Key Performance Indicators (KPIs)
A quantifiable measure used to evaluate the success of your campaign.
- Focuses on critical or core business objective
- Measurable, actionable and attainable (although not always easy)
- Reviewed each month when analyzing metrics
- Inspires action toward an outcome/target
- Provides a framework to craft marketing initiatives
- Improves key business process or activity
Leveraging Your Why
“The why is the purpose, cause or belief that drives every one of us.” – Simon Sinek
- Clarifies the intent behind your marketing initiatives
- Helps provide a benchmark for judging a campaign’s performance
- Creates a strategic decision-making model for future efforts
Typically used to answer what you have accomplished or what you need to accomplish.
Watch correlations and causations. Make sure you take into account what is happening elsewhere at branch events, festivals, and award ceremonies.
Analytics Help You Recognize Trends
- You can see what’s performing well and adjust to focus on specific areas and topics
- You can also identify what should be adjusted for tone, clarity, etc.
- Allows you to learn more about your audience and use that to your advantage
Ben Pankonin 0:00
Well, welcome to the social bank webinar. Today we’re going to be talking about what’s your why and setting KPIs. So today I’m been painting in for those of you who have joined with us on webinars in the past, you might recognize my slightly nasal voice. And as as an order here for for social assurance helped as a founder and CEO here at social insurance, but I am really excited to introduce my co host today, Alexander larg. You welcome Alexander. Good morning. Thanks for having me. Now, all of you need to know a few things about Alexander. One of the things you need to know is that he has helped on our content team for the last couple years. And he actually is a published novelist. So you can Check out his book. I was about a year and a half ago, right September. Yeah,
Alexander Lahargoue 1:02
that’s absolutely right. year and a half ago.
Ben Pankonin 1:04
Yeah. I remember when that dropped his book called the marketer. Yeah.
Alexander Lahargoue 1:09
Yeah. Great title. Right.
Ben Pankonin 1:10
And the subject of the book. What’s his name again?
Ben of all names. Yeah.
So I keep giving Alexander a hard time because he wrote a book called the marketer. The subject of the book is a guy named Ben. But it’s not me. Right?
Alexander Lahargoue 1:25
It was before I even met you. You’re crazy about
Ben Pankonin 1:27
it. So awesome. is great book. You should check it out. You can buy it on Amazon. Yep. But you know, we’re gonna be talking a lot about metrics about KPIs. We had some great questions that came in already. And we even had some that came in kind of late. Notice. Alexander caught me and said, Hey, we had some more questions come in. So yeah, I think Alexander you’re tracking a whole bunch of questions. Yep. Got the questions. Got the chat. anytime during the presentation, just let us know. We have a question. We’ll try to get them answered. For Awesome. So, so you threw threw a few at me this morning and said, hey, we’ve got a bunch of questions. You know, so I think it’s gonna be really fun because we’re trying to talk about some of the more meaningful aspects of social media and, and why we’re doing what we’re doing. And as many of us have had to do throughout our careers, if we’re involved with social media is really explaining what we’re doing, why we’re doing it. At one point, I had to explain to my grandmother when she was 94, what I do for a living, and that was a really tough thing. We had to sort of boil it down into a really basic format. But for many of you, you’re having to communicate throughout your financial institution about what you do. And I think this is a really important way to be able to do that, to be able to do it, to some extent with data, and to be able to do that in a way that communicates things With a story so so we’re going to try to do that in as many ways as we can here. Again, if you’re following along on Twitter, there will be some conversations going on with the hashtag social bank. Feel free to tweet myself tweet at social insurance, we’ll try to answer questions and if nothing else, answer memes on the Twitter. So with that, we’re gonna kick into some of the conversations about about how we’re breaking this out. The The first thing we’re going to talk about is your why. I think in order to define a KPI we have to start with your why. And we’ll talk a little bit about that. And then we’ll talk about using analytics and how analytics help us to define what happened. So when we think about how these three areas relate, you know, I get it right at the beginning. It really is that in the boardrooms, In all of your financial institutions, there’s a group that meets and they want to know, how are we doing? They want to know, how is what we’re doing on social media, contributing to our overall business. And then ultimately, they may have asked you this expressively. I know some of you, they are asking this expressively. Is this worth it? in social media worth it for us to do? They’re watching changes with social media platforms, you know, when Zuckerberg is in the news, you know, everybody’s paying attention now that we have, you know, our social media organizations are all multi billion dollar organizations. We care about what’s happening, and we’re seeing things about it. And sometimes that information is really valid and just and some of it, you know, throw some shade at what we’re doing so, so we want to be able to communicate as clearly as we can. And so we’re going to talk a little bit about that. As I mentioned, there’s three areas really that we’re We’re going to talk through, there’s the why, you know, what is the business objective that we’re trying to accomplish? That’s really our why for defining that, and then we’re looking at the how, and then, you know, how do we get there? How do we accomplish those goals? And then the what? And and the way I see a lot of these related at times is that, you know, when we talk about our why, sometimes, sometimes it doesn’t always work sometimes, or why, you know, we we put a how in place to try to accomplish that, that objective in it, it doesn’t work, we accomplish some other objective or our what are our analytics, come up with some other results. And and so that oftentimes then contributes back to our why and we have to reevaluate that. And so think of all of this as a bit of a cycle. That if we’re looking at the business objective for what we’re doing, then we can look at how we get there. And then we look at what is We actually accomplished and then oftentimes we have to go back through the cycle, we have to go back to our house and say, You know what? You are what didn’t actually equate. So we have to modify that. And then maybe we even have to modify a little bit of our y to see if that’s working out. So
