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Social Media Landscape for Credit Unions


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Social Media Landscape for Credit Unions

  1. 1. Social Media for Credit UnionsAugust 2011<br />
  2. 2. Social Media – Roadmap<br /> The Power of Social Forces<br /> Levels of Involvement<br /> What is Social Used For ?<br /> Reasons to Embrace Change<br /> Best Practices<br /> Lay of the Land for Credit Unions <br />
  3. 3. Social Media – A Powerful Force<br /> The Web is essential in our daily lives<br />33% of media consumption(1)<br />Boomers are gaining on Gens X/Y<br /> Social media to comprise 50% of usage(2)<br />Social media now surpasses Email in global reach(3)<br />Facebook now receives more traffic than Google<br /> Word of mouth is reaching a new level <br />Millions of interactions take place every hour <br />Brands are being discussed 24/7<br />Pew Research foundation 2009, (2) Forrester, 3) Nielsen Online<br />
  4. 4. How Important is Social Media?<br />80% drop <br />60% Pop<br />50% drop <br />Source: UMASSD Center for Marketing Research 2010<br />
  5. 5. Levels of Social Media Involvement <br />25%<br /> 61%<br />13%<br />We are heavily involved in social media<br />We’ve experimented with social media, but not done much <br />We don’t do anything<br />Source: eConsultancy and Online Marketing Summit 2010 (400 respondents) <br />
  6. 6. Websites Being Used for Social Media<br />Facebook 85% Wikipedia 13%<br />Twitter 77% Delicious 12%<br />LinkedIn 58% MySpace 9%<br />YouTube 49% StumbleUpon 9%<br />Digg 14% Yahoo! Answers 4%<br />Source: eConsultancy and Online Marketing Summit 2010 (400 respondents) <br />
  7. 7. Change in Social Media Budgets<br /><ul><li> 67% of companies say social media budget has increased since last year.
  8. 8. 81% of companies say budget will increase over the next year.</li></ul>Has the amount of money your organization spends on social media increased or decreased in the last year?<br />Do you expect investment in social media to increase or decrease over the next year?<br />Source: eConsultancy and Online Marketing Summit 2010 (400 respondents) <br />
  9. 9. How Twitter is Being Used <br />Brand awareness<br />Publicize new content<br />Marketing channel <br />Brand monitoring<br />Source: eConsultancy and Online Marketing Summit 2010 (400 respondents) <br />
  10. 10. How Resources are Allocated <br />Digital marketing team<br />PR / Comm team<br />Cross-functional team<br />Source: eConsultancy and Online Marketing Summit 2010 (400 respondents) <br />
  11. 11. Time Spent on Social Media<br />Hours per week spent by staff on social media activity<br />Yes, more time 90%<br />No, less time 2%<br />The same 8%<br />Do you expect social media activity to consume more time internally in 12 months?<br />Source: eConsultancy and Online Marketing Summit 2010 (400 respondents) <br />
  12. 12. Reasons to Embrace Social Media <br /><ul><li>You are already involved in Social Media
  13. 13. Your employees are doing it
  14. 14. Discussions about your brand are taking place
  15. 15. If you participate you can shape outcomes
  16. 16. Comparative advantages
  17. 17. Word of mouth is #1 influencer of purchases
  18. 18. Does not require a media budget
  19. 19. Viral effect can carry a message a long way
  20. 20. Revenue growth
  21. 21. Among top 100 Brands, those using social media saw 18% lift in revenue (Altimeter / Wet Paint 2009)
  22. 22. 91% of Inc. 500 use social media (Umass Dartmouth 2009)</li></li></ul><li>Reasons to Embrace Social Media <br /><ul><li>Must-have for Corporate Marketing:
  23. 23. Creating brand awareness and consideration
  24. 24. Inbound marketing / research
  25. 25. Community relations
  26. 26. Recruiting / employee relations
  27. 27. Crisis / corporate communications
  28. 28. Site Traffic
  29. 29. Popular posts can spike traffic
  30. 30. Search Engine Rankings!
  31. 31. Can produce great results!
