Social Media Branding: Credit Suisse, UBS and Julius Baer

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Social Media Branding: Credit Suisse, UBS and Julius Baer

  1. 1. Social MediaBrandingin the Financial Digital Marketing – Prof. Andreina Mandelli November 2012 By Reka Taskai, Pauliina Beretta, Rachel Quinlan, Liis Männamaa, Annina Reimann
  2. 2. Table ofContentsIntroduction 3Methodology 4Credit Suisse 6UBS 10Julius Baer 14Conclusion 18Appendix 19
  3. 3. 21 Introduction Due to the recent changes in technology and brands considered in the report are: in the post-modern markets, brands’ UBS, Credit Suisse and Julius Baer. concentration on social media has increased radically. This is due to the fact that a brand’s The report begins with an insight of the perception has changed in a way that the methodology of how the research was conducted. After the methodology, an Financial customers have an image that exists only in analysis of each company’s social media their imagination, while the actual product Sector exists in the physical world. People tend to be presence is provided. This is based on more confident towards the product if the seven variables: image in their mind toward the brand is rather 1. Social Presence positive. 2. Dialog/Customer Engagement Brands need to have a high ambition of 3. Sentiment/Advocacy community creation and eliminate 4. Support inconsistencies in how they deliver products 5. Innovation and services. Brands encounter problems 6. Leadership with social media when they fail to meet the 7. Linking value/Community expectation and the actual behavior of the The report will focus on the main social company. They should consider both positive media channels (Facebook, Twitter, and negative reactions or comments from YouTube) and links their contribution on their customers, this way they can find a these platforms based on the solution to the above-mentioned problems. aforementioned variables. Finally, recommendations for future actions and The aim of this report is to analyze three conclusions are included. 3 brands belonging to the financial sector. The
  4. 4. 21 Methodology Social Media Mediums Criteria for Analyses We analyzed the following financial In order to accurately analyze each bank’s institution’s social media websites: Credit social media presence and customer Suisse, UBS and Julius Baer. In doing this we interaction we used seven variables. The looked at three social media mediums in variables were: Financial particular. These mediums include Facebook, Sector Twitter and YouTube. As all three mediums 1. Social presence: Social presence serve a different function in terms of was measured by how many social communicating with each bank’s customers, media websites each bank was on we found it valuable to choose them as the and actively using. focus of our research. 2. Customer engagement: what was Facebook: It can be considered a social looked at was how many likes, networking website and it’s aim is to keep followers and views each site had. people connected at all times. Another factor that was measured was the response rate of questions Twitter: It serves as a social networking and customers posted and how fast they micro-blogging website that allows it’s users received a response. Lastly, the to read text based messages. types of post topics were analyzed in YouTube: Is a video-sharing websites where order to gage the intensity of engagement between each bank and users can upload, view and share videos. their customers. For example: if a high number of users responded to a particular topic and less to others. 4
  5. 5. 43 3. Advocacy Management: In order to that each bank is engaging in for measure advocacy management example giveaways for positive and negative comments were users/followers. looked at on each social media page for each bank. We specifically looked to see if the comments were about the 6. Leadership: The key aspect we Methodology specific bank or about another topic. observed when trying to find leadership among Credit Suisse, UBS and Julius Baer was searching 4. Support & Value: Support and Value for brand stories. was measured by reviewing customer comments on each social media website and how each bank 7. Community: Community was considered their customer comments measured by how well each bank in their future posts. brought together their customers with a certain topic or subject. In particular Credit Suisse has done a 5. Innovation: In terms of innovation we good job of bringing together a looked to see if any of the banks had “Roger Federer” community. comments from their customers in regards to improving or changing something about their approach to social networking and their company as a whole. However we also ranked each bank on their current activities 5
  6. 6. 21 Credit Suisse Credit Suisse, was originally founded in 1856 to fund Credit Suisse has a client-centered focus offering consistent, reliable, flexible and long-term relationships based on each railway developments in Switzerland. Currently, it is a global customer’s unique needs. (Credit Suisse, 2012) (Wikipedia, 2012) financial service company with 250 branches in Switzerland while also operating in more than 50 countries worldwide. The company is organized across three divisions - investment banking, private banking and asset management. Employing over 48,400 staff, Credit Suisse is a company that provides corporate, institutional and high-net-worth clients with advisory services, comprehensive solutions and excellent products. 6
