It was easier a few years ago: credit unions established a Facebook and Twitter profile and they had their bases covered. These days? Not so much.
More and more social networks are launching each year, and in such a fast-changing space, it’s difficult for credit unions to have a one-size-fits-all policy that covers all potential situations and platforms.
According to Holly Fearing, social media adviser for Filene Research Institute, Madison, Wis., CUs may be better served by changing how they think about social media rather than trying to spread themselves across more and more channels. And that starts by recognizing that social media may not be permanent.
“In five years there will be new social media outlets and some of the ones that are big today no longer will be relevant,” she said. “Social media use is less about the platform you are on and more about how you are using those platforms. Credit unions are using social media to share information to members and potential members, but should be using it as a media outreach tool and a customer service tool.”
Matt Reber, VP, marketing and business development for $58 million Columbine Federal Credit Union, Centennial, Colo., said his key to social media is don’t over promote and don’t go out there to sell.
“You don’t have to sign up for every social media platform,” he advised. “Also, avoid any type of clickbait. If you trick your audience into clicking on something they will never click on anything again. So many credit unions are hiring social media managers, and you have to wonder if they are being evaluated on followers, likes and clicks, so I would hate to see clickbait become a trend in credit unions.”
Dr. Brandi Stankovic, a Las Vegas-based credit union consultant with the firm Mitchell, Stankovic & Associates noted Facebook is one example of a social networking tool, and YouTube is one example of a video sharing tool. “There is no need to limit your credit union to one social media platform. The important decision is how you are going to reach your members: microblogs, video sharing or social networking.”
What CUs Need To Know About…
With the landscape constantly evolving, credit unions must regularly evaluate which platforms they want to be on and which to ignore. The following is an outline of some of the major outlets and a look at how credit unions can get the most out of each one.
Instagram – a mobile-only, picture-based platform. Users cannot send links, just pictures, but one can add hashtags to aggregate.
“It is one photo at a time of what is happening,” said Filene’s Fearing. “It is more artistic than the photos people post on Facebook. There are filters that allow users to do photo editing.”
Reber said when Columbine FCU does something good in the community, it posts on all of its social media platforms – and has found it is Instagram that yields the most comments and likes.
“You just post a picture and a caption, with a hashtag,” he said. “This allows people to follow an event and the results can be compiled. Snapchat and Instagram are probably the best and most popular platforms that credit unions are not utilizing in big numbers, but their members absolutely are. Many smaller social media platforms are getting bought up, so being part of the next new thing is difficult. Snapchat and Instagram have a lot of traction, especially with teenage users.”
Snapchat – according to Reber, Snapchat allows the posting of 10-second videos to those who have friended you. “Snapchat is very popular with the teen demographic, and would be a good audience for a series of 10-second videos on financial literacy or why credit unions are better than banks.”
Fearing said she thinks CUs will use Snapchat more frequently going forward, along with other messaging apps that allow them to text individual members. “There will be more one-to-one digital communication. Snapchat can be used to share with one person or a group of people. It is very popular with 14-to-18-year olds, so credit unions can use it for student lending, or perhaps reaching out to people moving to a new town.”
Pinterest – Pinterest is a platform where users can create a virtual cork board.
“You pin up all pictures or inspirations for a redesign. Think of it as an online version of an inspiration board,” said Fearing. “People use it for interior design, food and recipes, and fashion. Credit unions use it for home remodeling projects, how to do-it-yourself craft and how to save money.”
Some CUs,
Messaging – Whats App and Facebook Messenger are popular messaging apps. CUs were advised to use those to supplement member service. If someone has a problem with their account, in addition to offering a phone number or an e-mail address, CUs could offer a Facebook Messenger option.
Video – the next big social media application will be “Anything video-driven,” according to Stankovic.
“Video is the new front-runner in 2017 and moving forward, so look at video sharing on YouTube and expiring content on platforms such as Instagram Live and Snapchat. This might be difficult for credit unions without a dedicated social media person, but those that do it well will use video to tell their stories, capture member stories and spread the word about their involvement in the community.”
“A second area of opportunity is in word of mouth, as people are making financial decisions based on crowd intelligence,” Stankovic continued. “There is a major social effect going on, and credit unions need to be paying attention. All the social media sites overlap. So this is about Twitter, Facebook, Instagram and Snapchat. In using video and taking advantage of word of mouth, credit unions can better communicate and educate, while creating a dialogue instead of a monologue. Once the door is open for dialogue, there is a lot of power and opportunity.”
Columbine FCU’s Reber advised credit unions to keep an eye on virtual reality and livestreaming. “These technologies are very new so it is hard to say exactly how credit unions can use them, but it is worth getting educated,” he said.
