“S” is for social

These alphabetized tips from Navy Federal Credit Union show how to take social media from an operational check mark to a well-developed business line.

by: Aaron Pugh

At The Financial Brand Forum held this spring in Las Vegas, Michael Toner, the manager of social media at Navy Federal Credit Union ($66.8B, Merrifield, VA) presented on the strategies and best practices that have helped his credit union transition from social media as an experiment to social media as a thriving, measurable business line.

Below is a quick, by-the-letter recap of some of Toner’s key takeaways.

A is For Acknowledgement
In a time when multi-county, multi-state, or even national memberships are commonplace, the idea of community also needs to evolve and grow in the digital space, Toner told attendees.

“Ten percent of households switch financial institutions every year,” he explained, “and 70% of those begin that process by looking at websites, search engines, and social.”

B Is For Beginning
When they began in 2009, Navy’s two-person social team focused primarily on creating audience profiles, segmenting conversations, and measuring brand activities and audience engagement. A few years later, the credit union stepped up that initial investment by increasing its staffing to include seven social media strategists and five social care specialists.

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