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30Aug

3 Social Media Strategy Mistakes for Credit Unions

It is imperative that your Credit Union has a social media strategy in today’s digital climate. However, what is even worse than having no social media strategy for your credit union is having a bad social media strategy. It is important that you avoid these three social media mistakes at your credit union.

1) Promos, Only Promos

In case you are wondering, your members are not logging into their social media and following your page so that they can see your latest auto loan rate offer. Majority of Americans have a social network profile, so it’s obviously essential for your credit union to be present on these platforms. However, no member wants to be jolted out of their online experience. When your credit union is posting on Facebook, don’t just share about your products and services and talk on and on about yourself! Embrace the platform and share content that is hyper-relevant to your membership.

2) Not Having a Clear Strategy and SMART Goals

So the direction has come down from above, and social media is now a push for your credit union. Your marketing team starts firing off Monday motivational quotes, polls, and promoting your blog content. Months go by. Were you successful? Who knows? If your team did not spend the time to set clear strategies and SMART goals that can be measured, how can you possibly know if you have been successful? This is as important if not more important than the content that you are actually publishing.

Now, what do we mean by SMART goals? SMART goals are goals that are: specific, measurable, attainable, relevant, and timely. Setting these goals ahead of time for your credit union will ensure that your marketing team is able to ultimately measure the success of your social media efforts as well as the impact social media has on your return on investment (ROI).

In fact, take it a step further. Make sure your team knows the key performance indicators (KPI’s) that you will be measuring. Examples of these are:

  • Reach (followers, impressions, mentions)
  • Engagement (likes, comments, shares)
  • ROI (direct sales revenue, lead conversions)
  • Retention & Loyalty (reviews and ratings)

3) Not Putting Significant Budget Behind Social Media Efforts

Think about the amount of money your credit union spent on opening its last branch. Now think about how much your credit union spent on Facebook Ads last quarter. Branch traffic is on the decline but mobile and website traffic have never been higher. It is critical that your credit union invest in this digital transformation. Facebook advertising has become incredibly nimble and we are able to more closely target then we ever have been able to before. It is imperative that your advertising budget is adjusted accordingly.

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