5 tips to effectively use social media at your credit union

Community banks and credit unions do a lot of things well, but their use of social media could be better. Big banks dominate the Financial Brand’s list of top banks using social media, but it doesn’t have to be that way. Small and mid-size banks can right-size their social media efforts, target their niche markets, and deploy social media initiatives that are every bit as effective as those in use by larger organizations.

One of the most valuable characteristics of social media marketing is its cost to impact ratio. Done well, social media costs are very low and can even be done for free, but can substantially move the needle on your marketing objectives. In short, your community FI doesn’t need the budget of a big bank to be just as effective in social media.

Multiple studies indicate that consumers, overall, aren’t too impressed with any bank’s social media efforts. Yet we know social media marketing can work; look at the tremendous success of companies in other industries. Zappos and Starbucks use Facebook to reward loyal followers, Jet Blue employs Twitter to improve customer service and build its brand image, and Ikea showcases its products on Pinterest. Companies like these are leveraging social media to enrich their brand’s relationship with consumers.

It’s helpful to take a look at what those companies are doing right and assess how you can mimic their tactics in your FI’s social media efforts. Here are some of the things that bigger companies are doing right, and suggestions for how to adapt their techniques: