ORLANDO, Fla.-It's no revelation that margins keep narrowing, that lending remains challenging or that members are getting older. But many CUs still seem surprised that promoting loans via social media and mobile channels to reach younger members can help CUs reverse these trends.
That is the opinion of Stephanie Christensen, direct sales specialist, loan generation marketing at CUNA Mutual Group, who told attendees at Credit Union Journal's Grow Show that "social media has become an indispensable tool to achieve business goals. Social media is too big to ignore. By 2018 Gen Y will make up half of the working population, and combine them with Gen X and they are the ones really generating any economic stimulus."
Christensen noted younger consumers "expect information in a blink of an eye and in the palm of their hand," said Christensen. "In 2012 31% of car shoppers visited auto sites via a smartphone and 53% accessed the sites physically at the dealership." As part of Grow Show, Christensen provided a demo of CUNA Mutual's AskAuto app.
OMG! Some Advice
Christensen shared tips on effectively reaching younger members via social media:
* Pull people in with questions, spotlight members, give them 15 minutes of fame.
* Engage your audience, include a call to action; for example, ask them to share a post with friends if they like it.
* On social media, remember it's not about the company anymore, it's about your audience. Discuss ways to they can save, borrow, invest and improve their financial future.
* People connect with people, not a faceless company.
* Dedicate someone to manage the CU's social media presence.
