WEST PALM BEACH, Fla.-Credit unions were atwitter like never before in 2009, as social media became a prime focus for marketing and member outreach strategies.
First thought to be a way to connect with Generation Y, credit unions are finding out that their audience on social media is far broader than just youth.
A survey by Callahan & Associates discovered that more than half of all CU members use social media, with more than 70% of members in their 30s visiting sites such as Facebook, Twitter, YouTube, Myspace, LinkedIn and Classmates. More than half of members in their 40s use social media and nearly 45% of those in their 50s do, as well, according to the survey (
While tangible results of a strong social media presence are hard to quantify, credit unions appear to be unwilling to ignore a connection point that costs them little and has huge potential upside. Credit unions across the country, including Seattle Metro in Washington and Travis CU in California have leveraged social media to learn how members plan to "pay it forward." Portland, Ore.-based OnPoint Community CU connected its members by creating its own Facebook-style user community, and America First CU of Riverdale, Utah took a page from our neighbors to the north when it crafted YourNextFirst, a social networking site geared towards the 18- to 26-year-old demographic. The site was inspired by a tool originally created by Servus CU, a credit union based in Alberta, Canada.
The Twitter craze that has extended to everyone from mainstream media to political activists to Iranian protestors and even the White House has not been lost on credit unions. Dozens of CUs of all sizes have announced their presence on the site throughout 2009; even state leagues have gotten in on the act, sharing their D.C. lobbying experiences and giving their impressions of conversations with federal regulators (
As the social media explosion has gone on, credit unions are also recognizing the potential pitfalls it presents. In at least one case, a CU worker told her 50 or so followers that her job was "appalling" and worthless (
Message control is key to a successful social media strategy, as is transparency, so simple guidance to employees on what they should say both in official and unofficial capacities is essential.