first of all, leveraging a little bit of your why you for those of you who have gone out to, to watch Simon cynics, Ted Talk, truly one of the best TED Talks presented and one of the most downloaded TED Talks is Simon Sinek. Finding your why. And I think he does a fantastic job of describing for all of us. What happens when we start with the why he uses some great examples of companies like Apple that you know, clearly sell computers, there are a lot of other companies that sell computers but Apple sells computers by telling you about that. Why and I think that’s a great way to think about the purpose, the cause or belief that drives every one of us. And as financial institutions, many of our customers do buy into our products and services because of our why they believe in what we’re doing in our communities, they believe in the way that we’re, we’re caring for the communities. And, and that can be a really huge driver of success for us. If we do have a good why, now, this, this, why, you know, we’ve we’re sort of going to follow a little bit of one in here just as a way for us to then track through, you know, how we support that with social media. But, you know, an example might be, you know, our y is, you know, we’re going to help long term relationships, you know, that matter, right. And, you know, we might have some overall goals about that we might have some overall goals that say we want to be more more involved in this community, we want to see people recognize us as the place where long where long term relationships matter. You know, and then we’re going to talk a little bit about, you know, how we reach those goals, you know, we might focus on individual measurements to reach those goals, you know, then this might be a fun time to talk about how social insurance came about with their own why, and the story behind that. Yeah, you know, so, we try to talk about that internally a lot as well. And, and I think it’s an evolving topic, right, as a, as a relatively young company. So, you know, we, we first came out with a why and when I co founded this company with, with my business partner, we started talking a little bit about some of my clients who were largely community financial institutions, and I said, you know, when social media and digital marketing hits, we have to help them get over this right, like we have to help them to move quicker, and I think we can be a plus In doing that by building the right software by building services around that, I think we can help them move quicker. And you know that that began our why initially. And quite honestly, the more I got involved with our clients, the more that started to deepen, I think for a lot of us, that’s, that’s the way it happens. For me that looked like saying, you know, look, I’m starting to really understand what my clients are facing, and they’re doing amazing things in their communities. And, you know, my y really shifted to saying, How do I help them to be recognized for the amazing things that they’re doing? And so, you know, we had for those of you have followed us for years, and we have this tagline called market with confidence. And I think that’s, that’s a big part of who we are. It’s a big part of what we want to do for our clients. But but we also shifted and said, you know, what, we really want them to scale their communities. We want to see the communities that our customers are involved in, whether they be in person or online, to be elevated. And so when we started really shifting that had a lot of messaging internally, Alexander Rubio that testify to this, you know, when we had meetings internally, we said, hey, how do we, how do we share this passion that we have to help our clients communities to get elevated? And oh, yeah,
Alexander Lahargoue 10:27
yeah, it’s not an easy thing to find. But once you do have it, it’s so important, all of your marketing efforts.
Ben Pankonin 10:32
Yeah. Yeah. So it helps, you know, help center us, but it helps remind us as well. So for a lot of us that are in marketing roles, you know, sometimes we have to take that message that gets passed to us from a president or CEO that says, hey, here’s what we really care about. And then we have to reframe that even internally to remind and remind to remind that this is what we’re about. Yep. Because, you know, people won’t understand it outside of our organization. If We’re not understanding it inside organization. So I think that’s one of the first things we have to do is figure out, you know, what is this mission? You know, what is the Why? And how do we, you know, then can associate goals to it. But we have to message it internally as well. We have to continue messaging that. That’s why we put taglines on things. That’s why we, why we remind those, you know, I’ll often do this at our company, well, I sort of have something that hits me. And oftentimes, it’s not during business hours, it’s like, you know, I was at an event or is at a location, I said, Look, this is what it looks like. And I sort of reframe that take a photo, I’ll take, you know, an article and I’ll say, this is what this is really what I mean, when I say that we want to scale these communities, like this is what it looks like. So So I think, you know, when we when we really can define that why and begin to repeat that. Then we start to be able to attach some goals around it, right? We start to say, Hey, here’s, here’s some actual outcomes and Then we start to think a little bit about how do I reach those goals? Now, I get it here, right? Like for many of us, we were just handed social media, we were told, hey, we want to have some success in social media. Success, oftentimes in social media means responding in terms that other people can relate to. You know, we’ve used the phrase, a lot of times, customers are not virtual, as a way to say that, hey, when when we’re doing things on social media that relate to specific customers, we want a message that backwards, right? We want a message that back up the chain so that everybody understands that these are the activities that we’re doing to contribute to that ultimate why.
