsorship E.Liepina etc.- Nordea is acknowledged as the most progressive bank in Latvia that wisely usessocial media (Metasite Business solutions, Baltic E-Banking Report 2010)(2) Output or Communication results:- Successful results of social media campaigns (e.g., quarterly Economic Outlook livevideo conferences – 300 online viewers)- Good integration in digital marketing campaigns (e.g., Nordea Positivus game –13,000 participants)
- Nordea gets into the Top 25 rating in “Miletako Twitter zimolu tops” (The mostadmired Twitter brands)(3) Outcome or Business results:- Constantly increasing reputation in dimensions – Safe and stable (25%, Jan, 2010to 43%, Jan, 2011); Open and honest (15%, Jan, 2010 to 20%, Jan, 2011)- The highest reputation results among peer banksName of the link URLNordea Interactive Media Room http://bit.ly/kcQyYLNordea Latvia Twitter Account http://bit.ly/mykXEONordea Latvia Youtube Account http://bit.ly/dDo011Nordea Latvia Flickr Account http://bit.ly/kDvNU4Nordea Live Platform http://bit.ly/d0t0lX