That is in financial services. I was curious to see what Malaysia's CIMB Bank's next step would be on facebook after their successful Jammin' with CIMB YOUth music contest which generated over 20,000 votes earlier this month.
Earlier this week, an update on the CIMB Malaysia page (over 213k likes/fans) wall caught my eye.
The bank launched its latest application, CIMB YOUth, directly named after their line of products for the 13-25 years old.
Just a few days after launch, the application is already used by over 6,800 monthly users. In the same time, the page enjoyed a good growth (+6k likes in less than 4 days).
Virtual Currency, Exciting 'Free' Products, and the Thrill of eBay
CIMB YOUth is a highly engaging application which consists of getting hold of an exciting product at an attractive price, thanks to your virtual money (the FUNds) earned by spreading the word on social networks and inviting your friends to like the application.
The bank will make available a selection of 5 products every week. Please note that there is only one item of each product available. The level of activity has been very high from the get go and the products were bought in no time. As a consequence, the bank is now ahead of schedule and is already offering a new selection of products.
By the way, the bank smartly started to ask their facebook fans which are their favourite products they'd like to compete for via the CIMB YOUth app.
The app pushes the bundaries of privacy on facebook. Indeed, it requests to:
* access your basic information
* send you an email
* post to your wall
* access posts in your News feed
* access your data any time
* access your profile information
2 Apps in the App: 'Peek & Buy' and 'Share for Funds'
Once you allowed the application to pretty much do whatever it wants with your facebook profile, you are required to share your contact details (email address, your telephone number...).
Then you reach the main screen and you can check out your profile and your statement which is credited with 1,000 FUNds. as a welcome present
Now you have two options: 1. earning some virtual money, or 2. checking the current costs of the products and buying your favorite (if you can).
When I mentioned 'the thrill of eBay', I was referring to the clever mechanism implemented by the bank: the prices are hidden and you have to click on a button to check out the current price of a product. And every time a user check the price, it gets reduced... So, shall you buy now? Or shall you wait a few clicks longer, and quite possibly let another user buy the product you desire in the meantime? ;)
You have a daily allowance of 10 credits to play with.
No real money is involved here. And you can't use facebook credits to buy FUNds. The most active advocates of the application gets rewarded the most. Smart, isn't it?
This is how you can earn the FUNds.
Users will register and upon successful registration will receive 1,000 FUNds. CIMB Group will verify on a weekly basis whether a User is also a CIMB YOUth Savings Account holder and if a User is verified to have a CIMB YOUth Savings Account he/she will be classified as a Level 2 User and will be rewarded with a one-time bonus of 1,500 FUNds, Interest will be calculated on the average monthly balance of each User FUNds and interest will be credit into each User FUNds at the start of the next month.
* 1,499 FUNds and below will receive 0.80% interest
* Between 1,500 - 2,999 FUNds will receive 0.95% interest
* 3,000 FUNds and above will receive 1.45% interest
Users or Level 2 Users will receive a bonus of 500 FUNds which will be credit on the month of their birthday. Birthdays will be determined through their IC numbers.
Each time a User or Level 2 User clicks on any share button on the Application, he/she will receive 200 FUNds up to a maximum of two (2) times per day
If the invited user registers on the application after entering the Core Application through this unique link ("Referee"), the Referer will receive 500 FUNds.
The Referee will also receive an additional 200 FUNds.
On the launch date (last Tuesday), I've sent a couple of tweets from the application's interface, but to date my account has never been credited for those tweets...
How to Play
It was a pleasure to test and review this new social media initiative from CIMB. Not only I found it fun to use (I'm convinced the younger users will participate in mass), but the CIMB YOUth app looks like it is here to stay for the long term and it won't be another short-lived PR / marketing stunt.
This online initiative is fresh and it is an innovative way to drive awareness of the bank's line of products and services for the youth market, and drive some qualified traffic to the CIMB YOUth microsite.
In the last few months, unarguably the youth market became a clear target of CIMB Malaysia on Facebook. If this focus makes sense considering that 55% of the fb users in the country are aged between 13-25 (CIMB YOUth's target segment), this content and app strategy on facebook raise once more the issue of having one well-balanced official corporate page or having several pages per topic / market segment.
Impact of your Content Strategy
Indeed, if you started building a well-balanced page and a rich and diverse fan based, the day you choose to put the emphasis on a specific segment (dedicated apps and regular wall posts) think about the impact on the rest of your fan base which doesn't necesserarly care about the same topics. If you don't make sure to keep everybody interested and entertained, you might experience regular waves of unlikes and impact your ability to convert your fans into customers.
So providing CIMB doesn't start publishing 5 wall posts a day on the new products to-be-won, this application will provide the bank with a fantastic range of content ideas (questions, survey, congratulations to the winners or their most active ambassadors...). If I were CIMB, I would put together a clever content strategy for my twitter account...
Global brands like Coca Cola are already making the most of the geolocalisation feature on their official facebook page (over 34 million fans for Coke) and provide the facebook users with relevant content based on their country of residence. How soon will we be able to display wall posts based on the age of your fans?
This is arguably the smartest application we've found on facebook from a bank willing to target the youth market. It is entertaining, fun, and surely addictive. Of course, like BNP Paribas which built the core of its 120k fan base giving away cinema ticket, the focus is far from banking products and services, not even on financial education. One might wonder how valuable those new 'fans' are for the brand and if they are interested in your products at all.
We'll closely track the impact on the growth of the page, but I'd be curious to learn more about the bank's key KPIs and goals which should be around qualified traffic, share of voice, lead generation and online sales.
Time for a dedicated Page?
From the 1,000+ facebook pages and accounts we are tracking in 72 countries, we flagged over 20 pages focused on the youth and the students. So, do you agree with me and also think that the time has come for CIMB to think about launching a dedicated page?
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.
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