Negative Posts: Why Your Credit Union Needs a Social Media Strategy

Does your credit union have a plan in place if it gets a negative comment or post on one of its social media platforms? If you don’t have this best practices plan in place, you’re not alone. Last month research from Social Media Marketing University has shown that 48% of marketing professionals in the U.S. don’t have an effective plan for negative remarks online. 23% of the respondents aren’t even working on a plan, while 25% don’t have one but are in the process of developing one.

The company’s research also discovered that 21% of marketing professionals rarely or never even respond to a customer complaint on social media. Fortunately, 52% of those surveyed said they respond within 24 hours, and 18% said the reply to negative remarks within an hour.

While it may not always be feasible to respond within the first hour, you should have a social media plan in place that requires you to respond within 24 hours if possible. Credit unions are well known for their exceptional member service – this should also be the mantra for your social media interactions with current and potential members. Make sure someone is monitoring your social media channels every day and that you have a chain of command in place in case you do get that random negative post. All of your followers will be judging your credit union on how it handles these critical comments, not just the disgruntled member who posted it.

Creating a Social Media Strategy

Putting a plan together for how to handle negative comments or posts is just one of many factors to consider with a social media strategy. Chances are, if you don’t have a plan for remarks like these you probably don’t have an overall strategy in place either. Developing and implementing a social media strategy might seem a bit extreme for some credit unions, but it is a surefire way to ensure everyone is on the same page and emphasize that your credit union is taking its social media endeavors seriously.

To put a good strategy together you need to start with a social media audit. It’s a good way to take a pulse of not only what your credit union is doing, but what your chief competitors are up to online as well. Determine what platforms your credit union should have a presence on, who at your credit union is responsible for generating and approving content and what your current and future goals are. 

Once you perform an audit and answer all of those questions, put it all together in a formal document and you’ve got a social media strategy! If all of this seems daunting or you simply don’t have the time or resources to conduct an audit or put together a strategy – contact us at CU Solutions Group. We’ve helped many credit unions put together solid and achievable social media plans – including how to handle a negative post – and we’d be happy to help your credit union as well.

Help Your Credit Union Stand Out from the Crowd – Part 2: Wooing Gen Y

by Amy Neale  

In response to CUNA’s Member and Nonmember Survey Results, we thought we’d address three distinct ways you can help your credit union stand out from the competition. To do each section justice, we’re delivering it to you over a three-part blog series. Welcome to Part 2. 

Wooing Gen Y
When it comes to wooing Gen Y/Millennials, credit unions have a long way to go. According to the CUNA Member and Nonmember Survey, respondents ages 18 to 24 were just as likely to recommend credit unions to others (31%) as they were to recommend banks (32%). Combine this with the aging membership issue most credit unions are facing, and you’ve got a demographic that needs more attention.

Jon Haller, CUNA’s director of corporate and market research points out that most banks get an edge over credit unions when Gen Y hits college and becomes aware of the banks co-branded credit and debit cards. Haller perceptively points out that it all depends on who gets to that generation first. So, what can your credit union do to stand out from the crowd and get there first? Two words: financial literacy.

A recent Wells Fargo survey found that more than half of Millennials say debt is their biggest financial concern. And an impressive 78% said they learned “a great deal” or “somewhat” about personal finances from their parents. The best approach to offering financial literacy programs to your younger members would be to offer it to them and their parents. This could come in the form of financial education articles on your credit union’s website, savings clubs that target Gen Y or even videos or podcasts on your website that discuss various financial topics.

In addition to boosting your credit union’s financial literacy program, you might want to consider developing a marketing program that appeals to younger generations; adding products like first-time auto loans or credit cards for members just starting to establish a credit history; or create financial seminars geared toward the Gen Y demographic. Plus, a strong social media strategy and presence can go a long way to wooing those Millennials. 

CU Solutions Group can help you woo Gen Y with its Financial Resource Center, youth websites, youth campaigns, podcasts and social media expertise. 

Finnessing Your Credit Union's Facebook Timeline

As of the end of March, Facebook switched all profiles to their Timeline format. Many credit unions have not acted on this, leaving their profiles looking rather neglected. CU Solutions Group offers some tips for how to spruce up your page and make the most of the new format. 

