Expanding the use of digital marketing at ING Wholesale Banking, Germany (“ING Wholesale Germany”)
Although ING-Group and particularly its German subsidiary ING-DiBa AG (“DiBa”), the retail and direct bank division of ING-Group, have been pioneers in terms of an effective usage of digital marketing, the knowledge and the efforts of its commercial banking division, ING Wholesale Germany (my employer), are still in its infancy. With ING Wholesale Germany’s initial focus on multinational corporations, they didn’t see the need to put a lot of efforts on marketing activities in the commercial banking area, least of all to put particular emphasis on digital media. After the financial crises this worked well for a while as commercial banks could sell their services mainly through providing enough
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Through a business platform like “XING” in Europe, they could initiate and lead working groups related to finance topics, such as Supply Chain Finance or Securitization. ING Wholesale Germany should carefully listen to the conversations as this allows on the one hand to gain further insights into the clients’ needs and on the other hand to show and build up expertise in these areas. ING Wholesale Germany would become much more visible. Also, when looking at social networks, such as Facebook, some commercial banking sites of ING Group (e.g. ING Wholesale India) are working with Facebook profiles, while other countries, such as the ING Wholesale Germany (ING’s most important growth country in the commercial banking division) don’t use this medium at all. In a multinational environment with corporate clients operating all over the world, a homogeneous presence in the social media is important. In other words, an ING corporate client should be able to find ING Wholesale Germany on Facebook if he is able to find ING Mumbai
Wells Fargo has developed an advanced social media strategy that is handled by the Social Media group within the Marketing Department of Wells Fargo (Wells Fargo Bank, 2014). As of 2014 this team is handling eight blogs, four Twitter accounts, two Facebook pages, two LinkedIn pages and a YouTube channel (Gustke, 2014). YouTube is a video delivery page, Facebook is a complex social media site that allows members to build up communities of ‘friends’ that share commentary, Twitter is similar to Facebook but with a limited amount of characters to each online posting it streamlines the concept of social media, and LinkedIn is a...
Corporate identity is among the top priorities, no matter whether the business is a small scale or lists in the elite echelon. Having profile pages on different platforms including Facebook, LinkedIn, and Twitter helps the businesses to stay connected with the existing customers. The best aspect of social media is that it gives an opportunity of direct engagement with the clients. With Facebook having around 1.2 billion members and Twitter having 250 million active users monthly, it is obviously the best channel for startups to raise awareness about their products, create connection and engaging with customers to drive revenues (Benwell, 2014).
Before social media, people accessed the internet mainly to check their e-mails; they were physically social by meeting other people personally to communicate. Businesses were focused on using traditional mediums, such as TV, print, etc. to advertise their product and services. Nowadays, people have become virtually social; social media have made it easy for more meetings to be conducted through social networking rather than just meeting face-to-face. More and more businesses are investing a considerable amount of time and money to understand the use of social media and how it can benefit them.
Although ING-Group and particularly its German subsidiary ING-DiBa AG (“DiBa”), the retail (and direct) bank of ING-Group, have been pioneers in terms of effective usage of digital marketing, the knowledge and the efforts of its sister company “ING Bank”, the German commercial bank (my employer), are still in its infancy. With ING Bank’s initial focus on multinational corporates, they didn’t see the need to put a lot of efforts on marketing activities in the commercial banking area, least of all to put particular emphasis on digital media. After the financial crises this worked well for a while as commercial banks could sell their services mainly through providing enough balance sheet commitment, i.e. providing corporate loans to clients. Nowadays, where liquidity is much easier to get on the capital markets and where particularly German banks have tons of liquidity, this criteria becomes less important as lending becomes more a commodity type product. Thus, competition increases, margins are shrinking continuously and it becomes much
A business has to be social in the virtual world. Facebook, Twitter or YouTube are just some of the social media where a business can post information and be a part of conversation with customers. Social media builds connections, trust and credibility. It’s a place where businesses can engage their clients, share its knowledge, make customers feel appreciated and help solving their problems. Social media not only promotes a business and its reputation, but
Social media start as a very personal tool for users to communicate with their friends and closely related people. Soon after, business area have also take the advantage of this innovative way of exchanging information.
