what’s trending in social media for credit unions · what can credit unions be doing on social...
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What’s Trending in Social Media for Credit Unions
Scale Your Community, Market with Confidence
We amplify financial brands in their communities through software, social and digital solutions built to reach more customers and make compliance officers happy.
Social Media at 30,000 Feet
WhatWhy How
Why invest in social media?
Build Trust in Your Community
Make a Connection Demonstrate Value Be Authentic
Be familiar yet unique. Share how you have helped members in the past.
Show your personality. Why is your credit union different?
New Ways to Reach Your Members
Facebook Instagram Twitter LinkedIn
Monthly Active Users
2.32 billion monthly active users
321 million monthly active users
1 billion monthly active users
260 million monthly active users
Understanding the Social Media Players
Facebook Instagram Twitter LinkedIn Snap
How much are these channels worth?
$523B $30B $26B(sold to Microsoft in 2016)
$16B
Based on stock prices, April 2019.
Small BrandsCan OutpaceBig Brands
Belonging MattersYou Have an Advantage
Club?Membership?Sound Familiar?
Facebook’s Changing Algorithm
What does it Mean for Marketers?
• Less organic reach per post.
• If you have 1,000 likes, approximately 80 people would see a post organically (estimated).
What is the Makeup of Facebook’s Algorithm?
4 elements to displaying each post
Inventory
Signals
Predictions
Score
Why is Facebook Bigger?
All ad space is limited, even online.
These metrics were pulled from Social Assurance’s 2018 Marketing and Compliance Report as well as a survey of over 30 financial brands average quarterly performance on social media.
Financial Brands and Social Media: Organic Metrics
Avg. QuarterPost Reach
Avg. QuarterPost Impressions
Avg. QuarterPost Engagement
Avg. QuarterNumber of Posts
47,857 1,915
74,149 58
Your Social Media ROI is Easier to Track
With social media, you’re given live metrics.
With traditional media, it’s harder to tell your effectiveness.
What can credit unions be doing on social media?
Respond to What is Said to You
Monitor and Pay Attention to What is Said About you
Know the Listings and Reviews Landscape
Reach Members Through AdvertisingA/B Brand Awareness Campaign• $150.00 budget• Ran for six days• Geo-targeted 10 mi radius of 20+ branch locations
Total Reach: 4,636
Total Impressions: 7,144
Number of page likes: 53
Increase Engagement with Campaigns
Comment to Enter: Ask users to comment on a post with their top piece of advice for buying their first home. Choose a winner at random.Photo Contest: Host a home renovation photo contest where users submit photos. Have the public choose a winner.
Prize Example = $250 gift card + you get to follow up with participants on home loans or home equity loans.
Promote Events• Create Awareness:
o Informs members on where your events/next location will be.
o Organic Posts / Events / Both
• Target: o Push to the cities/towns you serve.
• Gather Info: o Based on who has engaged, you can follow up
with leads after an event.
How Can Your Credit Union Improve on Social Media?
Compliance is Not an Excuse
These new tools that make it easier to:
• Monitor
• Archive
• Collaborate
Start or Increase Your Paid Social Budget
• Paid social greatly outpaces organic reach
• CMO Survey: 32% increase in budgets for 2018• - Expected to double in 2023• - Results in 27 percent engagement (paid) compared to eight
percent engagement (organic)
• It’s easier when you “pay to play”
• Instant metrics
Start or Consider Upgrading Instagram
Second largest social network • 600 million users• 400 million daily users
Helps you reach your millennial customers• 69% of millennials are on Instagram daily• Visit an average of 13 times daily
Reach target markets (e.g., moms)• 68% of millennial mom’s visit Instagram daily
Think of New Ways to Tell Your StoryLet your followers know how you engage with the community.
Highlight customers who are making an impact in your
community.
Try Things Out
Introduce new content categories by knowing your audiences.
Understanding 1 to 1
“But people increasingly also want to connect privately in the digital equivalent of the living room.”
– Mark Zuckerberg, 2019
Survey Your MembersIn order to know if you’re effective, ask your members:
Are they following you on social media and what do they want to hear about?
Recap
WhatWhy How
