MicroArts-- Social Media for Credit Unions


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The world of social media is already talking about your company, its service, their satisfaction with your brand, etc. The question is not whether or not your brand is involved with social media, its whether or not your brand is going to join the conversation. We recommend you that you do!

Did you know?

77% percent of fortune 500 companies are engaged in some aspect of Social Media to support their business. Social networks and blogs have become the 4th most popular online activity, ahead of personal email. As a result 2010 is expected to be the year where Social Media overtakes search as the #1 online activity.

So what exactly is social media marketing? How do businesses, corporations, and organizations leverage social media to their advantage? More specifically, how can credit unions use social media to create a predictable ROI for themselves?

We invite you to review this presentation detailing the role, opportunity and impact that social media provides to credit unions today.

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  • We have been studying the Internet since it was created We have one of the oldest domain names currently available today…
  • Over 60 billion dollars will be shifted from traditional advertising spend to digital media in 2010. TV, MAIL, PR, TRADESHOW, PRINT ADVERTISING, RADIO Inbound marketing is where you try to help yourself “get found” .
  • Social Media is a group of highly connected conversations and interactions occurring on the Internet.
  • Scott said to note these are for consumer brands…..
  • Social Media Credit Union Survey-- http://www.creditunions.com/cutv/subscribe.aspx?eventid=550
  • Use example of something that could be Viral or a piece of big news.. Like feds dropping rates or a certain type of plan announced. Something that would help everyone right now what could this be…. Great rate or something interesting.
  • Credit Unions and Sun Trust lead banks in customer experience…..
  • Add in number of total number tweets etc. to drive excitement.
  • Done by America’s Credit Unions…. Also by World Council of Credit Unions….
  • http://twitter.com/FinancialBrand/credit-unions
  • Citi is using social media to build a community around its brand. The make a difference one friend at a time campaign combines friends in Facebook users networks and charitable giving by promising to donate $50 to the charity of your choice for every approved credit card application you refer through your social graph.
  • This program was done by FNBO Direct. The challenge was to get people to pay themselves first by direct depositing their paychecks into an online savings account. They made this into a video contest and also promoted on MySpace and Facebook. Contestants make one minute video on their goal. They pick 5 winners of the contest and match their savings.
  • Nicolet National Bank– uses social media to be more transparent. The president of the bank answers questions directly on the blog. Their biggest goal is to mitigate risk and manage customers and prospects.
  • Vancity is Canada’s largest Credit Union with over 12 billion in assets. Change Everything was created to enable everyday people to make changes in their own lives and the lives surrounding them. In June 2009 this site had over 5,000 total members.
  • [DESIGN] Can you create a connect with us slide, using Twitter, Facebook, Email etc. and all the ways to get in touch?
  • MicroArts-- Social Media for Credit Unions

