WK3 TEMPLATE BMK 400 Social Media Marketing – The 7 Steps in Social Media Marketing Planning
June 17, 2020
JP Morgan and Chase
| # | Steps in Social Media Marketing Planning | JP Morgan and Chase |
| 1 | JP Morgan and Chase internal and external environment | SWOT Analysis
Strengths: JP Morgan and Chase boast of global presence, which indicates a large customer base (CNN Money, 2020). The company’s diverse retail network enhances customer service. Through the B2B segment, JP Morgan and Chase sustain increased brand visibility (CNN Money, 2020). Weaknesses: While JP Morgan and Chase enjoy the international presence, the company over-relies on the United States The United States and the global banking sector are marked by stiff competition (CNN Money, 2020). Also, JP Morgan and Chase faces unstable market as witnessed in the ongoing Coronavirus pandemic effects (CNN Money, 2020). Opportunities: Further expansion across the world provide an opportunity for increased market share and revenue Diversification of customer portfolio and segments to accommodate different demographics also provide an avenue for further growth and profitability. Threats: financial instability due to crisis which can cause economic recessions Fluctuating government regulations threaten the company’s stability. |
| 2 | SMART objectives | Social media marketing campaigns will seek to enhance brand awareness across the globe and target the young population between the age of 18 and 40 years.
The campaign will involve the use of social media across Snapchat, Instagram, Facebook, and Twitter. The use of general posting of posters on company services and hashtags will be utilized. The campaign will be measured based on human traffic in the company’s outlets and online platforms. Activities will involve the modification of the social media accounts, web content maximization, paid per click content and search engine optimization The campaign will run for three months from July with a periodic review every month. |
| 3 | Identify the Customer | J.P. Morgan and Chase serves over 8000 clients in more than 50 different countries worldwide. They service government entities, corporations, financial institutions, and even institutional investors. They are also the second largest issuer of credit cards in the United States. Hence, their demographics are primarily credit card users who have a middle-range or high credit score as this is needed to qualify for their credit cards. The customers are located all around the world and not in any location, as can be seen since they have customers in 50 countries worldwide. Furthermore, when identifying the psychographics, it is evident that they pander to many different people. For example, they have student accounts, so they are catering to college and high school students as well as parents. |
| 4 | Engage the Customer | When looking at the social zone map it becomes increasingly clear that Chase and J.P. Morgan should be looking to engage in the social community as well as the social commerce sectors of the social zone map. Since they are larger professional corporations, they wouldn’t want to be a part of blogs or social entertainment sites because these could be detrimental to their reputation. However, if they were advertising their services through sites such as Facebook and even Google with ad space that they purchase, this would boost the number of credit card applications they have as well as the number of individuals looking to open investment portfolios with both Chase and J.P. Morgan. Similarly, joining social media sites enables them to create a brand personality and face that is distinct. This is important to getting new business and keeping the business they have. |
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5 |
Create an Experienced Strategy |
Customers will participate with Chase and J.P. Morgan through numerous avenues. One way they can participate is through submitting a credit card application where they can be denied or approved for a credit card through either of the companies. The young population is being targeted primarily, so teaching them about the different brokerage and stock accounts that the companies offer their customers to buy into is another option to get customers to participate with the companies. Interacting with the companies is done through this manner where they are not only being educated about the opportunities with the company, but they are seeking to be engaged with the company. Active interaction occurs when they talk to individuals within the company and are interacting with the company dynamic. Passive interaction happens when a customer applies and is waiting to hear back from the company.
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| 6 | Establish a coordinated and comprehensive launch | Project planning is integral so that the SMART goals and objectives as well as the overall mission can be accomplished. The marketing manager will be the one to create the social media campaigns that will target young individuals and others within their target demographics. They will be responsible for the research and development of these campaigns and ensure that they are successful. Furthermore, the HR manager will oversee the marketing manager and other managers that are working on making the project successful. They will have the end goals and consistently check and ensure the progress that is being made is fruitful for the company. There will also be a campaign manager working with the marketing specialists who will perform research on the target demographic and find out what style of advertisements and campaigns appeals to them. |
Source: Tuten & Solomon, 2014
References
CNN Money. (2020). JP Morgan Chase & Co. [Online]. Available at https://money.cnn.com/quote/profile/profile.html?symb=JPM. [Accessed May 30, 2020]
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