Now, so defining a little bit of the why, when we want to go define that, we want to come back to the intent, right we want to talk about What is the intent behind the marketing objectives we’re making? We want to help create that so that we have a benchmark for judging whether or not campaigns were actually successful. And then, you know, this allows us then to talk about the decision making, right? It becomes a strategic decision making process. So here’s a couple quick examples, where we have an example of long term relationships that matter. You know, we have a goal increase loans using social media platforms, right. There’s a goal relates back to long term relationships. You know, when we look at, you know, an individual goal, it’s, uh, it happens to be somewhat of a sales goal. How do we reach that goal? You know, what we might do is think about how we might focus on you know, amplifying the the reach for social media lenders, right, we might want to think about how we get our lenders in front of more people. So as more people, so those aren’t necessarily long term relationships yet, but those are long term relationship builders or lenders, so we want to elevate them. So we want to develop a strategy then to use lenders to increase leads that might be, you know, a way that we get there, you know, we might think of a bunch of other ways to reach that. I think there’s some, you know, very specific ways we might think about that. Now, you know, we might feature feature them, we might, you know, change some of our messaging around loan officers. It’s not just, you know, it’s not just alone, right? It’s not just a one time transaction. So we can change some of the things that we communicate strategically and then you know, we can state those in a number of different ways. So thinking of the goal first, telling a little bit about the why. And then you know, leveraging each of those to show here’s what that why looks like so I think some of these formats really just help us to, to bring that back into the why a lot of times when we’re when we’re describing, you know, KPIs, or we’re describing some of those individual analytics, we we get so hung up on the terms of it, that we don’t always communicate it back into the terms that the people who are reading the report recognize. So that’s something we’re going to talk a little bit about what we prepare reports, but I think it’s really important that we look at those objectives. And state those, again, when we are providing a report. One of the things we do when we do our monthly and quarterly reports for clients is that we’ll look at the objectives that they give us to track and then we’ll put those at the front and then we’ll say it will provide an executive summary to say did this work? Did we actually hit what it what it was we were setting out to accomplish during this campaign during this project during this content, So then when we get to the house section, you know, we can we can define a little bit of how we get there. Alright, so we’ve got the why, let’s understand, you know why we’re we’re chasing after what we’re chasing after. But then we get to how are we going to get there? Now how we get there really is a definition of what we call key performance indicators. And key performance indicators don’t have to necessarily mean on social media. I know many of you probably track your KPIs in other aspects of your business. But really, a KPI is just a quantifiable measure used to evaluate the success of whatever it is you’re going after. Right? So in marketing, oftentimes, that’s a campaign or, or a project that we’re trying to track. But a quantifiable measure used to evaluate the success of, of whatever it is you’re doing, and in this case, we’re going to talk pretty much about campaigns. But a key performance indicator, again recognizes that you have a quantifiable measure. Now, a quantifiable measure means that, that we can track it. And for those of you who know me fairly well, you know that I love basketball. And I love to follow it for a number of different reasons. The first of which is that I love to watch leadership happen in real time. And I think basketball does that better than almost anything else. But one of the other things that happens in basketball, as well as all sports in which we can track a lot of metrics is that we start to have trade offs. And I think this is a really great metaphor for understanding what we’re thinking about with with KPIs is that a KPI might look like in basketball, something like we want to be the best rebounding team. Now, in order to be the best rebounding team. There’s a few things I would do. In order to be the best rebounding team one, I would shoot less three pointers. And if you shoot a three pointer, the ball is going to bounce off the rim, oftentimes at a pretty long distance, and you’re going to not have as many rebounds. If you shoot closer to the hoop, you’re going to in general have have more rebounds. Also, you need to miss shots in order to get offensive rebounds. So, so you need to take somewhat mid range jump shots, in order to give yourself the chance to be the best rebounding team. You also shouldn’t hurry to get back on defense. So the best rebounding teams sometimes have the worst transition defenses. If they’re if you want to be the best offensive rebounding team, you’re you’re not going to be able to send everybody you know back on defense quickly, because you’re going to try to focus on getting a rebound. So and then you obviously need to recruit tall, quick places. Here’s that play into the hoop in order to get rebounds, so what you end up having is in every metric you’re looking for, you have some trade offs. You know, you can’t be the best shooting team and and rank number one and rebounds. Because because they’re at conflict with each other, specifically an offensive rebounds. But you know, there’s a lot of metrics in sports give us a ton of examples. If we were playing football, we would say, if you want to be the best defensive team in the country, you should probably run the ball when you’re on offense and waste more time off the clock so that your defense isn’t on the field as long, right? There’s a lot of trade offs that we have. Social media is no different. When we think about the types of activities that we want to have as a KPI. It might mean something like when we look out at our social media, we want to deliver more content to our social media platforms. We want to make More posts, right? Well, when we have more posts, that means that some of our posts are going to get less engagement.
You know, we might have a a KPI around the type of content that we could create, we might say, we would like to create more product related posts on social media. Well, we know that more product related posts typically mean less engagement. But we know that if if engagement was our goal, we wanted to get more engagement on social media. We could post more about pets, coffee and dogs as
Alexander Lahargoue 20:35
oh my gosh, yes, those are the most popular posts all the time.
