BALTIMORE-Many CUs are using social media as a tool to be involved in members' online discussions about finances, but one person says that approach is all wrong.
A new report from Social Media Explorer, a digital and social media marketing agency and blog, notes that 90% of conversations about banking and banking products take place in various online forums. Social networks? They only account for 1% of the total.
That data comes from SME's latest "Conversation Report," examining what consumers say about banking. The report primarily addresses banks, not CUs-and mostly the major banks, at that-but CEO Nichole Kelly noted that many of the topics consumers discuss are universal among FIs, and that people typically go to the same forums for those conversations.
Understand The Concept
"You have to understand the concept of those conversations," said Kelly, pointing out that service organizations such as FIs tend to focus on the services they provide, rather than thinking about how people view money and their relationship with money. Sites such as blogs and online forums tend to focus on how consumers use money, rather than taking a product-centric approach.
"Those conversations represent a huge opportunity for credit unions," said Kelly.
Sites such as TheKnot.com or BabyCenter.com are examples Kelly provided of where consumers cover those topics, making money part of the conversation, but not putting it at the center of the discussion.
"The purpose shouldn't be to talk about the credit union," she said. "The purpose should be to go in there and solve problems and provide advice."
When someone in the forum has a question that the CU can provide a solution to, she said, that's the time to bring up how the credit union can help.
Trigger Points
Forum conversations can serve as "triggers that we can use as content opportunities to help these people," Kelly explained. "When you're trolling these forums and you see these conversations about 'How do I have an inexpensive vacation?' your response can be 'These cities are really inexpensive and can be a great vacation that you never thought of.'"
Because many forums allow users to connect through Facebook or Twitter or create a short bio, CU employees can identify themselves as employees of the CU where it makes sense.
The point, said Kelly, is that "you can't approach it as an employee; you have to do is as a human."
