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Case Study On Diamond Bank Successfully Leveraged Digital Marketing

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diamond-BankAbout the company:

Diamond Bank Plc began as a private limited liability company on March 21, 1991 (the company was incorporated on December 20, 1990). Ten years later, in February 2001, it became a universal bank. In January 2005, following a highly successful Private Placement share offer which substantially raised the Bank’s equity base, Diamond Bank became a public limited company. In May 2005, the Bank was listed on The Nigerian Stock Exchange. Moreover, in January 2008, Diamond Bank’s Global Depositary Receipts (GDR) was listed on the Professional Securities Market of the London Stock Exchange. The first bank in Africa to record that feat.

Business objective:

Diamond bank wanted a digital campaign to achieve 2 goals.

  1. Create awareness of Diamond Bank Visa card and Wakanow co-branded card.
  2. Increase number of leads generated to 12000 people interested in the visa card.

The objective for digital marketing was to the point and target oriented which can be measured. It did become a challenge for the bank as to use the right tool of digital space to convey their objective generate the leads to convert them into potential customers. Cost of implementing the strategy was also considered to achieve maximum leads at a reduced cost.

Modus Operandi

A dynamic microsite was created to host the landing page. The landing page provided information about the Diamond Bank Visa card as well as forms for the interested consumer to sign up for the Diamond Bank Visa card. After filling the details a confirmation email is sent to the prospective customer’s email box. The customer after receiving the email just needed to walk into any of the Diamond bank branches and obtain his/her card.

The communication strategy involved to achieve the target were Google display ads, Facebook news feed ads, video content on YouTube, YouTube ads, Yahoo! login ad, Promoted tweets, LinkedIn premium display ads, BBC ads.

Results achieved by Diamond bank

In two months Diamond Bank had over 24000 customers asking for Diamond bank Visa card. The goal impression for Google display ads surpassed by 73%.  YouTube video ad got over 65000 views and 9,868 followers on twitters. The digital methods used provided insights in the customers’ demands and they could ascertain from their profiles the eligible customers who would actually be eligible for Diamond Bank Visa card.

This form of strategy is a two-way process the bank actually benefitted a lot as they got information about the customers. Secondly, the major factor being investment. It is much cost-effective and result is easily seen with number than conventional method. Conventional methods of advertising also required certain regulation and approvals which is eliminated by the bank. This method also enabled the bank to target users for different products which they found was easier as the customers usually fills the necessary forms before hand and come to bank to submit. This led to lesser time spend by the customer relation officer and much faster turnaround.

Learnings

Diamond bank actually moved away from its conventional marketing strategy to digital form to achieve growth and target. They used a mixed of different online channels to pass their message across to get people interested in the product they are offering. It clearly showed with the method they used they could easily meet the customer face to face and get their feedback and also collect information about the customer. They could achieve their target and also get relevant information about their prospective customer.

The leads generated by them could be used to sell other banking products and not only their Diamond Bank visa card. The tools utilized by Diamond Bank can used to have two traffic conversations with its customer to better understand them and their needs and address them appropriately. With the right mix of online digital strategy the entire advertising of any company can move from print to digital.

It clearly indicates an emerging trend in digital market and what can be achieved. Users on different channels can be targeted by their age group, sex, education, location, demography etc. The prospects widens as to how you can target and which category of groups.

The most important learning in this method is that we can actually understand or receive feedback from customers thereby helping us to improve our products or services. If the customer is happy about the product he/she can also leave a comment which will also can be used as a testimony to spread across different channels as this testimony is not an endorsement from a celebrity or a star but by a common man who the reader can associate themselves with. Let’s play devil’s advocate it can also back fires if your products or services are not up to standard as advertised and will also lead to negative reviews and complaints across all channels.

Image Credit: Diamond Bank

my name is jiger kothamdi. iam a second generation Indian Nigerian staying in Nigeria. my origin is Ahmedabad Gujarat. iam married with 2 kids one girl and a boy. i run the family business of pharmaceuticals manufacturing. i have always been interested in integrating current technology in business. my team and i have successfully implemented in house ERP solution for my factory. i love to read books, go for wildlife safari and swim. yes i love dogs.
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