First off, you need to create a “cover image”, sized at 851 w x 315 h pixels, which appears at the top of your profile. Treat it like a large display ad or billboard – incorporate an engaging image with minimal text to brand your page and engage visitors. Make sure you follow the rules – you can’t include price, purchase or contact information, nor can you have calls to action (including asking people to like you).

Next, you’ll need to edit your profile image. The sizes have changed dramatically on this! Before, you could have an image over 500 pixels long. Now all pictures must be sized to 180 w x 180 h pixels, which Facebook condenses to 125 w x 125 h.

Now that you’ve got the graphics taken care of, it’s time to explore some of the other new features. “Pin to Top” and “Highlight” are two options you’ll now find to make specific posts more prominent. Pinning a post means it will appear at the top left corner of your wall for the next seven days. Highlighting a post expands the post’s size to 843 w x 403 h pixels, taking up the width of two columns instead of one.

Another great feature is the ability to add historic information to your timeline. You can add pictures and text from the founding of your credit union onward. Go back through the archives to find content that will be interesting to your followers.

If you need assistance creating your graphics, training on how to use Facebook, or someone to guide you with a social media strategy, CU Solutions Group is here to help. For all your social media needs, give us a call at 800-262-6285 or email us.

 Related services: Social Media, Graphic Design

Develop a Facebook Strategy Before Execution

For the past several years, Facebook has been all over the news. From corporate social media contests on the evening news, to business magazines that testify to the impact the channel has had on businesses small and large, you almost can’t go a day without hearing something about this medium.

While setting up a page is simple, many are unclear about how to develop and leverage this presence. The key to a successful Facebook campaign is to create a strategy behind it. While this sounds simple, it is something many organizations struggle with. However, spending a little time figuring out a road map to where you’re headed is far better than stopping and asking for directions at every turn.

So, what does a social media strategy involve? It really depends on your organization and its goals. Various tactics can be incorporated, depending on the objectives. While strategies vary, they should incorporate these seven items:

1)      Set the Rules A social media policy is essential to have for any organization. Since media is now used by everyone, it is imperative that guidelines be established for its proper use. By governing what employees can and can’t do, you protect your credit union from issues down the road. No one wants to deal with a reputation-damaging YouTube video posted by employees. Among other things, a signed social media policy from each employee clearly defines the rules when it comes to content that involves your credit union.    

2)      Establish Goals What are you set out to achieve? Is your page a financial resource center, does it focus on converting new loans, or will it serve another purpose? In order to move forward, you must decide where you want to go.

3)      Define Your Voice Facebook provides an excellent means to break away from rigid corporate communication voices. Lighten up a bit and have some fun, but make sure that voice is consistent. You don’t want to sound breezy in one post and stuffy in the next.

4)      Allocate Budget and Time The account may be free, but it takes employee hours to make all of it happen. Not to mention a budget if you want to run promotions or ad campaigns. Make sure you have the resources necessary to make the project a success.

5)      Determine Update Topics You need to update your page at least several times a week. By predetermining regular topics, you’ll never be stuck coming up with an update, so there is no excuse for not posting one. Make sure to align updates with your overall marketing plan. If the rest of your media is promoting auto loans next month, some of your social media posts should have an automotive theme.  

6)      Establish a Process This is perhaps the most vital part of a social media strategy. There are five main questions that must be answered – Who will create the updates? What is the approval process? Who will post them? Who will monitor and respond to comments on a daily basis? What is the protocol for responding to negative feedback?

7)      Measure and React Track your progress on a monthly basis. If your objectives are being met, great! If you aren’t getting the results you seek, step back and analyze the situation, then come up with a course of action and execute it.

By creating a strategy, your credit union will have a solid foundation for interacting with your followers. Most importantly, such guidelines clearly define internal roles and processes, which is essential for social media management. Once the strategy is set, the rest of the campaign work will start to fall into place.

Unfortunately, organizations large and small struggle with creating these strategies. There often isn’t time in the day or enough internal knowledge to put all the pieces of the puzzle together. That is why Marketing Solutions is committed to helping credit unions achieve social media success. We understand not only the complexities of social media, but industry best practices that make campaigns successful. Our team of online marketing experts works with credit unions to develop a custom strategy that defines all of the previously mentioned steps, along with elements that are unique to you.  From strategy development to ongoing consulting, Marketing Solutions serves as a single resource for all your social media needs.  To discuss how we can develop your social media presence, give us a call (800-262-6285) or send an email to info@cusolutionsgroup.com.