Strategic Drivers In The Oil And Gas Industry: Unraveling Marketing Orientation, Capability, And Strategy
Esther N. Ochieng
Makerere University Business School, Makerere University, Uganda.
Abstract
In the contemporary digital landscape, social media stands as a pivotal tool for communication and customer relations, becoming one of the world's most widespread online activities. With a significant surge in global social media users, from 0.97 billion in 2010 to an estimated 3.09 billion in 2021, its influence on various sectors, including the banking industry, is undeniable. This article endeavors to scrutinize the social media strategies of the largest banks in the United States of America (US) and Europe, focusing on their acceptance, reach, engagement, and interaction with customers. Beginning with a concise theoretical overview, this study employs a descriptive and qualitative approach to analyze the perception and sentiment expressed on social media regarding the products and services offered by the examined banks. The research addresses a notable gap in the existing literature, seizing the opportunity to move beyond isolated descriptions of institutions [4], [5], [6]. Instead, it delves into a comparative exploration of the interconnected relationship between acceptance (adherence), reach (followers), engagement (publications), and interaction (dialogue) within the selected group of banks. By unraveling the dynamics of how these financial institutions navigate the social media landscape, the study contributes valuable insights into the evolving realm of digital marketing and customer engagement. The comparative nature of the analysis enables a nuanced understanding of each bank's performance in terms of social media acceptance, reach, engagement, and interaction, fostering a holistic comprehension of their digital presence. This research not only sheds light on the current state of social media utilization by major banks but also serves as a foundation for future studies seeking to explore the evolving dynamics of customer relations in the digital era. As social media continues to shape communication paradigms, this study holds relevance for practitioners and researchers aiming to enhance strategies for customer engagement and interaction in the banking sector.