Use of Social Media in Modern Day Organizations
Question:
Discuss about the Social Media and Business Communication for Advancement.
In this age of the technological advancement, the use of the social media platforms has been regarded as a very significant aspect. The social media platforms have become the main sources for the organizations to make the communication with their customers. In the modern era, most of the people are addicted to use the social media platforms because they get much information from it. They like to stay connected with one another because they can interchange the ideas and get acquainted with the needs of each other. Likewise, the business organizations also seek to know the needs of their customers and provide them with what they desire.
Thus the customer satisfaction will lead to the sustainability of the organization. This organizational sustainability is very important for the organizations to thrive. In this essay, the chosen organization is Commonwealth Bank. This organization has transformed its business operations in the last few years by the evolution of technology. They have been able to use the technological advancement for the betterment of their customer services. The Commonwealth Bank has used these social platforms for connecting with the customers for their benefits and profits in the business.
Thesis statement: Social media is taking the business communication to new heights for the Commonwealth Bank.
The use of the social media has been a very interesting fact in the modern day organizations. They want to build up strong corporate strategies that would cater to their development and expansion in many countries (Bruhn, Schoenmueller and Schäfer 2012). This is to say that the organizations always want to build up a strong customer base. This would help them to attain the competitive advantage. The chosen organization Commonwealth Bank has been very adept at using the social media platform to connect with their customers (Jussila, Kärkkäinen and Aramo-Immonen 2014). The customers can be informed about the business decisions of the bank whenever they take any major decisions regarding the customers (Laroche, Habibi and Richard 2013). This is why the Commonwealth Bank has been very much active in communicating with the customers in a faster method. They want to make their customers know about all their steps in the business arena in the business industry.
It has to be mentioned in this mix that Commonwealth Bank has been considered as a multinational bank based in Australia that has their branches in the countries like New Zealand, Fiji, U.S.A. and United Kingdom (Commbank.com.au 2018). This bank has the responsibility of providing the different services like finance, retail, institutional and business related banking, fund management, insurance and investment management and brokerage services. As they provide these different types of services to the customers they come up with several new offers for the customers as well. One of the best ways to let their customers know about these offers is the social media. At the beginning of their operations in the year 1912, they only took care about the savings and general banking services (Commbank.com.au 2018) This is why they began to expand their range of services in many ways. At this point of time, they have made around 800,000 shareholders and about 52,000 employees all around the world. They began the cloud banking services in their arena as well.
Commonwealth Bank: Mastering the Art of Customer Communication Through Social Media
The Commonwealth Bank has realized that it would be better for them to provide their services all over the world through the social media channels for different reasons. They have identified the issues that have been troubling them in order to connect with the customers. If they want to connect with bigger number of customers they just cannot simply follow the door to door approach. This will indeed be a time consuming way. They have to reach to the customers in a faster and cost-effective method. One must come to the conclusion that social media platform is indeed that way. It will be cost effective, less time consuming, beneficial and attractive as well. This is how they can get the attraction of the customers. This is the very reason as to why they can attend to the various problems of the customers and resolve the issues very fast.
Thus the managers of Commonwealth Bank have found it a very effective way to communicate with the customers. The traditional ways of business communication are very much costly so they want to make larger profits through utilizing the process of social media strategy in their operations effectively. They will need to make up for the losses in the best ways so they could invest the dollars in making better strategies indeed. This is why they want to have a strong presence in the social media and achieve the best results. The brand value of Commonwealth Bank has really increased after they have integrated their marketing strategies through the social media. They have identified some methods by which the brands can make a strong presence in the concerned industries.
The managers of Commonwealth Bank have addressed the fact they started with the target of being successful in the banking industry (Castronovo and Huang 2012). At first they began their journey by launching just one or two websites for the proper communication (Commbank.com.au 2018) They had dedicated about half an hour time on social media to post comments, updates, images or events for the various events they organize. These posts can be given during the peak times in the business operations for attracting the customers’ attention.
One of the most important steps in this scenario is define the customers and identify their needs and desires (Wang, Yu and Wei 2012). Social media has been used as the medium for connecting with the larger audience in the industry. These audiences can belong to any country or continents. This poses a good idea for the business expansion of Commonwealth Bank as well. They must have a clear idea about the current customers in their business (Commbank.com.au 2018)
Only then they would be able to justify their needs by taking into consideration their age, gender, common interests and their professions (Constantinides 2014). After that the organizations must be able to address the different issues the customers are facing at that moment. Commonwealth Bank determines to know about the problems of each of the customers and provide the solution by judging their situations (Erdo?mu? and Cicek 2012). This would help them to address the various issues in the best ways and find out the best alternatives. Thus they have delivered a good message to the target audience and have gathered a good response from them as well.
