Amine Jabali, Managing Partner, Rogers & Peppers Group
KUWAIT: The banking sector, telecommunication companies in Kuwait have not utilized the power of social media yet, said Amine Jabali, Managing Partner, Rogers & Peppers Group. Speaking with the Kuwait Times yesterday on the sidelines of a round-table discussion held for the banking sector at JW Marriott Kuwait City, Jubali said social networking is becoming more and more relevant in today’s world.
“Telecommunication companies reacted but they have not used the full potential of social media; they have reacted only by providing the gadgets but the telcos are yet to leverage the use of social networking to generate revenues,” he argued. He said the telecom companies, even the banking sector can leverage by building advocacy or affinity by developing social clubs for students. “The telecom sectors, banking sectors can create clubs for high school or university students using the power of social media. You can talk to this group of people and know their interest/needs and can bring them forward to be more loyal to you,” he suggested.
Jabali noted that customers nowadays are not only intelligent but also becoming more and more demanding. “It’s not about ‘I’ll take what you give’ anymore. It’s about provide what I need. It is a challenge for the company, but we see that companies are adapting to new challenges,” he asserted. “We see more and more customers purchasing smart phones not only because they have cash, but because they know the value of what they are paying for,” he added. He advised by building good relationships using the tools of social media, they can create more loyal customers which will eventually translate to higher revenues. “Today, having a Facebook or Twitter accounts is not enough; we need to build a relationship using this media,” he opined.
He also advised companies here to take advantage of their current customer base rather than being too focused on investing or buying more companies, opening new branches, retails or new concepts. “If you take a look at what you have today and look at your existing customer base, you will find that in reality, companies in Kuwait are only leveraging maybe not more than 25 percent of what they can get from their existing customers. You can generate and increase more, maybe by 20-30 percent if you utilize the current customer base,” he said.
Jabali suggested understanding why customers are buying products and services: “Know their needs and behavior. Yes, the telecom operators, banking sectors, or other industries, can make a major impact if you understand your customer base.” “Your customers would always drive the company’s profitability. Customers drive what kind of products you should deliver to the market place. You should start thinking out of the box,” he added.
The roundtable discussion yesterday focused on retail banking. It was moderated by John Kirkbright, Chairman of Efma’s Banking Advisory Council. Attendees had the opportunity to interact with the speakers and participated in the panel discussion.
By Ben Garcia, Staff Writer
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