Social Media Focus 2015: BFSI & Travel

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Social Media Focus 2015BFSI & Tourism

ROHAN NARULA

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What is Social Media?

3What is Social Media?

Platform where people

communicate and interact

online

People engage in a social

context, e.g., conversations, commentary,

user-generated comments

Powerful customer

engagement engine and web

traffic driver

4The Magic ‘C’

“Content isn't king. If I sent you to a desert island and gave you the choice of taking your friends or your movies, you'd choose your friends – if you chose the movies, we'd call you a

sociopath. Conversation is king. Content is just something to talk about.”Cory Doctorow

Social Media addsscale to WOM, makingMASS DISCOVERY

possible

5The Magic ‘E’

Empathy

Engagement

A brand, in its quest to increase engagement, starts running contests with very little resonance to the emotional/social dimensions of its consumers.

What this eventually leads to is a transaction-based relationship where consumers are more focused on what goodies they can win from the brand versus genuine dialogues.

A look at engagement levels on Twitter and Facebook for brands is evidence enough of this disconnect. Going Social is not as easy a decision

as ‘let’s do Facebook, Twitter & Instagram’.

It is about relating to your consumer in the language he understands and building strong relationships through sustainable communication.

It is about building empathy.

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In Focus: BFSI & Travel

Sector-wise Stakes - BFSI

Banks and other financial institutions are generally apprehensive about maintaining a social media presence

PRIVACY SECURITYImage Credit: Forbes

REGULATIONS

REPUTATION

8Sector-wise Stakes - BFSI

OpportunityBeckons • Improve customer

engagement• Improve customer

service• Increase customer

acquisitions• Customer advocacy

9Sector-wise Stakes - BFSI

Why should banks and other financial institutions use social media?

Gen Y customers have different expectations from banks and how they want to engage with them

These customers are far more likely

to trust their friends and

acquaintances for advice on products

and services

Sector-wise Stakes - BFSI

BFSI total online ad spend INR 330 crores in 2014

BFSI social media ad spend INR 60 crores in 2014

Social media spend 18% of total online ad spend

FY' 2012 FY' 2013 FY' 2014050

100150200250300350

193

271330

BFSI Online Ad Spends

INR (Crores)Source: IMRB International

Estimates

Social Media Channel Strength Across CompetitorsTwitter: ICICI, HDFC, Yes BankFacebook: ICICI, HDFC, Axis BankYouTube: ICICI, HDFC, Axis BankLinkedIn: SBI, ICICI, HDFC

Observations show that ICICI and HDFC are consistently strong across Facebook, Twitter and YouTube by keeping their fans engaged with

relevant content as well as by having solid ORM processes in place – however, what is

lacking is content that creates meaningful conversations!

11HDFC Bank

@HDFC_Bank: Disseminate information regarding products and

services

@HDFCBank_Cares: Address customer complaints and suggestions

HDFC Bank uses Twitter effectively – with two distinct handles that help them better govern their engagement levels with their fans and customers

12ICICI Bank

These are excellent initiatives and a right step in the direction of evolving

into a ‘Social bank’!

On Facebook, ICICI Bank has launched an app called ‘Pockets’

Pockets allows users to perform several banking and non-banking functions such

as buying movie tickets and transferring funds to Facebook

friends

ICICI Bank has also been using Twitter to showcase its CSR efforts under the hashtag #MyCleanIndia

Like HDFC Bank, ICICI Bank too uses two Twitter handles to better

govern its social media interactions

On YouTube, ICICI has posted a video highlighting their

Expressions card service – which allows customers to design their

own debit card with a picture of their choice

Share of Voice – BFSI

SBI9%

ICICI Bank26%

HDFC Bank30%

Axis Bank14%

Yes Bank10%

Kotak Mahindra5%

IDBI4%

Others2%

Share of VoiceSBI ICICI Bank HDFC Bank Axis BankYes Bank Kotak Mahindra IDBI Others

