You probably have a good grasp on media, but are you authentically social? Brands struggle with this. It's hard to scale, ROI is difficult to measure, but it humanizes your institution and gives you a clear point of distinction. This deck is a recap of our November 3rd Twitter chat with CBANC on the role and value of a Community Manager.

1. Community
Managers
&
Customer
Engagement
#BankOnSocial
@CBANC
@KasasaNews

2. What is a community manager?
A Community Manager is responsible
for the growth and maintenance of
that community. Their purpose is to
ensure that every member has a
sense of belonging and
ownership and that the community
creates value for its members.
#BankOnSocial

3. Why is a community manager important for
community financial institutions?
The funny thing about communities is that they
will form with or without you. By being active in
the process you have the opportunity to put the
community to work for your institution. It's the
chance to build advocates. Focus groups are
expensive, but investing in growing a
community gives you a constant stream of
consumer insights that you can tap at any
time. Conveniently, it also ensures that you
have a primed audience to market to when the
time comes. Research suggests that consumers
struggle in seeing points of differentiation when
comparison shopping financial institutions.
Humanizing your brand within your community
is a powerful way to cut through the marketing
noise and connect with consumers. It’s a
competitive edge that larger institutions cannot
authentically replicate.#BankOnSocial

4. What soft skills does a community
manager need?
1) Ability to create engaging content
2) Understanding of social media
marketing
3) Public Relations / Business
Development skills
4) Customer Relations experience
5) Reputation Management skills
6) Data Analytics knowledge
#BankOnSocial

5. What goals should a community
manager be measured against?
Imagine your institution is about to launch
a new product – a mobile app. For the
launch to be a success you’ll need to
gather some feedback during
development, you’ll need to make the
audience aware of the launch, and you’ll
need to support the consumers if they
have difficulty.
Some goals for the community manager in
this scenario would be: identify influencers
and build a beta test group, gather
feedback, post polls to determine app
development direction, create a content
strategy to announce and educate the
community on the app, increase product
mentions, measure product sentiment, etc.#BankOnSocial

6. Are there KPIs connected with those
goals?
GrowthRate = Number of new fans / Fan
count at the start of the time period.
EngagementRate = Total number of actions
(likes, comments, shares, clicks) / Audience
size. This number should tell you how well
your content is resonating with your audience.
SOV(shareofvoice) = Number of your brand
mentions / Your mentions + All competitor
mentions. This number gives you an
understanding of your digital conversation
share. If a competitor has more (or a growing)
share of voice, you can look at their profiles to
try and reverse engineer their strategy or find
gaps in their content.
SentimentScore = Positive mentions / Total
mentions. This is an important companion
metric to SOV. Not all mentions are good
mentions. You might be losing SOV, but if that
is due to a recent scandal at a competing
institution, then it might not be a bad thing.
#BankOnSocial

7. Should community management be
one person’s job?
Community managers wear a lot of hats,
which means their plate can fill up really
quickly. When determining who should be
involved, consider the following:
1) How big (or how rapidly growing) are
these communities?
2) Do we have strong brand guidelines in
place to manage our voice?
3) What departments could benefit from
being closer to our consumers or by
contributing to our content strategy?
As a general rule, social media performs better
when it is part of the organization’s culture.
#BankOnSocial

8. How do you handle negative comments
or community managers?
81% of25-34havecomplainedabout
abrandthroughsocialmedia. The
reality is that people will complain
about you whether you’re on social or
not – the only real question is do you
want to be a part of that conversation?
The consensus from our chat was that
you absolutely do. Being active opens
up the opportunity to correct the
mistake, learn from it, and potentially
salvage the relationship. In fact, this
can be a great tactic to build your most
loyal and vocal brand advocates.
#BankOnSocial

9. What should community managers
know/keep in mind about compliance?
It might feel counterintuitive, but
freedom comes from more
procedures. Before getting social, the
community manager and compliance
team should sit down and agree on
policy. Having these guidelines in
place will free the community
manager to take advantage of
opportunities in real-time knowing
that the compliance department
supports them.
#BankOnSocial

10. How can a community manager help
foster user-generated content (UGC)?
One of the most attractive elements of
social media is how it can power
word-of-mouth marketing. Customers
trust content from their peers more
than they trust content from your
brand, and when a someone makes
content on your behalf you reach a
new audience – all of their friends and
followers
#BankOnSocial