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The State of Social Media in Credit Unions: Opportunities and Challenges

The State of Social Media in Credit Unions: Opportunities and Challenges

The increased popularity of online social networks and a widespread desire by credit unions to attract and retain a younger membership make social media sound like a panacea. Credit unions’ social media presence is clearly expanding, and now there’s a Filene resource to help make sense of it all.

The State of Social Media in Credit Unions: Opportunities and Challenges is the front end of a yearlong longitudinal study. The research, conducted for Filene by Crescendo Consulting Group, LLC, examines the extent of social media usage among credit unions, highlights characteristics of credit unions currently using social media, and examines practices that drive social media success. This report provides information from the baseline survey, conducted in the fall of 2010, including a summary of the findings and, more important, their management implications. In short, what should social media mean for your credit union.

The study includes 187 credit unions of varying size and composition across the United States and Canada. Some of the highlights:

  • There’s no substitute for time. Credit unions that report spending more than 8 hours per week and those with more than 10 employees in the marketing department are by far the most likely to report successful programs.
  • Social media have a symbiotic relationship with otherwise active credit unions. For example, updating a logo or brand image corresponds with more successful social media campaigns, and launching five or more new products also corresponds with reported social media success.
  • Successful campaigns are purposeful campaigns. Credit unions that say their social media goals align with the credit union’s strategic goals report the highest levels of success.

More insights, along with dozens of useful graphs await in the full report.

Categorized: 'Operations'

Tagged: 'social media' 'online' 'mobile' 'strategy' 'credit union strategy' 'credit union market niches: social and demographic opportunities' 'challenges'

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