The Value of Competitor Social Media Analytics

By Doug Wilber

Socal media for banks is a necessity. It is a given. You meet customers where they are, and today, that’s online. But customers (and potential customers) don’t just engage and interact with a bank’s website, apps, and social accounts. They also see competitor accounts. Banking marketers need to leverage social media analytics to understand what works for their competitors and figure out how to do it better.

A competitive analysis of social media data in banking can help guide your strategy by quantifying the successes and failures of your rivals. This is especially true for community banks, which may feel like they are fighting an uphill digital battle against the resources of fintech companies and corporate financial institutions. Fortunately, a lot of competitor data is publicly available. Many successes and blunders are there for any savvy bank marketer to learn from. With the right social media analytics tool, this data could be key to keeping pace in today’s fast-paced environment.

There is a lot of powerful data on social media, and banks can leverage it to their advantage. Analytics and competitive insights allow bank marketers, even in small institutions, to be smart and efficient with their time and money. You can’t differentiate your institution if you don’t know and understand the stories your competitors are telling.

You should also be aware of the quality of your competitors’ ads, calls to action, and websites. If your marketing materials are not comparable, you risk losing customers. It’s not just about optimizing a landing page, there needs to be a quality experience at every possible touchpoint. To start understanding competitors, consider these three tips when analyzing social media for banks:

1. Compare your strategy. Benchmarking is the foundation of any competitive marketing strategy, as it shows how measuring your competitors’ performance can help you improve your bank’s marketing game.

With social listening tools that track competitors’ social media activity, executives can see how the organization is performing compared to competitors and get a clear picture of where social media needs to be addressed. more investment to remain competitive.

For example, if you’re trying to figure out how often your team should post on social media, look at how often a competitor posts. Or if you’re aiming for 50% audience growth and everyone has 5% month over month, you know to adjust expectations to be more achievable.

2. Understand what resonates. When financial institutions embrace social listening, they gain clear insight into how other brands are driving engagement on social channels and resonating with customers. One bank finding resonance might be an outlier, but if multiple competitors are using the same technique, your brand can use this trending insights to craft even more relevant messaging and maintain an edge over the competition.

Follow trends and get high engagement for your competitors. What topics get the most engagement? Some aspects of storytelling? Or maybe specific types of posts, such as short videos, resonate best. Understanding what works for your competitors will teach you what works for you. Conversely, if they have posts that get little or no engagement, learn from their mistakes and avoid wasting your time and money doing the same thing.

3. Identify proactive opportunities. Social media competitor monitoring can provide unique insights and proactive opportunities for your institution to attract a client. For better or worse, social media gives us all a glimpse of a brand’s dirty laundry. If you notice a competitor receiving complaints on social media about a particular service or product, this could be an opportunity for you to target that audience and tell them how you’re doing it better.

Are people posting messages on your competitors’ pages stating how difficult it is to reach a customer service representative with them? Seize the opportunity and design a targeted paid campaign that emphasizes your institution’s excellent customer service.

These moments may not come often or easily, so stay alert to make the most of them.

Competitor social media analysis is an essential tool to help small financial institutions stay competitive. It allows you to stay on top of what’s happening in the industry while identifying what works and what doesn’t for the biggest players.

Doug Wilber is the CEO of Denim Social, a social media management software company that provides tools for marketers in regulated industries to manage organic social media content and paid social media advertising on a single platform. .