  7. 7. 312 former employees the opportunity to expand Strategy for customer their professional network, explore career engagement/participation: The topics of options, access news, information about their posts on their Facebook page seem to events, volunteer activities, and special offer grab a substantial amount of engagement. and most importantly renew old friendships. One in particular, Credit Suisse shared a link on November 4th that allowed people 2. Dialog/customer engagement to play a game and enter to win a signed management tennis racket by Roger Federer. In total How many users the brand has contacted through 291 people liked it, there were 21 social media? Does the brand have a visible comments and an additional 1,695 shares strategy for stimulating participation and customer from those on Credit Suisse’s Facebook engagement? How active are the users? page. The Roger Federer giveaway seems to be a serious of giveaways along with a 51,142 likes. In the month of sponsored Roger Federer “fan wall” where November 1,399 people liked them on customers can post pictures of them with Facebook. the athlete etc. Their strategy to engage Credit Suisse customers is not about banking, but rather sports and giveaways. 12,597 followers, following 43, 1,495 They also post about economic matters in tweets. the world: solar energy, Zurich Film 1. Social presence Festival and projects they are involved Going through Credit Suisse’s Tweets we can with. These topics get on average 50 likes, Number of relevant platforms/channels in which the brand is present. Is the brand see that on average, out of 12,597 followers, which is not much compared to 291 as present in all the platforms that are relevant about 6 to 8 retweet the post. The company is previously mentioned. for their business and relationship strategy? more effective on Facebook than Twitter. How active are the users: 21,176 people are talking about them on Facebook. Uploaded videos: 296 videos 3. Sentiment/advocacy management divided in 8 topics, 1,481 subscriptions, What percentage of users is positive or even 8,441,911 video views. enthusiastic about the brand and spread ! iPhone Application, Podcasts and positive word-of-mouth compared to the Credit Suisse Alumni Network Users brand responded to: Roger Federer percentage of users who are negative about is the brand ambassador for Credit Suisse. the brand? Does the brand have a visible RSS – lets you see the current content From the Roger Federer win a racket post strategy for stimulating positive comments? Do of your favorite news websites. Credit Suisse responded to questions asked they visibly support positive word of mouth? Do within 15 minutes. they manage negative conversations, when it seems that a reply or comment is needed? 7 Credit Suisse Alumni Network - allows
  8. 8. 645 4. Support/value redit Suisse has no collaboration in the Does the brand offer free and valuable content to meaning of proposing new ideas on The comments are generally customers? Does the company offer help through Facebook or Twitter – the posts are about neutral or very enthusiastic about Roger social media? What percentage of users received the company and news about the general Federer. Credit Suisse’s strategy to any kind of information, reply or service (e.g. situation in banking. An iPhone game is simulate comments is through asking customer care) through answers, comments or also offered where customers can play to what the people think about the topic posts from the company? win a Roger Federer tennis racket. posted. In addition, Credit Suisse answers the questions asked quickly Credit Suisse Careers Facebook page and replies to the few negative On the Credit Suisse page they offer offers possibilities where students can comments. prizes to the followers and tend to respond to involve in Credit Suisse events. It is a place their questions. The Credit Suisse Careers where they can ask questions and give page contains information about career and their suggestions and any input to the internship possibilities. Despite the fact that company leaders. Most of the retweets are about there are very few comments from the Roger Federer and therefore neutral customers, the questions are always 6. Leadership regarding the brand image. Credit answered. Are brand stories appreciate and shared by Suisse has no visible strategy to foster people in social media? Does the brand actively positive or negative comments. participate to conversations, giving leads for new directions and discussions? Are there link No help offered and no replies on this back to brand sites and conversations posted platform. by advocates? Is the brand connected to Users comments are neither relevant influencers (e.g. bloggers) in social enthusiastic nor negative about the media? How trustworthy, honest, transparent brand. Most comments refer to the and authoritative is the brand communication topic, to the making of the video or the On their YouTube channel they post perceived by people who report their person in the video like Roger Federer. videos about E-learning, sponsorship, impressions in social media conversations? He generates a lot of comments and corporate responsibility, and careers. Credit Suisse is not really writing any brand especially likes of the videos. Therefore, However, customer service on this platform stories – focus is on general news and on the most popular videos are connected doesn’t exist. Roger Federer. People are responding to Roger Federer or corporate social their ideas on those topics, but there’s not responsibility in developing countries. 5. Innovation much of an interaction from both sides. Does the company ask for collaboration? What Credit Suisse has no clear strategy of percentage of users proposed new ideas for 7. Linking value/community managing positive or negative products, solutions to problems, or Has the brand become a social connector? comments and has no clear strategy service/product improvements within a co-creation What is the percentage of users who how to deal with questions. The few perspective? Does the company communicate connect/relate to their peers using the brand- questions asked were sometimes what contributions they are going to use and related social media spaces. Does the brand answered and sometimes not. reward co-production efforts? directly manage proprietary brand communities