    1. 1. Social Media for Credit Unions—Drive Financial Performance Online <ul><li>By: MicroArts Internet Marketing Agency </li></ul><ul><li>Drew Schulthess—Practice Director of Social Media Marketing </li></ul><ul><li>Peter Getman– Principal Brand Director/CEO </li></ul><ul><li>Agenda </li></ul><ul><ul><li>Social Media 101 </li></ul></ul><ul><ul><li>Social Media– The Reality for Credit Unions </li></ul></ul><ul><ul><li>Social Media– Credit Union Examples </li></ul></ul><ul><ul><li>Social Media– Get In The Game! </li></ul></ul><ul><ul><li>Social Media Business Cases </li></ul></ul>
    2. 2. Social Media at Credit Unions? <ul><li>Yes! CUs are uniquely positioned for social media. </li></ul><ul><li>We all want younger and more affluent members – the vast majority now are engaged with social media. </li></ul><ul><li>CUs have the right message. We have the best product. We have the right attitude. People are looking for a better way to bank - and we have it! </li></ul><ul><li>We just need to get this message out to the masses; to get out and shake it up with them. </li></ul>
    3. 3. Social Media at Credit Unions? <ul><li>Yes! People expect their CU to interact with them on a more personal level. This is just not the case with a bank. </li></ul><ul><li>Credit Unions have a wide open market. Social media provides us the opportunity to reach people with our message and to actually demonstrate our commitment to them (and have a great audience to witness our good deeds while were at it!) </li></ul><ul><li>You could not have a market vertical better suited for social media. This is perfect scenario and huge opportunity. </li></ul>
    4. 4. <ul><li>185+ Credit Unions saving millions annually </li></ul>
    5. 5. SilverCloud Knowledge Systems <ul><li>Integral part of your online marketing and service </li></ul><ul><li>Cut your phone and email volume </li></ul><ul><li>Dramatically improve the level of your service </li></ul><ul><li>Convert more members </li></ul><ul><li>Ask for your FREE Activity and Returns Assessment </li></ul><ul><li>[email_address] </li></ul>
    6. 6. ABC Credit Union – Estimated Activity and Returns <ul><li>Estimated new member interactions: 30,591 per year </li></ul><ul><li>Estimated savings: $103,290 per year </li></ul><ul><li>Estimated 100% ROI: </li></ul><ul><li>Estimated 5 year value: $516,449 </li></ul><ul><li>Based on current online activity at ABC Credit Union </li></ul>
    7. 7. PROVEN CREATIVE ® <ul><li>22 years </li></ul><ul><li>300+ brands </li></ul><ul><li>East and west coast </li></ul><ul><li>Stuffed with experience </li></ul><ul><li>Live in a barn </li></ul><ul><li>22 years </li></ul><ul><li>300+ brands </li></ul><ul><li>East and west coast </li></ul><ul><li>Stuffed with experience </li></ul><ul><li>Live in a barn </li></ul>
    8. 9. UBIQUITY
    9. 10. AGENDA: <ul><li>Agenda </li></ul><ul><ul><li>Social Media 101 </li></ul></ul><ul><ul><li>Social Media– The Reality for Credit Unions </li></ul></ul><ul><ul><li>Social Media– Credit Union Examples </li></ul></ul><ul><ul><li>Social Media– Get In The Game! </li></ul></ul><ul><ul><li>Social Media Business Cases </li></ul></ul>
    11. 12. SOCIAL MEDIA 101 – INTEGRAL FOR INBOUND STRATEGY • Timely • Relevant • Proactive • Consistent • Engaging
    12. 13. SOCIAL MEDIA 101 —WHY SOCIAL MEDIA? <ul><li>14% of consumers trust ads </li></ul><ul><li>90% of people trust consumer recommendations </li></ul><ul><li>70% of people trust consumer opinions posted online </li></ul>So who is left to trust? Nielsen Global Online Consumer Survey
    13. 14. SOCIAL MEDIA 101 —WHY SOCIAL MEDIA FOR BRANDS Objective: Connect with the faces of social media where they are connected and trusted amongst others. The faces of trust online. Have you connected lately? 10 new KFC ‘get your grill on’ downloads. I love the new iPod nano! Starbucks coffee has 10 new fans! 3 new visitors to PWC via LinkedIn connections
