Are your metrics just a sniff test?

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Whether it’s chinese take-out or a t-shirt next to the dryer I will admit to doing the sniff test. Social marketers often do the same thing when analyzing performance of their campaigns. They shouldn’t, the sniff test will lead marketers into bad habits. Visual metrics can be exciting, but understanding the metrics is more important. If marketers don’t understand their key metrics they will only be successful in vanity. But in reality, they will be the leader of a rotting community.

I just returned from Austin, TX for SxSW. It wasn’t uncommon to run into other entrepreneurs pitching various social media products. The most common question I received was, “Why Banking?” For us at Social Assurance it is simple, Banking is the most stringent vertical focused on ROI. We know we can’t get away with a sniff test, and would never sell a product that leads marketers into bad habits.

“In the land of skunks, he who has half a nose is king”- Chris Farley

I spoke with several marketers who bashed Facebook insights. Many educated marketers continue asking, “why doesn’t every Facebook posts reach every community member”? The fact is that there is too much content published by friends and brands to let all of the content hit everyone’s page. The key is to be less mediocre, and more awesome. The most stimulating conversations I’ve had about analytics at SXSW had more to do with what insights should be included in their dashboard. Often marketers get stuck with the analytics that are presented before them and not analytics they actually need.  Either way, the general consensus is that Facebook insights are not enough to determine success. Success is 100% ROI driven in banking, and that’s why banking is unique for social marketers.

“A nose that can see is worth two that sniff”- Eugene Ionesca

Branch visits along with ATM visits are down, creating a good digital presence is essential.  Simplifying the compliance process goes a long way to calming nerves about busting through the wrong red tape. Faster approvals often lead to more attention and engagement on social media networks. Regulation can often spur innovation and we want to innovate the customer experience within banking.

 

Banks don’t need to be fearful of social media or the FFIEC comments about digital advertising. The guidelines are presented to help mature the market. They know they need to respond to inquiries within social networks but publishing content is confusing. Social Assurance helps bank marketers by providing calendaring, suggested posting, and even content in some cases. We want to empower the social media marketer by providing top notch analytics.

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