This Credit Union Marketing Strategy 2017 is just one of the many strategies you’ll learn from. Today, we’re going to focus on using Facebook to grow membership and your credit union. You may not already know how important Facebook could be for your credit union, so we’re here to show you just that at No Joke Credit Union.
Marketing strategies are really difficult to execute nowadays. With all the other companies having great ideas, it seems that you and your marketing can’t even be at par with them. However, don’t let this grim thinking get the best of you and your employees. Although it may be difficult to brainstorm marketing campaigns and strategies, there is always a time for a “eureka!” moment that won’t pass you by.
Credit union marketing strategy 2017
According to Credit Union Times
, this year 2017 could provide a good turnout for credit unions. This is more evident for those credit unions that will capitalize on marketing tactics and strategies that aim to reach members, millennials, and generation Z. CUTimes also shared Andy Reed’s, a chairperson in CUNA’s Marketing and Business Development Council, sentiments on targeting millennials as a credit union. He said, “A lot of millennials graduated from college into a job market that was horrific, but that has improved dramatically over the last few years, and I think the job market will continue to do well over the next few years. I think you’ll see more young people leave their parent’s home, so they’ll be looking to build their credit, they’ll be buying their first cars or they’ll be buying their first homes.”
As you can see, there are already a lot of people who have analyzed the growing market that credit unions can tap into the year 2017. More and more credit unions should be able to offer businesses and commercial loans to bring in growth to them. This is due to a huge amount of small business owners who are looking to expand their growing businesses. So, to further promote your products and services, you should also have an easy way for these people and businesses to apply from start to finish.
Now, you know what your credit union should target. We will move on to more information about using Facebook to increase engagement as well as to reach growth. Understanding why it’s difficult to close sales for your credit union will also help you make adjustments.
Adjusting your online visibility
One of the most difficult things for credit unions to do is to stand out. However, there are several ways personalizing everything you do can increase your online visibility. Recently, we’ve talked about personalized URLs, also known as PURLs. PURLs could be your gateway to “personally” engaging with your members and potential members. If you aren’t familiar with PURLs, you can check this out
Besides PURLs, you’ve also got social media at the tips of your hands. With social media, you can easily tell the story of your credit union and grow your membership as well. If your credit union has a blog (which it really should have), you can share your blog content on your Facebook page. According to Social Stairway
, Facebook fan growth can start within the credit union. They suggest the staff-only page ‘like’ contest. This is actually a great place to start the idea of growing your credit union. The fact that your employees, your greatest assets, are the ones who will promote your Facebook page could bring in success. In the past, credit unions which have done this have given cash prizes of even just $300. To do this, you or your marketing department can send an e-mail to all of your employees. Tell them that they will be entered automatically in the employee-only contest once they have ‘liked’ the credit union Facebook page as well as followed on Twitter. On top of this, they should also invite their friends to like the page. For every page like they get to fully execute liking the credit union’s Facebook page or following the credit union’s Twitter account, they would have another “raffle ticket.” This could drive the credit union’s Facebook page to at least 100 new likers or followers.
Sometimes, providing prizes everyone would love to have should be part of your marketing campaign. For instance, there are big banks that grab a lot of attention by having contests in which those who join will have a chance to win a car or a house and lot. Although not all credit unions can afford this type of prizes, there are other ways you can market it off.
For example, you can give away a one-month payment for a car loan. This means your credit union will pay one month of their car loan if they win. Your credit union may consider partnering up with local car lots for this. It doesn’t have to be a car loan. When you’re doing this type of campaign, you could add conditions to joining. For instance, those who would like to join the contest would have to like the Facebook page or follow your credit union on Twitter. Furthermore, if they are potential members, they would have to open a savings account. On the other hand, if they are existing members, they would have to apply for a car loan or a house loan. This is all really dependent on your market and what you know they need.
Once you’ve gotten some of these things down, you could run your own campaign to increase your Facebook fans. If you need a professional to adjust your online visibility, you can hire one for a month with a set budget. They can help increase your online visibility through your Facebook page, Twitter profile, and even your website. Driving organic traffic to your website could be the best possible result of running a social media campaign. Let’s find out more about it.
