The Top Three Biggest Mistakes We See In Credit Union Social Media
Here are the top three mistakes we see often in Credit Union social media:
Mistake #1: Being Interruptive on the CU's Credit Union Social Media
In case you're wondering, just broadcasting promos doesn’t work! Social media is about relationships – Just Like CUs vs. Banks!!)
In 2016, 78 percent of U.S. Americans had a social network profile, representing a five percent growth compared to the previous year. So it's essential to be present on these platforms.
But no one wants to be jarred out of their online experience. If you are posting on Facebook don't just share about your products and services. Be inspired by the platform and share content that is appropriate. I tell clients to focus on being either ENTERTAINING or USEFUL.
If you'd rather listen to a live discussion of this topic, here's a recent podcast discussion of the topic with Eloquent Online on their weekly RadioFreeCU show:
Mistake # 2: Not Having a Clear Strategy With a Clear Timeline and SMART Goals (Otherwise How Do You Know What You Are Really Trying to Accomplish?)
According to Google’s Zero Moment Of Truth study, the average consumer takes 30-60 days, and often longer, when making purchase decisions around banking, and they consult 10+ sources online in this decision-making process!
Clearly social media (and other digital assets) need to be a key part of a CU's marketing strategy.
When your members interact with you on social media they create almost like a paper trail. Their friends and family can see that interaction and it can create reach to people you otherwise wouldn’t have reached. This is so much more effective than other forms of awareness because it’s coming from someone they know.
Mistake #3: Not Putting Significant Budget & Ad Dollars Behind Social Media Efforts (This is All About Priorities!)
Think of it this way... credit unions will invest on average $1.3 million to build a new branch and call it an asset, but if you suggest they spend $30,000 for redesigning or marketing their website and they think of this as an expense. This is a slippery slope for CUs.
Branch traffic is certainly on the decline (with in person teller transactions having decreased by 45% since 1992), but website and mobile traffic has never been higher. In fact, according to The Financial Brand, 61% of U.S. internet users bank online, and that number is only increasing! Clearly CUs need to adjust their marketing budgets accordingly!
Bonus Mistake #4: Thinking That Because They USE Social Media They Know How to Best Run MARKETING For The Credit Union There!
Just USING a social media platform doesn't make someone an EXPERT, it just makes them a USER. Often CU staff think that because they are on Instagram or Facebook during personal time they will have the know-how to do marketing for the Credit Union there. It's best to get some training before you get started, and then continue to get support as your efforts progress.
We offer amazing one-off training workshops for CUs and their staff and we also work on a retainer basis for Credit Unions that wish to be a bit more focused and strategic with their efforts. Let us help your CU today! Contact Us via email or visit our website to schedule a free assessment phone call.
About Meredith Olmstead
Meredith Olmstead is the CEO and Founder of Social Stairway, LLC, which provides Digital Marketing & Sales services to Credit Unions and Affiliated Organizations. With experience working with financial institutions in markets of various sizes around the United States, and as an experienced Director of Online Marketing, she has helped design and implement numerous marketing and sales campaigns. Since 2013 Meredith has led the Social Stairway team, working exclusively with Credit Unions, taking staff step-by-step through the process of launching all of their Digital Marketing efforts, as well as implementing full Inbound Marketing campaigns and providing Sales Enablement training and support. Meredith recommends a very clear and measureable strategy to all of her 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 sales and marketing investment.