Ben Pankonin 20:39
We talked about it sometimes in our content team is that you know, we sort of we can post about pets, coffee and dogs, you know, we can talk about, you know, you have babies and coffee and dogs and consumer throw those all in the same thing. There was an ad on a Super Bowl a few years ago. Some of you probably remember it. That was the puppy Monkey baby. Oh yeah, remember that trifecta. But but it was, it was a marketing department probably not unlike our content team that said, Hey, you know what, like, if we really want to just get get engagement, like let’s create the trifecta, right? Yeah, let’s, let’s kind of put these together, and we’re gonna get engagement. So when we put a KPI around something like content, we have to constrain that a little bit and, and recognize that there are unknown consequences sometimes for those actions. If we want more posts. If we want more sales activity, we want to generate that. But also balance that with other engagement related content. So when you’re thinking about how much content you know, we also want to think of the type of content because I think that really helps to, to start to drive some of that home. For you to understand, hey, there’s there’s different types of posts. There’s different types of actions tivity I often advocate for people that are using our platform to, to put those labels in place. So you can say, Hey, this is a product related post, let’s track at the end of the month, how many product related posts we made? How many non product related posts, and then let’s let’s try to have a balance in that type of activity. I think those are great KPIs to chase after. If you’re at an organization where you’re starting to scale out, you’re starting to add loan officers onto the platform, you’re starting to say, Hey, we want loan officers to also be active as social media agents, you know, tracking that for them is another great metric as well. How many posts are they making? Are they getting engagement? Let’s look at that balance a little bit. But some KPIs for them might be just, you know, starting off, hey, how many posts are they making in a given week? How many are they making and which platforms are they making those on those those might be great things to just help you get a good sense Started with a KPI. Now, why would we set a KPI really is because we want to figure out how we’re going to get there. You know, by setting that kind of a goal to say, here’s how we’re going to get more social media interaction, setting a goal, like how many posts we’re going to make in a given time period, or how many promoted posts versus how many of you know organic posts are a great way to start to use analytics to measure where we’re getting at what’s what’s working, what’s not working. Again, we’ll get to the what section in fact, we’re going to get to some specific what examples we’re going to we’re going to take some specific examples. From some clients we have and say, here’s, here’s what their results were for a specific poster campaign or things like that. But, you know, before we get to those specific examples, we kind of want to understand how we get there, right? They those specific clients that decided we wanted to run On a campaign, because we wanted to get more results on social media, so your KPI characteristics are going to focus on a career, you know, a specific business objective, it’s going to focus on something like we want to be more well known in our community, we want to reach more people. So we can review that, you know, on a monthly basis, at least to understand whether or not it’s working.
Alexander Lahargoue 24:24
You know, man, we got a lot of great questions to about what can marketers take back to their supervisors to show the effectiveness of their social media campaigns? Is KPIs a great way to do that?
Ben Pankonin 24:37
Yeah, I mean, I think what we want to do if we’re gonna, you know, take things back to, to management, per se, kind of use the term management loosely, it could be executives, it could be your marketing management. It could be just the oversight that you have for social media. I think what we want to do is say, Hey, here’s what we’re doing. Actively, right? Like, we have these activities that we’re doing. And we’re doing those activities because we believe they’ll contribute to this type of an outcome key performance indicators say, Hey, we know that if we post more on social media, we’re going to have, you know, a greater reach, we know that the analytics will show that over time that more activity leads to more reach. We also know that if we create more video related content, we know that that people are going to watch it and engage with it more often, right? Like we can, we can make those sort of claims. So and then we can say, Hey, you know, you’ve told us right, the the in the y section that one of the things we want to do is focus on depository growth. Over the next year, we know that rates are increasing, we know that we want to, we want to increase some deposits. So in order to increase core deposits, we will Want to focus some of our content on, you know, net new customers, and we want to focus some of our content on, you know, on moving asset acquisition, you know, we want to talk about some things like CDs, which typically are not going to get great engagement on social media, right? Big surprise, right? But But when we talk about things like CDs, we know that there are ways to talk about what to do when we’re looking at, you know, the financial markets, right. So here’s a way that is predictable, that we know can contribute to long term, you know, sustainable secured investments, right. So So there’s some great opportunities right now for a lot of banks that that are doing that in in really positive ways. So more secured investment advice. Now, I know that some of you have you know, in your why has been, hey, we want to focus just on On the brand messaging, we just want to be known in our community, we want to be top of mind for those activities. So then we want to focus on the KPIs of at how do we get there? What what is it that we’re going to do? How are we going to get there? Well, some of what you’re going to do is offline, too. We talked about that a little bit in the analytics. But some of what you might be doing is saying, Hey, we want to create some activities. Or we want to take some of the existing activities, maybe it’s volunteer activities, maybe it’s stuff you’re doing in your community already. But we want to amplify that because that’s what’s actually contributing to a positive impact on our social media. So when you go to your analytics, you might find that, hey, this is what’s getting the most traction on our analytics. Maybe we want to go back to our how we’re getting there and do more of that activity. So I think that’s one of the ways that those might be related. A few things to avoid when we’re setting up KPIs, things like generic or You’re just sort of non specific goals. Yes, sometimes we talk a little bit about activity and KPIs, we want to focus on, what is the indicator that things could be working, that might point towards activity. It might be a more posts on social media, it might mean, hey, we’re focused on actually an indicator of, of potential success is we’ve identified as we want to create posts on a variety of platforms that might be that we’ve recognized that when we send out, you know, emails to our staff, and let them know that we’re running social media campaigns, that that actually becomes effective. We found over and over again, that what we do on social media, its success is also defined by things that we do offline, or in other platforms. So when I message to an organization staff and say, Hey, we’re running This campaign, please help us get behind that. All the sudden it will perform better. So so what we do in those, those areas can really be be helpful. And then you know, we talked about accountability, what we really mean with accountability is that it’s organizing what happens in your social media actions and coordinating those with with other areas. So
