Social media analytics are all about reaching your audience authentically as individuals. When the topic is as sensitive and personal as money, it’s all the more important to skillfully use them.
The newly released NetBase Industry Report 2018: Financial Services report focused on 55 brands across the following categories: Banking, Credit Cards, Investment Banking, Payment Services, Insurance, Internet Lending, and Crypto. The report used NetBase themes to look beyond the sheer volume of conversations, and dive into the emotions and sentiment of over 142 million social media mentions from December 1, 2016 to December 1, 2017.
The top ten brands were American Express, PayPal, Vanguard, Bitcoin, Goldman Sachs, Ethereum, Samsung Pay, Square, UBS and Visa.
We focused on an assortment of financial service providers, represented by 55 brands across the following categories – Banking, Credit Cards, Investment Banking, Payment Services, Insurance, Internet Lending, and Crypto.
NetBase themes let us explore emotions – like trust – influencing the social conversations analyzed, allowing us to rank brands by average of the various metrics collected. The largest, most positive or most passionate brands rank first, but each brand has its own ranking within each metric. Here’s a preview of our findings.
Share of voice is not relative to category size
You don’t have to be the largest brand to break through in any industry, and finance is no exception. Though it’s the smallest percentage in our category breakdown, cryptocurrency has the largest share of voice – meaning consumers are talking a lot about these brands.
But of course it doesn’t help to know lots of people are talking about your brand unless you know what they’re saying – and how they feel. Sentiment analysis is needed to accurately pinpoint the value of conversation volume.
Brand Passion is your north star
Not every category is equally beloved by consumers – in fact, some of the categories we explored really need some help on that front. Brand Passion is calculated by looking at Net Sentiment (whether sentiment is positive or negative) alongside Passion Intensity (the strength of consumer emotions).
If sentiment is low, but passion is high, that means consumers strongly dislike your brand, whereas high scores on both fronts mean there’s a lot of love for your brand. Here is the breakdown of Brand Passion Index scores by category:
You can see Internet Lending has the highest Brand Passion overall – though it’s not like consumers are swooning. The Bank category has the lowest combined Net Sentiment and Passion Intensity, which means banks have some work to do if they want more consumer love.
But this is what social analytics are all about. And there’s a specific strategy worth applying here…
Competitive analysis lets you replicate others’ success
In the Bank category, BNY Mellon is a stand-out, with Net Sentiment of 81% and Passion Intensity of 66%. These scores show consumers really love them. If you’re a bank with lower scores, it’s smart to look at BNY Mellon – and other brands doing equally well, like Regions Bank – and adapting your strategy to match theirs.
Look at brand messaging, but also look at consumer conversations to learn what exactly has their customers so enamored. Then follow suit.
Even if you’re doing fine on the sentiment front, you can use competitive analysis to attract a new audience segment, or to dominate a specific angle to distinguish your brand in your category.
To do that you have to know what other brands’ niches are. For example, American Express credit card holders love to travel, while MasterCard users are all about shopping. The common theme? Loyalty points. If you’re trying to beat either of these brands, these are conversations you should look more closely at.
Keepin’ it real (time)
Over the past year, the conversation around cryptocurrencies accounted for 40% of the total conversation volume, with two crypto brands making the top 10 of our 50 analyzed brands.
But in recent days cryptocurrencies have crashed – a reminder that following trends in real-time is crucial to an accurate understanding of your industry’s landscape. Where does consumer interest stand right now? That’s what brands always have to know before they take action.
There’s a wealth of additional information in the full report, so be sure to download the NetBase Industry Report 2018: Financial Services today. Even if you’re not a finance brand, the lessons outlined in the report will translate to any brand category out there. You can take that to bank.
Want to see the process used to analyze finance brands? Reach out for a one-on-one demo of our social media analytics tools!