MARKETING. Five Ways to Connect with Your Members Using Social Media

Transcription

1 MARKETING Five Ways to Connect with Your Members Using Social Media 1

2 BY LISA RIZK SVP, SALES & CORPORATE MARKETING CU SOLUTIONS GROUP Credit unions are constantly being challenged to provide the best service for their members, and in 2018, that means having a robust social media presence. Social media is no longer about just promoting a certain product or even a brand, but engaging and connecting with an audience. Consumers are developing new behaviors on social media, and businesses need to keep up with best practices - which are changing all the time. Instead of relying on social media simply to increase top-of-funnel engagement, marketers are putting on new hats and exploring how social platforms can be used to monitor their brand reputation, foster community engagement, automate customer service and leverage social data to make smarter business decisions. 2

3 THE OPPORTUNITY Consumers are no longer using social media solely to connect with their friends, but have transitioned to using their favorite platform as a multifaceted tool. According to a 2017 GlobalWebIndex survey, 28 percent of social media users are on their platforms to research products they are considering for purchase, up from 23 percent in Among year-olds, this has increased to 41 percent - just behind search at 52 percent. Younger consumers are showing preferences for social platforms over search engines when it comes to researching new brands or products. Impact of Social Marketing on Business: Are KPIs Defined? Customer service Brand awareness and reach Customer engagement Understanding consumer preferences Marketing effectiveness Sales Brand reputation Consumer loyalty Source: Hootsuite 12% 11% 9% 10% 12% 12% 12% 16% 40% 39% 40% 36% 39% 48% 48% 48% 44% 47% 46% 46% 42% 45% 43% 41% None Not defined Defined 3

4 SOLUTIONS Up the ante with quality content Content personalization continues to drive engagement. The increased reliance on big data in marketing means marketers now have access to unparalleled insights into their audience. Marketers should use these insights not only to better reach their audience, but also to create more effective content. However, that effectiveness is mitigated by some common pitfalls. Even the best content can be hampered by a lack of knowledge of how each social media platform works. The problem with operating across several different social platforms is that they are all different. Facebook, Twitter, Instagram, etc, all have their own unique quirks and processes. At a very basic level, credit union marketers need to thoroughly understand how these platforms accept new content whether it be text, images or video. Knowing the proper image sizes for a cover, profile or shared image may seem elementary, but marketers also have to understand how much text is too much text on an image, how an image looks on mobile and what file types are best. Marketing teams should also keep an eye on video content. The importance of video will only continue to grow, especially on social media. According to the American Marketing Association, by 2019, video content will be the driving factor behind 85 percent of search traffic in the US. Whether it s Twitter, Snapchat, Instagram or Facebook, video content on social media is what marketers need to focus on in There is a growing trend of TV-style programming for social platforms, as evidenced by Facebook investing nearly $1 billion in video programming for their planned Watch tab. That is not a typo, Facebook is spending nearly $1 billion in original, television-style video content in % 38% 62% of all web traffic will be video by 2019 (Cisco) of enterprise organizations used AI in 2017 (Narrative Science) of companies are slated to use AI in 2018 in some form (Narrative Science) 4

5 Marketers may not have the resources to compete with dedicated video content creators, but they should be aware of what works and currently, video is highly successful on social media. According to GlobalWebIndex 2017, 56 percent of internet users watched a video on Twitter, Snapchat, Instagram or Facebook on a monthly basis last year. In 2015, only 38 percent did the same. Companies have found great success in creating engaging videos that run for only a minute or two. Unlike long-form video content designed to be viewed from a television or computer screen, these short, bite-sized videos do not allow enough time for the viewer to begin multitasking - thus capturing their complete attention. Credit unions do not have to take on the burden of creating all this content themselves. Outside of working with agencies that specialize in content creation, there is also plenty of collaboration happening within the industry itself. By pooling resources with other credit unions, service organizations or vendors, credit unions can get more bang for their buck. The Love My Credit Union Rewards program is seeing a lot of success from the content repository in the Partner Center. Within is a trove of specially created social media assets, imagery and video that credit unions can use to promote the program to their members. Instead of having to generate their own content for these membership enhancement programs, credit unions can use high quality content created by CU Solutions Group, FocusIQ and our partners. Materials are constantly updated so that the content in the marketplace remains fresh, seasonally relevant and engaging. More than 200 credit unions leveraged LMCUR s holiday and social media assets in November and December 2017 alone. Collaborative efforts such as this lowers the investment needed by each individual credit union to create their own content. By pooling resources with other credit unions, service organizations or vendors, credit unions can get more bang for their buck. 5

