NEW ORLEANS-Having a Facebook page that simply underscores available banking services doesn't equate to interactions with members, a lesson University of New Orleans Federal Credit Union realized once it changed its social media approach.
"When we launched the page in 2009, it was purely to advertise products and services," said UNOFCU President and CEO Christopher Maurer. "It wasn't considered successful or unsuccessful. We reached about 300 fans and it stayed that way for nearly four years."
Last year, a handful of the credit union's 10 employees participated in a social media best practices webinar in an effort to better utilize Facebook.
"In the beginning our intention wasn't to enter into dialogue with members but more so to provide information on loans or other services," Maurer explained.
Varied & Participatory
Though the $26-million UNOFCU still advertises banking services to its 4,609 members, the content has become varied and participatory. "We are now posting more public interest items or strange, alternative facts about our credit union or university events," said Maurer. "Sometimes we will post a crazy picture or offer financial education."
On May 9, in the heat of final exams at the university, the credit union posted a welcome message to students: "Come get a free cup of coffee from the credit union, pick up your heads and finish strong! We open at 9:30 a.m. Share this post and help get the word out!" Another posting provided information that warned against payday loans, which received 10 "likes" and a comment from a member: "That's insane ... that shouldn't even be legal." A UNOFCU social media coordinator responded, "Share this so your friends don't fall victim to these practices."
A significant turning point was realized in March when UNOFCU ran a Facebook ticket giveaway to the New Orleans Jazz and Heritage Festival. Those who "liked" the page were eligible to win a pair of tickets and a parking pass valued at $160. To further promote the offering, Maurer invested $100 in Facebook advertising, which ran for approximately one month.
"We went from approximately 500 fans to 1,150 since that time and that posting alone reached over 2,000 people on Facebook," said Maurer.
With the majority of members based in and around the University of New Orleans, the advertisement was limited to 10-mile radius of the school. Those members likely skew toward being Facebook users, given that "the average age of our members is roughly 40 years old, which is fairly low, compared to most credit unions."
While employees monitor the Facebook page daily to respond to queries or add fodder to comments, Maurer said there have been few negative comments. Any remarks fielded of a personal nature, or otherwise deemed private, are responded to via a personal message.
There are also ancillary benefits to social media, which was the case in 2012 when Hurricane Isaac hit the Crescent City. The credit union lost power and was forced from its sole location for four days. "Facebook is effective for crisis communications," said Maurer. "We were able to provide status updates and when we would be able to reopen, which made us all feel better."
The Changing Landscape
UNOFCU's also employs Twitter and Maurer added he-and his team-are open to change. "The biggest lesson learned for us is to be educated because the landscape is always changing. We are attending more conferences and seminars so we don't get left behind, which happened initially."
