If you’re managing social media for a community bank, credit union, or financial brand, you’ve probably been asked: “How are we doing?” You know metrics are important, but maybe you’re unsure how exactly to answer a question like that–especially from someone who perhaps isn’t in the day-to-day of social content, marketing, and communications. Where should you start? Which metrics are relevant and which are too nitty gritty? How are you actually doing?
If you’re looking for simple, straightforward insights on measuring success and reporting on the hard data behind your social media content–you’re in the right place. We’re breaking down answers to important questions about social media metrics specifically for community banks, credit unions, and financial brands below.
Why is hard data about social media engagement and reach important?
Hard data provides concrete evidence of impact. Metrics like impressions, reach, clicks, and shares help demonstrate how far your message is spreading and how your audience is responding (or not responding). For community banks, credit unions, and financial brands, these numbers can help validate the effectiveness of social media strategies, justify resource allocation, and support budget and staffing needs. Using hard data also helps you show key stakeholders the tangible value of your work, and in the time and resource investment your team is making in social media content.
Which metrics should community banks, credit unions, and financial brands be looking at?
There are a ton of ways to slice and dive social media metrics, both granularly and at a high level; it’s easy to get overwhelmed. To simplify, consider them in two buckets: reach and engagement. In other words, you want to know how many people are coming into contact with your content (reach), and whether it moves them to some sort of action (engagement). The former includes metrics like views, reach, and impressions, while the latter is reflected by things like likes, comments, shares, and saves. Looking at video-specific metrics like views and play-through rates can also be helpful. Additionally, tracking follower growth and click-thrus can provide deeper insights into audience behavior. That is, do people see your content and want to see more (become followers), or want to learn more about an associated destination (click-thrus).
What if my content isn’t getting much engagement?
This can be frustrating, but there are a few things to consider when you’re not seeing the engagement you want. First, is it interesting and relatable? Does it pique your interest or curiosity? Is it something you yourself would stop scrolling to read or watch? If not, you might need to re-think what you’re putting out. Social media is typically not a format for hard selling. Instead, it’s a great place for educating people on financial tools and options; spreading feel-good content that makes people happy; recognizing individuals and teams; and sharing about community impact work and initiatives. In fact, community content and content that features real people and real stories does especially well.
Which metrics are important to bank/credit union leadership teams?
The metrics you focus on depend a bit on your goals but, as a general rule, focus on reach and engagement to synthesize your financial brand’s full social media picture. Specifically, consider how many people see your content (e.g. views, plays, reach, impressions) and how people are interacting with it (e.g. likes, comments, shares, saves). Looking at video-specific metrics like views and play-through rates can also be helpful. Additionally, tracking follower growth, and clicks can provide deeper insights into audience behavior. That is, do people see your content and want to see more (become followers), or want to learn more about an associated destination (clicks).
Should I think differently about metrics for paid social media content versus organic?
The short answer is yes. Think of paid as the content you put out to nurture and build brand trust, relevance, and local resonance. Use this content to add value to your audience members’ lives, through impact, entertainment, knowledge, and relatability. Paid social media content typically goes a step further, including a specific call to action with a measurable outcome. This is more in the realm of performance marketing, where a budget is allocated and audience actions (such as clicks and form submissions) are attributed to targeting and the investment behind that targeting. In this case, you’ll want to look at metrics alongside the budget invest–that is, your ROI (Return on Investment). You can determine the efficiency of your paid spend for social media campaigns by looking at the cost per outcome (such as an online account open, a lead generation form fill, et cetera).
When is the best time to post on social media for optimal engagement?
Timing can be important to the success of social media content, but be cautious about getting consumed by this question. In fact, algorithms for major social media platforms are designed to deliver content to people based on factors other than immediacy. What is perhaps more important is consistency and relatability. Consistent content signals credibility and keeps your brand in front of your audience.
Do social media audiences and follower counts actually matter?
Having a large audience or high follower count is a good thing; it can signal credibility and generally expands your reach and visibility. In short, a bigger audience means you have more opportunities for your content to be seen, shared, and engaged, leading to brand awareness, trust, and conversions over time. But follower counts aren’t the only metric that matters–especially when providing localized financial services. Consider things like engagement quality (whether people are liking, sharing, commenting thoughtfully) and content performance (whether your content drives actions like clicks, inquiries, and meaningful conversations among your target customer). In short, followers are important, but a small, engaged, relevant audience will tend to outperform a large, passive one when it comes to real business outcomes.
What’s the easiest way to put together metrics reports for the board room?
Consider the perspective of your leadership team and/or board members: They want quick insights and relevant details into your social media goals and performance toward those goals over time.Social Assurance is here to help with Boardroom-Ready Reports that are short and sweet–data rich, but packed with useful insights and delivered by our client services team either quarterly or monthly–so you always have the metrics you need at your fingertips. Curious about getting started with full-service reporting from Social Assurance? Get in touch.
