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Social media and credit unions

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  1. 1. Social Media & Your Credit Union Bill Emerson Electro Savings Credit Union St Louis, MO. [email_address]
  2. 2. Social Media <ul><li>The What, Who and Why of Social Media </li></ul><ul><li>Difference between Traditional Web and Social Media </li></ul><ul><li>Different Types of Social Media </li></ul><ul><li>Some Examples of Social Media in use </li></ul><ul><li>Some tools you can use - demonstration </li></ul><ul><li>What to Do – What Not to Do </li></ul><ul><li>Risks </li></ul>How Are U ? Bank ATMs? Credit union Where are u Hello
  3. 3. What is social media? <ul><li>Social media - online media that is conversational as opposed to traditional media, which doesn't allow readers/viewers/listeners to participate in the creation of content </li></ul>Source: <ul><ul><li>Dialogues (many to many) </li></ul></ul><ul><ul><li>Conversational Media </li></ul></ul><ul><ul><li>User is content producer instead of just a reader </li></ul></ul><ul><ul><li>Three Components: </li></ul></ul><ul><ul><ul><li>1. Concept – Community Involvement </li></ul></ul></ul><ul><ul><ul><li>2. Media – Internet </li></ul></ul></ul><ul><ul><ul><li>3. Social Interface – Facebook, Twitter, etc. </li></ul></ul></ul>
  4. 4. Traditional Website Monologue
  5. 5. Social Media Sites Dialogue
  6. 6. Why? People use Social Media? <ul><li>Like Minded –Find people with similar interests and viewpoints </li></ul><ul><li>Connections – Humans are social by design </li></ul><ul><li>Global Village – No more boundaries. </li></ul><ul><li>Collaboration – Sharing knowledge and building consensus </li></ul><ul><li>Networking – Establishing business contacts </li></ul><ul><li>Sharing – Photos of kids, recent life achievements, etc. </li></ul><ul><li>Opinions – Everyone has one! </li></ul><ul><li>Research – Before you buy </li></ul><ul><li>Influence – Politics, Marketing </li></ul>
  7. 7. Who? Uses Social Media Source: 2009 18.9% 55+ 43.1% 35-54 71.5% <35 By Age 48.0% Female 37.6% Male By Gender
  8. 8. Why Your Credit Union Should Care? <ul><li>Over 70% of those under 35 use Social Networking </li></ul><ul><li>50% of the world is under 30 </li></ul><ul><li>Averaging 1 billion tweets per month and growing </li></ul><ul><li>More than 400 million active Facebook users </li></ul><ul><li>Over 50% of Social Network users visit at least once a day </li></ul><ul><li>March 2010 Facebook passed Google as most viewed in US </li></ul>Sources:
  9. 9. Need More Reasons? <ul><li>People care more about what their peers think about your brand than what you think </li></ul><ul><li>Word of Mouth has always been important to Credit Unions </li></ul><ul><li>Have you heard of Justin Beiber – Your Kids have </li></ul><ul><li>Social Media is quickly turning into the new Inbox </li></ul><ul><li>While You were waiting to see if it would catch on, It did! </li></ul>Sources: Socialnomics
  10. 10. Social Media Evolution <ul><li>There is nothing new about the content. It’s the interface that has changed. </li></ul>
  11. 11. Types of Social Media - Blogs <ul><li>A website maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics and/or video. Entries are commonly displayed in reverse-chronological order. </li></ul><ul><li> – Publish a free Blog </li></ul><ul><li>Wordpress – Publish a free Blog </li></ul><ul><li>LiveJournal – Online Diary </li></ul>
  12. 12. Types of Social Media – Social Blogs <ul><li>People inform each other about their activities by providing continuous updates and creating profiles. </li></ul><ul><li>This is Social Networking </li></ul><ul><li>Facebook – Create an online personal profile </li></ul><ul><li>Myspace – Online profile </li></ul><ul><li>LinkedIn – Professional online profile </li></ul><ul><li>Geni – Online family tree </li></ul><ul><li>Classmates – Connect with past classmates </li></ul><ul><li>Ning – create your own social network - specific interests </li></ul>