According to Simply360, as of July 2014, HDFC was the most talked

about bank in the digital space – and the top 3 banks accounted for

70% of all online buzz

SOV is highly dynamic, as seen in the case of YES Bank which led the

SOV figures in April 2014 owing to the visibility it got from the IPL

14Sector-wise Stakes - Travel

Travel and tourism has traditionally

been a business that mainly depended on

reviews, recommendations and

experience shares through WOM

More recently however, with the advent of the social media age, travel

companies are turning to platforms such as Facebook, Twitter, YouTube,

TripAdvisor, etc. to attract people to their product/services

TripAdvisor allows users to sync their profiles with Facebook, and share their

reviews and experiences with others. This allows people to see where their friends have

traveled, stayed, eaten and so on, and consequently plays an integral role in

influencing their travel plans

According to a Social Samosa report, more than 80% of consumers said that they

trust recommendations & suggestions of their social media friends and followers more than any other platform of advertising

15Kerala Tourism

Kerala Tourism uses Facebook to reach out to over 1.1 million fans who receive daily updates about what to do

in the state – food, temples, photographs – it’s all there!

They also use YouTube with great effect to provide their subscribers

access to a series of well made destination mini documentaries

16Incredible !ndia

The Incredible !ndia campaign is a great example of how print and video were used to create a visually stimulating image of India as a high end travel destination – the campaign resulted in a 16% increase in tourist traffic in the first year itself

Source: Incredible India

17Airbnb

“I think for us to say we’re not concerned or focused on Airbnb, would be very short-sighted,” - Simon Turner,

President of Global Development at Starwood Hotels and Resorts

Customer experience and community are critical to Airbnb’s success

It uses Facebook and Twitter extensively to be a part of the social conversations of

travelers

Valuation USD 10 Billion

FoundedAugust 2008

Authentic Communi

tyAirbnb Stories

FacebookGoogle+Twitter

YouTube

TipsExperiencesFun Questions

182 countrie

s

IHG and Starwood executive

s are worried about

Airbnb’s disruptive impact on their market share!Sources: Skift, Hootsuite

Sector-wise Stakes - Travel

In 2014, the travel industry in India spent INR 303 crores on

online ads

FY' 2012 FY' 2013 FY' 2014050

100150200250300350

210

271303

Travel Online Ad Spends

INR (Crores)

Source: IMRB International Estimates

Desktop67%

Mobile33%

Social Media Spend by Channel in 2018

Desktop Mobile

Desktop86%

Mobile14%

Social Media Spend by Channel in 2014

Desktop Mobile

Social media mobile ad spend is set to more than

double over the next 4 years!

Of which approximately INR 47 crores was allocated to social

media advertising

Share of Voice – Travel

Airlines56%

Travel Review Sites11%

Online Travel Companies

25%

Hotels8%

Share of VoiceAirlines Travel Review SitesOnline Travel Companies Hotels

Airlines are the most talked about in the digital space , followed by OTCs such as MakeMyTrip and Cleartrip

However, this is set to change – OTCs will command a greater SOV as more people

get online, go mobile and search for better deals or ‘couponing’ across platforms

e.g. Skyscanner

This trend is already seen as in the case of Airbnb, which offers travelers an

opportunity to experience more ‘authentic’ and ‘unique’ stays at the destinations of their choice at affordable

and diverse tariffs

Social Media Case Study

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Social Media Impact – Case Study

Club Mahindra – ‘Verse-a-Tile’• The true power of social media is in its innate ability to

collaborate and crowd-source. Club Mahindra wanted to tap into these very attributes, and harness and maximize them for their campaign . This inspired them to launch Verse-a-tile, a crowd-sourced travel and holiday poem

• The campaign leverages Twitter to source the ‘verses’ and converges them into ’tiles’ on a website specifically created for the contest (www.verse-a-tile.in)

Source: www.indiasocial.in

http://www.verse-a-tile.in/


Club Mahindra – Strategy• From a strategic perspective, Club Mahindra wanted

to do something innovative and novel to grab the attention of the audience and increase interest and engagement through the contest.

