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By: Meredith Olmstead

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February 10th, 2016

Credit Unions: Why Social Media is a PERFECT Fit!

Social Media Marketing | Credit Union News & Information

Credit Unions ARE Social

Why Social Media is the PERFECT Fit for Every Credit Union

Are you deciding whether to redirect marketing and business development dollars at your Credit Union for Social Media Marketing? Well, I’m here to tell you that as a life-long Credit Union member and Social Media Marketing expert, the two could not be more right for each other! And here’s why…

1. Credit Unions are All About Service to their Members and So is Social Media

Social Media Marketing success comes with developing relationships, cultivating your fans and followers, and helping them with problems and challenges. Credit Unions are all about this TOO! It’s their entire mission really. So why not bring CUs and Social Media together?

2. Being Genuine and Real is What Works on Social Media & Credit Unions Don’t Know How to Be Otherwise

We're talking about member-owned cooperative banks that are created to bring financial services and economic opportunity to their members. These organizations answer to boards made up of members and are completely transparent in their missions and priorities. This kind of content and purpose works PERFECTLY on Social Media platforms. People online can sniff out insincerity very quickly, but with Credit Unions there mission IS service, so being genuine and real is just part of why they exist in the first place!

3. Credit Unions REALLY Care About People, While So Many Other Businesses Online are Just Faking It

Now this one might get me in trouble, but I’m going to say it anyway. Most banks are out to make money, and they do that through fees, higher interest rates and other hidden costs. They are not in the business of serving the 'under-served' or really caring about the people that bank with them. In fact they are profit-making machines designed principally to benefit their employees and their stock-holders.

How is this related to Social Media? Well, to succeed on Social Media, brands must come across as more caring, rather than as large, faceless companies trying to make money. So what do they do? They FAKE IT! They try to share lots of cool stuff and post information as though they are interested in being helpful, all with the hope that you’ll take the bait and spend your money. But with Credit Unions their motivation is very different. They really DO care! That’s why they exist in the first place, to serve members, not share-holders. So Social Media Marketing is that much easier for CUs because their content is true and doesn’t need to be faked or dressed up. It really IS all about helping people.

4. Credit Unions are Great at Walking the Walk, But Need to Talk the Talk

As Gigi Hyland, Executive Director of the National Credit Union Foundation, explained at a recent GCUA conference in Georgia, "Credit Unions do so much good, but they often do it with their heads down." Rather, CUs need to be shouting from the roof tops about why what they do for people matters so much and why it should be shared and protected.

Social Media is the PERFECT way for CUs to reach out to potential members and show them daily why Credit Unions should be trusted, relied upon and banked with. It’s a reality that people need to get loans and bank accounts somewhere, and most of the time they choose banks. Social Media is a great way for CUs to begin to penetrate new markets and target larger audience groups. Through these new social platforms CUs can spread the word about what they are and what they do for their members and their communities.

5. Social Media is the Marketing of the Future, It's Time for CUs to Stop Playing Catch Up

The current economic climate demands that Credit Unions continue to reach out and market their services to their next generation of members. Where better to find these new younger members than online? Gone are the days when people shopped in person for loans or homes or even cars. Now-a-days customers are doing their research online BEFORE they ever walk through your door. CUs can't afford to sit back and wait for new members to come to them. It’s time for Credit Unions to be proactive and implement a more modern tech-savvy approach to marketing and member communication.

It's not a matter of ‘IF’ CUs will use Social Media Marketing, but rather, it's a matter of ‘WHEN’ they will, and it's time for CUs to set proper priorities in place so that their online marketing efforts will be effective, efficient and successful over the long-term.

Contact us today and we can help you craft a Social Media Strategy that will work for your Credit Union or Business!

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About Meredith Olmstead

Meredith Olmstead is the Founding Partner of Social Stairway, LLC, which provides Digital Marketing services to Credit Unions and Affiliates. As an experienced Director of Online Marketing, she has implemented marketing strategies for various industries and as a Marketing Consultant she has worked with Credit Unions, taking staff step-by-step through the process of launching all of their Digital Marketing efforts. Meredith recommends a very clear and measureable strategy to all of her CU clients, and then works with them to re-evaluate the success of these efforts on a continuing basis, all with an eye on moving toward a clear return on your online marketing investment.

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