  13. 13. Types of Social Media - Microblogs <ul><li>A form of blogging were the user enters short messages usually less than 140 characters </li></ul><ul><li>Twitter- Send and read tweets (most popular) </li></ul><ul><li>Tumblr– Post text,video,pictures to your tumble log </li></ul><ul><li>Jaiku – Daily log - Lifestream </li></ul>This is Also Social Networking
  14. 14. Types of Social Media – Internet Forums <ul><li>The first form of online social media. This is an online discussion site or message board. Groups share information regarding their common interests. Has its roots from original BBS or Bulletin Board Systems. </li></ul><ul><li>Yahoo Groups - Discussion Boards </li></ul><ul><li>Google Groups – Discussion Boards </li></ul><ul><li>Dell – Self Help </li></ul><ul><li>IGN – Video Games </li></ul><ul><li>Disney Boards – Discuss anything Disney </li></ul>
  15. 15. Types of Social Media – Vlogs <ul><li>A form of blogging for which the medium is video </li></ul><ul><li>Youtube - Users upload and share videos </li></ul><ul><li>Internet Television </li></ul>
  16. 16. Types of Social Media – Picture Sharing <ul><li>Sharing pictures and art online </li></ul><ul><li>Flickr – Users share personal photos </li></ul><ul><li>Photobucket – photo sharing </li></ul><ul><li>Snapfish – Share and Use uploaded photos to create products </li></ul>
  17. 17. Types of Social Media - Wikis <ul><li>A website that allows users to create content to inform readers about specific topics. WHAT I KNOW IS </li></ul><ul><li>Wikipedia – collaborative encyclopedia </li></ul><ul><li>WikiTravel – worldwide travel guide </li></ul><ul><li>Wikihow – how to guides </li></ul>
  18. 18. Types of Social Media – Social News <ul><li>News generated by users </li></ul><ul><li>Digg – Social news website </li></ul><ul><li>Mixx – User driven social media site </li></ul><ul><li>Reddit – Users post links to news content </li></ul>
  19. 19. Types of Social Media - Bookmarking <ul><li>Users bookmark what they think is interesting and Buzzworthy </li></ul><ul><li>Delicious – Share web bookmarks </li></ul><ul><li>StumbleUpon – Discover and rate pages </li></ul>
  20. 20. Types of Social Media - Reviews <ul><li>Users review products and services – usually a measure of customer service and quality </li></ul><ul><li>Yelp – Local search and reviews (Iphone) </li></ul><ul><li> – customer review site </li></ul><ul><li>Cnet – Product and service reviews </li></ul>
  21. 21. Types of Social Media – Q&A <ul><li>Users post questions and other users give the answers </li></ul><ul><li>Yahoo Answers </li></ul><ul><li>WikiAnswers </li></ul><ul><li>Askville </li></ul>
  22. 22. Types of Social Media – Virtual Worlds <ul><li>Users create online characters and live out virtual lives. </li></ul><ul><li>Second Life – Residents interact with other Avatars online </li></ul><ul><li>Forterra – Businesses collaborate within a virtual world. </li></ul>
  23. 23. Types of Social Media - Crowdsourcing <ul><li>Taking tasks traditionally performed by an employee or contractor, and outsourcing them to a group of people or community, through an &quot;open call&quot; for contribution – Harness the Wisdom of Crowds </li></ul><ul><li>Pepsi Refresh Project - People submit ideas, people vote on ideas, and Pepsi funds the ideas </li></ul><ul><li>Netflix Algorithm – Netflix paid 1 million to inspire users to devlop a better algorithm for their movie site. </li></ul>
  24. 24. Most Popular Social Media Sites <ul><li>Facebook – Social networking personal profile </li></ul><ul><li>YouTube – Video sharing site – post and view </li></ul><ul><li>Myspace – Social Networking persoanl profile (younger) </li></ul><ul><li>Twitter – Microblog – 140 character tweets </li></ul><ul><li>Flickr – Online picture community </li></ul><ul><li>Photobucket – Photo sharing </li></ul><ul><li>linkedIn – Professional social networking profile </li></ul><ul><li>Digg – Social News website </li></ul><ul><li>Ning – Create your own social network </li></ul><ul><li>Yelp – User review and local search </li></ul>Source: Website Magazine Feb. 2010
  25. 25. Social Media Sites – Business Value Source: Website Magazine Feb. 2010 The following social media sites provide high value to my web site and business. Agree or disagree?
