On 15 February, a single tweet got a lot of people talking when NAB’s official Twitter @nab, tweeted: “Sooooo stressed out. Have to make a tough decision and I know I’ll probably hurt someone’s feelings! Arrggghhh.” Coming from the official Twitter handle of one of the big four banks, it stopped people in their tracks. Most immediately jumped to the conclusion it was an embarrassing mistake.
It was in fact the start of a massive marketing campaign to get people to break up with their bank and come over to NAB. Speaking at the Australian Israel Chamber of Commerce lunch at the Westin in Sydney yesterday, NAB CEO Cameron Clyne, revealed its huge success.
In the last three weeks, he said: “We’ve had a 20 percent increase in transaction accounts and that is off the back of a six-fold increase we had last year, a 50 percent increase in credit card applications, 35 percent increase in mortgage enquiries and a 45 percent increase in mortgage re-finance applications. That tells you that the public are hungry for change.”
Now I’m not going to comment on the banks and which is better than the other, because that’s not the point I’m making. What I would say is what an impressive and standout campaign by NAB when banks are so often criticised for being too big and too corporate to use social media well.
Their campaign didn’t just use Twitter; there were newspaper ads (designed like break-up letters), web videos and PR stunts outside competitor banks, but it did all start with a tweet.
So what can small business learn from this? Quite simply, the figures speak for themselves. Social media can convert into cold, hard sales. If social media has worked for you and your small business, please share your experience in the comments box below.
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