Financial Services Digital Whitespace Map™ Q1 2022

YouTube
TikTok
Twitter
Instagram
Facebook
February 10, 2022
Financial Services

Key Takeaways

Measurement Methodology: Audience Attention

  1. Define the Audience. For this analysis, we look at the North American (Canada + USA) audience including all ages and genders. Some metrics in the analysis, such as video views, are specific to your industry.
  1. Measure Each Platform’s Share of the Attention. From the total number of Video Views, Monthly Active App Users, and Monthly Unique Site Visitors from the audience we determine which social platforms that activity took place on.
  1. Measure the Audience’s Total Attention. Using a variety of marketing intelligence data sources, we measure the Total Number of Video Views, Monthly Active App Users, and Monthly Unique Site Visitors from the audience of your specific industry over the course of the current calendar quarter. This represents the total digital Audience Attention for the purpose of this analysis.
  1. Revisualize Into a Bar Chart for Analysis. For the purpose of this analysis a bar chart is more effective than a pie chart.

Measurement Methodology: Competitors’ Focus

  1. Define the Competitors. For this analysis, we look at 15 different competitors in the retail banking, investment, and fintech industry such as the Big 5 Canadian Banks, Wealthsimple and Chime. 
  1. Measure the Competitors’ Total Focus. Using a variety of marketing intelligence data sources, we measure the Total Number of Video Views, Post Cadence, Social Audience Growth, and Social Engagement Volume from the competitors of your specific industry over the course of the current calendar quarter. This represents the total digital Competitors’ Focus for the purpose of this analysis.
  1. Measure Each Platform’s Share of the Focus. From the total number of Video Views, Post Cadence, Social Audience Growth, and Social Engagement Volume from the competitors we determine which social platforms that activity took place on.
  1. Overlay onto the Audience Attention Bar Chart for analysis. For the purpose of this analysis a bar chart is more effective than a pie chart. We overlay the Competitors’ Focus bar chart over the Audience Attention bar chart to determine whitespace opportunities.

In Q1 2022, the Financial Services Audience Attention was the highest on TikTok, followed by YouTube and Facebook.

*Composite metric consists of video views, Monthly Active App Users, and Monthly Unique Site Visitors

However, Financial Services Competitors’ Focus is highest on Instagram, Twitter and Facebook.

High competitors’ focus on Instagram was driven again by Chime, which gained 166K IG followers and generated 921K engagements in Q1 2022. To find out more about Chime’s organic social media strategy, check out these case studies: 1 & 2

*Composite metric consists of post cadence, audience growth, engagement volume, organic video views. Competitor’s focus is comprised of the top 15 brands in the FS industry.
*Competitors are not active on Pinterest and reddit while Snapchat is currently unavailable.

There is whitespace opportunity on YouTube, TikTok, reddit and Twitch, where there is high Audience Attention and low Competitor Focus.

*Composite metric consists of post cadence, audience growth, engagement volume, organic video views. Competitor’s focus is comprised of the top 15 brands in the FS industry.
*Competitors are not active on Pinterest and reddit while Snapchat is currently unavailable.

Instagram and Twitter are oversaturated platforms with high Competitor Focus and low Audience Attention.

*Composite metric consists of post cadence, audience growth, engagement volume, organic video views. Competitor’s focus is comprised of the top 15 brands in the FS industry.
*Competitors are not active on Pinterest and reddit while Snapchat is currently unavailable.

Audience Attention is growing only on TikTok by +17% this quarter. 

*Composite metric consists of video views, Monthly Active App Users, and Monthly Unique Site Visitors

Audience Attention shrank this quarter by -14% on YouTube.

*Composite metric consists of video views, Monthly Active App Users, and Monthly Unique Site Visitors

Audience Attention is stable for Facebook, Instagram, Twitter, Pinterest, Snapchat, reddit, and Twitch with less than a 10% change this quarter.

*Composite metric consists of video views, Monthly Active App Users, and Monthly Unique Site Visitors

Competitor Focus is growing significantly on Facebook, Instagram, and Twitter this quarter.

*Composite metric consists of post cadence, audience growth, engagement volume, organic video views. Competitor’s focus is comprised of the top 15 brands in the FS industry.
*Competitors are not active on Pinterest and reddit while Snapchat is currently unavailable.

Competitor Focus shrank significantly this quarter on YouTube and TikTok.

*Composite metric consists of post cadence, audience growth, engagement volume, organic video views. Competitor’s focus is comprised of the top 15 brands in the FS industry.
*Competitors are not active on Pinterest and reddit while Snapchat is currently unavailable.

Competitors in the Financial Services industry are currently not active on reddit, and Twitch.

*Composite metric consists of post cadence, audience growth, engagement volume, organic video views. Competitor’s focus is comprised of the top 15 brands in the FS industry.
*Competitors are not active on Pinterest and reddit while Snapchat is currently unavailable.

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