MADISON, Wis. (4/25/11)--Organizations that aren’t on Twitter, Facebook or YouTube are at risk of becoming culturally obsolete, but do social media help organizations grow? The Filene Research Institute has released a report that looks for answers to that question from a credit union perspective. “The State of Social Media in Credit Unions: Opportunities and Challenges” is the front end of a yearlong study from Filene. The research, conducted for Filene by Crescendo Consulting Group LLC, examines the extent of social media usage among credit unions, highlights characteristics of credit unions currently using social media, and looks at practices that drive social media success. In the first report, respondents offer self-assessments or their success with social media. A second report, due out in early 2012, will use measurable changes--such as asset growth, increase share of wallet, increased membership—to measure social media success. Some of the highlights from the first report:
* Social media success comes with experience. Credit unions with more than two years of experience are most likely to report success (57%); those that have three months or less are least likely (17%). * There’s no substitute for time. Credit unions that spend more than eight hours per week on social media and those with more than 10 employees in the marketing department are by far the most likely to report successful programs. * Success with social media reflects other product and service and branding activity. Credit unions with updated logo or brand image campaigns reported increased social media success. Those launching five or more new products had similar results. * Successful social media campaigns are purposeful. Credit unions that say their social media goals align with the credit union’s strategic goals report the highest levels of success in their social media programs.
The report provides information from the baseline survey, conducted in late 2010, including a summary of the findings and their management implications. The study includes data from 187 credit unions of diverse sizes and membership compositions across the U.S. and Canada.