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Facebook Commerce and Marketing Analysis

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If KBC Ireland chose to become more aggressive as an online retail bank and in person commercial bank Facebook would become an important place to target consumers online. 25% of all online ad …

If KBC Ireland chose to become more aggressive as an online retail bank and in person commercial bank Facebook would become an important place to target consumers online. 25% of all online ad impressions for the top fifty American firms spending online was via Facebook. the first mover will get some good digital earned media for doing so if done creatively. This is a bigger challenge for a primarily Commercial Bank much more so than a retail consumer bank.

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  • 1. Facebook Commerce Operations Analysis: KBC BankIrelandJames DellingerDublin City UniversityM. Sc. Electronic Commerce (Business)November 2011KBC Bank Ireland plc is a bank in Ireland with offices in Dublin, Cork, Galway andBelfast. It is a wholly owned by its corporate parent KBC Bank of Belgium.Its primary address is in the Dublin IFSC district.KBC Bank Ireland plcSandwith Street, Dublin 2Their primary products are banking. This includes services and products like, mortgages,savings accounts business credit, Capital Market, and loan syndication.KBC Bank Ireland primary address is http://www.kbc.ie/ No link to its Facebook page isavailable from it, however a link to fairly active Linkedin presence is on the footer ofeach page.KBC Bank Facebook URLshttps://www.facebook.com/pages/KBC-Bank-Ireland/103102646396034 Irelandhttps://www.facebook.com/pages/KBC-Bank-NV/111918285493923 Belgiumhttps://www.facebook.com/pages/KBC-Bank/105496269487867https://www.facebook.com/KBCBankEnVerzekering?sk=info
  • 2. Facebook Presence EvaluationAll the above KBC Bank Facebook pages seem to be placeholder signpost pages withzero content updates no dialog and minimal engagement with its very few ‘likes’ exceptfor one KBC Bank & Verzekering. There are only 31 likes for the KBC Bank Irelandpage and the author of this is one of them.Market AnalysisNo bank in Ireland is currently leveraging Facebook well for business purposes. No“official” corporate Bank of Ireland page even exists on Facebook, but a few non-corporate branch level pages do exist. Allied Irish Bank has about the same presence asKBC as does National Irish Bank. This is not entirely an Irish phenomenon as researchunveiled HSBC, Goldman Sachs, and Sun Trust Banks all have similar signpostFacebook presences like KBC. Later we will look at a few bank pages that utilizeFacebook well. This means whoever is the first mover will get some good digital earned media for doingso if done creatively. This is a bigger challenge for a primarily Commercial Bank more sothan a retail consumer bank. However, if KBC Ireland chose to become more aggressiveas an online retail bank and in person commercial bank Facebook would become animportant place to target consumers online. 25% of all online ad impressions for the topfifty American firms spending online was via Facebook. (WSJ, 2011) Green CrestCapital also has some longer-term projects and the spending direction is way up inpercentage and absolute terms. (Green Crest Capital, 2011)Sept. 2011 Add impressions online and Facebook ads as a percentage. (WSJ.com 2011)
  • 3. Projected Facebook ad spending growth(eMarketer data via WSJ.com, 2011)Why mention these facts? Advertising is a key component in the early days of a newlyactive dialoging (not a flat un-interactive web 1.0 signpost page) page in order to bringthe audience of likes up high enough for a critical mass to begin some form ofconversation. Banks can do Facebook well and there are very negative consequences fornot doing it all, because customers if angered will be. Observe, “I hate TD Bank.” SinceFacebook is a strong domain this is in search engine returns for a good time to come.When they should have offered some customer support via Facebook to resolve issues ofirate customers. Otherwise consumers are free to use social media against your company.(Torres, 2011)
  • 4. Current Facebook Marketing FootingKBC Bank does not use its Facebook pages for sales development, customer service, andcontests in any capacity. No evidence could be found in regards to use of Facebook ads tomarket either its pages or its services.The bank’s Facebook page strength is that it has an open canvas to explore ways to createnew interaction with potential customers, brand promotion, and job recruits. The primaryweakness of KBC Bank’s Facebook page is the lack of interactivity. Secondly theinformation on it is from Wikipedia and not official bank information. For example itsays it is a “non-retail bank,” which is primarily true as it does not have many branches inIreland like say Allied Irish Bank or Bank of Ireland, but it does offer some consumerproducts like savings and mortgages, which are not even mentioned on the Facebookpage.KBC Banks Facebook page is visibility on web via Google search and other searchengines but only on the second page of search engine results or via Facebook search.Proposed Future KBC Bank Facebook Strategy - New Facebook page design find a leader’s page doing well and adapt it your companies cultureStudy Wells Fargo. They have an active Facebook community. They have a wellestablish corporate online tone of voice. It’s not the biggest bank page in terms of likes,but it’s arguably among the most genuine. It’s not just about push marketing, asking
