Snapchat: Worth it or waste of time for credit unions?
Snapchat’s parent company filing an IPO has only upped the buzz about Snapchat and increased the conversation about how businesses can benefit from leveraging this additional social platform.
Some brands have fully embraced Snapchat, and connect effectively with a large portion of their target audience. On the other hand, plenty of companies large and small are still scratching their head about what to do with Instagram, Twitter and Facebook; for them Snapchat is just another thing on the list they aren’t so sure is worth their time. So is Snapchat right for your credit union? Here’s a few questions to ask before you jump in.
Do you have something to say?
Of course you have something to say, every brand has something to say. So really the question should be: Can your message communicate best on Snapchat? That’s not saying that your message can’t be said in other places; but Snapchat brings a unique opportunity to convey messages in a different way. Still on brand, but with a twist that can engage your members even stronger when done correctly.
What you should watch out for is going too far off brand that your members are confused or feel less trust in your overall offerings.
Is your current audience on Snapchat?
If you currently cater to members who are on Snapchat, it seems like a no-brainer to join in the fun, right? While this is a good reason to bring your credit union to this social platform, creating relevant messaging is still imperative to make sure your members want to follow you.
The nature of Snapchat feels buzz-worthy and fun, so too much business or promotional posts can come across feeling like spam. On the other hand, not enough relevant posts and your members might decide you’re not worth following.
Is your target audience on Snapchat?
Like most financial institutions, your credit union is mostly likely made up of members at all different stages and ages of life. Some of your members may use Snapchat, while others use no social media at all. Even if you don’t think the majority of your members are on Snapchat, you might still benefit from having an account.
Snapchat might appeal to current members currently disinterested in connecting. It can also be a way to freshen up messaging to reach a new audience previously unaware of your credit union. This can be trickier—you have to invest time to find and convince them that you are worth following—but the rewards can be great.
Do you have the budget?
If your aim with Snapchat is to connect with a new audience, finding them can be difficult. For credit unions of any size, budget matters because it can be tied so closely to member benefits. Snapchat can be limiting for smaller budgets since advertising via their Discover channels can be fairly costly. Plus there aren’t ways to add links for customers to click, making results harder to track.
To minimize budget strains you can start with promoting your new account by word of mouth through current member, or integrated into other advertising you are already doing.
The thing to remember with Snapchat, as well as the rest of the social media platforms, is that every company has different audiences and different needs—credit unions included. It’s better to realize what social platforms fit with your messaging and target market to be as effective as you can. Because let’s be honest, who has extra hours in the day (or budget) to waste on communication that no one is listening to?