National Directors Conference - Social Marketing for Credit Unions
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The document discusses strategies for credit unions to effectively use social media. It finds that many credit unions struggle with social media due to a lack of clear objectives and metrics. Effective social media use involves segmenting audiences, integrating across platforms, and leveraging each platform's unique capabilities. Planning requires outlining objectives, strategies, and metrics upfront. Content should be king, and social media can be used to deepen relationships and drive word-of-mouth. Measurement is key to gaining insights on what works best.
National Directors Conference - Social Marketing for Credit Unions
- 1. The CU Marketing Compendium: Social Media Patrick Rooney, QUEsocial
- 6. Engrossing interactive game Brand partnerships Different social platforms
- 7. Support humorous videos with audience interaction 18-month old company with 200,000 customers
- 8. It doesn’t have to be hard (or expensive)! Take baby steps Experiment to see what fits Ask for help Follow examples Open your mind
- 9. Why do many credit unions struggle with social media?
- 10. Will social media go away? Um, NO!
- 11. Imagine if you could activate your customers to recommend you… I love my credit union! They are helpful, responsive and fair. I’ll never go back to a big bank. I love my credit union! They are helpful, responsive and fair. I’ll never go back to a big bank.
- 12. What does the research show?
- 13. Social presence without a strategy Learning: What’s happening? There isn’t a clear objective communicated except ‘do some social media’ “We do social, but only when we have time”
- 14. Goal is to engage, but actions are to broadcast Learning: What’s happening?
- 15. Expectation is to reach younger members, but… ‘20 somethings’ are not the most prevalent existing member demo Expected Target Demographic % by segment More engagement activity coming from older crowds Default Result: social strategy misses the mark of reaching younger audiences by broadcasting to existing members Learning: What’s happening?
- 16. Disconnect between Usage and Effectiveness Utilization of different Social Media Effectiveness of Social to Engage % of Credit Unions with a social media presence Engagement per Activity Of those with an active twitter account, just over half posted >1 tweet/month Learning: What’s happening?
- 17. Inconsistent success metrics Learning: How do we measure? •Respondents “feel” successful or complain about their lack of focus/resources •Majority do not measure success •Only a few measure: − Growth in networks − Engagement − Commitment
- 18. Marketing is King • Social strategy of all survey responses was in marketing • However, very few have explicit social media strategies tied to marketing strategy • Lack of use in HR and Customer service (MGC) Learning: who owns social?
- 19. Segmentation parameters 1. ADOPTION •How do credit unions adopt various social media platforms? • Lack uniformity • Initial forays can be enthusiastic and halting or experimental 2. USE •How do credit unions use social media past the initial adoption stage? • Lack uniformity • Categorically similar Learning: How we segment
- 20. Adoption categories Prospectors – 37% Flirts – 53% Do it Right – 10% Learning: how do cu’s use social?
- 21. • Create multiple and inconsistent social media presences • Many unrelated to core objectives • Difficult/impossible to understand credit union unique brand 26% Learning: how do cu’s use social? Use categories – Sybil
- 22. • Enduring presence on one platform • Faithful and exclusive • Message hits audience only when they are engaged on that platform Learning: how do cu’s use social? Use categories – Monogamist 40%
- 23. • Create multiple but integrated presence across platforms • Post similar information across platforms • Don’t take advantage of value- added elements of unique platforms Learning: how do cu’s use social? Use categories – Integrators 27%
- 24. • Utilize multiple tools • Integrated presence • Leverage unique capabilities of each platform Learning: how do cu’s use social? Use categories – MacGyver 7%
- 25. • Post descriptions of a financial education event on Facebook • Comment about the usefulness of the event on a blog • Post videos of a prior similar event on their YouTube channel • Use twitter to remind constituents of the time and place as the event approaches Learning: how do cu’s use social? MacGyver – Event Example
- 26. Why Social Media? • Deeper relationships • Word of mouth • Extend reach • Credibility • Drive SEO • Amplify other marketing activities • Survival
- 29. Incorporated consumer feedback into ad campaign Tapped into the power of recommendation Leverage Facebook, Twitter, Pinterest, YouTube and Yelp • 16k Likes • 3k+ followers • 49k video views “The ‘Share‘ campaign is the BECU brand as voiced by our members.”
- 31. Putting social in context Professional Networking Backyard BBQ Cocktail PartySelf Expression
- 33. Planning for Success Treat social as any other business channel
- 34. Treat social as any other business channel Outline a clear objective, strategy and metrics Planning for Success
- 35. Treat social as any other business channel Outline a clear objective, strategy and metrics Get your story straight Planning for Success
- 36. Treat social as any other business channel Outline a clear objective, strategy and metrics Get your story straight Understand the landscape Planning for Success
- 37. Treat social as any other business channel Outline a clear objective, strategy and metrics Get your story straight Understand the landscape Be creative within the context of your audience Planning for Success
- 38. Treat social as any other business channel Outline a clear objective, strategy and metrics Get your story straight Understand the landscape Be creative within the context of your audience Content is king Planning for Success
- 40. • Define specific outcomes and metrics • Leverage as business intelligence engine • Create as many direct links between social activities and results Measure and gain insights
- 41. Final Thoughts…
Editor's Notes
- #3: Are there any burning questions that you want to make sure we cover today?
- #5: Remember the onld funny quote, this whole internet thing is just a fad…?
- #6: From this…
- #28: The most compelling reason to use social is that if you don’t, consumers will dismiss you. And go to competitors who are reaching out to them. If you are not engaging on social…
- #29: There are a number of great examples of credit unions that are using social effectively. One that stands out takes everything we have talked about today and puts it to good use.
- #30: Boeing Employees Credit Union Was this strictly a social media campaign? No, but it did leverage it’s audience in a way that uncovered and activated evangelists.
- #31: So, who’s really embraced social media as a marketing tool? what were the keys to your success?
- #34: Not social for the sake of social; has to have a reason Have a deliberate social media strategy Integrate social into marketing strategy, HR, and service Know your social networks and leverage their strengths Embrace MGC to enhance engagement Be consistent Grow your social networks Train up and do it right
- #35: Not social for the sake of social; has to have a reason Have a deliberate social media strategy Integrate social into marketing strategy, HR, and service Know your social networks and leverage their strengths Embrace MGC to enhance engagement Be consistent Grow your social networks Train up and do it right
- #36: Not social for the sake of social; has to have a reason Have a deliberate social media strategy Integrate social into marketing strategy, HR, and service Know your social networks and leverage their strengths Embrace MGC to enhance engagement Be consistent Grow your social networks Train up and do it right
- #37: Not social for the sake of social; has to have a reason Have a deliberate social media strategy Integrate social into marketing strategy, HR, and service Know your social networks and leverage their strengths Embrace MGC to enhance engagement Be consistent Grow your social networks Train up and do it right
- #38: Not social for the sake of social; has to have a reason Have a deliberate social media strategy Integrate social into marketing strategy, HR, and service Know your social networks and leverage their strengths Embrace MGC to enhance engagement Be consistent Grow your social networks Train up and do it right
- #39: Not social for the sake of social; has to have a reason Have a deliberate social media strategy Integrate social into marketing strategy, HR, and service Know your social networks and leverage their strengths Embrace MGC to enhance engagement Be consistent Grow your social networks Train up and do it right
- #40: Make sure you have checks and balances in place, with guidelines and policies for best practices, and ensure employees know about them, and are refreshed from time to time.
- #42: Persevere Experiment Do it. Your competitors are. Your consumers expect it.
- #43: Persevere Experiment Do it. Your competitors are. Your consumers expect it.