Features Fintech

A New Horizon Of Social Marketing In Islamic Banking

Social media has taken the world by storm and has affected the ways in which people communicate. It has become an important tool for businesses to reach out to their customers and to spread brand awareness. It enables businesses to listen to their customers as well identifying the latest market trends and demands.

Social marketing emerged as a discipline in the late 1960s and early 1970s, when Philip Kotler and Gerald Zaltman realised that the same principle of marketing could be used to relate ideas and behaviours. It was further identified that social marketing influences social behaviors and provides an advantage to the marketer and benefit the target audience and society in general. In the realm of banking and financial institutions worldwide, particularly the conventional banking industry, social marketing via social networking platforms such as Facebook and Twitter has made a global impact in enabling them to connect with potential customers across borders and creating a global presence

 

The use of social marketing platforms can increase sales, inform new and existing customers about the company products and services and have global access to people from all over the world.

By taking this as an example, there are various advantages for Islamic banks and financial institutions that choose to implement social marketing strategies. Currently, many Islamic banks and financial institutions around the world have opened up their own Facebook and Twitter pages to interact more easily with their customers and also attract new customers worldwide. As previously mentioned, social networking has enabled people to connect with each other from around the world, meet new clients and expand their customer bases to ensure more profitability and more sales. Islamic banks and financial institutions can also prosper from this prospect of enhancing their social marketing strategy to increase sales and build new customers.

What social marketing platforms can Islamic banks use?
There are various social marketing and networking websites, which Islamic banks can choose from to advertise their products and services more effectively. Many Islamic banks may want to use social marketing platforms such as Facebook and Twitter to enable them to interact easily and more efficiently with existing customers and to advertise upcoming products, offerings, sales and more to a wider audience. There are many benefits of implementing social marketing strategies for Islamic banking institutions to use. The benefits of using social marketing platforms can increase sales, spread brand awareness, and inform new and existing customers about the company products and services. It creates a global access to people from all over the world. Furthermore, social marketing saves time as it is almost simultaneously instant in communication as if two people such as the customer and Islamic bank is online they can correspond with each other almost instantaneously without having to wait too long.

One such example is the Islamic Bank of Britain in the UK as they received unprecedented success for their digital marketing programme.
The achievements of the programme by the Islamic bank of Britain enabled them to enhance their online presence through social marketing and increase its digital presence.

Riding the wave of social marketing
The new wave of social marketing has seen a rise in users especially businesses as many Islamic banks around the world have to keep up with their counterparts and want to excel in reaching a wider audience. Many Islamic banks around the world have already tapped into the implementation of effective social marketing and media solutions to enhance their company profile and brand presence. One such example is the Islamic Bank of Britain in the UK as they received unprecedented success for their 2013 digital marketing programme. The achievements of the programme by the Islamic bank of Britain enabled them to enhance their online presence through social marketing and increase its digital presence.

According to Tim Sinclair, Head of Marketing and Online Channels at Islamic Bank of Britain, “The achievements resulting from IBB’s  digital marketing programme are unprecedented for the Bank. Previously IBB’s use of digital techniques consisted of a relatively poor website, limited use of Search Engine Optimisation and  some online advertising. One year on, and the results speak for themselves; they show that IBB has leapt ahead in terms of its online offering. Recognising this, IBB has placed digital at the heart of its growth strategy and 2014 looks set to deliver an even greater boost to the Bank’s sales and brand awareness activities.”

In conclusion, to secure the sustainable growth and expansion of the Islamic banking and finance industry, this will requires innovative efforts in promoting awareness on the products offerings and services. Islamic banks around the world can utilise Social marketing strategies and the power of networking to their advantage, to enhance their product offerings and distribution and increase profitability of their Islamic financial institution. The new wave of social marketing looks to attract Islamic banking institutions around the world and give them new opportunities to further progress and achieve in this ethical and lucrative sector.

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