More credit unions are having success in leveraging social media platforms to better engage with their communities and members. The keys to their success are a though-out strategy and providing valuable content rather than trying to promote the credit union's products.
Navy Federal CU boasts some impressive social media follower stats:
Facebook: 1,161,246 likes; 1,145,471 followers
Twitter: 79,000 followers
Instagram: 41,400 followers
LinkedIn: 57,270 followers
YouTube: 5,600 subscribers
But how did Navy Federal CU gain such large followings? Navy Federal CU uses social media to provide an outlet for members and the community to voice their opinions. Navy Federal CU listens to its followers and engages with them. They have a dedicated social media team and response 24/7/365.
In 2018, “our social media specialists sent out more than 41,000 responses to members on Facebook and Twitter and averaged a response time of about six minutes, improving response time by 25% from the previous year,” said Suzanne King, manager of digital marketing, to CU Management.
Of course, not every credit union will have such resources to dedicate to social media. Outsourcing to social media experts is a cost-effective way to provide similar levels of engagement.
It's important that credit unions don't turn their social media channels into billboards. That's a quick route to losing all engagement. Instead, focus on providing valuable content to followers. Once again, Navy Federal CU leads the way with a great example of high-quality content.
“Our organic social media is primarily engagement-based content,” said King. “We focus on military veterans and families, first and foremost, but also on education, information and … fun stuff as well.”
To maintain consistent content postings to your social media, build out a content calendar with at least a few weeks of postings. It's doesn't hurt to periodically repurpose content, especially if it previously had good engagement. The main idea is to develop a thorough plan on how you will manage, staff, and execute your social media strategy.