1A. Use the dimensions of SMMF to analyse Kylie Cosmetics

Kylie Jenner, age 21, is famously known from the reality TV show Keeping up with the Kardashians. Kylie is the youngest child of the Kardashian-Jenner family. As of this year Kylie is now known as

“The youngest self-made billionaire in history“

Kroll and Dolan, 2019

Kylie and Kylie Cosmetics relies on and thrives through the use of social media!

Co-founder of brand marketing company Tribe Dynamics said:

“The business would not exist at its current size without social media”                                                                           

Conor Begley, 2019

Jenner has no trouble at gaining an audience as she has generated a massive 144 million followers on Instagram, with each post worth about $1.2 million! (Hopper HQ, 2019)

1.SCOPE

Kylie Cosmetic appears to be growing in scope and intensity. Kylie uses social media as a marketing platform to communicate and share her ideas. She has specifically used Instagram as a communication tool to provide information and engage with her followers to benefit her company. She has become a major influencer who has used herself to promote her own products and even created her own hashtag #KylieCosmetics for customers to use and share a photo of themselves using the products.

She has collaborated with famous sisters to promote her products which has boosted the scope of her marketing platform.

Kylie has also an Instagram dedicated to Kylie Cosmetics as well as a personal account which she uses to further promote her makeup brand. 

Kylie Cosmetics uses the scope dimension to influence and reach a greater target audience to grow her brand.   

2. CULTURE

Culture can be defined as the ideas, customs and social behaviour of a particular person (Merriam-Webster, 2019). In cultural dimension and in relation to Kylie Cosmetics they have chosen a modernist approach of being open, flexible and adaptive to cultural trends and changes. Kylie and her marketing teams have distinguished themselves to mass advertising through social media and have built an entire empire through social media.

3. STRUCTURE

Kylie has certain level of freedom when engaging with her audience. She has structured her media with clear purpose of what she wants to advertise. Self-branding gives Kylie a competitive edge and the option to post anything she wishes. Either a post specifically advertising a product, photo of Kylie herself in a bikini giving a shout out to a product or a link to her website in her bio.

4. GOVERNANCE

The fourth and final dimension of the framework is governance which refers to the rules and guidelines and how social media responsibilities are controlled in the organisation. (Rauschnabel, 2016) Kylie Cosmetics relies on and thrives through social media

Kylie is a boss! She does not need to turn to others to promote her brand, she saves money and influencer fraud by using herself to promote her own brand, she saves money and influencer fraud by using herself to promote her own brand! Using her own hashtags and self-promotion. As far as rules and guidelines with Kylie Cosmetics go, Kylie only has to abide by the rules of the platforms.

2A. Suggest how SMMF helps to interpret what is happening in the financial services industry in relation to its use of social media

Financial services industry has used social media to engage with their audiences. Social Media Marketing Framework has helped interpret what is happening in the financial services sector by enabling the industry to exploit the power of social media. SMMF helps industry communicate directly to consumers, identify areas of improvement and how to reposition their brand.

Originally, financial services avoided social media because of the threat it imposed. This all changed when customers demanded immediate responses from all companies and service providers (Chaffey & Ellis-Chadwick, 2019). To solve this problem firms began to invest in financial technology which resulted in faster, latest-edition services and use of social media.

1.SCOPE

Financial services industry started to adopt the use of social media in response to the demand in immediate responses by customers (Chaffey & Ellis-Chadwick, 2019). Through the use of social media, financial services can now provide customers with real-time feedback and respond to all enquiries.

2. CULTURE

The financial services industry has used a mix between conservatism and modernism approach. They have become more open, flexible and adapted to the changes in technology. Through social media that have promoted their products and services and have even incorporated artificial intelligence into messenger chat online to improve customer service.

3. STRUCTURE

The structure for financial services industry is defined and controlled. In terms of social media, the roles and responsibilities are more restricted in comparison to Kylie Cosmetics and other beauty influencers. A social media marketing team will decide what structure it will be, monitor all activity and recommend the correct guidelines and protocols to follow.

4. GOVERNANCE

Money is important! Money is hard to earn and when we have it we want to save and keep as much as possible! Consumer protection and customer service are the two most important factors. If the business displays reliability and accountability, They will subsequently gain their customers trust and loyalty (Zelgerman, 2018). Their approach is more constraint because of the high risk and size of the industry. The financial services industry must take customer communication very seriously and follow guidelines and policies.

Overall, the SMMF enables organisations to position their business and identify the strengths and weaknesses of the four dimensions, to help fully utilise the power of social media!

REFERENCES

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Chaffey, D., Ellis-Chadwick, F. (2016). Digital Marketing. 6th,Montreuil: Pearson

Eldridge, R. (2017). How Social Media Is Shaping Financial Services. [online] Huff Post. Available at: https://www.huffpost.com/entry/how-social-media-is-shapi_b_9043918 [Accessed 26 Aug. 2019].

Felix, R., Rauschnabel, P. A., & Hinsch, C. (2017). Elements of strategic social media marketing: A holistic framework. Journal of Business Research, 70, 118-126.

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Kylie Jenner [@kyliejenner]. (2019). Instagram profile. Retrieved from: https://www.instagram.com/kyliejenner/

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Rauschnabel, P. (2016). Conceptualization and Definition of Social Media Marketing Strategy. [online] Philipp Rauschnabel. Available at: http://www.philipprauschnabel.com/2016/05/strategic-definition-of-social-media-marketing/ [Accessed 26 Aug. 2019].

Tjepkema, L. (2018). The 4 Ps of Marketing in the Internet Age | Emarsys. [online] Emarsys. Available at: https://www.emarsys.com/en-au/resources/blog/the-4-ps-of-marketing-in-the-internet-age-artem-kapotin/

White, D. (2019). The Beginner’s Guide to Chatbots in the Financial Services Industry. [online] Tech Funnel. Available at: https://www.techfunnel.com/fintech/the-beginners-guide-to-chatbots-in-the-financial-services-industry/

Zeigerman, J. (2018). The Power of Social Media in Financial Services. [online] Asurity Technologies. Available at: https://www.asurity.com/news/the-power-of-social-media-in-financial-services/ [Accessed 26 Aug. 2019].