It’s time to put the local into social!
You may have read recently that Facebook is implementing a new system of pushing posts that will generate conversations and meaningful interactions between people to the top of feeds while distributing less content created by businesses and brands.
Whenever we consider a change made by a for-profit company, we do need to consider how it affects their income. So in order to understand that, consider that nearly all of Facebook’s revenue comes from advertisements. However, advertisements depend on placement (inventory). If you are selling billboards, you have a fixed inventory, until you put up billboards on another road… but if you are digital, you get more roads or inventory when people stay in your platform longer.
What sparked this change?
The desire for authenticity. (Oh, and the desire for Facebook’s stock price to climb.)
Facebook’s goal is to promote the amount of meaningful content put out there in order to foster stronger relationships and connections. According to a post from Mark Zuckerberg, “The research shows that when we use social media to connect with people we care about, it can be good for our well-being. We can feel more connected and less lonely, and that correlates with long term measures of happiness and health.”
Driven by this goal, Facebook also hopes to demote the amount of “engagement bait” that currently streams most feeds.
Engagement what? Are we going fishing?
Kind of. Engagement bait are “spammy” posts that are trying to lure in likes, comments and shares through artificial engagement. For example, “Comment on this post if you are a Leo.”
Why is this good for Community Banks?
You aren’t artificial. The greatest asset a community bank has on social media is their authenticity with their community. You know what kind of things people in your community are talking about and care about. Talk about those. Share those.
The Social Assurance platform has the tools and services that allow financial organizations to manage their social, digital and traditional marketing to build authentic customer connections.
To learn more about connecting with your community through local social content, listen to this recording from a webinar we did last week.