a few different examples of, of how KPIs can can help. You know, one of those areas is saying, Hey, we put together a report, pulling some of our bank reports that that we pull out, if we have a specific one, and we say we want to reach the community. Obviously, we want to see a net increase in likes. We want to see improvement in specific posts. You know, when we do our executive summary summaries of reports, oftentimes, we’ll put in the top post For that given time period, so if we’re doing a monthly report, we’re going to show here’s the top post based on engagement and reach. Here’s what it did. Here’s what you know what it was and, you know, example or, or photo. Hopefully, that contributes to your why not always, there’s some sometimes it is, you know, we set out and said, we really wanted to see, you know, growth and lending. And all of a sudden, you know, we had a post that just became super dynamic because, you know, a moose walked through the drive thru, and it was just awesome. No, don’t do that. Because Because those are, that’s great social media content. And that’s one of the things we want to communicate back up to senior management is, hey, just because this is what’s really successful on social media, you know, these timely interactions, things that are very personal in nature, you know, we won an award, things like that. It doesn’t mean we can’t loop those into the KPIs? Yeah. So when the moose walks through the drive thru, if our goal is long term relationships, now it’s that opportunity to say, Hey, we know this post has a potential to have a great amount of reach. Let’s let’s understand how our relationship to that noose could relate back. Right? Like, you know, here’s what he was looking for when he came to the drive thru. Right. That’s how we want to tie that back into our why, right? Yep. He was clearly here because he wants the same long term relationships that we preach, you know, at first state regional bank. You know, I think those things are really fun when we kind of kind of pull those back and, and it reminds us again, of what we’re here to do. So again, you know, when we’re looking a little bit about how we implement those KPIs, again, we want to come back to the business school objective. You know, here’s, here’s why we’re setting out to do what we’re doing, and we want to make sure they support those goals. But then, you know, we can also look at examples, like, maybe our KPI is we want to drive more traffic to our website on specific areas, specific clicks. And, you know, we want to increase, you know, registrations, online applications, you know, things like that. You know, we can do that and still have a great KPI around that.
Alexander Lahargoue 32:28
That’s absolutely right. And then we got a great question from Brigid about how do you track return on investment for social media platforms?
Ben Pankonin 32:36
Great, great question. You know, I mean, I think when we’re when we’re looking at ROI, obviously our ROI should tie back to that KPI right ROI should have something to do with whether or not we’re growing. Are we are we potentially adding new accounts? You know, it doesn’t mean that you’re necessarily going to add all of your accounts online. All Have you know that, you know, if you’re watching any of those reports, and you’ve got online account opening, or things like that, you’re saying, Hey, we’re getting 10% of our new accounts are being opened online, maybe we’re maybe we spiked that thing up by a couple percent. If you spike that thing up by a couple percent, it might mean that you’re getting some great social media interactions, and you’re getting some great online activity around your brand. And that only moves it up, you know, marginally. But what that might mean is that it can increase your total account opens because people are seeing that message online. And they’re coming into, you know, into meet with somebody that they know, or they’re looking for that long term relationship in person. And so I think when you marry those things up, you know, you can get some really tight correlations. They get really fun, fun to start measuring. Gotcha. You know, the other thing that we we look at a lot of times when we’re Looking at an ROI is if you’re reaching out to news outlets, if you’re following journalists in your local community. And I know that the term journalist as is sometimes a loaded term, especially in, in communities, as we’re, as we’re losing a lot of newspapers and things like that, but, you know, the more you can start to engage with those type of outlets, when you see an article or something written about you, that might come from social media. So oftentimes, you know, I might tweet somebody locally, when there’s a, when there’s an event that happened in the news, there’s something that impacts us. I’ve seen some great financial institutions right now who are reaching out talking about what’s happening with the shutdown. And they’re using that as a great talking point to reach out to journalists and say, here’s what we’re doing. We see the impact. We know that it’s a challenge for a lot of people and here’s what we’re doing about that. Those interviews. Some things that you get, those are very quantifiable, actually. So if you get a 32nd spot or you know, a 15 second spot on TV as an interview about the shutdown, or you get something in your local paper, you get quoted in an article, you can actually go back through and say, what would it cost me to generate that advertisement? Right? What would it cost me to generate that ad in the, in my local paper, you know, that, that that has a real number associated with it. Now, the nice part is when you get quoted or you get some of that interaction, it’s actually a better it’s actually better result, usually than running an ad because it’s more authentic, and you look like an expert. So when you do that, you know, you can put that dollar amount and say, here’s what it would cost me for a quarter page ad and start to communicate that in your Executive Report. When you pull that back into your Executive Report, and then you can say, hey, this, this would have cost us you know, 1500 dollars to get this ad placement. But we got it because we’re interacting in social media. We call that a media attribution model. But it’s a great way to, to start seeing that. You can also just look at the amplification of tweets and things like that as well. So we talked a little bit about the why we talked about, you know, how we formulate business goals and objectives. We talked about how we get there, the key performance indicators that indicate what it is we’re going to do. But then, you know, finally, we want to talk about the what, and this is sort of what happened, right? analytics really tell us what happened on our social media accounts. And you know, what is it that that happened during that time period? Now, when we look at what happened, hint, as we talked about before, it’s not always just what happened online. We often want to look at what happened online and the analytics we’re getting from platforms like Facebook and Twitter and LinkedIn and Then we also want to ask ourselves what happened offline that may have contributed, you know, if I just put my, you know, my financial institutions name on an arena, which actually happened with this arena here.
