In the last 18 months, the financial institutions based in the APAC region started to actively leverage social media to engage with their key market(s) and especially the youth segment with initiatives like Frank by OCBC(Singapore) or KBank_Live by Kasikornbank (Thailand).
Facebook and Twitter’s Growing Activity in APAC
We count no less than 4 banks from the APAC region in our Visible Banking Twitter Watch Top 10(over 1,550 accounts tracked in 72 countries) and 2 banks in our Visible Banking Facebook Watch Top 25 (over 1k pages and apps tracked in 72 countries).
CIMB is the bank in the APAC region with the largest facebook community with over 200k likes for their official CIMB Malaysia page. And add another aggregated 65k from their other facebook pages in Thailand, Singapore and Indonesia.
By the way, congratulations to the CIMB digital banking team for winningthe Global Finance Best Consumer Internet Bank Award last month.
Malaysia is #17 Country on Facebook
Unsurprisingly CIMB has chosen facebook as its key social media channel. According to the latest stats from SocialBakers, Malaysia is #17 on the country list with over 43% penetration (overall population) and 67% penetration (online pop.).
And when you realize that 55% of the fb users are aged between 13-25, CIMB’s Youth target segment, launching a contest to attract those engaged facebook users make sense, don’t you think?
Leveraging Music and Facebook to Increase Awareness of CIMB YOUth
As you can see on their CIMB YOUth microsite, the bank focuses a lot on music to attract the young malaysians
Last month, CIMC launched the ‘jammin’ with CIMB YOUth‘ contest on facebook to tap into the 6m active community of teenagers and young adults.
The contest ended on 7th August. At one point, the application was used by about 15k monthly users.
About CIMB YOUth
CIMB YOUth is CIMB Bank’s segment proposition that is tailored for youths between the ages of 13 – 24. Through this offering, the bank aims to redefine the banking experience and make it fun for school and college goers alike.
Why Music & Facebook
Facebook has a high prevalence amongst the youth in Malaysia hence is a perfectly poised medium from which to drive our awareness initiatives. The music scene in Malaysia has a high following and endearment value amongst the youths, and this is particularly observable amongst youths located in urban areas within the country. To leverage on these insights, we developed an application on Facebook that will help drive awareness and interest for CIMB YOUth through our association with music.
The Jammin’ with CIMB YOUth Facebook App
Jammin’ with CIMB YOUth is an online ‘Battle of the Bands’ where youths from the age of 13 -24 can submit videos of themselves playing music or singing solo or with a band and the video does not need to be created specifically for this campaign, which helped lower the barriers of participation. Winner determination was based on votes by the public and is not limited by age; any fan of the CIMB Malaysia FB page is entitled to vote once a day. The winner received RM10,000 worth of vouchers for Music Master Studio, a music equipment store.
To reinvigorate interest in the campaign after 2 weeks, CIMB announced that one of the performer/bands will be getting the chance to play at one of the nation’s largest local rock concerts – Rock the World.
To further reduce dropout rates and perceived barriers to entry, the steps to participate were designed to be simple and clear cut.
To participate, users are requested to fill in their personal details, a link to their video on Youtube and a short message about their submission. The video is then reviewed through a backend CMS to ensure that it is not in contravention to our terms and conditions of participation. If all is good, the video goes up on our application for users to view and vote!
I invite you to join me and congratulate the winner as well as the other 8 contestants who made the Top 10.
#1 (4,502 votes / 39 comments) Sweet Child Of Mine Cover (Full Song)
by オリヴェイラ カルロス
#2 (4.398 votes / 20 comments) Guns & Roses – Welcome To The Jungle Cover (Full Song)
by オリヴェイラ カルロス
#3 (1,964 votes / 25 comments) Sweet chile O mine – Guns n roses (Black roses cover)
by Joseph Kalliff Fraude (4.176 friends)
#4 (1,492 votes / 31 comments) Glasgow Kiss-John Petrucci (by JonGui) Cover
by Jonathan Gui Kok Weng
#5 (1,292 votes / 21 comments) Sweet Pea- Amos lee (cover)
by Alex Chong Yun Siew (451 friends)
#6 (1,244 votes / 26 comments) Faris Kamal-Pirates of the Caribbean theme song (Fingerstyle cover)
by Faris Kamal (674 friends)
#7 (873 votes / 13 comments) Super colossal Cover by Rob Dev
by Robert Paul Devadason
#8 (644 votes / 23 comments) One Inch Closer
by Wong Cung Kong (563 friends)
#9 (622 votes / 22 comments) Protest The Hero – Sequoia Throne (with sweeps)
by Justin Ang
#10 (567 votes / 11 comments) Kantoi cover by Atikah & Atirah *Twinnies
by Atirah Norddin
Please note that from the 171 entries the Top 10 generated over 80% of the votes. 73% of the entries have generated less than 100 votes each on average, about 25% generated less than 10 votes. This distribution is not too far off from other contests on facebook like the Chase Community Giving programme.
At this stage, the bank wouldn’t share with me any more info on goals or ROI. This initiative was fresh and a smart way to create a very decent volume of engagement on facebook.
The 1 million dollar question is about the overall impact on the CIMB brand and the CIMB YOUth range of products. How much has the contest helped not only to increase awareness but also to improve brand perception? How many leads did the campaign generate? The application page displayed a product banner at the bottom: what level of Click-Through-Rate did the bank experience?
Between early June and early August, the bank has added about 40,000 new likes to its page (124% growth). At least part of that growth was generated by the application, but how much of the 15k monthly users were already ‘fans’ of the page?
Now the bank’s goal will be to find out who those new ‘fans’ are and identify the best way to carry on engaging with them and converting them into prospects and ideally clients of the bank. Like for any other company pages which try to reach out to most of the bank target segments, CIMB will have to fine tune its content strategy and potentially alter its voice on facebook.
CIMB’s ability and willingness to adapt will prove to be critical in minimizing the number of unlikes now that the contest is over… Of course, another option would be to launch a page dedicated to the Youth market, with exclusive games and contests, just like KBC Jongeren (Belgium), Raiffeisen’s StudentBank or HSBC Students (UK)…
And don’t forget to cross-promote your new page on your official facebook page and your other social media assets.
We at Visible Banking would be delighted to help you and your team better UNDERSTAND and LEVERAGE social media in a strategic yet pragmatic way.
So please don’t hesitate to call me, send me an email or DM me (@Visible_Banking) to book a meeting and talk about twitter, facebook, crowdsourcing, customer reviews, social media & social commerce in banking, financial services and insurance.