  26. 26. Examples of Credit Unions using Social Media
  27. 27. Columbia Credit Union
  28. 28. Columbia Credit Union
  29. 29. Electro Savings Credit Union
  30. 30. Vantage TweetMyMoney
  31. 31. Vantage TweetMyMoney
  32. 32. Mid State Educators Credit Union
  33. 33. Texas Dow Employees Credit Union
  34. 34. Carolina Postal Credit Union
  35. 35. UT Federal Credit Union
  36. 36. Addison Avenue Credit Union
  37. 37. Companion Credit Union - Crowdsourcing <ul><ul><li>Members voted on the new logo via social networking. Over 1000 votes were cast by the credit union’s 12,000 members </li></ul></ul>A B C Their Slogan
  38. 38. Bank of America – What not to Do
  39. 39. Conversations have 2 sides <ul><ul><li>While many organizations use social networking for self promotion, few use social networking for: </li></ul></ul><ul><ul><li>Lead generation </li></ul></ul><ul><ul><li>Tracking sentiment </li></ul></ul><ul><ul><li>Member Service </li></ul></ul><ul><ul><li>Research </li></ul></ul><ul><ul><li>Product/Service Improvements </li></ul></ul><ul><ul><li>Predictive Analytics – data mining to predict future </li></ul></ul>One of the best ways to persuade others is with your ears, by listening to them ~Dean Rusk~
  40. 40. Searching Twitter
  41. 41. Some Other Ideas <ul><li>YouTube – Setup online banking or billpay walk throughs, webinars then post on your site. </li></ul><ul><li>Ning – Create a Social Network for Core System User groups </li></ul><ul><li>Flickr – Organize your photos for use in Facebook </li></ul><ul><li>Wiki – Create an Internal Wiki that employees can update regarding ongoing problems </li></ul><ul><li>Twitter – Promote your employees outside activities </li></ul><ul><li>YouTube – How to’s </li></ul>
  42. 42. Social Media Tools What are people saying about you? <ul><li>Searchtastic – http:// </li></ul><ul><li>Sideline – What are Twitter users saying about you. http:// </li></ul><ul><li>Social Mention – Real Time Social Media Search – Can create alerts http:// / </li></ul>
  43. 43. <ul><li>Spend Time – relationships take time </li></ul><ul><li>Listen – Know what people are saying about you </li></ul><ul><li>Answer – remember this is a dialogue </li></ul><ul><li>Be Different – Social Media is about buzz </li></ul><ul><li>Have a strategy based on your audience </li></ul><ul><li>Keep it up to date </li></ul><ul><li>Track progress </li></ul><ul><li>Hire an expert - qualifications at least 500 Facebook followers and must type 20tpd (tweets per day)  </li></ul>Social Media – What to Do Jan 2008
  44. 44. Social Media Tools – What Not to Do <ul><li>Avoid Self Promotion – Me, Me, Me doesn’t work socially </li></ul><ul><li>Don’t ignore the negative </li></ul><ul><li>Don’t Dictate </li></ul><ul><li>Avoid Cookie Cutter </li></ul><ul><li>Don’t Overextend yourself – Unless you have the manpower to keep up. </li></ul><ul><li>Don’t become a Spammer </li></ul> Jan 2008
  45. 45. Some Rules to Follow <ul><li>Convert long URLs with http:/ converted to </li></ul><ul><li>If you re-post give credit RT @username </li></ul><ul><li>Take long conversations to another medium </li></ul>
  46. 46. Social Media Risks <ul><li>Malware and Viruses (links in Facebook, Myspace, Twitter) </li></ul><ul><li>Social Engineering (LinkedIn) </li></ul><ul><li>Employee posts could negatively impact CU image </li></ul><ul><li>Losing Control of the Message </li></ul><ul><li>Impulse Messaging </li></ul><ul><li>Posts on Twitter are saved in Archive </li></ul><ul><li>Conversations happen with or without you </li></ul><ul><li>Regulations </li></ul>Source:
  47. 47. Mitigate Risks <ul><li>Plan out your social media process </li></ul><ul><li>Open URL links with care </li></ul><ul><li>Virus and Malware software </li></ul><ul><li>Monitor employee posts </li></ul><ul><li>Monitor posts that refer to your credit union </li></ul><ul><li>Think twice before posting </li></ul><ul><li>Be aware of social engineering </li></ul><ul><li>Avoid too much personal information </li></ul><ul><li>Follow current Regs for Advertising </li></ul><ul><li>Create a Social Media Policy (or update current one) </li></ul>Source:
  48. 48. Summary <ul><li>Social media is not about marketing your company to users, Its about your users marketing your companies value to others </li></ul><ul><li>Social media is viral so it can promote or destroy your brand </li></ul><ul><li>Begin to build your social relations now so you can grow along with social networking. </li></ul><ul><li>Take your time </li></ul>
  49. 49. Questions??
  50. 50. Additional Information <ul><li>Vantage Tweet My Money </li></ul><ul><li>IBM and Navy Federal CU SPSS Modeler </li></ul><ul><li>Social Networking Icons http:// /ultimate-packs-social-networking-icons/ </li></ul>
  51. 51. References <ul><li>Qualman, Erik (2009). Socialnomics: How Social Media Transforms the Way We Live and Do        Business . Read the entire book! </li></ul><ul><li>Ward, Susan (2009). Social Media Definition . Retrieved from </li></ul><ul><li>eMarketer Daily Newsletter (August 5, 2009). Who Uses Social Networks . Retrieved from </li></ul><ul><li>Website Magazine (February 2010). Top 25 Social Media Websites In 2010 . Retrieved from </li></ul><ul><li>Schawbel, Dan (February 2010). 5 Ways to Avoid Sabotaging Your Personal Brand Online . Retrieved from </li></ul><ul><li> (2010) Search Operators . Retrieved from </li></ul><ul><li>Dougherty, Heather. (March 2010). Facebook Reaches Top Ranking in US. Retrieved from </li></ul><ul><li>Eddy, Nathan (February 2010). Twitter Logging 50 Million Tweets Per Day. Retrieved From </li></ul><ul><li>Vega, Amanday (May 2010) Credit Union Twitter Risks. Retrieved from </li></ul><ul><li>Partee, Morriss (January 2008). 36 Credit Union social media do’s. Retrieved from </li></ul>