6 Location, location, location One problem that all marketers are dealing with in 2018 is the issue of organic reach. Organic reach was once the mainstay of any social media strategy. After all, it was free. However, concerned marketers have noticed that organic reach is drying up, and new features from social giants like Facebook, who recently introduced a secondary Explore Feed to compliment it s longstanding News Feed, are not helping companies improve organic reach. If anything, social is now pay-toplay, and marketers have to know how to spend their dollars wisely. Social media campaigns can get pricey quickly, especially if marketing teams decide to take on too much all at once. With so many choices to target different demographics based on interests, education, gender, age, etc, it can be all too easy for marketers to drill down to their ideal audience without considering the cost. However, location is often neglected despite being possibly one of the more important demographic factors on social, especially for credit unions. Running sponsored content or paid ads on social, based on location, can net excellent results, especially when it comes to driving up interaction for brick-andmortar branches. With social media, marketers can personalize ads for members according to area, behaviors and demographics. This leads naturally to locationbased offers, a boost for event marketing or simply reaching out to new, potential members. Location-targeted Ad Spending vs Non-location-targeted Forecast (in $ Billions) $12.4 $20.2 $16 $24.2 $20.7 $28 $24.8 $32.4 $28.9 $ Source: BIA/Kelsey 2017 Location-based Non-location-based 6

7 Direct engagement with messaging Social media has always been a platform for companies to communicate directly with their consumers. This organically leads into social media being an online outlet for customer service, and with all the recent buzz around chatbots and AI, this has lead to more and more companies being interested in automated customer service. However, companies need to first understand the basics before they approach automated solutions. Some credit unions are only dabbling in social media messaging. They have a desire to use social media as a platform to engage members, but are unsure of how to do so. This can be due to any number of factors, such as a lack of manpower or a reluctance to communicate with members online, which can be fraught with dangers. From spam to harassment, irate customers and even the occasional internet troll, social media messaging is subject to all the traditional pitfalls of customer service but with new dangers. Now companies have an audience watching their every move, and a misstep could result in a PR disaster. A good social media team can cut customer service costs and enhance a credit union s reputation. Consumers have grown used to being able to ask companies questions online, and having this outlet can ease frustrations. Moreover, it underscores a company s professionalism and trustworthiness. Priorities for social messaging are choosing the right platforms, recognizing the importance of speed, good communication and knowing when to resolve issues offline. 96% 59% 60% of all online conversation is unbranded (Brandwatch) of millennials have used chatbots on a messaging app (VentureBeat) of Gen Xers have used chatbots on a messaging app (VentureBeat) 7

8 Leverage influencers If they haven t already, credit unions need to start leveraging influencer networks to amplify their messages. Credit union marketers need to identify the influencers that hold sway in their industry, but a common mistake is equating influencers with celebrities. This is often not the case. Currently, there is a real focus on microinfluencers, or those influential people on social media without the legions of followers and fans, but who still can make an impact on their networks. For credit unions, micro-influencers can be far more important than celebrities who may not be as passionate or knowledgeable about how and where they bank. Gamify the social experience Marketers should already be familiar with using promotions or contests to generate awareness for their brand on social media. These events can turn followers into brand advocates that share an organization s content via their own social networks, as well as draw in new prospective followers. Have a clear goal for the promotion Running a promotion without a clear goal in mind is a plan for failure. Promotions and contests are investments that should not be taken lightly. Whether it is as simple as building an audience or creating awareness for a new product or service, marketers need to cater their promotions to suit the overall goal. Understand your audience and what they value Marketing teams need to speak the same language as their followers, which means they have to understand the demographics, interests and pain points of their audience. This will determine the theme of a social media contest, how copy is written and what prizes are awarded. For example, holding a contest that asks people to post pictures of their summer cookouts would be a lot more common for a condiment company than for a B2B software company. The same holds true for prizes, as the software company isn t very likely to give out a lifetime supply of hotdogs. One of the primary benefits of holding a contest on social media is the opportunity to incentivize sharing. 8

