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An Introduction to Digital Marketing for financial institutions


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A strategic view of why a Financial institution needs to invest in Digital Marketing.

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An Introduction to Digital Marketing for financial institutions

  1. 1. Digital Marketing for Financial Institutions A Strategic view By John Birungi Babirukamu
  2. 2. Who is John? • Currently Digital Communications Manager (MTN Uganda) • Work Experience  Worked with brands like Stanbic Uganda, Shell/Vivo Energy Uganda, NBS Television, Eskom Uganda, Sheraton Hotel Kampala, NSSF, New Times Rwanda and a myriad of NGO’s.  12 Years experience developing web-based business solutions, 7 years in Digital media, 1 years experience in an Agency. • Specialty: Systems Analysis, digital strategy & analytics. • Born again Christian, 33 Years old, loves innovation, traveling, and mentoring the next Digital marketers.
  3. 3. INTRODUCTION TO DIGITAL MEDIA Session 1 (60 Mins)
  4. 4. What is Digital Media? What is Digital Marketing? Digital marketing encompasses the strategy and processes of connecting with audiences across digital channels. What are the digital channels? • Internet (Publications, Advertising, Search) • Social Media • Mobile phones (SMS, Apps, IVR, CallerTunez) • Email (Newsletters, Surveys, customer care) • Electronic Billboards Plain English: Getting found online
  5. 5. Social Media: Why get on board?
  6. 6. Key Components of Digital Media Company Website Digital PR Content Marketing Email Marketing Digital Banking Online Influencers SEO SEM Blogs Social Media Display Ads
  7. 7. Commonly Used Social Media Platforms  Facebook: Varied Content  Twitter: Varied Content  Google +: Varied Content  Instagram: Pictures & Video  LinkedIn: Proffessionals  Wikipedia: online encyclopedia  Snapchat: Short Video  WhatsApp: Varied Content  YouTube: Video  Skype: Video Conferencing  EventBrite: Events  Swarm: Location Broadcasting & Checkin
  8. 8. Facebook Twitter Instagram LinkedIn YouTube Snapchat WhatsApp Primary audience All, but dominated by 18-24 yr olds Young Adults, dominated by corporates Youth, Female dominated. Corporates, Business owners, job seekers All Gen Z, female dominated All Good for what Text, Photos, Products, Videos, Links News, trends & Updates, Links to info Photos, videos & livestreams News, Jobs, Thought Leadership, Testimonials, professional discourse Video archives & Livestreams Moments in Video & Photos Text, Photos, short videos, Links, documents, discussions Best for what Ecommerce, Brand Loyalty PR, News & Events Clothing, Beauty, retail, concerts, Food & Art sales Job listings, Staff profiles, B2B Sales & Retargeting How to Videos Events, Promos CEX, promos, managing teams
  9. 9. Who is on digital? • 21m + mobile connections • 14.9m internet connections • 3.9m smart phone users. • 5m users of Social Media • 3.2m use Facebook • 2.4m use WhatsApp. • 70% of usage in Uganda is accessed by Mobile devices. • 85% of users are in the greater Kampala Area. (Kampala, Mukono, Mpigi, Wakiso) • 65%- 85% of users are male, varying across channels. • 1-in-5 internet users in Uganda are on Facebook. Figures showing Ugandans on Facebook. (Data provided by Facebook) Age Male Female Totals 13-17 245,000 175,000 420,000 18-24 700,000 500,000 1,200,000 25-35 720,000 400,000 1,120,000 35-50 200,000 90,000 290,000 +50 90,000 60,000 150,000 1,955,000 1,225,000 3,180,000
  10. 10. Benefits Vs. Risk Is it worth it, getting on Social media? Benefits • Increased Brand Awareness. • Increases Inbound Traffic for your website. • Improved Search Engine Rankings • Higher Conversion Rates • Better Customer Satisfaction – One on one Interaction • Improved Brand Loyalty • Increased Brand Authority • Cost-Effective
  11. 11. Benefits Vs. Risk Is it worth it, getting on Social media? Benefits • Gives Marketplace Insights • A platform for Thought Leadership
  12. 12. Benefits Vs. Risk Is it worth it, getting on Social media? Risk • Potential for human error. • Potential for reputation damage with the wrong communications. • Risk of flaunting compliance rules. • Leaking information to competition • Cost of hiring the right people & cost of training. • Risk of data theft. (Cambridge Analytica) • Risk of being left behind
  13. 13. DIGITAL MARKETING FOR YOUR BANK Session 2 (30 Min)
  14. 14. Setting your Goals Vision Company Goals Marketing & CEX objectives & targets Digital objectives & KPI’s Metric & Measurements
