Banks in India have jumped on to the social media bandwagon and are hosting contests, tweeting and posting updates on Facebook
Indian Banks too have jumped on to the social media bandwagon, and have begun hosting contests, tweeting and updating their pages on Facebook to engage with audiences. ICICI bank has been very active on social media platforms, and we will be focusing on their ICICI Bank Fan of the Month, which is only one of the examples of the good work that we have seen from them.
The search for the ICICI Bank Fan of the Month is on this year. This sees a return of last year’s event where the winner was awarded with a gift voucher worth Rs. 10,000/- from MakeMyTrip, which could be redeemed on return domestic flights across any sector, where the value of the ticket was less than or equal to the prize amount of Rs.10,000. This year, the contest asks fans to write a 30 word caption on why they like ICICI Bank.
The ICICI Bank Fan of the Month App is a neat Facebook app hosted on the bank’s Facebook page. Users have to like the page and enter the contest by clicking on the button saying “I agree to the terms and conditions.” Next up, they simply need to state in 30 words why they like ICICI Bank, to enter the contest that could win them a new phone. It is as simple as that.
The contest is simple and does not involve taking a quiz or answering several questions. The contest serves a double purpose, as it also enables the bank to understand the public perception about them through the answers collected. This is a strong factor in providing key insights into customer perceptions about the overall brand image.
Scope for Improvement
While the contest is simple enough, there is nothing terribly exciting about it. There are many innovative ways that Facebook pages try to get likes from visitors, but this app comes across as a means to only get more likes. Asking someone to like the ICICI Facebook page just so that they can participate in the Fan Of the Month contest does not seem like a very savvy or classy thing to do.
Another major drawback of this contest, is that there are no proper details about the prize. The prize is a new phone, but it would help to know which phone.
ICICI bank is one of the banks that is using social media to market and promote its services and offerings with vigor and enthusiasm. It uses Facebook, Twitter and YouTube to boost the brand and power its social media strategy. The Fan of the Month App, while being simple and easy, could perhaps have been developed further and positioned with greater creativity.