For a deeper dive into credit union social media strategy, click here!
The following is a high-level overview of social media strategy for credit unions. Click the link above for actionable steps to creating a better social media strategy.
In this blog, we’ll cover the following:
- Do you need social media for marketing?
- Who will you engage on social platforms?
- What are some basic things to keep in mind while using social media?
- How can my credit union get started?
Read on to learn more about how to maximize the social media strategy for your credit union.
Do Credit Unions Need Social Media?
CU 2.0 is a digital consultancy that champions new technologies and approaches. So it may surprise you to hear that we don’t think credit unions need social media for success.
However, we think it can significantly improve your engagement with members and your community. For those reasons alone, we strongly recommend using social media. Even if your only goal is to connect with your members, you’ll be better for it.
However, some smaller credit unions may not see the same level of engagement as larger credit unions. More importantly, they may not see the same opportunities (such as marketing, sales, and more).
Who Will Credit Unions Engage on Social Media?
Gone are the days when social media was the only way to reach Millennials. Millennials are looking for mortgages now, not “likes.” If your credit union doesn’t use social media yet, understand that your social audience will be very varied.
As you might imagine, younger generations use social media more frequently. Similarly, younger generations are slightly more likely to engage with or buy from brands due to social media posts.
However, most adults up to age 75 use social media frequently, and their reasons are varied. Trends show that increasing numbers of older users are open to finding new brands and connecting with businesses they already use.
Your credit union can expect to engage with members and prospects of all ages online.
Basic Credit Union Social Media Strategy
Your credit union’s social media strategy will depend on how long you’ve been using it, how large your audience is, and your goals. There are very few hard and fast rules to social use. However, it’s worth noting a few basics.
A successful social media strategy goes beyond tweeting your credit union’s rate offerings and waiting for members to come in the door. Social media can be a powerful acquisition tool, a tremendous means of member engagement and a powerful force for community outreach.
Determine your goals with social media. Do you want more followers? Do you want more engagement? Do you want new members? Or maybe more product saturation? Pick a small goal first and then plan around it. Don’t just advertise, sell, and disappear. Social media was made to engage humans, not to drive sales. Social media users don’t go online to look at ads. Plan your strategy around a goal, plan your content out, and plan to stick around after you hit “post.”
Measure your engagement:
If you post something and no one likes the post, did it count? Follower count, comments, and “likes” can be more than simple vanity metrics. If you post something and get no response, then you have your audience pegged all wrong.
You can’t market yourself to an empty room. Warm up the crowd first by inviting conversations, holding contests and polls, and encouraging participation. Track your engagement as you go so you can see which posts resonate with your members.
Pick your platforms:
Sure, it looks fancy to have a footer on your website pages that has Twitter, YouTube, Vimeo, Facebook, TikTok, Instagram, etc. But unless you have a dedicated social media team, that’s a lot of work… and how many members are you even reaching on each platform? Choose a couple of platforms to excel in. Expand as you get comfortable, but don’t stretch yourself. Social media shouldn’t feel like a chore!
One of the easiest ways to get going on your social media site and boost engagement is to effectively utilize influencers in your membership base. For example, if your credit union serves firefighters, you might consider the local Fire Chief an influencer… an interview, spotlight, or AMA from them might effectively promote engagement!
There is no secret sauce to social media strategy. Well, there are some spices that really help, like not selling, engaging with followers, and picking your platforms… but real success comes from a purpose-built plan that your team must determine for itself. Start with a strategy that focuses on achieving your credit union’s business goals and build from there.