Facebook or social media campaigns to grow credit union visibility
There are certainly many ways a credit union can utilize Facebook or social media in general. Since credit unions are known to be geared toward good service and helping the community, telling their story through their own page would set them apart from banks or big financial institutions. Credit unions usually pride themselves in providing great service to their members. So, the best way to provide great service for keeping your members informed is through the quickest platform which is the social media. Social media, especially Facebook and Twitter, can help your members and followers become more knowledgeable about the changes happening in your credit union, if any.
Beyond being able to inform your existing members of your offers, you could build brand awareness and lasting relationships as well as acquire new members. To be able to build brand awareness and lasting relationships on Facebook, you’ll need a Facebook business page. As we’ve mentioned in a previous article, the future of marketing will rely heavily on mobile channels. So, it’s important that you keep your Facebook and other social media accounts at par with one another.
Furthermore, social media channels are now changing to help businesses grow
. Therefore, your credit union’s social media efforts should change as well. Although Facebook has only recently brought in paid ads in their seamless mobile video feature, it has increasingly gotten more and more millennial demographic. Plus, the baby boomer generation is also starting to become part of Facebook’s ever-growing user base. It’s important for your credit union to diversify your social media efforts to build your brand. Also, it will be much easier for members to recognize and connect to your credit union. Having an active profile on each social media platform can boost your credit union’s member base and following.
Questions to ask before posting social media campaigns/content
When creating or brainstorming social media content, your credit union should have a content calendar. This will make sure that you and your social media team will have a seamless workflow. Basically, having a content calendar will make sure that you are both active and that you won’t repeat the same content. When releasing content on your social media pages like Facebook, you have to make sure that it is something useful to your followers. Something educational or funny that relates to your credit union or financial institution. Furthermore, making posts personal, in the sense that you’re really talking to them, would ensure more engagement.
Beyond doing all these things, you have to ask some questions before creating content for your social media pages. Here are three important questions to ask about the content:
- Will your audience care? Why?
This is partly knowing your consumers’ needs.
- What is the best way to deliver it?
Remember that the string of words you are sharing will be read by multiple people. These people could be potential members. Hence, it is important that you choose your words carefully to truly make their mark.
- Does the content support your brand?
Making sure that your content is in line with your brand will surely show its readers what your credit union stands for. There are always simple ways of doing this. For instance, you can post a status update on your Facebook page about a recent activity you have done on your website to further enhance user experience. You can then ask them to check it out.
Beyond these questions, when you get comments and feedback on any of your content, or even if you don’t, don’t forget to reply to those. Messaging will become an important part of creating a friendly aura. Furthermore, it will create an aura of both leadership and trust toward your credit union. When you receive a negative feedback, remember to tell your employees handling social media to reply with a “thank you.” It’s important to thank your audience who provides negative feedback. You may wonder why, but it’s the number one thing in customer service. You have to change your mindset that this person cared enough about your organization to give you an honest feedback about this or that rather than just letting it pass. However, you have to make sure that whoever handles your social media account provides authenticity. It is critical as you are showing how your brand communicates with your members. Furthermore, the message should be clear and precise without seeming sarcastic. Some social media managers reply with a somewhat sarcastic or defensive tone that can be read by other readers.
So, it’s important to incorporate leadership communication while having social values as well. Furthermore, maintaining engagement is another critical point in social media especially Facebook and Twitter. Knowing the methods that would work efficiently with your credit union and working with them will be your best bet to run your own trend on social media. Furthermore, you’d be applauded for providing amazing customer service on the phone.
Telling your story through your Facebook page
A lot of credit unions think that it’s a bad idea to show where they started. Sometimes, it could be your best asset. A credit union that came from a small tight-knit community that has expanded could show your followers the work that’s been put in. Showing a picture of an idea turned into a reality will also show inspiration. You can even share videos of the community events or sponsorship events you have done. The amazing thing about videos is that they tell stories in a creative way. Videos have been used by numerous brands.
However, don’t just post any video that fits your credit union’s brand. You still have to keep in mind your members. The first rule of credit union marketing, according to the NCUA, is you have to “know your member.” You can always optimize your Facebook page, so you can track your growth rate as well as your user interactions. Crunching down the numbers as to what worked and what didn’t will help you determine the type of content you should share on your Facebook page. The attention span of most people nowadays isn’t that long. So, it’s either you grab their attention by the first seconds of your video or message. If your content fails to do this, you will have to make sure that your next content will capture their attention. There are only a certain number of times you can do this trial and error of content. Remember that once your audience knows that your content is “boring and bland,” they will always see your shared content that way. It doesn’t matter how interesting it is to you or how it fits well with your brand. The only thing that matters is you provide enough engagement with your audience to be able to capture their attention again the next time you share content.