• Objectives: Ensure maximum participation, engagement and reach, which would then lead to an increase in follower count.

• The duration of the campaign was 25 days.• The primary budget & resource allocation was

towards creating an attractive micro-site that would excite, encourage participation and communicate the intent of the contest.



Club Mahindra – Stakeholders• The stakeholders were the audience

on Twitter, specifically the travel and holiday community

• Through regular engagement and past experience, Club Mahindra found that the Twitter audience was more engaging and participating

• The campaign leverages Twitter to source the ‘verses’ and converges them into ’tiles’ in a website specifically made for this contest

• The participants not only retweeted entries by others, but also commended the contest and its uniqueness



Club Mahindra – The Initiative• A stand alone microsite was created for Verse-a-tile. This

microsite explained the rules of participation to users• Club Mahindra wanted to make sure that this site was

visually appealing, and exciting enough to make people want to participate. That fuelled the idea of the ‘tile’. Each winning entry would fill up a tile in a grid

• The contest started with Club Mahindra giving the first line of the poem. Subsequently, users were asked to come up with a new line each day. Out of all the entries, one line was selected each day by an internal jury and put up on the microsite

• Hence, the community could actually see the poem getting completed before their eyes. This immediate gratification proved to be extremely powerful in the scheme of thingsSource:

www.indiasocial.in


Club Mahindra – Impact• The campaign ran for 25 days (it was a 24 line poem). Club

Mahindra received more than 3000 entries from around 350 participants.

• Although not their primary objective, the campaign also helped them add close to 500 new followers on Twitter. To put it in perspective, it took them 3 months to add 500 followers before, and this campaign alone helped them add 500 new followers!


Insights 2015

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Insights 201527

PinterestRepost Content

InstagramGenerate New Content

GeolocationReal Time Tracking

• Powerful visual platform • Useful for promoting tangible products from

sectors such as e-commerce and auto as well as non-tangible services such as in the travel sector

• Low entry barriers• New and original content• Photo contests drive higher engagement levels

• Location based marketing• Tied to consumer behavior• Checking out is in, checking in is out –

consumer preference for location based push content: Foursquare’s latest iOS version relies on this

• Geo-targeting power: 72% say that they would respond to calls-to-action within sight of a retailer

Insights 201528

• Social analytics will evolve from focusing on technical metrics (reach, impressions, views) to behavioral metrics(conversions, sign-ups, adoption, advocacy). Industries will move past existing real-time social analytics dashboards, and start to use predictive analytics based on past events

• Social storytelling will gain in prominence as brands try to create a greater emotional connect with their target audience and weave in their products seamlessly

• Influencer-driven campaigns are likely to dominate new product launches, brand awareness building and brand advocacy

• Social campaigns will evolve into social movements with the increased use of social tagging and hashtags

Insights 201529

• Content co-creation on social media will be further experimented on as an engagement driving strategy as brands seek to enhance consumers’ experiences of quizzes, contests, etc on their respective social media platforms

• As mobile penetration increases, so will multi-screening marketing opportunities• Wearables will become increasingly popular, and complement existing and new

social media platforms, for eg, Google Glass, smartwatches• Geo-based marketing will become more important as competition gets fiercer,

and brands try to outdo each other through geo-fencing, geo-awareness and geo-conquesting strategies

Insights 201530

Brands are trying to use social media

channels to sell directly to users

Twitter and Amex are developing

their own platform that will allow people to buy

products with just a Tweet

Facebook, Instagram and Pinterest are

also looking at similar

platforms!

Third party programs, such as Gumroad, allow you to add a shopping cart just about anywhere you can

imagine!

Their first notable effort gave users the ability to make purchases with a Twitter-synced American

Express card and tweeting with a specific hashtag,

such as #BuyXBoxController.

E-commerce giant Amazon also has hashtag-based

integrations with Twitter. When a user puts

#AmazonCart in a reply to a tweet that includes an

Amazon product link that product is added to his or her Amazon cart. Similarly, using #AmazonWishList in a reply adds items to a user’s wish

list on the site.

