Credit unions proving valuable ROI with social media
Oshkosh, WI (May 8, 2014) — Chatter Yak!, the Oshkosh, Wisconsin based CUSO specializing in marketing, social media, website development and branding shares remarkable results its clients are experiencing using Yak! Tracker, their premium contest application, which allows credit unions to run contests on social media platforms.
Just this week, Cy-Fair Federal Credit Union in Houston, TX used Yak! Tracker to run a contest on Facebook. Within 2 short hours of launching their iPad Giveaway, Cy-Fair CU gained 442 new Likes on Facebook. (As this press release was being written, Cy-Fair CU had jumped up to 488 new fans. It should be noted that their contest has another 21 days to go.) Complex Community Federal Credit Union in Cypress, TX launched their first Yak! Tracker based contest on April 10, 2014, and has gained an astounding 967 new Likes by giving away an iPad.
MidUSA Credit Union in Middletown, OH put a philanthropic spin on their most recent contest by giving away $200 to one random winner. The prize was awarded as $100 to the winner and the additional $100 was gifted to a charity of the winner’s choice. Not only was MidUSA’s contest a great example of community outreach, it was a great generator of leads for them. From this contest, MidUSA gained 212 new Likes on Facebook, 13 new loan leads, a closed $10k signature loan, a closed $5k credit card, a home equity loan, and 2 members registered for MidUSA’s Home Advantage Program.
CitizensFirst Credit Union in Oshkosh, WI has been using Yak! Tracker to run contests for the last year and has consistently proven ROI. Their initial strategic goal was to grow their fan base, which they have more than done. Since January of ’13, CitizensFirst has grown their Likes by more than 3900, making them #47 on the list of The Top 100 Credit Unions With The Most New Likes put out by The Financial Brand in April of 2014. Most recently, CitizensFirst has been proving ROI by generating new loan leads. In March of 2014, they closed an additional $117k in loan revenue by generating leads through a Yak! Tracker based contest. In April of 2014, 45 new loan leads were generated with another contest. (Number of loans closed and dollar amount not available when press release was issued.)
Credit unions are finally learning to think strategically about social media and proving that it is no longer optional to have a presence on social media platforms. It’s crucial to your marketing plan. Consultants at Chatter Yak! are training credit unions daily on all things social; contests, social media plans, social media policies, how to build a fan base, and most importantly, compliance. The FFIEC (Federal Financial Institution Examination Council) strongly suggests that financial institutions have in place a Risk Management Program, and part of that program is to provide training for their employees. The FFIEC’s Guidelines for Social Media Compliance were released on December 11, 2013 and can be found at www.ffiec.gov.
About Chatter Yak!
Chatter Yak! exists as a Credit Union Service Organization (CUSO) designed to assist credit unions in marketing and advertising across traditional and emerging communication channels. It is our aim to make credit unions stand out from other financial institutions. With an emphasis on member engagement both inside and outside of the branch, our products and services focus on the entire member experience. Realizing that the financial industry is extremely competitive, we focus on helping credit unions create long-lasting impressions with their members in order to establish member loyalty and retention. For more information, visit: www.chatteryak.com.
About CU*Answers, Inc. CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing nearly 1.5 million members and $12.6 billion in credit union assets. For more information, visit www.cuanswers.com.