You know, we know that, that the number of social media engagements about that brand are going to skyrocket, at least for a period of time, at least while people are performing, playing whatever in that arena. And now, that happens in a whole wide variety of activities that might be happening offline. And so that I think it’s really important that we look for those for those things. You know, we’ve done some research in the past of, you know, what, what sorts of analytics would you get if you did sponsor this or sponsor that? Those are our fun little reports to do, to kind of analyze like sized events and see you know, what type types of results you might expect. But I think it’s important to look at what happened offline. So did you have, you know, some branch events that you sponsored? Were you involved in, in something in which you’ve received an award? Did some of your people receive an award? You know, all of those types of things can be a correlation to a spike of growth in your analytics. And you know, we want to take that into account because those didn’t necessarily mean that what you did and your KPIs, right, we did something specific in our KPIs. This might be an instance where we come back and reevaluate what our KPIs are, hey, we just sponsored an event. Maybe we should sponsor some more events like this, you
know, wasn’t necessarily in
our KPI. But we just had a huge spike. And it was because we worked at the Humane Society, and we did this one event and that just, you know, just blew it out. Right. Those are great examples to come back. I can say, Hey, you know, maybe how we’d run our branch events? Maybe we could do some things back in our KPIs to influence that.
Alexander Lahargoue 39:07
Oh, yeah. I mean, your y can be both online and offline. And especially, the more you’re able to relate those two together, the better metrics you’re ultimately see. Yeah,
Ben Pankonin 39:16
yeah. I mean, those are great examples. And, you know, one of the things that we talk about sometimes is, you know, we can’t make something interesting in social media that has nothing happening
Right? If you’re doing interesting things offline, then you can have a great dynamic social presence online. And so sometimes we look at the social media influences of some top tier brands, or great brand activities, and we say how they really they really killed it on this activity. Well, a lot of times the reason that they’re killing it is that they did something offline that was worth talking about online. engaged people in the real world, and then they amplified it with social media. So social media, we have to think about it in a lot of those terms is that it’s an amplification factor of what happens offline. So when we can create the right activities, then we can we can see those outcomes happen on our analytics. So what are we trying to get to when we look at analytics and, and sometimes we get focused on the term analytics. Analytics is really just reporting, right? It’s really just reporting, you know, and online, we like to call it analytics, but really, it’s just a report of, of what happened. And and we want to get to why did that thing happen? So we want to find the correlations and we want to find out, you know, what happened in the past and what’s currently happening, what’s, what’s happening now? And then what can we predict right? What’s next out of that? So when we look at that, when we look at it You know, our KPIs? You know, we have KPIs and analytics that are tightly related, they should be tightly related. So we want to understand, did our KPIs reach the type of outcome that we were looking for? Our analytics might say, Hey, you know, what, we made a post, we made a bunch of activity, but some of this activity just didn’t work. Right. Like some of this. You know, we didn’t get very much engagement. You know, we didn’t get the, you know, the type of copy wasn’t, you know, wasn’t engaging enough? It wasn’t long enough.
Alexander Lahargoue 41:36
Right. I’ve got a question from Ashley. How is there a way that banks can tell if their followers on social media ultimately become their customers?
Ben Pankonin 41:45
Oh, good question.
Yeah, I mean, you know, one of those is obviously, you know, we can look at names and and I would do some spot checking on some of those. I think it’s a great example to think about how you know, some of the things, you know, are these people actually real people? You know, if you’re getting a lot of engagement, we did some, some fun reports. For some financial institutions where we we actually measured their top engaged users, like, Here are the top people who engage with your posts. And we were finding that a lot of times they were commercial clients, because they were online. They were interacting, because they were trying to promote their own materials, and they have a much more vested interest in their financial institution than then say, just a normal consumer might. And you know, because they’re thinking about it on an ongoing basis, they might have a line of credit, things like that. So I think there’s there’s a lot of ways to think about that. To go with that. I think you. you’d mentioned some questions that came in just recently about about bots.
Alexander Lahargoue 42:53
That’s right. We got a question from David, who asked if there is it’s concerning that recent reports about social media indicate that almost 50% of the traffic is generated from bots. Is this a factor going forward for marketing campaigns?