Expanding Globally
There are several kinds of social media networks in the modern era. They have to understand that different social media platforms have different target customers. This is why they will need to identify the different distribution channels of the social media networks (Tuten and Solomon 2017). Then only they can approach to those types of different social media networks that would help them to choose the best social media for the benefits. Then they can use those social media aspects for the effective outcomes according to the needs of their target market (Armstrong et al. 2015).
Two major things in the social media marketing are the listening to the complaints of the customers and readily responding to them. The marketers always provide the customers with the needed scopes for the understanding of the problems that they are facing (Tuten and Solomon 2017). The customers can give the essential feedbacks to the marketers about the problems they are facing regarding the services. Then the marketers of Commonwealth Bank can check the updated mailbox and give the proper replies to them. Thus the social media pages will really be effective for the feedbacks from the customers. Thus the Commonwealth bank can improve their business performance in the best ways (Saravanakumar and SuganthaLakshmi 2012).
The main purpose of the marketers is to help the customers with all sorts of information. This is why they will need to address the different issues that they are facing (Erdo?mu? and Cicek 2012). The marketers approach to their customers to share any information about the prevalent issues in regards to their services like finance, retail and other necessary banking services. In the other way round, the customers will also get to see all the relevant business decisions and important information about the new offers that they post on several social media platforms like Facebook, Twitter, Instagram, Google+ and others. They can also create an editorial calendar that would be effective to keep a track on the contents (Saravanakumar and SuganthaLakshmi 2012).
Commonwealth Bank has relatively joined the different social media groups and communities to seek the opinions of the customers. They should build a proper target audience based on the demographics indeed. This will be helpful for them to get a proper target people of the young generation. It is because the young people are more likely to use the social media for their benefits. If the managers of Commonwealth Bank can connect with them, this will be very much helpful for them from various angles (Vinerea et al. 2013). They can welcome the new followers in their strategy and get more likes. The marketers will definitely thank the customers or participants for taking part in their social media campaigns and leading them to the success.
The social media marketers must target to get the most effective data from the social media performance of the firm. Thus they will be able to denote which social media tactics are working for them (Tsimonis and Dimitriadis 2014). Some important things that could be given special focus on are the growth of the firm from the last calendar year, engagement of the target audience in the social media campaigns and the sharing of the contents among the followers (Erdo?mu? and Cicek 2012). The various social media platforms have the necessary tools that could measure the business performance of the organization Commonwealth bank. They can take the assistance from the different cost-effective dashboards that will be suitable for them to analyze their business performance (Tsimonis and Dimitriadis 2014)
Identifying Customer Needs and Providing Solutions
Social media platforms are very much dynamic and they are evolving at every stage. These social media platforms are getting updated almost every week. This is why Commonwealth Bank has to keep them updated with their services as well. They have to go through the evaluation process of their objectives and update them regularly (Mitic and Kapoulas 2012). Thus they will be able to stay ahead of the competition than their rivals and communicate with their customers all significant matters. Thus they can be able to make all the adjustments and stay ahead in the race (Tiago and Veríssimo 2014).
Commonwealth Bank is very much intent on building a good reputation with the help of a strong presence in the social media. This is why they will look to bring out all the positive and negative points regarding the social media strategies (Mitic and Kapoulas 2012). They have to plan everything very carefully and execute them properly indeed. If they have any unfinished profiles in their websites they have to complete it and bring it into the focus of the target audience (Tiago and Veríssimo 2014). They should be aware about the over-promotion of their financial strategies and services. They can make mistakes in their strategies but they will have to rectify them and use the social media strategies for the best benefits of the organization (Barker et al. 2012).
Conclusion
The conclusion can be driven in this context is the fact that the social media marketing is the one of the best methods for gaining the attention of the customers. It is a very effective tool for the business communication as well. Thus Commonwealth Bank has utilized this tool for their benefits and larger profits. The ways Commonwealth Bank has used this social media have been discussed in this essay. They have strived to gain the customer loyalty and sharing their feedbacks. They have been very much successful in adopting the social media strategies by which they can get the best outcomes or solution for their problems indeed.
References
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