    14. 15. SOCIAL MEDIA 101 —STRENGTH IN NUMBERS <ul><li>More than 350 million active users </li></ul><ul><li>50% of users log in once a day </li></ul><ul><li>Average user has 130 friends </li></ul><ul><li>Average user sends 8 friend requests a month </li></ul><ul><li>The 35+ demographic now represents more than 30% of user base </li></ul><ul><li>The 55+ audience grew a whopping 922.7% in 2009 </li></ul><ul><li>Surpassed Google as #1 destination website </li></ul><ul><li>Over 25 million active users </li></ul><ul><li>10% of internet users in households earning over $75,000 tweet </li></ul><ul><li>76% of Twitter users use the internet wirelessly </li></ul><ul><li>Median age of a Twitter user is 31 </li></ul><ul><li>75% of all Twitter activity comes from 5% of the users </li></ul><ul><li>#3 Search engine [who is #2?] </li></ul>
    15. 16. SOCIAL MEDIA 101 —REAL ROI EXAMPLES <ul><li>Some more compelling stats..... </li></ul><ul><li>$3 million – dollars in sales DELL attributes as coming from Twitter </li></ul><ul><li>15% – increase in daily revenue Naked Pizza has had using Twitter </li></ul><ul><li>5X – sales increase BlendTec experienced after running “Will it Blend” on YouTube and supporting microsite </li></ul><ul><li>37% – percent of Generation Y aware of the Ford Fiesta before it’s launch after Ford gave away 100 Fiestas to influential bloggers </li></ul><ul><li>5.4 million – clicks on “I voted for Obama” facebook button </li></ul><ul><li>24% – percent of Genius.com social media leads that convert to sales opportunities </li></ul>
    16. 17. <ul><li>• Biggest CU Social Media Study Ever– 11,000 Members Surveyed </li></ul><ul><ul><li>82% of credit union members age 18-60 use Facebook </li></ul></ul><ul><ul><li>Half of members surveyed said they would read a credit unions Facebook page periodically </li></ul></ul><ul><ul><li>Among credit unions with Facebook presence, only 5-16% of members were aware their credit union had a fan page. </li></ul></ul><ul><ul><li>Members using Twitter expect their credit union to provide information such as fraud alerts(71%), special offers (60%), financial tips(58%), and rate specials(57%) </li></ul></ul><ul><ul><li>Nine-in-ten online members are interested in receiving email from their credit union </li></ul></ul>SOCIAL MEDIA – THE UNITY FOR CREDIT UNIONS The Callahan & Associate study including 11,000 Credit Union Members
    17. 18. SOCIAL MEDIA —VISUALIZE THE OPPORTUNITY EXAMPLE 5,000,000 Members represented on this call … Average Credit Union Has 50,000 members 100 attendees on the call… What if we could engage them all using Facebook?
    18. 19. SOCIAL MEDIA —VISUALIZE THE OPPORTUNITY EXAMPLE 4,100,000 Members That’s cool, I will share with my friends … 130 Friends Engagement Strategy 533,000,000 Potential Facebook Users Engaged
    19. 20. SOCIAL MEDIA —THE REALITY FOR CREDIT UNIONS It’s not a question that your brand will be discussed in social media. It’s whether or not your brand will participate in the conversation….. I need a new bank Why would I use a credit union? Credit Unions are Old School Finances are really confusing!!!
    20. 21. SOCIAL MEDIA – CREATE OPPORTUNITY WITH ACTIVE PARTICIPATION Appreciate kind words Address not so kind concerns Clarify misconceptions Educate on your true & personally- relevant value Empower members to share experience
    21. 22. SOCIAL MEDIA —MAKING THE REALITY OPPORTUNITY Active Participation I recommend checking out a credit union if you are considering a loan Credit Unions have way better interest rates than banks. I didn’t know credit unions not for profit, no wonder why banks charge so much! I think I might get an account at a credit union My credit union does free consultations for college grads …