Ben Pankonin 43:07
mean, good question. So one of the things that I look at with bots is that the people who should be really, really concerned about bots are the ones who have paid money to have bots. So, what’s happened in the past? Actually, we had a competitor bought 30 50,000 bots on Twitter, right? So all of a sudden you have a spike of, you know, of Twitter followers. And you can clearly tell when they are bots, right? They have no engagement to you. And they’re often at a geography that is not local to you, right? If you’re in a community bank, you know, in the heartland, and all of a sudden you have, you know, half of your followers are in Asia. You know, something’s wrong, right? Right. Right. But that’s, that’s pretty rare if you are if you’re not spending money on somewhere outside of that platform, right? So if if I’m going to find Facebook followers and I go Google, how to find Facebook followers, the cheapest way for me to do that is to pay for bots. So I can go pay for bots and I can get a whole bunch of what we would call fake likes. But then what happens is when I go to boost a post, or go to have some engagement, what happens is I’m paying to boost a post to bots, because that’s the two likes me. That’s that two rows of currently following me. And so I think that’s the biggest danger is if you have been in a scenario in which you’ve paid for bots, that’s a real challenge. Now, if you’re doing things the right way, and you’re building real followers, real connections, your bots shouldn’t be something that you worry heavily about. You should Have a very small number of bots that engage with you on your, on your social media interactions. Now Twitter does have some depending on what you’re tweeting about, you know, I’ll pick up some on Twitter on occasion that will follow me, and then all of a sudden they’ll drop off.
Alexander Lahargoue 45:19
Ben Pankonin 45:20
you’ll notice those that happen. Those will be ones that follow you, oftentimes, they’ll follow you for less than a week, and then they’ll fall off. You know, we’ve all had the engagements that that try to friend us on Facebook. And clearly, this is not someone I know. This is somebody who’s, who’s single, and is, you know, that’s really all they’ve told me on their Facebook profile. And they’re not from around here, right? Like, I don’t know this person. That’s the same type of interaction you’re gonna get as a brand page. And you know, you’re just not there. They’re not likely to spend the time and effort because there’s no incentive for them. Go follow you on those platforms. So yes, there are there are bots, there’s a large number of bots on Twitter. They, some of them do things. You know, we’ve, we’re obviously working with Twitter’s API frequently. It’s It’s not that hard to create an automated bot. We’ve had some developers here that that have, have created bots, just kind of for fun. And it’s, it’s really an interesting engagement to see how they work. But you should certainly shouldn’t be worried about that if you’re focused on real customers. And if you’re, if you’re not paying spammy sites for doing that, so so I wouldn’t, I wouldn’t worry about that. But yes, you know, when you’re paying Facebook to reach results, if you’ve paid bots, now you’re you’re paying them to reach bots. That’s that’s just the reality of it. So, good questions about analytics So, you know, when we’re tracking KPIs, you know, pulled up a few screenshots of, of individual activities, obviously, something like this is what we really want to look for. In this case, it was that all of a sudden, this financial institution decided to run a campaign. They decided to run a, you know, campaign about a community event. And we saw a great increase in likes this past year as a result of that. So this is the type of activity we’re looking for. And sometimes we have to look at trending over time to show those. Also, you know, if you’re not running campaigns, actively campaigns or create engagement, to really increase. So one of the things we talked about bots or things like that, but we also want to look at what happens when we don’t engage our followers in engaging posts of all we posted, were not very engaging posts. Most of us would call that spamming You know, I’ve noticed a number of different activities that people talk about, Hey, you know, hey, financial institutions, we need to be about social selling. Some of the time when they’re talking about social selling, what they really mean is social spamming, hey, let’s go put out some links. And let’s link to product related posts, and not even worry about engagement. Well, the problem is, if you don’t engage followers, then you’re not going to get any virality around that activity. And you’re not going to get the type of interactions that actually contribute to those core group growth goals that you had originally. So it’s about building that community and engaging without engagement, Facebook algorithms, simply going to let your post just continue to die. You know, it’s, you’re gonna if you had 1000 people that followed you on Facebook, and you know, you didn’t get any interactions with them. Eventually, you’re going to reach a spot where you have zero interactions on that face. page. So stimulating that with some campaigns and interactivity will really help to wake some of that up.