Make sure you convey the success, growth, and vitality you can provide to your members. You can show this by giving them a chance to see what changes your credit union has been through. Furthermore, this helps show that you’re willing to give that to your members.
How many likes should a Facebook page have?
At one point, you may wonder how many Facebook likes a credit union should have. This definitely depends. Taking information from The Financial Brand, they said that a good number to have is “roughly one for every $500,000 your financial institution has in assets.” We understand that it’s very difficult to build a social media community for financial institutions. It is a known fact that Facebook pages of financial institutions would have fewer page likes compared to a celebrity. A credit union or some other banks may have 1,000 likes on their Facebook page. This also includes about 200+ followers on Twitter. However, if you compare these numbers to top performing financial institutions, you’ll recognize that it’s attainable to get a fan base on your Facebook or Twitter page. Furthermore, it doesn’t necessarily include fake accounts, like most Facebook and Twitter accounts have. Usually, you can “analyze the size of the social media communities built by banks and credit unions in the U.S. relative to their asset size.”
The Financial Brand also mentioned that there would only be one credit union out of say 112 that can generate more than one like per $100,000 in assets. On the other hand, only one bank in every 1,000 can do this. Basically, if you have 3,000 likes on Facebook, you’d have at least $300 million in assets. It’s a very rare sight. Besides, you may already know the struggle of grabbing fans on your credit union’s Facebook page.
How to increase Facebook likes
By promoting your credit union’s Facebook page through contests, you may increase your following and put in a “shameless plug,” as some would call it. Basically, you try to get as much Facebook likes, which means you’re trying to increase your following fan base. By doing this, you can promote your products and services in a way that doesn’t seem so overbearing, like the followers “have to buy” your products or services to be able to enter. Back in 2011, there were a lot of promotions that credit unions have done to be able to increase their Facebook following. These are some of the Facebook promotions that credit unions do nowadays, so it may be worth a shot on your end as well. Furthermore, with the improved Facebook Business page, you will be able to reach your target market by “sponsoring” your Facebook promotion through paying for ad space.
Here are some great examples of promotions you could do to increase the growth of your Facebook Business page along with the growth of your credit union:
Giving away a cash prize
Truliant Federal Credit Union, back in 2010, only had about 5,000 Facebook fans. However, since they’ve done a Facebook promotion of giving away $1,000 to one of the people who has liked the credit union, they were able to gain a few thousand fans. According to The Financial Brand, TFCU was able to pull in 3,000 fans in about 48 hours of releasing the promotion. Then, they were able to pull in about 5,000 more likes at the end of the week. By the time the promotion ended and the winner was chosen, TFCU garnered with about 10,000 Facebook likes. If you check their Facebook page now in the year 2017, they have at least 25,000 Facebook likes with over 24,000 of those following their posts. Since then, the credit union has increased in terms of business growth. However, there are a lot of negative reviews that don’t seem to veer away any potential consumers.
Just like TFCU, Mountain America Credit Union, MACU, also promoted their Facebook page in another way. Their giveaway was $100 for runner-up winners and $1,000 for the grand prize. To participate, they have to fill in an application that was made through GroSocial, which is a third-party Facebook promo company. The participants were also given three extra entries if they mention the content on their wall. Additional entries were given for inviting their friends to participate in the sweepstakes as well. MACU had just about 6,000 Facebook likes. This was back in 2011. Now, in the year 2017, they have over 265,000 likes. Plus, when you look at their Facebook page, you may think that they could be your running example of the message you’re trying to give out on your credit union’s Facebook page. If you pay their site a visit, you can see how community-focused they are when they post or share content.
Cash prizes aren’t the only things to grab attention. It is just one of the most attention-grabbing “prizes” people go for. This is followed by iPads. Yes, it isn’t just any tablet giveaway. It has to be an iPad as Apple had given a premium feel to their products. So, instead of them going out to buy a $700 tablet, why not let them have it by following a few simple steps? You can also give away free concert tickets, like how radio stations do. There are more creative ways to promote your Facebook page to grow your credit union. So, go back to what you’re aiming to show your followers and then create a way to get them more interested. As we’ve mentioned earlier, “knowing your members” is the most important part of owning a credit union.