What Facebook's New Algorithm Means For Your Credit Union
I was speaking with a client a few days ago who was eager to learn more about the "new Facebook changes." In case you didn't know, Facebook recently made some changes to the algorithm that decides who sees your posts. He was shocked to learn that because of the algorithm, called EdgeRank, only 16% of your audience will see the content you post.
Here's a simple explanation of EdgeRank from NickWestergard.com:
The EdgeRank algorithm determines this from the value of your social objects — statuses, links, photos, videos. Facebook views all of these inputs as “edges” and assigns value based on the following factors:
- Affinity score between viewing user and edge creator
- Weight for this edge type (like, comment, tag, etc.)
- Time decay, which is a factor based on how long ago the edge was created
Understandably, some companies are upset about this. In a statement to ReadWrite.com, Mark Cuban said:
"We are moving far more aggressively into Twitter and reducing any and all emphasis on Facebook," Cuban says, via email. "We won't abandon Facebook, we will still use it, but our priority is to add followers that our brands can reach on non-Facebook platforms first."
What this basically means is that brands are going to have to start using Facebook in a more intentional way. Getting people to interact with you (via commenting, liking and sharing) is the easiest way to do this.
In my experience, I've found that people need to be told what to do - instead of saying "The weather today is nice" and hoping that people will chime in with their thoughts, pose a question and implore your audience to respond. "We love cool weather here at FCU! What is your favorite season?"
Don't be afraid to be bold! Increase your photo updates and try polls just to see what works for your credit union.
How has EdgeRank affected your credit union's Facebook strategy? Do you have any tips or tricks to stand out? Let us know in the comment section!
DeAndre Upshaw is a former Young & Free Texas Spokester. He's a marketing professional living in Dallas and a Beyonce enthusiast. DeAndre is the host and executive producer of The State of Awesome. Follow him on Twitter and check out his personal website.