Using Snapchat for Your Credit Union

By admin | Social Media

May 02
Snapchat for Your Credit Union You are probably no stranger to face swaps, floral crowns, and puppy dog filters. Everybody has gone crazy over them—from Hollywood celebrities to toddlers and their toys to grandparents. Yes, even your grandpa and grandma, the last people who you would think would have the time and energy to keep up with all these hip and cool trends. Now, we are not mind readers, but we know the question that you cannot wait to shake off your mind from the moment you heard (or read) Snapchat. The little voice in your head is wondering why Snapchat. Is not it for the millennials who just have to document every moment of their lives and share it with their friends and families? You are not the least bit mistaken. Snapchat is, indeed, intended for teenagers and the twenty-something. You have another question burning in your mind, we can tell. “The generation that Snapchat was built for, are they not the generation that is most popular for having the attention span of a goldfish?” Yes, that is most certainly right. The founders of Snapchat had the same question in mind when they conceived this social media platform that everyone cannot get enough of five years ago. Snapchat is neither a fad nor the solution to the millennial generation’s incredibly short attention span. Rather, the app addresses and takes advantage of this by limiting the video’s running time to ten seconds and creating a sense of urgency by making these pictures and videos available for not more than twenty-four hours. This translates to users having no other choice but to give these Snapchat stories their full attention. Otherwise, they miss out on all the fun. Again, we are not psychics, but we can tell that you are dying to ask why a credit union should expand its social media presence on Snapchat. Let us let numbers and figures do the talking. 1) With over a hundred million users sharing their stories every day and more users signing up to join the fun, Snapchat is one of the fastest growing social media platforms, if not the most. 2) In the past year, the social network estimates that at least five billion pictures and videos are viewed on a daily basis. 3) The average age of Snapchatters ranges from 18 to 34. This means that generation Z and millennials comprise Snapchat’s main demographic. If there is one generation that credit unions and other financial institutions wish they can make connections with, it would be the millennials and the generation Z. And if you want to reach out to them, there is no better idea than Snapchat.

Reasons why a credit union should start snapping

1) Wide reach for a minimal cost

Snapchat is a free-to-download app for both iPhones and Android smartphones. Signing up is much easier compared to other social media platforms like the social network giant Facebook, digital photo album Instagram, and short but sweet Twitter. There is no doubt that there is great potential for a credit union’s growth in this platform. Once you become a part of the Snapchat community, you have the opportunity to engage with over a million daily active users who spend a half hour average on the app to send an estimated nine thousand stories per second.

2) Creativity minus the sweat and blood

Snapchat is popular for letting its users share photos and video snippets of their lives. But, is this not what Instagram already does? Not quite. This social media platform has no borders when it comes to creativity. Once you take a photo, you have tons of filters to choose from. In case you have forgotten, these filters include the puppy dog filter, the face swap feature, and the floral crown filter. They are not the usual black and white filters that many people are used to. Similar filters can be used for videos. You can speed up your videos or use the slow motion effect. Apart from that, these filters just sound like a lot of fun. But that is not all that Snapchat has to offer. You can use your fingers to draw on pictures and videos. This also features people and brands like your credit union to express their creative sides and create an impression that users can relate to.

3) Urgency

As previously stated, Snapchat applies limits to photos and videos shared by its users. There is no need to panic because these time limits are definitely longer than, well, a snap. Users can have at most ten seconds for the photos and videos they share. There is also a twenty-four-hour limit concerning the Snapchat stories’ availability. Unless the user chooses to save them onto their smartphones, these fascinating pictures and short videos are eternally lost. This creates a sense of urgency because the user’s only option, other than focusing on Snapchat stories from people and brands they follow, is missing out, which we know would be a crying shame. Still, why would your credit union use Snapchat when the time limit is so short, and why should users bother viewing a credit union’s Snapchat stories? That is because Snapchat provides your credit union to showcase its products and offer a quick albeit personal glimpse into your business without having to stand in line or even get out of the house. By giving them a flash tour instead of handing out pamphlets to your users, potential customers are more likely to give you their attention because there is no hassle compared to the alternative method.

4) Visuals and more visuals

Let us face it: people are so busy these days that they barely have time to read even a paragraph. While you can post concise messages on Twitter, it is just not as catchy and as effective compared to visuals like pictures and short videos. Here are a few ideas for your Snapchat stories: a) Incite excitement by sending your followers offers that are exclusive to customers who follow your credit union on Snapchat. b) Make your Snapchat followers feel like they are part of the inner circle by offering them a sneak peek of upcoming events. c) Get a little more personal by introducing your followers to the people who run your financial institution and are willing to help them with their needs.

Snapchat vs. Instagram

You might still have doubts on Snapchat’s potential because you already are on Instagram and post photos and share videos on a regular basis. These contents are there forever unless your credit union decides to delete them. But, the advantage of Snapchat is called beauty in ephemeral stuff. Because your followers are aware that there are so many good things they could possibly miss, they will develop a habit of coming back every now and then. Are they just interested in winning prizes? Probably yes. But, don’t you give out prizes either way? Unlike Instagram, Snapchat’s sense of urgency creates more excitement.

Snapchat contest ideas

When it comes to contests, they can be as simple as scavenger hunts or asking your followers to say in as little as ten seconds why they should receive one of the gift cards that you are giving away. Since Snapchat allows you to see a list of all the followers who viewed your stories, another Snapchat contest idea is giving away special prizes for the fifty-fifth viewers of certain snaps. Engaging with your followers in this manner is easy and fun, and it introduces your brand to a wider audience. So, what are you waiting for? Embrace Snapchat and the opportunities it has to offer. From hosting absolutely hassle-free and stress-free contents for your followers to exposing a side that they would never have known existed if you limit your credit union to traditional social media platforms.

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