Question

explore the digital marketing strategies of any company of at least 600 words

1. Introduction of company

2. A brief history of the company

3.      With examples explain how the company uses Internet tools (e.g. website, blog, social media, mobile apps, banners ads, content marketing, search marketing) to appeal to its customers.

4.      Give your evaluation of companies’ activities with suggestions.

Answer 1

Introduction

ICICI Bank Limited is an Indian multinational banking and financial services company with its registered office in Vadodara, Gujarat and corporate office in Mumbai, Maharashtra . It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.

ICICI Bank is one of the Big Four banks of India. The bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China and South Africa; and representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany.

History

ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, as a wholly-owned subsidiary in 1994 in Vadodara. The parent company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry. The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. The parent company was later merged with the bank.

ICICI Bank launched internet banking operations in 1998.

ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American depositary receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by the Reserve Bank of India in April 2002.

In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs and branches in some locations due to rumors of an adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumors.

In March 2020, the board of ICICI Bank Ltd. approved an investment of Rs 1,000 crore in Yes Bank Ltd. This investment resulted in ICICI Bank Limited holding in excess of a five percent shareholding in Yes Bank.

ICICI Bank Digital Marketing Strategies

The financial brands, insurance, and banking sectors are widely using social media strategies to stay connected with their customers. However, simply posting an image or content on social media channels like Facebook or Twitter is not a business social media activity. Engaging your audiences and keeping them connected is beyond this. As a financial brand, you need to understand your market and need to find out your potential customers. Along with this, you need to identify suitable social media channels, conduct a competitive analysis and take feedback from customers. And one such exemplary example is ICICI bank, which is doing all of these in a very creative and effective fashion.

Well before we move ahead, have you seen ICICI bank’s recent Digital Marketing campaign? People have the notion that banking business is a very serious field to work in. However, ICICI bank came up with an innovative concept and launched lighthearted, everyday topics for their iMobile digital campaign. The bank released a series of 5 ads for the digital platform. One video shows a conversation between two bags in a very innovative and attractive way. The video ends with ICICI bank travel card benefits. Another ad video explains the benefits of ICICI bank credit card through two trucks – many wheeled love story.

Today ICICI Bank is one of India’s top private sector bank with a tag or “modern bank”.

They have a creative, young and energetic team handling their social media marketing. The young brigade is making sure that the bank is actively participating on the major social media networks: Facebook, Twitter and YouTube, trying best to maximize its reach.

Facebook

ICICI bank is not only focusing on Facebook marketing campaign, but also going beyond that. Facebook ads focus on brand awareness, lead generation and customer engagements. They are paying attention to customer feedback as well as engaging them with different appealing messages like word currency facts, puzzles or quiz. ICICI bank also has the right blend of offline and online marketing campaigns. Facebook campaigns are also targeted to drive more traffic to their website.

Twitter

One of the critical strategies of ICICI bank is that their tweets have a human touch. They are not tweeting like an answering machine. ICICI Bank’s social media team responds to customers concerns on the spot. They are very effective in creating and sustaining effective communication with their consumers. ICICI focuses more on interacting with its user in a friendly manner. They use this medium to promote their products differently; how they can understand banking needs and provide solutions.

You-tube

ICICI Bank is developing fresh, crisp and useful content for its You-Tube channel. They have posted economy related interviews, current financial trends, inside stories, testimonials, etc. Currently, they have more than 118 videos on the You-Tube channel.

To summarize, ICICI Bank is doing a magnificent job in social media marketing as compared to other similar players in the market. They have gained consumers trust by continuous efforts of delivering useful, valuable content with a reliable communication pattern. It is a natural human tendency that human likes to interact with humans, not machines or robots.

The digital marketing strategies are helping ICICI bank to get new consumers as well as build a good rapport with the old ones. By using social media, they have gained improved customer satisfaction and positive perceptions. There is an increase in mobile banking users with more millions of transactions.

Around 60% of banks total savings account transactions are now under new digital channels such as iMobile or online banking. With this digital medium, ICICI bank reduced their costing, and that resulted in a better cost to income ratio. They have more than 4 million followers on Facebook and 3.3 million views on the You-Tube channel.

P.S: It is essential for a financial brand to maintain transparency to win the trust of the customer along with maintaining an impeccable blend of creativity, empathy and clarity.