[G2 Group 9] Citi-SMU Financial Literacy Club – Going Social!

Hi all,

My group has chosen Citi-SMU Financial Literacy Club as our client, and we have summarized our findings and recommendations in the blog post below. Enjoy!Citi -SMU logo.jpgClub’s History and Background

Citi-SMU Financial Literacy club is a student-led club born out of collaboration between Citi Singapore and Singapore Management University with the support of Citi Foundation. The club was established after a 2005 National Financial Survey concluded that young adults need expert assistance to acquire personal financing skills (Citi-SMU, 2013). The club’s primary objective is to advocate financial literacy to young adults in Singapore.

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(ⅰ) Train-The-Trainers programme

Citi-SMU Financial Literacy club grooms students and aspiring changemakers from diverse backgrounds through an official “Train-The-Trainers programme”. This program is designed to empower them with the soft skills and knowledge to become in-house trainers capable of promoting Financial Literacy. After students have completed the program and are certified as trainers, they subsequently serve as front-line advocates for financial literacy through events and interactions with beneficiaries.

(ⅱ) Spreading Financial Literacy to the Community Service – Beneficiary Engagements

The main role of a qualified trainer would be to engage beneficiaries to affect positive change in financial management behaviour. They will mainly focus on the lower income communities to help them manage their financial resources. There are many ways in which the trainers outreach to their beneficiaries – notable past events include Financial Carnivals, Gamified Activities, Board Games, and also a Mobile App Game centered on Financial Management.screen-shot-2016-11-14-at-8-30-50-pmKey Stakeholders

We have identified three main groups of Stakeholders, and we have taken into consideration each group’s interest to craft our strategies.

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Club’s Competitors

 

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Analysis of Existing Channels – LinkedIn

Given that LinkedIn is a business-oriented platform, the club uses it as a channel to connect with working professionals. However, an analysis of the page reveals that it currently only has 20 followers, 8 connected profiles, and a grand total of 2 posts since its inception in May 2016. Although the club has presence in this front, LinkedIn appears to be a neglected social media channel.

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Analysis of Existing Channels – Facebook

In comparison to LinkedIn, the club’s Facebook page has a greater degree of media activity. As of October 2016, the club has received 1208 likes, which is a decent number for a student-led club. In addition, the club has also other rich mediums beside word centric posts – it has 8 videos showcasing the various aspects of the club as well as hundreds of photos accentuating the various workshops, co-operation and training that had taken place over the years.

Post Engagement

On Facebook, the club generally posts on a weekly basis. There are three different types of posts that can be seen: original content, third party content, and event-centric content. Original content refers to financial news articles or blogs written by the club’s executive committee. Third party content is shared content from an outside source that provides financial news. Event-centric content is posted whenever the club holds or participates in events that promote financial literacy. The posts with the fewest number of views appear to be those where there are articles and links to third party organizations or services. These tend to receive only 1 like. The types of posts which receive the greatest number of “likes” are those involving and engaging a large number of people or students such as photos from large events, competitions or workshops. Posts that involve a large number of people tend to receive the most “likes”.

In contrast to LinkedIn, Facebook has a higher frequency of posts, likes and comments. However, our analyses reveals that the club lacks engagement with its audience. Furthermore it can be said that there were no clear direction or strategy the club has for its Facebook page – most of the strategies and content on Facebook felt inconsistent and haphazard.

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Underlying Concept behind our Social Media Strategies

We took reference from a book titled “UnMarketing” by Scott Stratten published in 2010. In the book, a particular quote stood out – “Marketing is not a task, it is not a department. It is not a job. Marketing happens every time you engage (or not) with your past, present, and potential customers”.

There were three key points we obtained through this book:

Be Funny (if it suits your brand)

Create viral content by being funny, evoking emotions, and by making people laugh and say “Wow!”.

Word-of-Mouth Marketing (WOM)

To build strong WOM, one must portray himself as an expert in his field, or at least be marketed as an expert.

Focus on your customers

All marketing foundations are built on relationships. It is important to always consider the customer’s perspective, and provide something of value to them.

Obtaining insights from on these three key points, we developed our “UnMarketing” trident to tackle the problems currently faced by Citi-SMU Financial Literacy Club.

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Strategies for the First Prong

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Strategies for the Second Prong

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Strategies for the Third Prong

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Evaluation of our Strategies

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Summary

Our strategic trident adopts a triple-pronged approach – focussing on different objectives with each strike. Our group believes that the most pressing issues for the club will be mitigated if strategies from the first two prongs are adopted. In the event there is sufficient resources, strategies from the third prong should be implemented in order to improve the club’s branding and outreach in Singapore.

