Social media is home to billions of conversations and consumer insights. We all know that. It’s become a prominent platform for marketing, consumer research, and customer service. Nichefire is a major advocate for using social media as a research platform – especially for banks.
For the banking industry, consumers are more prone to voice their complaints on social media. Our data suggests that, on average, banks have a Sentiment Polarity Score around -0.2 (on a scale of -1 to 1). This score calculates the degree to which conversations are negative or positive. This is significantly more negative than other industries.
Negative engagement is contagious. According to the White House Office of Consumer Affairs, a dissatisfied customer will typically tell an average of 12 people about their experience. But, this isn’t all bad! Here are a few ways to improve you can use this to change the perception of your bank.
Respond to Positivity; Not Just Negativity
Banks deal with sensitive consumer information and the financial well-being of their customers. Mistakes can have severe consequences. As a result, consumers that have had prominent negative experiences will use their bank’s social media pages as public forums for their complaints. They feel they’ve been robbed. What’s worse is that this complaint is out there for everyone to see.
Of course, you should always address the complaint. But, on posts, your response to that complaint will highlight that comment for others to see. Facebook, by default, organizes comments on posts by relevancy. There’s a high likeliness that complaints will be moved to the top of the list of comments.
A good way to combat this is to also engage heavily with your promoters as well. Those that speak positively about you. Many brands forget to engage with their promoters. Show goodwill and gratitude by interacting with comments from those users. On platforms, like Twitter, Retweet and share replies to them. Show them you care.
Take in Feedback and Deliver
Social media can provide a substantial amount of feedback from consumers. Complaints, praise, and constructive criticism are all valuable feedback. You can use this for campaigns, product research, and more. But according to 1Financial Training, 96% of unhappy customers don’t complain. When most unhappy customers aren’t providing their feedback, how do you know what to improve?
First, you can research the conversation surrounding your competition. The feedback your competitors receive can lead to ideas for your own brand. What’s more, you’ll have an idea of your competitors’ strengths and weaknesses. Nichefire uses AI to identify these unique nuances in consumer feedback so you don’t have to do any complex searches or booleans.
Second, you can solicit feedback from your customers using your content. Allow them to feel comfortable with sharing their pains. This doesn’t mean sharing surveys or directly asking for feedback on products. Develop an engaging piece of content that allows them to respond.
Here’s an example:
“Now you can open up your checking account within your ABC Bank app. What are some other things you would love to see in the app?”
Now, once you get your feedback, you must deliver! Announce to your customers the innovation, campaign, etc. that you are delivering once you’re ready.
Nichefire Understands Your Industry
Nichefire is built to understand how your industry operates and how to position your brand on social media. With the power of AI, Nichefire analyzes millions of conversations, advertisements and content from thousands of companies in banking, insurance and healthcare. Allowing you to act instantly with better competitive analysis. Discover how Nichefire can help.
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