  32. 32. See example on next slide</li></li></ul><li>Case Study – Social Media Drives Search<br />Used social media to obtain 3 of top 4 listings for “social media business case”<br />
  33. 33. Social Media Pitfalls <br />Rush to action without a plan<br />Lack of objectives and measurement<br />Content guidelines <br />Failing to engage audiences<br />Limited Reach<br />
  34. 34. Social Media Pitfall #1: Rush to Action<br />Rushing to action without a plan (shiny new object)<br /><ul><li>Hasty decisions and knee-jerk reactions
  35. 35. One-off approach
  36. 36. Focus on the wrong objectives or platforms
  37. 37. Failing to understand requirements and resources</li></ul>GMOOT! <br />(get me one of those)<br />
  38. 38. Social Media Pitfall #2: Measurement<br />Success requires:<br /><ul><li>Defined and measurable objectives
  39. 39. Metrics that tie to those objectives
  40. 40. Tools (and knowledge) for tracking metrics
  41. 41. Ability to translate online activity to business results
  42. 42. Methodology to calculate ROI </li></li></ul><li>Social Media Metrics<br />Engagement metrics<br /><ul><li>Site visits
  43. 43. Unique visitors
  44. 44. Visit frequency
  45. 45. Page views per visit
  46. 46. Time on site
  47. 47. Registrations
  48. 48. Conversions</li></ul>Web 2.0 Metrics<br /><ul><li>Posts
  49. 49. Tweets and ReTweets
  50. 50. Facebook Fans
  51. 51. Followers
  52. 52. Ratio: Following to Followers
  53. 53. Mentions
  54. 54. Content views
  55. 55. Content uploads
  56. 56. Shared pages
  57. 57. Sentiment ratio
  58. 58. Page 1 search rankings </li></li></ul><li>Social Media Pitfall #3: Content<br />While content is critical, it is often an afterthought<br />Once the genie is out of the bottle, it’s too late<br />Requires content planning<br />Format: copy, video, photos, audio<br />Type: original vs. repurposed <br />Source: where will it come from? <br />Requires approval <br />Brand guidelines<br />Legal issues (beware of astro-turfing!)<br />Must be engaging…<br />
  59. 59. Social Media Pitfall #4: Failure to Engage<br />Social Media is about listening and interacting vs. shouting<br />“Spray and Pray” does not work <br />Think: Telephone vs. Megaphone<br />Engagement hurdles:<br />Lack of interesting and relevant content<br />Self-focused content <br />Too much self-promotion<br />Me!<br />
  60. 60. Social Media Pitfall #5: Limited Reach<br />Social Media only works with a large audience<br />Process of building a network is often overlooked<br />Without reach, there is no ROI<br />
  61. 61. Social Media Platforms<br />Recommended Platforms<br />Social Networks<br />LinkedIn<br />Twitter<br />Slideshare<br />Facebook <br />Social News sites<br />Digg<br />Delicious<br />Propeller<br />PitchEngine<br />
  62. 62. Social Media Measurement <br />Tools <br />Hootsuite (social media management)<br />BuzzLogic (monitor influencers) <br />BlogPulse (most popular blogs)<br />Addictomatic (free monitoring tool)<br />
  63. 63. Social Media Policy<br />Don’t release confidential or proprietary information.<br />Know when they must seek manager approval prior to publishing.<br />Understand how NOT to infringe on copyright.<br />State that you are an employee of xyz company if communicating on behalf of the company.<br />Don’t defame competitors or other products.<br />Respect others - basic anti-harassment guidelines.<br />Remember that there is no such thing as privacy anymore – don’t say anything you wouldn’t say at work. <br />
  64. 64. Why Social is working<br />Creating content that starts conversations by using video that is easily shared and is open to comment from the online community. <br />Sizeable audience and influencers are already establishing thought leadership.<br />Blog content that uses contests and offline promotions to connect with the community online.<br />
  65. 65. More than Marketing…Its a Movement<br />A common message is directed towards developing members from the youth audience, with common trends like couponing, saving and investing skills to survive the troubled economy. <br />
  66. 66. Credit Unions Are Going Mobile<br />Credit unions are taking the next step in the new web, by making their sites accessible via mobile apps. This seemlessly integrates with social media. Mobile devices over took desktop computers as the most used device for internet usage on . (RudderFin,Feb. 12 2010)<br />
  67. 67. Keep it casual and easy<br />Social tools accessible from home page and branded presence across channels.<br />The aim is to make communication “human” and easy by integrating with the people to earn likes. <br />
  68. 68. Sears Federal Credit Union – has built presence across Facebook, Twitter, YouTube and Wordpress<br />
  69. 69. Social Media Momentum Builders<br />With a dedicated presence on both Twitter and Facebook, the NCUA (the national governing body for credit unions) is leading the momentum on social media tools. <br />
  70. 70. How can we help you?<br />