SAN MATEO, Calif.-A common social media mistake credit unions make is focusing too much on the technology and too little on delivering a message that is relevant to its intended audience.
That's the word from Charlene Li, a social media consultant and founder of The Altimeter Group. Li pointed out that not enough CUs focus on their social media strategy and how that intertwines with the institution's business goals. Even if the social media platform du jour changes, the organization's overall goals should remain largely the same, she said.
"Once you figure out what you want to do, that's the hardest part," said Li. "The other parts of it are mechanical, frankly... It's not about the technology. It's about how your customers are using that channel, and meeting them on their terms inside that channel."
Li, who is scheduled to offer a keynote address at the World Council of Credit Unions' World Credit Union Conference this July in Ottawa, Canada, advised that CUs stick with four primary channels for social media, starting first and foremost with a blog or some other site where the CU can house original content. Beyond that, she said, credit unions' efforts are best put toward Facebook, YouTube and Twitter.
The catch with Twitter, however, is that recent reports from The Financial Brand have claimed that Twitter is too often misused by credit unions, and many CU followers are actually spambots ("Study, 'Overwhelming Majority' Of CUs Are Not Successful On Twitter," March 18). Li noted that smaller CUs that serve only a few SEGs may not be as well served by the 140-character network. "Size does matter when it comes to something like Twitter," she said.
On the other hand, because of its real-time nature, it can also be an effective tool if the CU's mission is to influence the way consumers think about credit unions overall. She added that it can be a particularly effective method for spreading the word about various credit union initiatives within the community.
"One of the most valuable groups you can influence is the press, and they absolutely are on Twitter," she said. "If that's an audience you want to reach, if you're being innovative and you want to get an audience, (Twitter) is a fantastic place."
Li stressed that CUs may also not be taking a long enough view with their social media planning. "We really try to have people do a three-year plan," she said. "Granted, it's much more detailed in year one than year two, and year three is somewhat aspirational, but...if you paint that only in the next six to 12 months, you're stuck in a tactical road and what is feasible today, rather than being more aspirational and thinking about how transformational this relationship could be."
