Don’t be selfish… social media is not about you… it’s about relationships. It’s about others. Janine McBee asks, “Are you facing financial challenges when bringing up "social media" to your credit union powers that be? Are you being asked to justify any move toward social media by providing figures for ROI (return on investment)?”
When it comes to social media, it may be a while before you find the ROI you are looking for. However, there is so much more there in social media than ROI.
Jacob Morgan’s Blog on Social Media, Technology, Marketing, and Life provides some great insight: "Think of it like this, how much money would be willing to spend to keep your friends in your life? Think about your valuable experiences, your life stories, the things you have learned and the memories you have shared. How much is that worth to you? Can you quantify how much money you have made as a result of your friends or long term relationships? Now flip the question around, don’t ask how much money you are going to MAKE from your customers. Ask how much you are willing to GIVE to your customers. It’s not about you, or your brand. It’s about your customers; it’s about what they want."
Janine points out that, “He goes on to discuss how embracing social media tools requires a change in how we think about our customers/members. Yes I said customers. If we don't act like we are seeking and serving customers as we seek to attract and retain members, we are already missing the target.”
Jacob describes the approach to implementing social media well. "The first step in creating a social media strategy is not creating a blog or analyzing your objectives, it’s changing your mindset. It’s about realizing that your customers and your readers are doing you a favor by talking to you."
Janine refers to "Meatball SUNDAE" by Seth Godin where he writes, "It's been a decade since the underpinnings of this revolution were put in place. For the last ten years, ignoring most of what was going on with the New Marketing wouldn't have hurt you that much. Unless you were a travel agent, worked for a newspaper, owned a book store"...you get the idea. However, we are at a point to where we can no longer to a blind eye to “what is going on the real world”. Referring to the cliché “we’ve always done it that way” will not cut it anymore.
Janine points out that, “Credit unions need to explore new marketing mediums to attract younger members. At the same time, they need to make sure their products and services are designed to meet the needs and attract attention of younger generations.”
One way to find if you products and services are meeting GenY’s needs is simply by asking. Have a focus group… fire side chat… coffee round table discussion. Never the less, it is important to simply start the conversation. Yes… you can read blogs, books and white papers which provide good insight, but you will never know what your members (GenY members) need if you don’t ask.
Remember, social media is not about you but the relationships that you build and cultivate with your members. Relationships, above all other things, are priceless and are the glue helping to bind you to your members. If there is no relationship, there is no binding glue, and your credit union is simply a financial commodity that is easily replaceable.
How is your credit union using social media? Can you track usage to new accounts opened? Loans generated? Transaction revenue? Are you creating an inviting environment for your own credit union community? A place where people want to become members? Have a conversation? Speak their mind? Complain about what you are doing wrong or praise great service?
Do you have "lessons learned" to share? Shout back below and let us know.