Report
310
Number
Oct 28 2013

From Presence to Purpose: Developing Social Media Strategies and Metrics for Credit Unions

You don’t win in social media just by showing up. While using Facebook or Twitter might have been buzzworthy in 2009, today’s members are not impressed with mere presence. If they don’t sense a purpose in your efforts, they will not pay attention. This new research expands on what many credit unions are discovering: that deep member engagement with social media comes only after a lot of work.

Using surveys and online content analysis of 157 credit unions, and qualitative interviews with leaders from many of them, this report describes and helps to solve two pressing credit union challenges:

  • Integrating legacy marketing/member service relationships with social media.
  • Addressing the often missed credit union opportunity of data gathering and analysis.

The first challenge entails educating credit union decision makers on the role and purpose of social media and how it interconnects with the overall strategic branding decisions of the credit union. This includes moving from a minimal social media presence to an active, value-added social media engagement; identifying and engaging the appropriate member base; and incorporating measurements of success. The second challenge entails the development of appropriate metrics against which social media strategies can be evaluated.

Hope Schau
Hope Schau
Gary M. Munsinger Chair in Entrepreneurship and Innovation at the Eller College of Management, University of Arizona
University of Arizona
Report Number 310