  9. 9. Overall Evaluation for Credit Suisse 25 20 15 10 Youtube 5 Twitter Facebook Observations 0 The social presence of Credit Suisse is quite strong in the financial sector, as they are present on many social media platforms. In addition to Facebook, YouTube and Twitter, Credit Suisse has created their own company media channels such as the Credit Suisse Alumni Network and RSS. Their brand engagement is very effective, by using Credit Suisse Facebook Twitter YouTube Total their brand ambassador Roger Federer. Average Credit Suisse goes beyond banking and Dialog/customer engagement 8 7 7 7.3 uses sports and sustainability to help management develop and sustain a relationship with Sentiment/advocacy 8 7 6 7.0 their customers. Credit Suisse has the Support 8 2 2 4.0 strongest presence on Facebook. Innovation 7 7 8 7.3 Overall, the company dialog is good for Leadership 7 5 7 6.3 Facebook as they respond quickly to Community 8 6 8 7.3 comments, however is lacking or inexistent on the other media channels. Total Average 7.7 5.7 6.3 6.59 Grading scale: 1 = the worst; 10 = the best
  10. 10. 21 UBS UBS, the bank of banks, is a global Swiss financial service The operational structure of UBS is made up of five divisions: wealth management, wealth management Americas, company dating back to 1854. Headquartered in both Zurich Investment Banks, Global Asset Management and Retail as and Basel, UBS has over 63,500 employees worldwide. The well as Corporate banking services. With over CHF2.2 trillion company prides themselves for their client-based “single point in invested assets, UBS is the 2nd largest manager of assets of contact” focus, making it as easy as possible to work with globally. (UBS, 2012) (Wikipedia, 2012) them. They serve retail clients in Switzerland as well as private, institutional and corporate clients in over 50 countries. 10
  11. 11. 132 Twitter: On average UBS posts were re- tweeted about 13 times per post. Page 1: UBS Athletics: 841 likes, 48 talking about them Strategy for customer engagement/participation: The purpose of USB Athletics is to give insight about the various athletic teams and UBS Athletics strategy for encouraging sporting events they are involved in participation is posting about events that sponsoring. The events focus on local benefit local communities that they are communities. In the month of November a apart of. This way they can relate to their total of 20 people liked their page. audience on a deeper more charitable level. Page 2: UBS Careers: 1,392 likes, 83 talking about them UBS Careers: The strategy from this Facebook page is to promote UBS as a This Facebook page focuses on the what company that has rewarding training UBS is about in terms of working for their programs, treats their employees with UBS company. In the month of November a total of 26 people liked them. respect and gives back to the community. Customers of UBS visiting this site would probably develop a good or better impression of UBS. However, there should be another strategy to gain interaction. A 1. Social presence UBS Global: 4,328 followers, Number of relevant platforms/channels in more practical suggestion would be to have following 4, 27 tweets. which the brand is present. Is the brand a general UBS Facebook page. present in all the platforms that are relevant Twitter: Their strategy on Twitter is poor, for their business and relationship strategy? there are about a page of Tweets between Uploaded Videos: 87 videos divided May and November. If they want to be in 11 topics, 92 subscriptions and 11,281 relevant to their customers they need to video views. Tweet more often in order to be more Users brand responded to: visible. UBS Athletics: Although there are few posts 2. Dialog/customer engagement How active are the users?: by users who ‘like’ UBS both posting on their management page were responded to with in a day. USB Athletics: 43 people are talking about How many users the brand has contacted UBS Athletics. through social media? Does the brand have UBS Careers: Going through their Facebook a visible strategy for stimulating participation page there was not any brand user UBS Careers: UBS Careers have the most and customer engagement? How active are interaction. active users, this can be said because 83 the users? people are “talking about” UBS Careers. 11
  12. 12. 465 Twitter: UBS users are the least active service/product improvements within a co- via Twitter. This could be so because creation perspective? Does the company the topics are not as interesting as UBS has deactivated the possibility communicate what contributions they are going athletics and careers. They mainly to comment videos. It seems that UBS does to use and reward co-production efforts? Tweet about what is going on in their not want to simulate or manage interaction In case of UBS, social media is more for company. with their clients. letting the followers know the news about the company and the sports events they 3. Sentiment/advocacy 4. Support/value are sponsoring. There is not any major management Does the brand offer free and valuable content to interaction between the company and What percentage of users is positive or even customers? Does the company offer help