Financial institutions that limit their social media strategies to Twitter and Facebook are also limiting their potential.
"A lot of people stop short of the real opportunities that social media can present," said Brent Dixon, young adult advisor for the Filene Research Institute, during a conference presentation last month. Dixon stressed that social media is often used to say things, but is at its best when it is used to do things and to spur collective action.
As an example Dixon cited the "Change Everything" campaign from VanCity Credit Union in Vancouver, B.C. and the "Verity Mom" campaign from Verity CU in Seattle. Both campaigns brought members together for a specific purpose that not only created community but also furthered the respective CUs' messages. In VanCity's case that meant helping non-profits and the needy in Vancouver, while for Verity it was creating a network of young mothers and also advancing VCU's goal of positioning itself as the financial institution for moms.
Part of what made those campaigns so successful, noted Dixon, was that both CUs had an innate understanding of their members, which he said is crucial in social media.
Questions To Consider
Dixon offered a few questions to keep in mind when crafting social media outreach: Who are you trying to engage? What interests them? What inspires them to be a part of a particular group? What do they like to do?
"Age 25 to 65 is not a target market," proclaimed Dixon. He pointed to hip-hop fans who live in Brooklyn, for example, and who need a first mortgage as an illustration of both a defined target market for both product and demographics.
Social media can also be used for product development, and Dixon singled out America First CU, which allows members to evaluate its products on its website in a manner similar to Amazon.com customer reviews. Nearly 800 members have posted reviews of AFCU's free checking, rating it on a scale of one to five for overall satisfaction and for specific factors such as convenience and accessibility. Members can also share stories about their experiences with AFCU's products and services, as well as share their reviews on Facebook and other sites.
Similarly, he said that AT&T uses its Facebook page to offset support costs and drive customers away from its call center, noting that often AT&T customers answer others' questions and concerns more quickly than the company can.
Dixon noted that consumers' relationships with their first credit card lasts for an average of 15 years, yet many college students get their first credit card on campus in exchange for a free slice of pizza and a t-shirt. He suggested that CUs market products around particular life stages, such as marketing that first credit card to both students and parents as a financial education tool.