In today’s business the final consumer is often referred to as the crucial part as they decide what to purchase and companies act accordingly. That’s why even manufactur-ers more and more try to steer and guide consumers – they are a key for (future) suc-cess since controlling the consumer means controlling the entire chain of distribution.
Social networks are living their big explosion and organizations can not remain outside it. Improve positioning, branding, business communication, creativity, participation, knowledge management. Multiple business processes can be benefited through use. Sites like Facebook and Orkut, with over 300 million users, 210 MySpace, Hi5, Twitter, Tuenti, with respectively more than 80, 50 or 40, surely they are already
Today’s leader must learn to manage and use social networks as a communication tool with customers and suppliers, and convey the importance of these new technologies to their partners, and to promote innovation processes within the company, which in times of globalization is essential, due to the large number of companies that are on the market. This requires organizations to always be at the forefront, offering the latest in products and services.
This situation analysis focuses on the suitability of Marks and Spencer in Holland and the necessary factors the company has to take into account before venturing into this market. The market has several advantages which Marks and Spencer can tap into going by the level of success it has experienced in the UK. The company can focus on developing a clothing product line that appeals to young, urbane and career individuals who are not afraid to try out new concepts. These products can be for both sexes with special focus being given to individuals of the ages 15 to 50 of both genders who are conscious of how they look and how people perceive them through their manner of dressing. The majority of the country’s population are aged 25- 65 (Knijn, T., & Rijken, A., 2003, pp. 3-4).
Among the billions of social media users, there is a percentage dedicated to businesses who use social media as part of their marketing strategy. The sheer number of people who use services like Facebook and Instagram on a daily
Entrepreneurs use the service differentiation strategy to offer exceptional service better than other competitors, in order to obtain an improvement of customer satisfaction. Chenet et al. (2010) found that service quality had an impact on trust, differentiation and good relationship outcomes. Moreover, service differentiation has an important impact on a business in respect of service quality, trust and client commitment towards the firm. Social media can be used as a technology of business to deliver excellent service to customers. For example, social media, such as Twitter, is a channel where customers expect quick responses. As a result, businesses dedicate full-time employees to the service job of responding to customers and potential customers on Twitter. Fogg and Iizawa (2008) presented the argument that businesses use the Facebook service to persuade users to take quick action with comments. Importantly, Kandampully (2002) proposed that businesses interact with their customers and business partners using technology to provide services instantaneously across international borders. Based on the above discussion, the following hypotheses are
In 2016, the value of Internet retailing improved to 84% (Euromonitor International, 2016). Thus, online marketing became vital to businesses to promote their products. In respond to that, market players continuously promote their products through social media such as Facebook and Instagram. Businesses improve their customer relationship management as these platforms provide a swift and convenient 2-way interaction (Euromonitor International,
At one of our quarterly All Hands meetings, the president of our division discussed how growing the market share was critically important in the digital banking space. The key goal is to continue to lead this space in the future, but doing so becomes increasingly more challenging as new market competitors try to steal share. To keep ahead, we need to always bring our “A” game to the market. To create blue ocean strategies would require innovation, customer engagement, and out of the box thinking. We have to consider buyer utility, pricing, cost, and adoption. To do this would require us to be strategic about how we design, build and price our products. Even the way the business manages the different consumer segments is important. There is differentiation of the needs of different types of financial institutions. The customer centered brand management strategy we discussed in class is very useful to this type of organization. How we market to large national banks should be different than how we market to small town banks. Generally, small banks do not have the technology budget to invest in large scale digital channel solutions. Many companies decided to have different brands for their different customer segments. We discussed how this works successfully for car companies. For Digital Channels,
Secondly, the social media has made it easier for businesses and business people such as bankers, business owners, brands, and even celebrities to communicate faster and to get things accomplished. Through social media interaction networks such as Twitter, Instagram, What...