Insights 201531

Social Analytics

ROI analytics expenses

to increase by 60% in

2015

Video will dominate marketing strategies over text

and images

Affinity based

marketing – hobbies, interests,

professions, etc

Increase in digital

marketing tools

Social Analytics

Usage of ‘bots’ to

engage TA in

interactive sessions

Leads generation based on

social chatter

Predictive Analytics

Business-based

relevant metrics

Top 3 Social Media Campaigns in India

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Lenovo Vibe X2 #VibeUpMyLife

• For the launch of the world’s first layered phone in India, the Lenovo Vibe X2, the phone maker launched a 72-hour art-a-thon campaign called #VibeUpMyLife.

• The campaign roped in 10 RAD artists who challenged users to have them add any layer to their photos, in real time.

• User challenges poured in on Facebook and Twitter, while the artists added romance, mystery, adventure, funk, masti and more.

• The vibed-up photos were shared with the users as well as featured on the microsite.

Source: lighthouseinsights.in

Cadbury Celebrations #LeChaloKhushiyan

• This Diwali, assorted chocolates brand Cadbury Celebrations decided to make it a special one for the Indian Army.

• It launched the #LeChaloKhushiyan campaign where Diwali wishes from all over the country were sent out to 3 different army bases.

• People were engaged on the social media front; the vans filled with Diwali wishes were fueled by tweets having the hashtag #LeChaloKhushiyan.

• Every movement of each van could be tracked via a Facebook app till it reached its destination.


Lonely Planet ‘India Unexplored’

• Lonely Planet India launched a 45-day digital campaign called ‘India Unexplored’ along with Skyscanner, a leading global travel search site.

• The idea was to find the yet undiscovered, lesser known places in the country with the help of travel enthusiasts.

• People could submit their discoveries of lesser known destinations under special themes and win big, with the only criteria that the place is listed on Google maps.


Statistics

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37Digital Earth

Total World Population• 7.2 Billion People• 53% Urbanization

Active Internet Users• 3 Billion People• 41% Penetration

Active Social Media Accounts• 2 Billion People• 28% Penetration

38Digital Earth

FacebookQQ

WhatsappWeChat

Google+Skype

InstagramTwitterTumblr

V iberLine

SnapchatBBM

LinkedInPinterest

1350829

600468

343300300284

230209

170100919070

Active Users (NOVEMBER 2014) By Social PlatformIn Millions

39Digital Earth

56%

34%

44%

7%

24%

44%

33%

7%

5% 43%

26%

44%

NORTH AMERICA

CENTRAL AMERICA

SOUTH AMERICA

WESTERN EUROPE

AFRICA

MIDDLE EAST SOUTH

ASIAOCENIA

SOUTH EAST ASIA

EAST ASIACENTRAL ASIA

CENTRAL & EASTERN EUROPE

SOCIAL MEDIA PENETRATION BY REGION

BASED ON ACTIVE USERS OF THE LARGEST ACTIVE SOCIAL NETWORK IN EACH COUNTRY

Appendix

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Major Events & Trending Discussions in 2014

• FIFA World Cup 2014• Disappearance of Malaysia Airlines Flight MH370• Ebola Outbreak• iPhone 6• Brazilian Presidential Elections• Ice Bucket Challenge• Robin Williams’ suicide• Winter Olympics Sochi 2014• Islamic State of Iraq & Syria (ISIS)• IPL 2014• General Elections in India 2014• Gaza conflict• Mars Orbiter Mission (MOM)

42Look Up by Gary Turk

https://www.youtube.com/watch?v=Z7dLU6fk9QY

43Look Up by Gary Turk

To the average viewer, the video

earnestly recommends giving up a pseudo-social life for the real thing,

like old times.

To a social media manager, however, the video gives a valuable insight –

look at the engagement metrics:

a staggering 48.5 million views, over 450,000 likes, and more than 47,000

comments!

Why?Storytelling

EmpathyEmotional Connect