Look up “community” in the dictionary and it’s defined as “an
interacting population of individuals.” Nowhere is this truer than with
your credit union’s online community. An online community consists of
your Facebook, Twitter and Google+ pages as well as your credit union’s
blog or forum. Your credit union may have one, some or none of these
depending on what stage you’re on in building your community.
Your credit union may not even be sure it needs an online community. With things like customer service or social media, it’s sometimes hard to easily identify how they contribute to revenue or wallet share. While it’s easy to get wrapped up in retweets, likes and post comments, these do not equate ROI. Building your online community does promote member engagement and retention as well as build brand awareness. These factors could lead to a boost in revenue and wallet share – as well as improve member service efficiency and reduce marketing and member service costs.
Your credit union may not even be sure it needs an online community. With things like customer service or social media, it’s sometimes hard to easily identify how they contribute to revenue or wallet share. While it’s easy to get wrapped up in retweets, likes and post comments, these do not equate ROI. Building your online community does promote member engagement and retention as well as build brand awareness. These factors could lead to a boost in revenue and wallet share – as well as improve member service efficiency and reduce marketing and member service costs.
Fostering Relationships
Put your online community to good use and foster
relationships with any community members that stand out and are loyal to
your credit union. Reward these community builders with discounts or
private product/service releases. These members are your greatest asset
to grow your online community and should be treated accordingly.
The Internet is now as influential as friends and family when it comes to consumers’ buying decisions. So, having a strong online community could potentially answer member questions, address member concerns and help members make solid financial decisions. And if done correctly, will lead to an increase in wallet share, revenue and overall member good will.
The Internet is now as influential as friends and family when it comes to consumers’ buying decisions. So, having a strong online community could potentially answer member questions, address member concerns and help members make solid financial decisions. And if done correctly, will lead to an increase in wallet share, revenue and overall member good will.
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