TD’s Strategy of Vigilance Wins on Social Media
Banks have it tough on social media. Amidst the barrage of harsh criticism and pointed blame, the genuine bits of praise and sincere customer service inquiries are unfortunately few and far between. Needless to say, such choppy digital waters must be navigated with grace and tact.
That said, it came as no surprise to us that the highest-ranked US bank on social media is also the most vigilant.
TD on Facebook
On Facebook, TD Bank is quick to respond to any customer message, whether it’s a complimentary post:
or a situation that requires a more in-depth response:
Indeed, TD Bank’s average response time of 1 hour 15 minutes (far superior to the other banks in the list) underlines the brand’s focus on exemplary customer service.
For example, the brand’s highest-performing Facebook post, regarding prepaid credit cards, has seen a lot of engagement.
Though the sentiment on the post was negative overall, the moderators stepped up to the plate and responded to almost every comment.
From helping customers get the information they need,
to defusing unpleasant comments,
the mod team was ready for any situation.
TD on Twitter
It’s a similar story regarding TD’s brand presence on Twitter. Unlike other banks that run multiple Twitter accounts for different aspects of their business (eg. support, news and branding), TD Bank only has a single account that handles all aspects of their business. Although this single-channel model may seem more problematic since every concern with the brand being funnelled to only one channel, it is evident that the brand is up to the task.
Employing approximately 8 unique customer service representatives that respond to customer Tweets that range from the positive
@BKatzGlass Thanks for letting us reach out, Karen! Have a wonderful day. ^AB
— TD Bank (@TDBank_US) April 14, 2015
all the way to the negative.
It’s no surprise that their average response rate of 46 minutes far surpasses any other US banks on our list.
This diligence in answering customer service questions underlines the growing trend by banks on social media to show that they are accountable for the well-being of their customers. Along with their relentless effort in answering customer comments and questions, the brand has found eValue success by mirroring the content for both platforms, having 1 account, 1 voice and 1 page.
Though this is apparently working for TD, this platform of having a single Twitter account goes against the other banks’ social media strategy since handling one account generally requires a larger moderation team and is more challenging to manage.
Bank of America for example has a main account (@BofA_News) servicing their news and other financial related content and one specifically for answering customer service question (@BofA_Help).The advantages of having multiple accounts is that it allows specific information to be streamlined, have separate voices/tones, and is easier to manage since each account has a specific function. Bank of America’s help account for instance, have had over 7 thousand replies to their customer base in the span of two weeks which would be a daunting task to accomplish if there was only one team working on one account. There are downsides of having multiple Twitter accounts as well. By spreading out all the services on multiple handles, each account would have less traffic, engagement, and conversation going on in each handle unlike if there was only one account.
In conclusion, for a greater eValue score, it is beneficial to also have a keen eye on support/negativity on your brand channels. It is irresponsible for brands to turn a blind eye and expect everything to occur on the channel they want. TD has solved this problem by having one account.
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The eValue™ score measures the effectiveness of a brand’s overall social media performance on Facebook, Twitter, YouTube and Instagram and provides a score from 0 – 100. It’s the aggregate of the three subscores including Engagement, Impact, and Responsiveness that work together to create one top-level KPI. Our subscores are calculated by using hundreds of sub metrics which are then benchmarked against a hand-picked database of 75,000 verified brand accounts on each channel.
Engagement: Measures the level of interaction generated by your content and how well your community reacts to it.
Impact: Measures how many unique users have potentially been exposed to a piece of content posted by the channel’s admin through organic, viral and paid reach.
Responsiveness: Measures the rate, speed and quality of your responses to fans.