World Finance: What is your social media strategy?
You know you need one, but how do you make
sure it's linked with your business objectives?
How do you review it, update it, improve it?
In line with the extremely fast-moving marketplace?
Portugal's ActivoBank has been leading the
digital banking conversation in that country;
its marketing director Luis Magro joins me now.
Luis, let's start with your Facebook target
of 100,000 fans. You've actually surpassed
this really quickly - you're well on your
way to 150,000. Why did you set this target
for yourself? What business objective did
it align with?
Luis Magro: Social media continues to play
a very important role in our digital strategy.
More than 50 percent of the Portuguese population
is already on Facebook, and probably every
one of our potential market is already on
Facebook.
We already have more fans on Facebook than
we have customers - we have 30 percent more.
What we are doing is, we are building our
friend base, but at the same time converting
them to customers.
We estimate that our market is about 700,000
people, so what's important is that we continue
growing until we reach that 700,000, but that
we keep pulling them into our customer base.
World Finance: Tell me about how you actually
achieve that, then. How do you start the conversation,
get Facebook users to become fans,
and then as you say, convert them
from fans into actual customers?
Luis Magro: It's not easy! Because we have
to make nice posts about our products, about
our services, and wait for people to interact
with us.
This wasn't enough. We have very good engagement
rates, but we were not converting enough friends
into customers. What we decided was to launch
a virtual branch.
In this virtual branch, our friends can chat
with our commercial team. They can access
a lot of information of our products and services,
and they can even start the process of opening
an account. Facebook for us is a very big
source of new customers.
World Finance: What lessons did you learn
from your fans, and then your customers? And
how did you make sure that those lessons were
actually carried through to the team members
driving the campaign?
Luis Magro: In Facebook, everything happens
very fast. So your social media team is of
very big importance. They all have the same
knowledge, they all have to learn at the same
time, they all have to participate in all
the decisions. They all have to know what's
happening right now.
This is not a one-man show. This is a team
that decides what is best right now, to answer
- for example - a comment on our wall. So
if you treat everything as a team, you will
be consistent along the way.
World Finance: Tell me more about the content
that you're using to engage potential customers.
Because you're active not just on Facebook,
you're across all the main social media sites.
So the content you're putting on Instagram
versus Youtube versus - well, Twitter or Facebook
- has got to be quite different.
Luis Magro: Yes it's different - and we have
to adapt to each platform.
I was telling you about our virtual branch
on Facebook; but recently we launched a virtual
branch on Youtube. Completely different: it's
video-based. We have a lot of menus where
you can navigate the content so you can choose
what you want to see. You can even choose
to open an account - you'll be redirected
to our website to start opening an account.
So it's a virtual branch also, but done in
a very different way. And with the same objective,
which is acquire new customers. But the content
is completely different.
World Finance: Going from converting fans
into customers then - a lot of social media
interactions from existing customers tend
to be complaints. How does your team turn
those complaints into a more positive experience?
Luis Magro: A complaint for us is an opportunity
to change something that went wrong in the
past.
What we see is that when we are afraid of
people complaining, it's because something
about our products and services are not going
well. So the problem is not the complaint
- the problem is the product or the service.
If you have a good service, you won't get
complaints. And this is where ActivoBank has
been very good in the past, because we are
growing at a very fast pace, because of all
our customers recommending ActivoBank to their
family and to their friends. And this only
happens if we have this preoccupation of having
everybody happy.
World Finance: I said in the introduction
that ActivoBank is leading the digital conversation
in Portugal - and in fact it's because of
you that the Portuguese central bank doesn't
require physical signatures for opening an
account. What do you expect the next digital
innovation is going to be in the banking sector?
Luis Magro: Without having innovated yet,
it's a bit early to say what we are going
to do! But for example, people opening accounts
without even having to go to the branch. For
example, we would like to see people from
their homes, opening their account with a
video conference. We could get facial verification
comparing the video with a photo id. And a
digital signature at the end, and the account
would be open.
There's a lot of stuff coming to the market
- but rules and regulations are heavy, and
sometimes it's very difficult to bring these
new ideas to our customers.
World Finance: Luis, thank you.
Luis Magro: Thank you.
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