In March 2009, my Visible Banking Team officially started tracking how financial institutions all over the world are using social media channels like twitterand facebook. I am delighted to announce that we are now tracking over 1,100 pages and applications on facebook, and over 1,600 twitter accounts in 75 countries.
The size of your ‘community’ is still one of the key indicators for brands. I respect that, but once more I would advocate for a good balance between quality and volume. After all, It is easy to quicky increase your number of likes on facebook as I explained in my recent posts about Credit Union Australia’s Pink ‘My Profile’ and Commonwealth Bank’s imminent Time Vault contest on facebook.
Your main goal is to build an engaged ‘community’ of facebook or twitter composed of as many users interested in your brand, your values or your initiatives as possible. Quickly increasing your ‘fan base’ usually impacts the quality of your community and the overall level of brand intimacy, and make it difficult for you to design efficient content and reward strategies including the occasional wall posts about financial services.
And the ultimate key to brilliant engagement on facebook and twitter is to make sure you Know Your Followers/Fans (KYF).
As a page owner, in addition to comparing the size of your audience with your competitors’, you want to assess the levels of engagement and visibility of your page (metrics such as: volume of likes, comments, shares, posts, questions and answers…). In early October, facebook unveiled its new Pages Insights analytics Tool and introduced a new metric to access the individual level of success of its 200 million pages: ‘talking about this‘.
So, let’s find out which pages in the worldwide financial services industry are the most talked about.
According to Mashable, ‘talking about this’ measures user-initiated activity related to a Page, including posting to a Page’s Wall, “liking,” commenting, sharing a Page post or content on the Page, answering a Question posed to fans, mentioning a Page, “liking” or sharing a deal or checking in at your Place.Do Facebook Users Talk About their Bank’s Page?
My team added this indicator to the latest update of our Visible Banking Facebook Watch series. Please find below the Top 20 most talked about financial services pages on facebook in early November 2011.Congratulations to the following financial institutions for making the 20 best performing pages:
1. CUA, 2. Farmers Insurance, 3. American Express, 4. Barclays, 5. Allstate Insurance, 6. Garanti Bank, 7. State Farm Insurance, 8. Progressive Insurance, 9. Capital One, 10. TD Bank, 11, CIMB, 12. BBVA, 13. Bank of America, 14. CIMB, 15. Chase, 16. American Express, 17. Capital One, 18. Commonwealth Bank of Australia, 19. USAA, 20. Interbank Peru.My Take
This is definitely another key indicator to add to yours KPIs. But the volume of activity and ‘talking about this‘ fluctuates tremendously with time, being strongly correlated with the activity on the page (contests, sweepstakes, apps).
Even though 50% of the chart still includes US-based pages and financial institutions, the rest of the world is catching up quickly with 7 other countries making the Top 20.
Congratulations to Credit Union Australia for topping the chart last month, thanks to their smart ‘Pink Your Profile’ campaign. Not only they came #1, but at some point they were ‘on par’ with as many likes as ‘talking about this’.
Congrats to the two other financial institutions with a high ratio, both in Canada, Capital One Canada and TD Bank. Well done to American Express and their ‘Small Business Saturday‘ page, one of the most meaningful business page in the chart.
It is not surprising to find all the pages focused on a non financial services topic such as foot, fun/silly, or food such as Barclays football, Allstate’s Mayhem, Progressive’s Flo, Interbank’s Peru gourmet.
So, how do you compare? How valuable do you find this new, highly fluctuating, indicator? What are your goals and KPIs, and what is your strategy to maintain a high ratio of discussion among your fan base?
We at Visible Banking would be delighted to help you and your team better UNDERSTAND and LEVERAGE social media in a strategic yet pragmatic way. So please don’t hesitate to call me, send me an email or DM me (@Visible_Banking) to book a meeting and talk about twitter, facebook,crowdsourcing, customer reviews, social media & social commerce in banking, financial services and