9 Incentivize social sharing One of the primary benefits of holding a contest on social media is the opportunity to incentivize sharing. Automatically, posts from followers sharing content stamped with your brand will increase awareness, but properly utilizing hashtags, links and other tools will only help extend the promotion s reach. Referrals are also useful. Take advantage of a captive audience for messaging An audience that is constantly checking back to see if they have won prizes is a committed one. They are open to messaging, and now is a great time to convince them to consider the credit union difference, to open an account at their nearest branch, or to consider mobile options. Some steep discounts or promotional deals don t hurt either. Leading Benefits of a Successful Social Media Strategy Increased exposure Increased traffic Develop a following Marketplace insight Leads Thought leadership Grow partnerships Improved sales 53% 52% 57% 67% 66% 65% 79% 84% Source: Social Media Examiner An excellent example of a successful social media contest is the Sprint Snap, Share, Win Sweepstakes. Love My Credit Union Rewards recently hosted the contest on Twitter and Instagram that generated great word-of-mouth awareness and virality about the Sprint Credit Union Member Cash Rewards program with more than 551,800 impressions across social media and 12,200 post engagements. The contest offered contestants the chance to win Visa gift cards up to $1,500, of which three winners were chosen at random every week. As the primary goal of the contest was to promote unique credit union member benefits with Sprint, there were several ways to incentivize social followers to both participate in the Sprint Credit Union Member Cash Rewards Program, as well as share this information with their network. 9

10 The contest worked by asking contestants to share a photo of what they would buy with a Visa gift card, either on Twitter on Instagram, under the hashtag #SpringRewardsSweepstakes. Overall, over 13,800 users entered the contest. Contestants could submit more than one photo entry, which increased the reach of the contest and added greater volume to the social buzz. Winners who were already participants in the Sprint rewards program received double their original winnings, which encouraged contestants to enroll in the program beforehand. Throughout the sweepstakes, contestants were being consistently messaged to regarding the benefits of being a credit union member, as well as the steep discounts they could expect from Sprint. 10

11 DIFFERENTIATORS SMALL CREDIT UNION PERSPECTIVES Social media doesn t need to be intimidating. Marketers often assume that in order succeed, they need to go all in. While this kind of thinking is not wrong in marketing as a whole, it makes sense to start small when it comes to social media. Credit unions who are entering the social arena for the first time, or simply attempting to build their reach, should focus first on attracting and engaging an audience. Instead of building branded pages across multiple social platforms, they should stick with one or two where their audience is most vocal. Credit unions also need to decide on the primary goal of their social media presence: attracting new members, community engagement or member service. Of course, social media marketing should work to serve all of these, but one should come first and marketers should craft their messages with that in mind. HOW CU SOLUTIONS GROUP CAN HELP Membership enhancement services, like Love My Credit Union Rewards (LMCUR), utilize exclusive discounts and savings to increase member loyalty while at the same time providing new sources of non-interest income. The program features standardized marketing requirements and bundled marketing materials that make it easier than ever to: Enhance membership value and build loyalty Grow core products and services Drive credit/debit transactions Earn non-interest income For programs such as Sprint Credit Union Member Cash Rewards, LMCUR also provides all the materials a credit union needs to begin marketing its inclusion in the program free of charge. This includes ready-to-use HTML templates for promotional s, periodic long-form articles, ads designed specifically for physical print, web banners, social media ideas, posts, images and videos. Credit unions will have an opportunity to co-brand and customize elements as they see fit. 11

12 Read more in CU TrendScan CUTrendScan.com CU TrendScan is a quarterly digital publication that explores trends within the credit union industry. Focusing specifically on the areas of technology, marketing, and HR performance, CU TrendScan takes a closer look at the issues that drive the industry forward. More about Love My Credit Union Rewards LoveMyCreditUnion.org Love My Credit Union Rewards is a program that benefits your members in their daily lives. By participating in Love My Credit Union Rewards, credit union members have enjoyed nearly $2 billion in savings on products and services they are already using every day. These are rewards and incentives that nobody can ignore, and money talks your credit union members will be telling their friends, family and coworkers that the credit union difference is behind the extra spring in their step. 12 For more about CU Solutions Group: W. Seven Mile Road, Suite 200, Livonia, Michigan Phone: or Web: CUSolutionsGroup.com