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Facebook the Social Network


Submitted By llivin2004
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In the past banks and credit card companies would send bulk mail to customers hang out at local colleges handing out t-shirts and other free goodies. More recently they’ve seen a decline in the effectiveness of these methods to produce a steady flow of new bankers and credit card owners. Now they are looking to going to a new method of reaching the masses. It is said that nearly 90% of people ages 19 to 28 are using the social media network Facebook. In 2011 Facebook was said to have nearly 640 million users. So now banks are taking their marketing to the social network giant. They are marketing this age group because they are looking to lock in college student who have the ability to make good income after graduation. They will be the age group soon to be looking to finance cars, purchase homes, racking up college debt and opening bank accounts. In an attempt to draw customers JP Morgan chase is said to be giving away a 1 million dollar prize and Amazon 1000 dollar gift card for those who take out the time to go to their company page on Facebook and press a simple like button. By liking a company’s page you will now see any post they make. This is good if they have new promotional offers and it is also free marketing. Chase also has a Living Social credit card that allows buyers to earn extra rewards while shopping on Living social. American express and Zynga now have a Farmville prepaid credit card. Farmville is an online game on Facebook with over a hundred thousand of users playing a day. The card allows you to gain Farmville game credits on your purchases. In competition discover is giving $100 in “Farm Cash” for those who sign up for its cards thru Farmville. With Citibank you can now share accrued points. They had a commercial where people from a particular town collectively put their points together and hosted an Olympic viewing party and take a trip to London to the games. I think these steps taken by these companies are a great example of how management has changed over the years. Companies now have to adapt to the new ways of technology to reach the demographics that will be the future. Google has a feature on their cellphone handsets called Google Wallet in which you can use your phone to pay for items at merchants such as supermarkets and delis. I think in the long run companies will do less paper mailing and take it to the internet. By going online they are following the “Go Green” trend which reduces the amount of trees cut down. It also saves them money, and ultimately makes customers happy. I have noticed the amount of junk mail on my house table decrease while at the same time seen the amount of junk mail in my email sky-rocket.

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