A few years ago, when social media started to really take off, a handful of financial institutions jumped in feet first (or maybe head first). Since that time, most everyone has dipped a toe in, eased in or maybe even jumped cannonball-style into some social media channel.
Since things have been up and running for a while, we wondered when was the last time you took a look back at your social media efforts and set up a solid strategy to move forward? Well, we think it’s time to stop, look and listen in three key areas.
- Engagement
- Frequency
- Content
- Engagement
- Engagement represents how people are responding to your posts in very measurable ways.
- Do you know how many of your posts are viewed, liked, shared or commented on?
- Tracking and understanding the activity that social media calls engagement can help you post more relevant and more interesting content.
- Do you track this on a weekly or monthly basis?
If you are not currently tracking engagement, then try our free social media scorecard to help you get started. There is an old saying ‘what gets measured gets done’. We would add to that, ‘what gets measured, gets improved’. Knowing what resonates with your audience on the different social media channels is critical to improving and creating a strategy to grow.
- Frequency
Social media is, well, social. How connected do you feel to those friends you rarely hear from? With social media, it’s important to socialize or connect with your audience at a regular cadence with relevant content.
- Look at your posting history for the last 6-12 months.
- How often are you posting? Do you have a regular schedule?
- Study the engagement measurements in terms of days and times.
- Do different times of day get more attention? Does the attention differ between your various social media channels?
- Content
After seeing many financial institution’s social media pages, we offer a few DO’s and DON’T’s to help out.
- DON’T annoy people with too many posts per day. DO find the best times and content to post.
- DON’T just talk about YOU. DO talk about others, like some of the nonprofits and small businesses you work with.
- DON’T try to be something you are not – you are an FI – own it. DO use your status as an FI to share relevant things that help your audience make smart money decisions.
- DON’T tell about only past events. DO tell them about upcoming events you are sponsoring and how they can get involved!
- DON’T talk in jargon. DO speak to people in a casual tone and middle school reading level, people aren’t trying to take an exam online. Make sure you are explaining financial concepts and avoiding common FI terms (like HELOC, APR, etc.)
- DON’T make posts that make vague promises or make your bankers look like, well, bankers. Example: “Come talk to our financial advisors. They are great!” And insert a picture of your team in dark suits with conservative ties. DO start a conversation about financial matters. Ask a leading question like, “Is retirement on your mind these days? Here are a few small ways to start planning ahead.”
- DON’T just talk about how fabulous you are with posts like “we sponsored this great 5K!” DO tell about the upcoming 5K and invite them to participate. Let them see your sponsorship on the race jerseys.
Need ideas? Not sure what works well or doesn’t work well? Check out the list of social media leaders recently published by ICBA.
Or here are a few great folks that help financial institutions with social media:
- FMS Social, led by Amber Farley, EVP, a division of Financial Marketing Solutions.
- Plaid Fox Marketing, run by Rhonda Foxworth, former Marketing Director of Bank of Ann Arbor.
So take the time to stop, look and listen to your social media efforts to create a stronger impact in the year ahead.