  • 5. consumers and potential employees or business that might have a future relationship withyour important questions is key. Create conversation around your products. Havedifferent sections that you are proud of about your company and of course have a sectionfor jobs. Potential employees can apply for a job via Wells Fargo’s Facebook page. Iwould also suggest JPMorgan and Citibank as representing excellent leveraged Facebookmarketing operations for retail banks. These two have also been in the top twenty-fivecompanies spending advertising dollars on Facebook so some of their strength comesfrom this large spend.A link and button to your Facebook from the Bank homepage next to the Linkedin buttonis a must. It will confer much legitimacy to your Facebook page and allow access to thevirtuous circle of backlinks. Further and lastly links to all product pages must be madefrom your Facebook page.Study the KBC Bank & Verzekering page that is doing some interesting integratedmarketing campaigns with Facebook 4 (traders, 2011). Equipped with fourteen thousandliking fans and heavy interaction. Contact them and talk with them adapting their app forbusiness accounts with KBC Bank Ireland and the Facebook. No need to reinvent thesource code. - Unleash the power of social ads.Create a Facebook advertising campaign use Geotargeting and other Facebook socialTargeting parameters target a very specific audience. Don’t forget to have a marketingbudget for your new conversation tool. The fact that these social adverts allow you theability to target specific groups of real people and not just topics or websites like withGoogle AdWords or Display ads is a key reason advertising dollars are moving intoFacebook quickly. Facebook advertisements do not have the mass of Adwords or Displaycampaigns but they have a higher targeting quality. (Edelman 2010) The advertisementsshow up in the right sidebar in every inside page (there is no homepage advertising.)
  • 6. Running three different simultaneous campaigns would really boost the numbers of likesand interaction measurable on your page, but make sure it is directed at residents ofIreland and Northern Ireland or if you want to get fancy geo-target a specific number ofmiles from the 4 cities your offices are located.Example of Facebook advertising targeting: The first campaign would be targeted at other financial professionals, business ownersbased on the users self described interests and work as well and others who may be inleadership or near leadership in SMEs in need of your commercial services and products.This is primarily a branding campaign that may lead to sales leads.The second campaign would be targeting more retail buyers of mortgages and savingsaccounts. This campaign would have a bit wider net going after those looking formortgages and savers. Leverage this spot to capture customers. (Dorf, 2011) This is aconversion campaign and may require enticements.The third campaign would be targeting prospective employees and directing them to thenew “opportunities for employment” sub-page on Facebook. This is primarily a recruitingportal, but will really also aid in getting the page ‘likes’ up to a level that can sustaindialog and conversation and give HR more resumes to filter through.Finally, be wary of doing competitions or contests earl going, as there are allot of newterms of services rules in running contests. They should, however be a part of a phase twouse of your new page to draw in new savers and mortgages. I am sure financial rulesapply here is a well that must be address upfront. This would also be when you explorethird party apps integration that can aid your campaigns and grow your community. Butremember your new Facebook campaigning needs to be integrated into your overallmarketing strategy and structure. - Define and measure your success and test for success Use industry driven metrics systems to provide data and corporate desired to define goals before you begin. Your campaign will fail if you are to ambitious of whatUsing Facebook Insights for campaigning staffers to get a feel what works best and testoften and early and use weekly updates for explaining the campaign developments tothose who need to know how it is proceeding, but not daily details.
  • 7. Example of Facebook weekly emailed metrics for a personality page (same setup asbusiness or brand pages) I am still and admin for.Some metrics you could use to measure successful campaigns and Return On Investmentbeyond what interactions and demographics Facebook Insights can measure on yourFacebook page (Hoffman 2010). - Coded inlinks via url shorteners and trackers from Facebook to landing pages - Total traffic driven to your website from your Facebook page - Views of videos or downloads of apps or materials - Total Like count growthThen we have the trickier ones to measure but are still import. - Brand awareness within desired targeted segmentsThere are challenges to using Facebook for a commercial bank given the business –to-business core business model, however the benefits will outweigh the risks if sustainedeffort and interest is applied.
  • 8. Works CitedDorf, D. 2011. Using Facebook to Capture Customers. HSR Blog Network 28 Feburary.Available from: http://blogs.hbr.org/cs/2011/02/using_facebook_to_capture_cust.html[Online] [Accessed 11 December 2011]Edelman, D. 2010. Branding in the Digital Age You’re Spending Your Money in All the WrongPlaces Harvard Business Review.Green Crest Capital, 2011. Facebook’s Future: F-Commerce [Online] Available from:http://www.scribd.com/doc/55851774/Green-Crest-Capital-Facebook-Executive-[Accessed 11 December 2011]Hoffman, D. Marek Fodor, M. 2010. Can You Measure the ROI of Your Social MediaMarketing?" MIT Sloan Management Review Vol. 52 No.1Steel, E., Fowler, G. 2011. Big Brands Like Facebook, But They Dont Like to Pay. TheWallstreet Journal. [Online]http://online.wsj.com/article/SB10001424052970204294504576613232804554362.html[Accessed 11 December 2011]Steel, E., Fowler, G. 2011. Big Brands Like Facebook, But They Dont Like to Pay. TheWallstreet Journal. [Online]http://online.wsj.com/article/SB10001424052970204294504576613232804554362.html#project%3DLIKE20111024 [Accessed 11 December 2011]4traders, 2011. KBC : launches a new generation Mobile Banking app [Online] Available from:http://www.4-traders.com/KBC-5967/news/KBC-launches-a-new-generation-Mobile-Banking-app-13802460/ [Accessed 11 December 2011]Torres, J. 2011. Social media crisis training mandatory. Social Media Banking 31 October.[Online] Available from: http://socialmediabanking.blogspot.com/2011/10/social-media-crisis-training-mandatory.html [Accessed 11 December 2011]Facebook, 2011. I Hate TD Bank [Online] Available from:https://www.facebook.com/pages/I-Hate-TD-Bank/241426749656 [Accessed 11 December 2011]