  15. 15. Setting S.M.A.R.T. Goals
  16. 16. The Herdsman Analogy • Ranch – Your Company Page • Cows – Followers • Bulls - Influencers • Grass – Content • Milk/Beef – Engagement/Sales
  17. 17. Key goals for every company • Stick to digital channels that work. • Create a customer journey map. • Audit your content regularly. • Audit your website regularly.
  18. 18. Digital ROI How does digital affect the bottom line? Commercial •Efficient advertising •Traffic for Digital Banking •Lead Generation Customer care •Extra channel for CEX •Easy Escalation •Turning Customers in ambassadors Awareness •Product awareness •Brand awareness •SEM Optimization for the website. Customer Insights •Analytics showing customer behavior. •CRM Integration •Quick & Easy Customer insights & Polls. Reducing costs of analysis
  19. 19. B2C Approach Charles - CEO Energy Company • Reads online financial publications & uses LinkedIn & Twitter. • Interested in Financing for expansion of his company • Targeted through Bloomberg with Display Ads, Twitter posts & LinkedIn articles on Oil & Gas. STELLA – MD’S PA Kappa Insurance • Is often assigned research jobs by her boss. • Uses Facebook, Twitter & Instagram. • Interesting in a mortgage for herself & Working capital for her boss • Targeted through Facebook, Twitter & Instagram BARBARA - Owner Barbie’s Fashions • Uses Facebook & Instagram to market her products. • Uses Twitter to keep up with trends & news • Needs financing for her company. • Considering a mortgage. • Targeted via Facebook, Twitter & Instagram ads. NICHOLAS – 3rd Yr student Makerere University • Native Social media user on Facebook, Twitter, LinkedIn, Instagram. • Looking for a job or internship. • Targeted through Facebook, Twitter, Instagram & LinkedIn Articles Bank Website • Equity & Money Markets • Oil & Gas • Asset Financing • Infrastructure Financing • Asset Financing • Working Capital Loans • Lines of Credit • Home Loans • Asset Financing • Home Loans • Commercial Mortgage • Business Loans • U-savers account • SavePlus • Internship/Employment
  20. 20. B2B Approach Account Based Marketing
  21. 21. Digital Customer Experience
  22. 22. Ideal digital team structure for a bank Marketing & PR Head Digital Media Manager Digital Agency Social Media Assistant • Digital media manager – Overall digital strategy & tactics from marketing strategy – Innovation – Reporting & analysis. • Social media Assistant – Content on all digital channels. • Agency – Go-to-Market strategies – Digital creative – Local website advertising.
  23. 23. ADVERTISING, REPORTING & RESEARCH Session 3 (30 Min)
  24. 24. Digital advertising $0.25 $0.42 $2.00 $12.96 $166.67 $222.22 $- $50.00 $100.00 $150.00 $200.00 $250.00 Facebook New Vision Website Google Ads Billboard Magazine Newspaper Cost to reach 1000 people
  25. 25. Digital advertising • Much Cheaper than traditional advertising • Can be targeted by demographics, or Customer database. • No rate card, ads according to your budget. • Limited to usage of the platform. • Influencer marketing has proved to be cheaper than Twitter advertising.
  26. 26. Reporting & Analysis For strategic & tactical decision makers KPI’s to monitor • Lead converted from digital marketing. • Engagement • Sentiment • Reach & impressions • People Talking about you. • Competitive Analysis • Spend Analysis
  27. 27. Research through digital channels Quick and easy surveys • Digital channels provide for quick Surveys, keeping customer anonymity after answers are given. • Complex market research can be done with premium tools like Survey monkey. • Instant preliminary results
  28. 28. PERSONAL DIGITAL BRANDING Session 4 (30 Min)
  29. 29. Personal branding on digital Passion and purpose Random mutterings online show lack of focus. Make sure you have your direction and purpose clear as possible.
  30. 30. Personal branding on digital Digital platform Find a platform you are comfortable with, but ensure it is appropriate for the content you wish to create.
  31. 31. Personal branding on digital Social proof • Building trust online is vital to position yourself as one worthy of reading, following and sharing. This will take time. • Online “social proof” is where you display your evidence of achievements.
  32. 32. Personal branding on digital Network Business networking is both an online and offline initiative. It starts with weak ties. These can be quick bite size connections on Twitter, Facebook & LinkedIn.
  33. 33. PRACTICAL SESSION Session 5 (60 Min)