MADISON, Wis.-In the headfirst rush into digital branding and social media strategies some credit union leaders are getting into trouble by not taking a strategic approach, according to a new study.
The analysis, from the Filene Research Institute, is based on the insights of a panel convened by Filene that included researchers and experts in digital branding and social media.
Among the conclusions in the new Filene report:
* Turning traditional collateral and messaging into digital collateral and messaging, is insufficient. The focus instead must be on the deeper trend of social connections to ensure targeted messages reach the right audience.
* It is imperative to embrace, not just adopt, social media.
* Consumers trust other consumers' opinions more than any form of advertising.
* Measuring impact and resulting ROI is much more important and harder to do than measuring output. However, what helps boost response rates are emotionally rewarding concepts. "Work within what the credit union target already believes-social responsibility and collaboration-instead of trying to bring Gen Yers to the credit union message," the study suggests.
* The inherent advantage social media brings to marketing is the ability to find members/customers who look a lot like and have a reason to listen to existing members/customers.
