Story = First National Bank (FNB) kicks off its first social media competition for small businesses and budding entrepreneurs today.
FNB says the campaign is aimed at giving small business owners the opportunity to market their companies and products through one-minute video clips, uploaded on social media platforms such as Facebook and YouTube.
“The best video will stand a chance to win R100 000 worth of advertising exposure, sponsored by FNB, on a number of radio stations across the country,” says Kirsty Davis, CEO of FNB Business Banking.
“It's not about execution, but about the idea,” explains FNB marketing strategist Divan Botha, adding that entries can be filmed on anything from a camera phone to an HD video camera.
“The winner will be voted upon by the online community, and will then be ratified by FNB. We are going to be judging noise and buzz - the overall conversations generated around the content, not just hits alone.”
A dynamic space
The marketing team explains that, given the nature of a social media competition, it is difficult to say at the outset what the exact strategy will be. “Social media is a dynamic space, so we will adapt as the competition takes shape.”
Considering the possible influx of weird and wonderful entries, FNB acknowledges that it will be difficult to keep track of all of the activity. “We will decide on a points system whereby entries will receive points for certain types of activity - so, for example, a retweet may be worth a point, while a comment thread on Facebook may be worth 10. So we will develop an algorithm to determine the winner.”
Botha emphasized that this competition is not a standalone event, but rather “part of the bigger journey FNB is taking”.
“We want people to get excited about making businesses succeed and grow,” says Botha, adding that the small business sector has huge job creation potential.
Facing fears
Businesses and social media are, however, only just starting to mix, as Botha explains that for small businesses there is an inherent trepidation of entering the social media space and interacting with clients on social networks.
“It's a situation where starting out on social networks is almost as nerve-wracking as starting the business in the first place,” says Botha.
“People don't want to talk to logos. We want to help small businesses take that step into social media.”
To enter, participants must tweet FNB with the link to their video. Entries close on 30 March, with finalists being selected by 5 April. Voting will then take place and the overall winner will be announced on 20 April.
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