Generation Y and Z or maybe X, Y and Z are well equipped with gadgets. Smartphones, tablets, smartwatches have become the means of communication. Technology has played a major role in connecting people. Everyone has access to technology that can communicate with somebody in some way or the other. Social media provides access to almost any information you want. Social media helps connect us to friends and families from across the globe.

Social media brands like Facebook, Twitter, Instagram, WhatsApp and YouTube are doing a great job in bringing the world closer. As there are millions of people accessing these sites, it has also become a platform to learn, teach, market and advertise. These sites give you the platform to post information, chat, post videos or infographics, make a video call and so on. Many businesses have seen this as an opportunity to connect with new and existing customers. Today, you can use social media not only for entertainment but also to grow your business.

As financial institutions are transforming with the digital age, banks and credit unions have started to use the #hashtags. Staying active on social media has helped financial institutions to attract new members and get new business. Let’s look at how to reach credit union members on social media and why?

  • Promote through paid ads: Paid ads on social media are very affordable and easy to set up. With their help, you can reach your target audience faster. Your message will even reach those you target through demographics. Pay-per-click is the model used by most of the platforms as it is cost-effective. It means you pay only when the user clicks on your product link and takes action. You also gain brand recognition through impressions even when your ad isn’t being clicked on.
  • Set clear goals: To market on Facebook, Instagram, Linkedin, Twitter, etc. is very lucrative. This requires skill and monetary investment. Generating leads, converting sales or achieving both is possible on social media by measuring the ad spend against sales and/or leads generated.
  • Engaging content: Creating engaging content will make social media users interact with your content. By asking questions and responding to comments you can increase the amount of views and interact with potential customers about your products and services.
  • Customer support on social media: Customer service must be responsive and instant. Many existing and potential customers will have different questions, anticipating a quick response. Staff members must check social channels often to respond to customer inquiries in a timely manner. 24/7 customer support can be provided on social media to improve customer relationship. A chatbot can help your credit union give fast and better customer service on social media. This will help start engagement with your customers.
  • Targeting right members: Most members of today expect services on social media. Young members don’t wish to go into a branch often to discuss their finances or signing up for a loan or credit card. You can provide banking services from customers location using social media. You can get better information about customers interest and needs. This will help in targeting new young members and existing members. Relevant products can be offered to customers based on their needs.
  • Better personalization: Better connectivity between credit unions and members will always open up new possibilities. As data is being shared between both parties, personalizing customer experience becomes easy. You will have a better insight into customer details and their important life events. This will add value to the customer’s experience and help improve sales.
  • Wider coverage: As the online world eliminates geographical constraints, credit unions can have more coverage on social media. You can reach a wider audience to market and advertise your products/services anywhere in the world. Lead with your top marketing objectives and evaluate how social media can help you. It gives a wonderful opportunity to collaborate with a wider audience and helps you to reach your goals faster.

Final Thoughts

If you want to stand out from the noise on social media, you need to be different and convey your brand in a personal and fun way. Using infographics and whiteboard explainer videos will help you to boost engagement. It will help pass the right message to the right audience. For sales and service, social media is a perfect starting point. Come up with contests and offers that will gain momentum and interaction with your followers. Answering customer questions and comments as soon as possible will improves customer service. Social media has opened the doors to connect to the world and express views and ideas. You can always reach out to your credit union members and maintain a strong relationship on social media.

2020-05-20T17:57:40-07:00May 7th, 2020|Article|