Presence and performance both matter today for brands on social media and it holds true for all sectors. Recently, IDBI bank declared itself as the most social bank in India(1). If one reads the article intensely then one would find that the basis of self proclamation of the bank has all been based on the number of fans the brand has on Twitter and Facebook. Besides this, it has added YouTube and Google Plus to it’s list but I am keeping them aside. I believe any brand proclaiming itself to be the most social brand is justified if you compare yourself with your peers in the market. But nothing was mentioned about this.
So I decided to compare at my end with the help of Unmetric, which is a social media monitoring product. Presently, Unmetric monitors your brand’s presence on Facebook and Twitter. So before I reveal the in-depth analysis on how some of the popular Indian banks are faring on social media, here is a list of input data I have used:
- Social Media Monitoring Product: Unmetric.
- Social Media Monitoring Networks: Facebook and Twitter.
- Social Media Brands Compared: Along with IDBI bank, I have compared Citibank India, HDFC, ICICI and Axis bank for Facebook. For Twitter I have compared Citibank India, HDFC, ICICI and IDBI.
- Monitoring Period: Last Month (03/20/12 to 04/19/12)
1. Fan Growth: The basic parameter on social media starts with number of fans or likes on Facebook and a sizable number of fans are required to drive any kind of engagement on social media. IDBI bank is a clear winner in terms of fans with a growth rate of 19% in the last month. However ICICI Bank, although a late entry in joining social media, has shown tremendous growth and 34% increase of fan growth in the last month is a clear indicator of it.
2. Conversations: This is a parameter which Facebook reveals on every brand page which is small indicator that tells how many people are talking to the brand at any given point. However, the number is quite broad but has been a valuable indicator apart from just the number of ‘Likes’. The below image indicates that ICICI bank has 11.2% of conversations in the last month and it also makes the bank as the most talked about amongst fans.
However, IDBI bank has some disappointing numbers here as on March 20, 2012 it had 15,8066 people talking but it has gone down to 5531 by April 19, 2012. The below image shows the downfall and I think that brands should be doing a bit of brainstorming to find out the reason and how it could improve upon it.
3. Engagement: The above insights might have given a clear indication that ICICI bank even though has been a new entry in the social media space but has been doing great. ICICI bank is also the most engaged bank on Facebook and HDFC bank is the second most engaged bank as shown in the below image.
4. Sentiment: Most of the brands in service sector keep away from social media because of criticism. However, here too ICICI bank is the clear winner with the most (net) positive sentiments, which is close to 50% and HDFC bank, which attracted the most number of posts from fans, had the maximum percentage of negative sentiments.
1. Followers: @IDBI_Bank is a clear winner in this space like Facebook and it has also shown the highest growth potentiality on Twitter. The below image says it clearly and no other bank is close to it.
2. Frequency of Reply: Unmetric divides Tweets into three categories – 1) Retweets 2) Replies and 3) Proactive Tweets. @ICICIBank_Care, which is using Twitter as customer care, has been really successful, as the brand has used Twitter as a conversational platform. Out of 375 tweets that were tweeted by the brand, all of them were replies or mentions to its community on Twitter.
3. Average Reply Time: Twitter is all about conversations and average reply time is a very important parameter on which brands are measured. @HDFCBank_Offers leads when it comes to replying to its community on Twitter and @ICICIBank_Care takes the longest in responding to queries. If brands are using Twitter as a customer query resolving platform then the average reply time should be really quick and must be real-time.
4. Sentiments: @HDFCBank_Offers, which is the quickest in replying on Twitter, has the best (net) positive sentiments close to 70% and @IDBI_Bank has attracted more number of negative sentiments amongst all banks.
- IDBI bank has definitely a bigger community on Facebook and Twitter but it needs to think on increasing the engagement levels on social media.
- ICICI bank, although a new entry is the most engaged bank on Facebook but the brand needs to have a better Twitter marketing strategy.
- HDFC bank has a better Twitter engagement with the quickest response time on Twitter and also the most positive Indian bank on Twitter but fails to impress on Facebook.
I think there is no clear winner on social media amongst the Indian banks as of now, as all of these banks are evolving in terms of engagement and customer service on social media. One can’t label oneself as the leader in social media based on just the number of likes or followers. It is how you drive that community to your objective. It is always better to have an engaged community rather than having a huge community with no one to respond.
What are your thoughts on how Indian banks are faring on social media. For me there is no clear winner and it will take some more time for them to be happening on social media.