Brett Wooden, Chief Retail Officer of Providence Credit Union (PCU), has leveraged social media to engage his members since 2016. Wooden wanted to prove that social media was valuable to his CEO and Board, so he implemented strategies using a company called ChatterYak. ChatterYak encourages people to like a page on Facebook and enters them into a contest to win a prize. ChatterYak then allows the credit union to ask questions, which creates a lead generator from that interaction.
The board was only involved in establishing a social media policy, which was approved with no problems. In its first attempt, PCU saw immediate results, garnering more than one thousand new Facebook page likes within the first few days. The contest prizes offered weren’t expensive, but they had a lot of value—items like Apple TV or Chrome Cast, for example. Initial upfront costs were $2,500 and monthly costs were minimal, depending on the number of campaigns scheduled. In its most successful loan campaign, the credit union sold $2 million in new loans.
When asked how important implementing this strategy was to the credit union, Wooden rated it as a seven on a scale of one to ten. He said it greatly helped increase visibility and community involvement.
Moving forward, the credit union wants to see if there is a formula that would equate a certain number of likes to a certain number of members.
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