Social Interactions
The Social Interaction KPI measures the effectiveness of your social media campaigns at fostering positive engagement. Key interactions can play a pivotal role in a post or story going viral, so it is very important to ensure that you are nourishing the right types of interactions. As well, a strong social media measurement strategy will map these interactions to other marketing goals, such as website conversions or new client wins.
When measuring social interactions, remember that not all social interactions are equally valuable. For example, one could argue that a "retweet" is more valuable than a "favorite" on Twitter because a retweet ensures the content stays in circulation longer. Similarly, different social media sites will have varying importance to your brand. One advisor may find that Facebook is a hotbed of positive engagement, while another advisor really does well on LinkedIn. As you can see, each social platform allows you to interact with your audience in a number of different ways.
The Bottom Line
Despite how popular and powerful digital marketing has become, especially in the world of financial services, the majority of advisors still don’t – or know how to -- use it. They either don’t do anything or they use more traditional tactics which have served them well in the past. As the more technically savvy investors come of age – and advisors prepared to serve them – digital marketing will become a must for all advisors lest their clients be slowly but surely lured away by very convincing tactics. Use these KPIs to develop a strategic campaign which pays for itself instead of one that feels cutting edge but no one can figure out if it is making your money.
Craig M. Kaminer, partner of Evolutionize LLC, is a career marketing professional specializing in digitally integrated marketing programs for investment professionals.