Why Facebook is still the top Social Network - Social Assurance
 
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Why Facebook is still the top Social Network

Category: Attracting Customers
Published: June 20, 2013

Social networking is dynamic. We can’t get away from hearing buzz online and offline about the next BIG social network. This often leads businesses and brands searching and wondering what is next, and what can I do to become a superstar on this platform. These feelings of needing to be everywhere digitally are knee jerk reactions often lead to wasted time and empty promises.

Which bring me back to the root of this post. If social media is so dynamic and fluid, why has Facebook been able to stay on top for over five years? Facebook has done a great job toeing the line between appealing to users and brands at the same time. Just yesterday Facebook make two key updates for brands.

The first update was to Facebook Insights. Facebook has listened to brand ambassadors and given us all more “actionable” data. Social media receives a lot of flack because very few companies can tie an ROI to social media usage. While still difficult, the data from Facebook is far superior to other social media networks.

The second update which will have a huge impact for banks is the ability to comment with a picture. We are strong believers at Social Assurance that banks need to have pre-approved responses for when compliance is out of the office. The ability to have a content library with visuals & images to help serve a customer issue on weekends and holidays will drastically improve overall customer service.

Facebook recently announced over 1 million advertisers on their platform. Brands receive tangible data from advertising on Facebook. The data may not be as extensive as Google analytics, but the ability to advertise by city & region is vital for banks. Reach on LinkedIn? Only goes as far as your connections. (These are however much stronger relationships then Facebook) Reach on Twitter? Good luck finding that number. (CTR’s are much lower then Facebook, which either means reach is much lower or relationships are much weaker)

Facebook has the melting pot community that other social networks strive for. As Ben says, “it’s like playing a round of golf with your banker, neighbor, and obnoxious teenager down the street.” With over 1.1 billion monthly active users it’s over five times as popular as Twitter (500 M total users, 200M active) & Linkedin (205 M users). They have received some backlash for launching features that mirror other companies. Poke was like Snapchat. The new Instagram video is a lot like Vine. But at the end of the day they are still releasing more features other large social media networks haven’t. This ability to play offense (gaining users) and defense (retaining users)  is what makes Facebook the leading choice for social marketers around the world.

Learn how Social Assurance's Community Spark platform helps financial brands connect with their communities.

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