You know, analytics should help you to adjust to some trends. You know, we get some advantages because we get to watch the analytics across so many different organizations. So we get to see kind of how those trends work and play out into different benchmarks. And so I’m going to make sure to share some of those here with you. We’re also going to be sharing out with you some sample reporting that we do. So we do some, some customized reports for different banks. And so what we’ll do is send out some of those reports so that you can see a little bit of the format that we use, again, you know, when we pull those, we have people from within Alexander’s team that that helped to analyze those and figure out okay, here’s, here’s the types of posts that you’ve had this last month or quarter that have Then successful. And then we try to digest those so that they’re in an executive summary type format, so that anybody in the organization can see some value in that. But some of those trends you’re looking for is obviously spikes in interaction. Hey, this was a campaign. This was right near the voting period. So when we call out something like a campaign, what you’ll see is, and I can tell from this campaign, what happened, just based on the graph, you know, we started out we wanted to get people into a, a photo contest, right? We want to get people into the contest. That doesn’t mean that we had a spike in increase yet. The spike occurs when we start voting, right? You know, we we see an increase of traffic when we start voting, and then people start sharing that content out, right? Yep. He saw a little bit of interactivity at the beginning. And then all of a sudden we see a huge spike. When we ask people Okay, now it’s time to start sharing some of this Second one, we see a couple days where it was announced on on Facebook. So, you know, KPIs really only are effective when they become enforced and when we can monitor them with analytics. And then we can, we can continue to update those on a regular basis. So, here’s a couple, you know, real world. Again, I’m going to send you out some examples like this as a follow up to this webinar. So you’ll have this as an example for for things that you might track for your social media. And obviously, if that’s something that you need help with, we’re we’re glad to look at some projects to help you do third party reporting. But here’s a couple examples of specific posts as well. So this one was a video ad that we did, in which we boosted it for $10. Now the reach on that was about 800 reach being The the number of people who saw that. Now impressions being the number of times that video was seen. And then we see, in the third result, the amount of views that we’re seeing beyond eight seconds. So when we think of a $10 boost budget, I think of it a lot of times I’ve talked about this before, as it being similar to postage, we want to deliver this video, we want to see an engagement beyond eight seconds. And I think this video was less than a minute long. So they likely saw the bulk of that video if they watched over eight seconds. So these will be kind of samples of an individual post analytics. This happens to be a video ad. We had another one that was a
voting campaign, right so
this one happened to be a photo voting campaign.
So in which this this specific financial institution paid $50 for boosting the post associated with the voting campaign. The reach, again was over 6000. Not very many people watch this multiple times because it was a static post. So unlike a video, you probably wouldn’t want rewatch it right. And then you know, your number of engagements, you know, likes comments or shares. In this case, it was 266, which is actually really good. And that was about 19 cents. This is a much lower cost than you would see on average. And one of the things when we look at analytics that’s really easy to get hung up on is that last number, we look at 19 cents for 266 interactions, or, you know, times 266 interactions would get us to about our $50 and that would be a really good score. However, what I’ll tell you is that this campaign was done in a major metro area. And, you know, oftentimes what we see in large metro areas is that we can get that cost to go down. But we can’t always get the results to go up in that same correlation. So I would actually say this is, you know, this was just some results that I pulled out of it. I would say this was somewhat unsuccessful, because I think we reached a lot of people that probably weren’t qualified with this type of a post. So I think there’s some some really careful things to evaluate when we look at the analytics because every geography is going to operate somewhat differently. If you’re in a very rural area where you’re in a town with, you know, 10,000 people or less, you’re going to see a higher cost per click at times because you’re only targeting the people in That community, where oftentimes if I get into a major metro area, sometimes I can have some bleed into areas where I say, this really isn’t a great reach you another thing to do oftentimes is, when we get to the analytic side, sometimes we get to the analytics, and we haven’t thought of the how. So we get to the analytics. And we say, you know, we reached a whole bunch of people in a lot of these areas. If our house was we wanted to reach people within a mile of each branch location, then what I need to do is I need to be able to create that advertisement based on a targeted geography around each of those branch locations. And sometimes if I’m running an ad, I need to create different ad sets based on the analytics that I want as an outcome. So, for instance, if you’re looking to correlate advertisement based on individual branch locations, then I need to create a different ad per branch location. If I want to be able to evaluate those between each other, and I’ve got 10 different branches I want, I need 10 different ads that I run. And then I need to correlate those by each by each branch location. That way I can correlate those and say this branch performed better than that branch, right? So so there’s different things that you might then go back and adjust in your KPIs and say, we want to create ad sets that help us to understand which branch traffic is getting the most results. And then we would go back through and and evaluate how that worked. So a lot of different things to think about, again, as we as we really bring things between, you know, our why, how our KPIs flow out of that, and then how those analytics work. So, great questions, this time on our webinar. So thank you to so many of you who asked some great questions. If I didn’t get to those. Feel free to tweet me send me an email. I’d love to help you out. Also, you need to share a shout out to Nathan over at civista. So thanks, Nathan, for really the idea for this webinar. He said, what are some specific KPIs that we can be working on? He messaged me about a month ago and I said, hey, let’s just do that as a webinar. Actually, I think he asked it and said, Have you done a webinar on this? I said, Well, No, I haven’t. But we should. So So thanks for the idea, Nathan. Glad to help bring those to the forefront. And hopefully I answered some of your questions through this webinar. But thanks for joining and Alexander thanks for for host co hosting with Yeah,
Alexander Lahargoue 57:41
my pleasure. And don’t forget we have our next webinar coming up on February the 13th at 1030. central standard time talking about planning the correct response on social media.
Ben Pankonin 57:51
Oh, awesome. So correct responses.
Alexander Lahargoue 57:54
Yes. spam comments to your customers to any type of engagement that you have. The correct way to respond to them how to leverage them and build your brand online.
Ben Pankonin 58:03
So I feel like we should throw out a little assignment. If you have had a really fun interaction, be it negative or positive. We can help keep you anonymous. But I think it’d be fun to pull to pull a few funny comments out. That’s a great that’s a great idea. If you have any ideas, shoot them to me, send them over to us Bennett social insurance. com we’d love to highlight some of those and and think through how we respond online. So thanks for joining us again and be social.