    22. 23. SOCIAL MEDIA–-CREDIT UNION EXAMPLES http://www.bankerspank.com/ <ul><li>Over 54,000 total views on YouTube </li></ul><ul><li>1,000+ visitors a month </li></ul>
    23. 24. SOCIAL MEDIA —CREDIT UNION EXAMPLES <ul><li>Launched blog in September of 2004 </li></ul><ul><li>Uses pictures to drive engagement </li></ul><ul><li>Get’s over 1,000 Visitors a day </li></ul><ul><li>Delivers thought-leadership and education </li></ul>CHUCK BRUEN – President/CEO of First Entertainment Credit Union http://www.cbruen.com/blog/
    25. 26. SOCIAL MEDIA – GET IN THE GAME! Visit: www.doyoufint.com
    26. 27. SOCIAL MEDIA – PLAY THE GAME IN TWO PARTS • Awareness • New members • Member Service • Member Loyalty Active Participation SOCIAL MEDIA BIG IDEA
    27. 28. ACTIVE PARTICIPATION EXAMPLE– TWITTER Credit Union is mentioned over 16,000 times/month STEP 1. Listen
    28. 29. ACTIVE PARTICIPATION EXAMPLE– TWITTER Tweets within 100 miles of Boston STEP 2. Track– Use Geographic location, ex. Boston, MA.
    29. 30. ACTIVE PARTICIPATION EXAMPLE– TWITTER + STEP 3. Manage and review for sentiment -
    30. 31. ACTIVE PARTICIPATION EXAMPLE– TWITTER <ul><li>Retweet to your followers </li></ul><ul><li>Direct message thank you </li></ul><ul><li>Share tweet on your website </li></ul><ul><li>Add to special list </li></ul><ul><li>Provide discount/promotion </li></ul><ul><li>Get email if possible </li></ul><ul><li>Direct message if possible </li></ul><ul><li>@Mention with transparent apology and solution </li></ul><ul><li>Give discount/promotion </li></ul>STRATEGIC MESSAGE PLATFORM STEP 4. Engage … + -
    31. 32. ACTIVE PARTICIPATION EXAMPLE– VIRGINIA CREDIT UNION The term “Virginia” and “Credit Union” has been mentioned over 14 times in the last 10 days… STEP 1. Listen
    32. 33. ACTIVE PARTICIPATION EXAMPLE– VIRGINIA CREDIT UNION 16+ Tweets Involving Credit Union(s) 100 miles of Richmond in 7 days STEP 2. Track– Tweets near full service branches
    33. 34. ACTIVE PARTICIPATION EXAMPLE– TWITTER STEP 3. Manage and review for sentiment + -
    34. 35. ACTIVE PARTICIPATION EXAMPLE– VIRGINIA CREDIT UNION STRATEGIC MESSAGE PLATFORM STEP 4. Engage … + - <ul><li>Retweet to your followers </li></ul><ul><li>Direct message thank you </li></ul><ul><li>Share tweet on your website </li></ul><ul><li>Add to special list </li></ul><ul><li>Provide discount/promotion </li></ul><ul><li>Get email if possible </li></ul><ul><li>Direct message if possible </li></ul><ul><li>@Mention with transparent apology and solution </li></ul><ul><li>Give discount/promotion </li></ul>
    35. 36. SOCIAL MEDIA – PLAY THE GAME IN TWO PARTS • Awareness • New members • Member Service • Member Loyalty Active Participation SOCIAL MEDIA BIG IDEA
    36. 37. BIG IDEA EXAMPLES…..
    37. 38. BIG IDEA EXAMPLES…..
    38. 39. BIG IDEA EXAMPLES…..
    39. 40. BIG IDEA EXAMPLES…..
    40. 41. BIG IDEA EXAMPLES…..
    41. 42. MAKE OR BUY SOCIAL MEDIA SERVICES? <ul><li>Tip of the iceberg </li></ul><ul><li>Top talent </li></ul><ul><li>Proven best practices </li></ul><ul><ul><li>Business case driven </li></ul></ul><ul><ul><li>Demonstrable ROI </li></ul></ul><ul><ul><li>Scalable strategic message platform </li></ul></ul><ul><ul><li>Proven brand voice experience </li></ul></ul><ul><ul><li>Heart beat on social media </li></ul></ul><ul><li>Chemistry </li></ul><ul><li>Business model is to wean you to be independant </li></ul>
    42. 43. Q & A– Any questions for MicroArts?
    43. 44. CONNECT WITH US facebook.com/microarts twitter.com/microarts [email_address] 603.430.1110