through customers nor any collaboration. enthusiastic about the brand and spread social media? What percentage of users received positive word-of-mouth compared to the any kind of information, reply or service (e.g. 6. Leadership percentage of users who are negative about customer care) through answers, comments or Are brand stories appreciate and shared by the brand? Does the brand have a visible posts from the company? people in social media? Does the brand actively strategy for stimulating positive comments? participate to conversations, giving leads for Do they visibly support positive word of new directions and discussions? Are there link On their page UBS Careers they post back to brand sites and conversations posted mouth? Do they manage negative conversations, when it seems that a reply or about events, career opportunities and useful by advocates? Is the brand connected to comment is needed? tips for applications. There are not many relevant influencers (e.g. bloggers) in social comments or questions but they tend to media? How trustworthy, honest, transparent answer when there are. and authoritative is the brand communication UBS has different official pages perceived by people who report their but a low interaction with the users. Only impressions in social media conversations? few comments are posted mostly not UBS careers is trying to build some contact about the brand rather commenting the Followers are not taken into with posts like the following: “A couple of topic of the post. The company has no consideration therefore no support is offered weeks ago Formula 1 legend David on this platform. visible strategy to stimulate positive Coulthard addressed more than 100 word-of-mouth and rarely interact undergraduates at a campus networking namely answer questions. event organized by UBS for the 2012 UBS offers information about the FORMULA 1 SINGTEL SINGAPORE internship possibilities, but they post mainly GRAND PRIX“. He gave his advice about videos about advertising campaigns and their career success based on six key points. The most re-tweets are events. They disabled commenting on the Overall, UBS Careers is responding to the responding to financial issues and not videos posted by UBS therefore there is no questions and giving useful links to solve the bank itself or their brand. UBS has a direct participation from the customers. the specific problems people have, which poor strategy on Twitter and no visible 5. Innovation are usually related to some workshop, strategy to simulate conversations. Does the company ask for collaboration? What event, etc. percentage of users proposed new ideas for 7. Linking value/community products, solutions to problems, or Has the brand become a social connector? 12
  13. 13. 78 What is the percentage of users who connect/relate to their peers using the brand-related social media spaces. Does the brand directly manage proprietary brand Overall Evaluation for UBS communities in social media or actively support independent brand communities? UBS does not act as a social connector 18 in social media. They are really not creating a community – seems that their 16 goal is more to “exist” in social media 14 more than to involve their customers in 12 some discussions or use their 10 customers to get some new and 8 innovative ideas. 6 Youtube 4 Twitter Observations 2 Facebook 0 The social presence of UBS can be graded as overall positive – they are existing on major social media sites as Facebook, Twitter and YouTube, keeping their customers updated with news about the finance sector and their business. They are also letting their fans know which sports events they are supporting and calling people to know more about them. The overall dialog UBS Facebook Twitter YouTube Total building is pretty low – there is not much Average of a conversation between the company Dialog/customer 4 3 3 3.3 and the followers and they are not using engagement management their customers to collect new innovative Sentiment/advocacy 6 2 2 3.3 ideas or involve them in creating new Support 7 3 3 4.3 products. Innovation 5 5 5 5.0 Leadership 5 5 6 5.3 Community 5 5 5 5.0 Total Average 5.3 3.8 4.0 4.4 13 Grading scale: 1 = the worst; 10 = the best
  14. 14. 21 Julius Baer Julius Baer, established in 1890, is a leading premium holding its Swiss heritage, basing their services upon trustworthiness, accountability, discretion and expertise. Their Swiss Private banking group. The company has over 40 business model is highly client focused with the aim of locations in 20 countries and employs over 3,600 staff. creating long-term relationships with sophisticated clients Headquartered in Zurich, Julius Baer is focused on private around the world. (Julius Baer, 2012) (Wiki, 2012) clients, family offices and external asset managers assisting them with wealth management, investment consultancy and advice. Julius Baer is a forward-looking company while still 14
