Social media has proved to be an important avenue for credit unions to reach new audiences. Effective social media strategy for your credit union also allows your organization to become more targeted with its marketing strategies based on the information gathered through these social media platforms. Read on to learn more about how to maximize the social media strategy for your credit union.
Social Media’s role in your credit union’s marketing strategy will continue to expand, looking to capture the attention of millennials. The well-prepared credit union marketing strategist is taking all these trends into account and has a core processing system in place that can gather and process member data for personalized marketing/member experiences and allows for the integration of new technology through open architecture.
Furthermore, a successful marketing strategy for a credit union will incorporate an integrated social media campaign across multiple platforms and media formats. It will utilize members purchasing habits and other data to create a personalized marketing experience for each member.
Sounds simple enough right? But what actual steps can your credit union take to effectively use social media today? When well executed, a successful social media strategy goes beyond tweeting your credit union’s rate offerings and waiting for a member 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.
Here are four steps necessary for your credit union to effectively use social media.
- Plan: Nothing happens accidentally on social media. If you have ever looked at a competitors’ social media presence and wondered how they are magically getting so many followers and likes, it isn’t magic. There was a plan put in place and a strategy developed that has been followed and executed over time. Doing social media because everyone else is or because someone went to a conference and heard a keynote on the topic isn’t a plan. Your credit union’s social media strategy must align to your credit union’s business goal(s). If you’re strategy is simply to post some ads of your current rate offerings at the credit union or random links to content that your members aren’t truly seeking, then seriously don’t bother. Your credit union won’t get any value out of it and it will become a painful process that an unlikely member of your marketing team dreads checking off on his/her weekly checklist. Decide what the priority of your credit union is. Do you want to drive loans? Is your priority member growth? Is your main interest engaging your current members to capture additional wallet share? Define your goal and then plan your credit union’s social media strategy accordingly.
- Measure Your Engagement: If you post something and no one likes the post, did it count? While an obsession with your credit union’s number of followers and number of likes can often just be vanity metrics, it is important to truly measure engagement. Engagement is a critical measure in determining if you are posting content that is truly relevant to your membership. Sky high engagement won’t happen overnight. If your members aren’t used to hearing from you, it will take some time for your credit union to warm up your base. Some great ways to start this are with community spotlights of members, contests/polls within the group, and Monday motivational quotes. Once your members see value in paying attention to what your credit union is posting, then lean in with hyper relevant content. No member wakes up and wants to shop for a car loan. The member wants to buy a car. The loan comes next. So post something about tips for buying a new car. Did we pique your interest? Don’t have the staff to dedicate to this task? Click here to learn more about a service that does this for you!
- Pick Your Platforms: Sure, it looks fancy to have a footer on your website pages that has Twitter, YouTube, Vimeo, Facebook, etc. However, if you are not actively tweeting, posting on Facebook, and creating video content, then all these platforms are like splitting the baby. Decide where your credit union wants to focus and then excel on those platforms. You can have an amazing Facebook strategy for your credit union and high engagement, but if a member clicks on the twitter icon at the bottom of your page and your last tweet was from 2000, then none of that Facebook work matters. Pick your platforms and excel at them. There is no shame in not being on every single platform available.
- Utilize Influencers Effectively: 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. If you are a credit union that serves Firefighters in your area, do you think the local Fire Chief is someone that your membership base may follow and be interested in? Could that be an influencer that you could effectively use to promote engagement? Absolutely.
Social media is not a secret sauce that just some credit unions have gotten lucky with and some have not. There is a strategy and method behind your credit union’s success at social media. Start with a strategic plan that focuses on achieving your credit union’s business goals and build from there.