Financial brands face unique challenges in that consumers tend to stick with products and services in this category longer than others. How, then, do social analytics best serve financial service brands?
Here are 3 best practices financial – and other industries – can apply:
1. Catch Attention at the Top of Funnel
Consumers may change shampoo based on sales or coupons, but financial matters tend to inspire longer commitments. For this reason, brand awareness is essential to grab consumer interest early so your brand is top of mind when it’s time to shop for a new bank, credit line, etc.
One way brands promote awareness is through event sponsorship, as well as TV placements and other PR efforts. There are two ways social analytics come into play here:
- Identifying relevant sponsors
- Measuring effectiveness of sponsorship campaigns
Social listening, and particularly sentiment analysis, guide you to the partnerships your audience finds most exciting. When you look at topics and themes relevant to your target consumers, you know exactly where to focus your efforts.
Visa, for example, made the top ten of our 2018 financial services industry report. They did this by making smart sponsorship choices like the Olympics and the NFL.
What’s interesting is the breakdown of the results. The Olympics drove higher share of volume, though impressions for the NFL indicate higher awareness. However, engagements on brand posts are three times greater for the Olympics over the NFL.
So what you measure is important – and you can’t stop at the first metric that sounds like a win.
Read the full NetBase Financial Industry Best Practices Guide to learn how factors like location data and image recognition impact your campaign analysis.
2. Put Consumer Interests First
Most financial services are not an impulse buy. Consumers do more due diligence than they would for other purchases, so the instinct to educate them is not wrong.
What brands must remember is not to assume you know where their education is lacking – or what matters most to them. Social listening is about revealing exactly what should be shared for best results.
One finance brand excelling on the content front is UBS. Though UBS has less “household name” power compared to some of its competitors, this banking brand made our industry top ten as well – and their content strategy is why.
UBS’ Life Questions campaign is the result of a conscious shift toward focusing on consumer concerns instead of pushing investment products. The bank also made a strategic decision to focus on wealth management over investment banking. Both are bringing the brand success.
The two most important metrics for UBS with this campaign were:
- Resonance with their target audience
- Sharing of the campaign by its audience
But it was also important to recognize who was talking about UBS throughout this new campaign: executives. With that information UBS can explore the emotional drivers for this particular audience segment – family, business and purpose.
These are the insights that tell you what kind of content you need to continue reaching your customers.
3. Differentiate Your Experience to Inspire Loyalty
What sets a financial services brand apart? Is it the products and services themselves? The customer service during in-person transactions? Is it having a killer app?
The answer is different for each brand – and that’s the point. If your brand excels in one area, you want to continue holding onto the audience that loves you for that experience feature. But you also have to keep track of competitors and working to match their best features.
Our best practices guide highlights industry standout Vanguard. This is a brand that has a lot going for it all around. However, their app could use some development.
The good news is, competitor apps are also problematic. Vanguard can use consumer conversations about brands like Fidelity and Robin Hood to learn where these branding are having issues – and where they’re succeeding.
In the meantime, they can continue offering a high level customer experience on the fronts already scoring them lots of love with their customers.
An Easy Investment to Make
You don’t have to weigh any risk to learn how financial brands use social analytics to stay on top. Just download the NetBase Financial Industry Best Practices Guide to read more.
The guide, and our industry report, are targeted toward financial services product owners who want more engaging content, digital marketers who want to increase brand engagement with better campaigns, and customer experience teams working to improve banking consumers’ digital and in-bank experiences.
But every industry can learn from the tactics these brands employ. So take a look, and start expanding your social wealth today. And review the social media ranking index – it offers a global brands leaderboard, comparing mentions, reach, awareness, and most importantly, how passionate consumers feel about each brand.
Want to see our social analytics tools in action? Reach out for a one-on-one demo!
- Netbase Retail Industry Best Practices Guide 2018
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