For several years now, most credit unions have used social media to bring in new members and engage existing ones. However, new changes to business accounts and advertising might affect their social media strategy going forward.
So, we’d like to look at social media and content marketing for credit unions. How does the changing social media landscape affect credit union member acquisition strategies?
Social Media Is Changing for Credit Unions
Recently, there have been two major changes to the credit union social media world. Both have profound impacts on credit unions’ abilities to reach out to their target audiences.
Let’s look at what those changes are and how they affect your social media accounts.
- Organic reach is diminishing. Facebook and other social media sites make their money through advertisements. So, they’re going to do what they can to increase their revenue.
The social media solution to getting more ad revenue? They limit the visibility of your posts if you don’t pay to promote them. If social media ads are part of your credit union’s member acquisition strategy, then things are about to get a whole lot more expensive.
Five years ago, a Facebook post might get seen by 15% of your members. Today, only a fraction of a percent of your members see any given post. Unless you boost it big time, that is.
- New anti-discrimination policies make it hard to target regions. The new advertising regulations for financial institutions is mostly good in theory. It keeps predatory lenders from targeting ads only to marginalized groups, or it ensures that investment opportunities be marketed to everyone, not just the richest zip codes.
However, credit unions and regional banks are hurt by this change. Because their membership is limited geographically—or by employment, etc.—it makes sense for them to be more particular about to whom and where they advertise.
Nevertheless, credit unions are no longer able to pinpoint only eligible members for ads on social media.
So, what does all this mean?
It means that credit unions have to pay more to get their ads seen, but there’s less of a chance their ads will get seen by the right people.
It’s not that social media for credit unions is dead. It’s still very much alive. But how they use it will be totally different. Frankly, it’s no longer a cost-effective method of acquiring new credit union members.
What should credit unions do?
Content Marketing for Member Acquisition
Sure, social media ads cost more and must target broader audiences now. But part of the issue with most social media ads is the fact that they’re ads.
People don’t like advertisements. Like, sure, some people like watching super bowl commercials. And some ads even go viral. But super bowl commercials and viral ads usually do something a little different…
Something a little special, even:
They tell a story.
They humanize the brand.
They make personal connections and reach for inclusivity.
That’s where credit unions have a real opportunity. By embracing the role of content in marketing, they can continue to reach the kinds of members they want. They can also build their own narratives and showcase their personal side.
Plus, a simple blog or story costs less to write—and lasts longer—than a single boosted Facebook post.
Social media for credit unions is an ever-changing world. And unfortunately, so is content marketing. It’s hard to keep your finger on the pulse of both of them.
Fortunately, we’re doing our best to help you with that.
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