3 Tips to Address the Social Media Resources Question from Management

Originally published on CUinsight.com.

In honor of Social Media Week (Feb 13 – 17), I want to offer some helpful tips to social media champions that are struggling to get upper-level support to move their credit union into the new millennium of marketing (and attract the new millennium of membership while they’re at it).

Putting aside the obvious question of ROI – One of the most common and major roadblocks for gaining management support for a social media strategy at your credit union stems from two simple questions: 1.) How are we going to come up with the content to share? 2.) Who has the hours of extra time to create it?

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10 Deadly Social Media Sins

Social media has changed many rules of marketing, which can be especially disconcerting for those of us raised in the ‘traditional’ media world.  Some of the things we have always either accepted as fundamental precepts or taken for granted are no longer true, or maybe more precisely no longer as effective as they used to be. The good thing is that there are always new marketing fundamentals taking the place of those that are fading.

One of those is most certainly social media. The one thing we can count on is that social media (and whatever it evolves into in the future) has to be a permanent feature of a comprehensive marketing plan. There are just too many people in our key target demographics (i.e., the next generation of credit union members) for whom social media is more relevant than traditional media for us not to be in it.

So how can we better understand how to integrate social media into our existing marketing programs? One way is to learn from experts in the field about not only what you should do, but also what you should try really hard not to do.

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Marketing to Members in a Mobile World – Are You Ready?

Much of the debate about mobile banking and its impact on credit unions has focused on the technology and functionality that will be offered to members.  From simple text message alerts and balance information to full-blown banking suites that offer the same functionality that you have with a PC and a browser. The market (at least in the United States) is still sorting itself out.

What gets less attention is what a mobile-centric world will mean for the way in which we market to and engage with our members. Mobile marketing certainly requires a different way of thinking about messaging, medium, and target audiences because it’s such a unique channel with unique challenges and unique opportunities.  Luckily, there are some experts out there to help us understand the paradigm shift.

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Facebook Tips and Tricks for Loan Officers

As an original Facebooker, (you know, when it was strictly for college students posting where the best party is that weekend and complaining about the crazy professor that doesn’t give out any grades except C’s), I’ve always been a little skeptical of mixing my personal Facebook world with business. Steve Richman of Genworth Financial has convinced me otherwise in a recent webcast about how loan officers can use Facebook (yes, their personal Facebook account) as a tool to deepen business relationships and drive more business.

1.)    Use your profile info to advertise (subtly)

Much like asking your doctor friend what this weird bump is, or calling your veterinarian aunt about Fluffy’s latest strange behavior, posting your profession on Facebook is like offering free expertise to your friends and family. Eventually your free consulting leads your network of friends to turn to you when something big happens. Where some small, free advice just won’t suffice. And voila – new business from (Facebook) friends. This is what you do:

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How credit unions can attract and retain next generation members

Guest post by Kevin O’Donnell, Vice President, Discover Network

How well do you know your members? According to a recent Millward Brown study, the average age of a credit union’s members is about 46 years old. Fifty-one percent are women, and more than half earn between $25,000 and $75,000 per year. Nearly 60 percent are married, and about a third have children living at home.

But here’s something to chew on: Just 8 percent of credit union members are between 18 and 24 years old, the coveted Millennial demographic.

You could say that small statistic doesn’t matter much. After all, as the Millennials age, they’ll likely join credit unions in numbers to match their parents and grandparents — or not.

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