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CU System
Filene Study: Social Media Can Achieve Business Results
MADISON, Wis. (11/25/13)--A strong social media presence can help credit unions acquire members, build relationships, retain current members, and deepen community involvement, according to a new study from the Filene Research Institute.
 
An organization's social media mastery has become a brand expectation for many consumers, said the paper "Beyond Engagement." Many potential new members and new hires will not even consider a credit union that doesn't have a consistent presence and a defined social media strategy.
 
A pilot project managed by Filene and social media research firm QueSocial allowed credit unions to leverage employees who use QUEsocial's social business portal to share credit union-related content, recruit new employees and promote sales. The 90-day Filene-QUEsocial pilot investigated whether credit unions can generate real business wins by connecting with people via employees' social networks on Facebook, Twitter, and LinkedIn.
 
Among the recommendations made by the study:
  • Use employees as ambassadors through social media activities. While a corporate social media presence is one of the foundational building blocks of a fully realized social media strategy, incorporating individual employees as credit union ambassadors has the power to drive the organization's social media efforts forward toward even stronger bottom-line business outcomes.
  • Allocate time to social media activities. The amount of time participants can spend on social media should be optimized based on each individual's experience and social network size.
  • Target a set amount to time each week for social media activities. One approach to help participants learn about how to integrate social into their daily routines and activities was through game playing. For example: Participants were challenged to accomplish in 30 minutes a week
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