Asa part of academic requirement and completion of BBA program, I have beenassigned to complete my internship report under the supervision of iPay SystemsLimited and guidance of my honourable faculty Mr Hasan Al-Mamun. Thereport starts with a general introduction on “iPay Systems Limited”. iPaySystems Limited is a first online payment platform in Bangladesh dedicated toserving its people in digitalizing the financial transaction and bring a changetowards a cashless society. This report depicts towards marketing andcommunication strategy of iPay Systems Limited that also conductsdigital/social media communication to enhance its service to its targeted usersand create awareness among the people about the brand. Moreover,recruitment and work duties of a digital executive were thoroughly described inthis report. This report mainly features on maintaining brand communication ofiPay and its function through social media. Here in this report I mainlydiscussed on the effectiveness, efficiency and strategy of the social media forwhich I have interviewed and discussed many users and employees of social mediawho have keen interest on digitizing the transaction platform.
The resultsshows that iPay’s brand presence in social media is a must as people spend alarge part of their time on Facebook, and when they are on Facebook, they notonly like to communicate with their friends but during their time spent there,they also like to interact, search and know about brands they see or hear fromdifferent media. Moreover, through the study of social media articles of homeand abroad, the need for FinTech industry and its growth and the workexperience at iPay Systems Limited was a tremendous experience for me. I havetried to present a true picture of the FinTech industry and social media in theworld and in Bangladesh, amongst different digital firms and which brands aremaintaining social media presence and their objectives and strategies weretried to be presented. Page | 445.2 Recommendations Digital/Socialmedia marketing around the world is getting popular day by day. This is becausedigital/social media marketing programs usually centre on efforts to createcontent that attracts attention and encourages readers to share it with theirsocial networks.
Digital/Social media marketing in Bangladesh is a relativelynew concept for most companies even a few years back. It is a growing medium ofcommunication where most of the youths are present and one of the mostinteractive mediums of communication. Since social media marketing is new andstill there is a lot to learn here, I have provided some suggestions that canhelp iPay to engage in social media and create a brand awareness to prosper inthe future in terms of being efficient, effective and strategic. Someof the suggestions are mentioned below in bullet points so that the area ofimprovements become clear as crystals and can be followed through. 1.
IncreaseBudget on Social Media Marketing: One of the number one failures ofbrands not doing well on socialmedia according to a research by Nielsen’s is the reason of low budgetallocated where on average only 1.2 % of the total communication and promotionbudget is allocated to digital social media communication. This budgetallocation is too low and should be increased to a sufficient amount. 2. IncreaseEffectiveness of Brand Pages on Social Media: Most brandpages are too focused on posting andcommunicating products and services to people’s newsfeeds where the socialmedia user will get annoyed at a particular time and un-follow or unlike thepage. It’s always better for the brand page to promote non-brand communicationlike humour, tips and other benefitting message of the user than only blatantlyposting and communicating product and service benefit. Too many product post isone of the main reason for less than 15mins stay at brand pages, as they don’tfind interesting or benefitting communication from brands. The best method touse is a mixture of product and lifestyle, humour and tips communication frombrands than product and service promotion.
3. IncreaseEfficiency of Brand Pages on Social Media: To increase efficiency ofbrand pages, one needs to target thecommunication of brand pages according to the target group. Most social mediasuch as Facebook has a system of targeting promotion to a good extent where thereach, the type of people who needs to view the communication, age, gender,geography and lifestyle can be specified.
With a specific communication goingto Page | 45the rightgroup the cost per impression of communication will be lower and the moneyspent behind promotion will be efficiently utilized. 4. MoreRecruitment for digital marketing or social marketing: Currentlyin Bangladesh the business ofdigital marketing is just in its initial level. However, as we all know that itis one of the upcoming booming sectors in the near future as many otheragencies have just started to work on digital marketing. Now for a fast andrapid development of the iPay, it should hire more employees for this sector tocope with the high demand.