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G2 Group 9 Citi-SMU Financial Literacy Club

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Description of our chosen organization

Citi-SMU Financial Literacy club is a student-led club born out of a collaboration between Citi Singapore and Singapore Management University with the support of Citi Foundation, with the aim of advocating financial literacy to young adults in Singapore.

The club grooms students/aspiring changemakers from diverse backgrounds through an official train the trainers’ programme. This programme was designed to empower them with the soft skills and knowledge to become in-house trainers capable of promoting Financial Literacy.

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After students have gone through the programme and are certified as trainers, they  subsequently serve as front-line advocates for financial literacy through events & interactions with beneficiaries.

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Why did we choose this company?

There are multiple reasons why we chose this company:

  • The club has decent social media presence  – 1193 “likes” on Facebook.
  • The club has allowed us Administrative Access rights for its Facebook Page – we are able to track the progress of our campaigns.
  • From what we have observed, its social media strategy is unrefined. This puts us in a position to provide a lot of value.
  • The club has the financial backing – they have resources to allocate for marketing campaigns.

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Our team also strongly identifies with the cause of our client, and we are intrinsically motivated to assist the client to achieve its goals of utilizing social media to promote financial literacy.

As a team, we hope to assist Citi-SMU Financial Literacy Club to achieve its goals through 3 main aspects:

  • Increase Citi-SMU Financial Literacy club’s brand awareness
  • Boost audience engagement across multiple profiles through native marketing
  • Measure the extent of content retention through social media

Our Target Audience

From our organization’s marketing efforts on Facebook, we identified they have three main target audience profiles:

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Main Messages

We are proposing 4 main messages to be delivered to these target audiences.

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To SMU Students:

Calling all Aspiring Changemakers interested in learning AND to give back to the community. Join us today!

A call to action for aspiring changemakers to join us in making a difference.

To SMU Students/Young Adults & Potential Beneficiaries

Interested in finding out more about financial management? Our platform is one tailored especially for young adults like you!

We want to deliver relatable, localized, native content for young adults without labelling itself as “Finance”.

To the General Public

Did you know that Credit card loans charge an average of 24% per annum? Stay financially savvy, read our handpicked tips!

We want to deliver specific content in a suitable format i.e listicles to spark debate/ awareness for these issues.

To working professionals/people with expertise

Financially Savvy? We want you to assist us in advocating financial literacy in young

adults for Singapore!

We want to encourage adults with expertise to share their knowledge through our platform and to give them the due recognition.

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Suggested platforms

For Citi-SMU Financial Literacy Club, we believe Facebook and LinkedIn would be the main platforms used for social media.

Facebook

With more than 1.7 billion users worldwide, Facebook is the world’s largest social network. Facebook is an appropriate social media platform for our client because of its young audience. It was reported that 82% of online young adults between the ages of 18 to 29 use Facebook (Facebook, 2016).   

On Facebook, businesses can create a business account and analyze and focus on their target audience. One service that Facebook provides to businesses is Target advertising. By utilizing this service, businesses can track their overall performance and analyze their audience’s personal information and interests. In addition, Facebook’s general features such as Messenger and Fan pages can create a channel where businesses and their audience can directly interact.

Linkedin

LinkedIn is similar to Facebook in that it is a communication medium. As of 2016, there are 450 million active users (Statista, 2016). However, LinkedIn mainly focuses on networking business professionals. The majority of the users tend to be white-collar workers above 30, with educational backgrounds.

Regardless of the size of business, LinkedIn provides tools to help businesses connect with their target audience and raise brand awareness. For example, businesses can create a Company page to market their products and services to their target audience. Businesses can also directly communicate with their audience by engaging in LinkedIn discussions. By joining group discussions, businesses can receive comments about their products and services.

While Facebook is a platform for businesses to communicate with consumers, LinkedIn is a more business-oriented platform, where working professionals interact with each other. Therefore, we have concluded that Citi-SMU Financial Literacy Club could use Facebook as a means to engage with SMU students, young adults, and the general public. LinkedIn, on the other hand, could be used to network with alumni and finance professionals.

Strong presence on both platforms would enable our client to expand and fulfill its goals to raise brand awareness, enhance engagement with its audience, and measure the extent of content retention through social media.

Outreach Map (Facebook/LinkedIn)

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Other Potential Platforms

Although it is still in the exploratory stage, our group is planning to conduct further research into native marketing, and perhaps tap into the possibilities of additional platforms such as SGAG, Twitter, Instagram for Business, and Youtube Channels.

Future Plans

Moving forward, we have secured our client’s buy-in – they have graciously allowed us to test our “prototypes” subject to their approvals. We are also currently toying with the thought of using humor for indirect/native and pairing it with Financial literacy – in the form of listicles and memes.

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By Aaron, Marcus, Tasuke
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