Report
315
Number
Nov 04 2013

Beyond Engagement: Social Media Drives Business Results

A strong social media presence can help credit unions acquire members, build relationships, and retain current members, as well as deepen community involvement. Through the Filene QUEsocial pilot project, credit union employees have shown they can generate “business wins” by using their personal social media networks.

Jason Milesko
Chief Impact Officer
Rob Rubin
Rob Rubin
Filene Advisor
Report Number 315

Executive Summary

Social media has become integral in people’s day-to-day lives. Whether asking for advice or sharing experiences, consumers increasingly depend on social networks like Facebook, LinkedIn, and Twitter to exchange information with their colleagues, friends, and families. This is why it’s essential for organizations, including credit unions, to not only maintain a consistent presence on these social networks, but also to create an effective social media strategy so they stay relevant in today’s competitive business environment.

An organization’s social media mastery has become a brand expectation for many consumers. Many potential new members and new hires will not even consider a credit union that doesn’t have a consistent presence and a defined social media strategy. A recent Forbes study shows that millennials, in particular, switch their attention between social media platforms 27 times per hour.