What Winning Looks Like For Community Banks On Social Media
Behind the scenes, most of these platforms are a maze of different pie charts, tables, and statistics, but what really matters most?
Historically, marketers believed that the true aim and goal of all social content was to create a following. Each month, everyone would pull up their dashboards and look at a single number, the number they thought was crucial for determining their success. It might be “followers” on Facebook or “subscribers” on YouTube, but the point was the same: the bigger the audience, the better, right? Not so fast. The truth is that we need to start thinking differently about our social marketing. Engagement must be our top priority. Let’s look at why this is, examples of banks that are getting it right, and what you can do to expand your audience.
Source: American Bankers Association
Why Engagement Is Queen
Engagement tracks how many members of a given audience see a piece of content and react to it (such as by leaving a comment or a like). Unlike audience size or follower count, it’s a direct measure of viewer interest in your content.
Mari Smith, a marketing guru on Facebook, likes to say: “Content is king, but engagement is queen, and the lady rules the house.” Engagement shows that people aren’t just passively scrolling but are actively connecting with your brand and its message. This leads to better prospect conversion rates and stronger customer loyalty.
Eric Cook & Mari Smith At the Social Media Marketing World Conference in San Diego, CA.
Engagement vs. Follower Count – Why Not Both?
Engagement can also increase your brand’s visibility. Following in the footsteps of TikTok, most platforms today run on a discovery algorithm. These algorithms serve up a unique collection of content for each user based on their interactions on the platform. Users that engage with a piece of content are more likely to see related posts. For instance, if you stop scrolling when you reach a specific TikTok video and watch it twice, you’ll be more likely to see videos from that same creator. On LinkedIn, just reading a post and clicking the “See more…” reveal button is tracked as “dwell time.” Users with a higher dwell time on a post will be more likely to see content from that post’s creator. By prioritizing engagement, community banks can take advantage of these algorithms to increase their outreach.
Improving Social Media Engagement
The key to succeeding on social media is to create the kind of content that “stops the scroll.” It’s about giving your audience things that are fun, timely, and unexpected. To be heard above the noise, we need to be saying something different. Here are the top strategies community banks are using to maximize engagement:
1) Embrace The Power of Vertical Video
Vertical videos like TikToks, YouTube shorts, and Instagram Reels can be highly effective digital marketing channels, especially for targeting prospects in younger age groups. Described as the new “mainstream format for advertisers,” vertical videos take advantage of the way users naturally hold their mobile devices, offering a full-screen immersive experience that encourages engagement without extra effort. According to X, over 100 million users use their platform to watch vertical videos daily.
2) Keep People Up To Date On The Things That Matter
Post about your real-world community outreach. An excellent example of this is Community Spirit Bank. One of the things that you’ll notice when you go through their Facebook page is that they are frequently holding events, participating in donations, and supporting volunteers. The bank has a Community Spirit Awards program to honor the contributions and service of leaders throughout their region (Northwest Alabama and Northeast Mississippi). By updating their audience on these events on social media, they create content their audience cares about. For instance, relatives of family members nominated for these awards often like the posts and share them on their pages. This is another top-notch way to improve social media engagement.
3) Create A Human Connection – Employee Advocacy
Individuals nearly always have larger followings and better engagement rates than organizations. As social creatures, we crave person-to-person connections. The rise of ChatGPT and AI-powered content has only increased this. It’s far easier to trust a face telling us something rather than a logo. That’s why community banks should build employee advocacy programs. This empowers your team members to be the individuals your audience connects with on a human level. Civista Bank’s Social Stars program is the perfect example. In Social Stars, Civista trains employees to create and upload unique content routinely while complying with company messaging and brand guidelines. Employee advocacy allows banks to build trust and improve engagement via employee voice.
4) Take Things To The Next Level
Although amateur videos continue to go viral on a regular basis on social media, uniquely high-quality content can also be a winning strategy. Paducah Bank, for example, has built successful YouTube and TikTok marketing campaigns by investing in a social media room. By setting up a dedicated space, they can create higher-quality content that increases engagement.
Bonus Tip – Partner With A Social Media Marketing Expert
One of the best ways to turn casual followers into an engaged community is to work with social media marketing professionals. WSI’s team of digital marketers is well-versed in helping community banks reach their social media goals. With our support, you can maximize your marketing ROI and build genuine digital communities based on content that resonates with your audience. If you’re interested in learning more about why engagement matters more than followers on social media, be sure to check out our webinar here. Or, if you’re ready to take your bank’s digital marketing to the next level across your socials and website, contact us today.