Sharpen social media marketing with analytics

by. Georgann Smith

Millions of conversations are taking place on social media sites, and chances are, some of them are about your financial institution (FI). Amid this mass of communication lies a wealth of useful information, including which products, websites and mobile apps your consumers like or dislike; how often your FI is mentioned compared to your competitors; and the effectiveness of your marketing messages.

The tools necessary for FIs to access these insights lie in utilizing social media analytics (SMA). SMA refers to the process of collecting data from social media sites and blogs and evaluating that data to make business decisions and develop an in-depth idea of the social consumer. Essentially, SMA offers tools your FI can use to determine if you’re winning or losing in the social media game.

Below are five of the Credit Union Times’ picks for best SMA tools for FIs.

Google Analytics — This is free software that can be installed behind the scenes on your FI’s website to collect data on visitor traffic. Google Analytics allows you to measure site traffic from month to month, for example, to determine if activity spikes following a blog posted through Facebook or Twitter. You can also track how long people stay on your site, view keywords visitors used to find your site and determine where your visitor traffic is coming from, including what percentage is generated from referral sources.

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