What is the ROI On Success?
by: DeAndre Upshaw, Shirt Wearer, I Wear Your Shirt.com
As a marketing professional in the credit union world, one the questions I often encounter is: “What is the ROI on social media?” It’s a question for which there is no easy answer, and while there are countless studies, papers and reports offering up the legitimacy of social media marketing as an effective way to court and retain customers, its sometimes hard to quantify to a CEO.
A few weeks ago I was fortunate enough to hear social marketing maven and former Apple Evangelist Guy Kawasaki speak, and he addressed this very issue.
“When people ask you what the ROI of social media is, ask them – what is the ROI on the expensive conference table in the meeting room? What is the ROI on the CEO’s BMW?”
The benefit of a competent social media strategy is often intangible, much like the benefit of a fine conference table designed to impress guests. A wise man (who’s name escapes me at the moment) once said that your social media presence is much like your online lobby – the first thing that visitors see when they want to know more information about your credit union.
Would you want to patronize a credit union with a dusty, mostly vacant lobby? Where the tellers emerge from the recesses of the building once or twice a month to plug their low interest rates, only to slither back to where they came from? Of course not!
Facebook Pages and Twitter accounts aren’t just an added bonus for members – they are a must. More and more, people are looking towards social media channels to connect with their favorite brands, and the credit union world is no exception.
Like it or not, social media is here to stay, and instead of looking at it as just another pipeline in your communication, why not utilize it to its fullest? Unlike most traditional forms of advertising, social media marketing is mostly free and when done well can fully supplement your marketing plan and strategy.
Invest in your social media marketing strategy. If you spend as much time planning it as you do the lobby of your branches, you’re almost guaranteed results.
DeAndre Upshaw is a self-proclaimed “Social Media Ninja” who grew up forcing his friends and family to perform in short films he wrote, directed, and produced. They weren’t very good, but will one day serve as the backdrop to his E! True Hollywood Story. A graduate of Baylor University in Waco, Texas, DeAndre has spent the majority of his professional career helping people connect to others via social media. He currently produces web videos for I Wear Your Shirt.com and contributes blog posts for Currency Marketing. He hopes to be a Power Ranger when he grows up. www.iwearyourshirt.com
