FIVE KEY METRICS FOR MEASURING THE SUCCESS OF YOUR BRAND

Businesses, irrespective of their scale of operations, use social media marketing to drive visitors to their website. However, the real success of these campaigns lies in analyzing and understanding how it impacts and effective your social media marketing efforts were in driving visitors to your site.

Listed below are 5 metrics that will help you measure this:

1. Visitor Bounce Rate:

If you have a large percentage of people who visit your landing page but leave or deviate instantly without reaching their goal (finding relevant information on your website), then your website suffers from high bounce rate. Bounce rate refers to the number of people who leave your website too soon, without spending much time on the landing page.

Studying your website’s bounce rate numbers will help you to attract and retain customers more effectively.

2. Visitor Conversion Rate:

If you notice that visitors go beyond the landing page, navigate through various pages and perform desired tasks on the page, it indicates a healthy conversion rate. This refers to the number of people who come to your website with a goal to do a predetermined task and their successful rate in achieving that goal.

3. Visitors’ Time Spend:

Do you have a steady flow of new visitors every day or are you stuck with a group of loyal old customers alone? While your website content should be informative and engaging for your already existing visitors, efforts should also be made to incorporate such content that gets the attention of people hitherto unaware of your site.

Analysing and understanding the visitors’ time spend will help you to take the necessary steps to enhance the content of your site.

4. Click Path:

Do you see a pattern in your site visitors’ navigation? If yes, have you pondered over the reasons behind it? What does it tell about your visitors’ (read customers) behavior? Click Path analysis helps you decipher customer behavior on your site, and find ways to improve it.

5. Keywords and Traffic Sources:

Analyzing which keywords are leading visitors to your site allows you to understand what words/ phrases are used to describe your products and services. Knowing this will help you in your efforts to match the right keywords with your products thereby ensuring greater visibility and top ranks in Google search.

Similarly, studying traffic sources of visitors tells you how they first found you. In other words, it gives you an insight into other online arenas where your site is mentioned. 

The Social Media Effect on Banks and Financial Institutions

Banks and financial institutions have felt the social media effect in a big way. With the advent of social media, the banking and finance industry has seen a sea change in the way it conducts business. From being a conservative industry, it has changed into social media backed enterprise. Today because of the critical business benefits that it offers, banks and financial institutions have made social media an inevitable part of their marketing strategy.

Take a look at how social media has transformed banks and financial institutions in India and around the world.

Citi Bank’s official Twitter page for Customer Service

Yes Bank promoting its Money Monitor on Facebook

HSBC’s YouTube Channel. Note the different sections for advertising, sponsorship and ideas exchange.

Aviva India launched its Customer Centre on Facebook on May 1, 2013.

HDFC Bank’s Pinterest page

What next?

With growing data streams both structured and unstructured, increasing customers’ expectations and their seeking never like before engagement, the need of the hour for banks and financial institutions is to leverage social media for gathering actionable insights to make informed decisions. BFSIs must explore social media analytics to tap greater business intelligence.

 Using social media analytics tools, banks and financial institutions can take their social engagement to the next level; understand their customers’ exact needs and service/product/brand affinities to drive customer-driven product innovation. Social media analytics tools also aid and simplify online brand reputation and market research

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Put simply, banks and financial institutions can use social media analytics tools to not just ENGAGE but also to LISTEN, MANAGE AND MONITOR.

Have cases of social media transforming banks or financial institutions in your area? Please share with me. How do you think social media analytics tools can benefit BFSIs?  Send in your comments I’d love to hear from you.