  15. 15. 132 No official Facebook page - 166 likes The interaction of Julius Baer and on a page connected to Wikipedia. therefore the user’s participation is very little on YouTube. No positive or negative comments about the brand were made. Julius Baer has not encouraged their No Twitter account. clients to participate on the channel yet. 4. Support/value Does the brand offer free and valuable content Uploaded videos: 14, 22 to customers? Does the company offer help subscriptions, 5.669 video views. through social media? What percentage of users received any kind of information, reply or 3. Sentiment/advocacy management service (e.g. customer care) through answers, What percentage of users is positive or even comments or posts from the company? enthusiastic about the brand and spread positive word-of-mouth compared to the percentage of Julius Baer users who are negative about the brand? Does the brand have a visible strategy for stimulating There is only one page about Julius Baer, however it is not created by positive comments? Do they visibly support positive word of mouth? Do they manage negative the bank, but it is a text of Wikipedia, conversations, when it seems that a reply or therefore customer support is not available. 1. Social presence comment is needed? Number of relevant platforms/channels in which the brand is present. Is the brand present in all the platforms that are relevant Julius Baer has no official Facebook Julius Bar does not own a Twitter for their business and relationship strategy? page. The company seems not to be profile and following their recent updates is interested in this social media channel or not possible, therefore no support is offered rather to support positive word-of-mouth. by the Bank. ...Podcasts Since Julius Baer has no Twitter On Julius Baer’s YouTube channel 2. Dialog/customer engagement only two user comments were made, one account neither enthusiastic nor negative management comment was about the video and the comments about the brand are possible to How many users the brand has contacted other one was a question that was not through social media? Does the brand have spread. answered. a visible strategy for stimulating participation and customer engagement? How active are 15 users? the
  16. 16. 45 5. Innovation the brand directly manage proprietary brand Does the company ask for collaboration? communities in social media or actively support What percentage of users proposed new independent brand communities? ideas for products, solutions to problems, or Julius Baer does not act as a social service/product improvements within a co- connector in social media. They are not really creation perspective? Does the company creating a community especially since the communicate what contributions they are social media presence of the bank is very going to use and reward co-production low. In order to involve their customers in efforts? some discussions or use their customers to Julius Baer is not innovative regarding get some new and innovative ideas Julius social media presence since the bank is Baer should first increase their social media only present on YouTube. It doesn’t channels. seem that Julius Baer is interested in an interaction with their customers and therefore no innovations could be found. Observations 6. Leadership Are brand stories appreciate and shared by The social media presence of Julius Baer is people in social media? Does the brand very poor and limited to few channels. actively participate to conversations, giving Therefore, the overall grade is negative or leads for new directions and discussions? rather insufficient. The little channels used Are there link back to brand sites and are not run in an active way and the Bank conversations posted by advocates? Is the does not seem to have an active strategy to brand connected to relevant influencers (e.g. bloggers) in social media? How engage their customers in conversations or trustworthy, honest, transparent and discussions. There is to say that Julius Baer authoritative is the brand communication has no innovations in this field. The only perceived by people who report their social media channel they are performing well impressions in social media conversations? is LinkedIn but there is no interaction As already mentioned many times, between the users possible. In addition, some Julius Baer is not very active on social selected information are stored in a password media and therefore the bank is not protected area on their website. perceived as a leader in terms of actively participate in branding. 7. Linking value/community Has the brand become a social connector? What is the percentage of users who connect/relate to their peers using the brand-related social media spaces. Does 16
  17. 17. Overall Evaluation for Julius Baer 9 8 7 6 5 4 3 Youtube 2 Twitter 1 Facebook 0 Julius Bar Facebook Twitter YouTube Total Average Dialog/customer engagement 1 1 1 1.0 management Sentiment/advocacy 1 1 2 1.3 Support 1 1 2 1.3 Innovation 1 1 5 2.3 Leadership 2 1 5 2.7 Community 1 1 5 2.3 Total Average 1.2 1.0 3.3 1.817 Grading scale: 1 = the worst; 10 = the best
  18. 18. 21 Conclusion Overall very telling information about Credit order for Julius Baer to be considered Suisse, UBS and Julius Baer was found when competitive it would be wise of them to it comes to their social media presence and invest in the world of social media as Credit engagement. As mentioned above, Credit Suisse and UBS have done. Financial Suisse is performing the most efficiently and Sector effectively in compared with its competitors. The main reason for this is their engagement tactics especially on Facebook; by attracting tennis/sports and sustainable communities Credit Suisse is strategically setting themselves apart in order to gain brand recognition. Although UBS does have a social media presence their customer engagement on social media is low. In order for UBS to improve their level of interaction they must come up with a strategy that will attract their customers based on common interests. Finally, Julius Baer has a very poor and almost a non-existent social media presence. There is a Facebook page dedicated to them, but via Wikipedia, which is not considered a website that they update. In 18
  19. 19. Appendix How sociable19
  20. 20. Appendix Credit Suisse UBS Julius Baer Social Mention20
  21. 21. Università della Svizzera italianaVia Giuseppe Buffi 13CH – 6900 Luganowww.usi.ch

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