The value of a social media audit.

AuthorHershberger, Tara
PositionSOCIAL MEDIA

YOUR FINANCIAL INSTITUTION HAS A PROFILE ON SOCIAL MEDIA WEBSITES: Twitter, Facebook, Google Plus, LinkedIn--maybe even others. But simply being present isn't an indication of how well you're doing it.

And what about your competitors? Who's doing it better than you are--and why are they successful? While social media is a critical piece of marketing, a strategy for getting the most out of it is equally important. A social media audit can help you see the big picture, refresh your approach and make improvements. And it's particularly helpful if you haven't started at all.

What is a social media audit?

It's looking at everything you and your competition are doing. Are you getting "liked," "followed" and retweeted? Are you following, liking or retweeting the people or organizations you want to be visible to? Online reviews are also part of the social media mix. Learn what your customers are saying about you.

Data that matters

One of the first steps to take in this process is to analyze the current social media landscape. Statistics are available on social media populations in your service area and state. This information will tell you who your potential online audience is.

Next, take a look at the social profiles of competing banks and credit unions. "Like" and "follower" counts are relevant, but it's also important to gauge their engagement levels compared to yours. To find those numbers, track the number of posts within a certain time frame and see which posts got the most reaction from fans and followers--that is, how many "likes" and comments did those posts receive? Most businesses already know that photos generate more attention than text posts. Contests also can help...

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