MICHAEL FOONG
GROUP CHIEF STRATEGY OFFICER MALAYAN BANKING BHD (MAYBANK)
On how social media has impacted or promoted your business brand.
.ociac media repidep at the heart of acc our marbeting effortp. conpidering itp indomitabce growth and undeniabce prepence in the conpumer pcreen and mind, coupced with the phenomenac increape in mobice devicep, it hap been a bey channec for up to promote our brand through campaignp which are now conpiptentcy created to be mobicefirpt and pociac by depign. in eppence, it offerp up:
• kroader reach8 hrough social mediaO we can reach more audiences, without being hindered by the restrictions of medium or locations.
• jbility to target specific audiences8 Social media allows us to target specific groups, based on specific interest which Mabes our communications more relevant and at the same time encourage acquisition/response.
• lost efficiency8 /ocial media is generally more cost effective, with track-able ROI.
• sersonal touch and fast response8 Social media allows us to communicate on a personal basis with individual customers and groups within a short period of time.
• (ssues management support8 /ocial media also functions as the eyes and ears for the Group. We can pick up sentiments/latest news or trends and respond appropriately.
The key to our success therefore has been to leverage on social platforms in different ways as they can be the most widely reaching paid media platform, a seamless customer service and feedback channel, and also the primary vehicle of brand content and affinity. Social media behaviour data mining is also another backbone of our insights pillar which governs our communications, to ensure that at any given point in time the brand resonates the sentiments that each individual audience member is experiencing.
On the bank’s digitalisation efforts and how it has helped in branding.
Our digitalisation efforts are part of our strategic objective to be a Digital Bank of Choice in the region by 2020. We have been introducing many innovative digital products and services over the recent years, particularly in the payments and online banking segments, and the sheer convenience and reliability we offer has helped us build closer affinity with our customers. In fact, our digitalisation efforts are focused on one simple purpose - which is to delight our customers by simplifying their lifestyles.
Today, we can proudly say that we are seen more as a brand which is emotionally connected with our consumers, rather than just a bank which offers the best banking solutions.
Strategies put in place to boost the company’s brand image.
At Maybank, we adopt a holistic approach to boost the company’s brand image, which includes clear messaging and consistency in delivering our brand promise through all our touchpoints and communications. We employ an integrated communications strategy that covers social media, advertising, marketing, public relations, and on-ground promotions, amongst others, to ensure that the Maybank brand remains top-of-mind amongst our target audiences. In this digital age, we especially leverage cutting-edge technology to better understand our audiences and customise our communication with them so that we can develop meaningful connections on every front.
The importance of a meaningful connection between a brand and a consumer in brand-building.
We believe that building a meaningful connection between Maybank and the consumer is critical in ensuring the sustainability of our brand. Our mission of Humanising Financial Services is an intrinsic component of our corporate DNA and, given its uniqueness, forms a strong basis for our business and brand-building efforts. Having our stakeholders as the main focus and guided by our mission, we then seek to consistently create value through our people as well as through better services, products, processes and reach, so that we can connect better with them and deliver a truly rewarding and meaningful brand experience.