Social Media has become a mainstay in the way we communicate today. Recent statistics on SocialMediaToday.com, states that there are 1.9 billion unique monthly users on Facebook; 1 billion on YouTube; 600 million on Instagram; 317 million on Twitter; 106 million on LinkedIn and millions of users joining many other channels monthly. With these numbers, there are very few people who would argue against the fact that social media has become an essential means of communicating. The magnitude of this is emphasized when we experience the impact of information “going viral”. In seconds, the world is watching.
There are still some people, however, who are not sure of the impact and role that social media plays in business. Many are sold on the fact that it is necessary to be involved in the space but they have not committed to investing the time and the energy that is required to make it work for their brands. This is due in part to them not knowing where to start and the fact that it all seems so costly and high maintenance.
The power of social media
With small marketing budgets and limited human resources, why should a credit union get involved in social media? Based on recent statistics from the Pew Research Center “seven-in-ten Americans use social media”. So, there is a big chance that your members, prospective members, partners, competitors and vendors are all there and that’s where you need to meet them. Many companies have used these channels to not only build awareness but gain insights from their engagement with existing and prospective customers that have allowed them to build brand loyalty and ultimately, brand equity. In a survey conducted recently (found on smartinsights.com) to find out how social media ranks in comparison to other channels for B2B companies; social media ranked as the most effective channel for strengthening thought leadership (88%); deepening customer relationships (79%); raising brand awareness (91%) and developing brand positioning (94%). If these are some of your business goals, it’s hard to build a case for not being a part of it.continue reading »