Video - Credit Unions can Educate and Build Relationships with Email, Text and Twitter

We caught up with James Robert Lay (on Twitter: jrwlay) again at the TCUL Leadership Conference and Exploration Expo following his session on how credit unions can build relationships with text, Twitter and email marketing.  Most people now spend more time reading their emails than they do surfing the web. Email is one of the most powerful communication channels that credit unions can use to communicate with members.  However, email marketing has been tainted with activities such as SPAM and phishing.  A credit union can still effectively build relationships with members through email education.  Furthermore, text messaging is another growing communication channel when done properly.  Finally, James Robert discussed different ways credit unions can use Twitter to listen, learn and engage members in a real and authentic way. 

Check out the video below as we chat with James Robert and don't forget to give us a shout on the effective ways your credit union is working to communicate and connect with your members!

Comments

[Peter at Bellco CU]

Hi Guys This is a great video for folks at a credit union who may have decided to get started with Twitter and find themselves at the "what do I do now??" step in the process. The only thing I slightly disagree with is the thought that followers don't want to hear about rates or a new promotion. They've opted-in by following you, so I think that shows a certain amount of interest in what's going on at your CU. It's all about HOW you present the information. If it's in the old Push style: “HEY!! Check out our GREAT RATES!!!” then it is lame. But if you phrase it as helpful: “Rates just dropped, so if you’re looking to refi your home, click here to see if we can help” that’s adding value (in my opinion). Thanks again for the great resource!

[James Robert Lay]

Hi Peter! Thx for the note and feedback. You are correct that members opt in and Twitter is all about "pull marketing". However, a concern we have seen though is that credits unions do try to turn a communication channel into another broadcast channel.

The idea I was trying to convey (apologies for not being clearer), and like you reference, is that there is more going on at a credit union than just rates and promotions. Community news, events, shout outs, weather updates, closings, branch wait times, etc.

Just did some "live research" and found a few things I love to see. Note: I am not affiliated with any of these credit unions. Just did a quick search for FCU on Twitter and took the latest tweets.

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This is fun from @FivePointCU just in time for Halloween: Is your credit SCARY? Come in and let our Full Service Representatives show you how you can raise your credit from the dead!

Good info from @FCFCU:This month's newsletter is available to view online. https://apps.fcfcu.com/newsletter/newsletter.html

Weather and traffic from @Bellco_CU: WEATHER UPDATE 10/29: Denver metro opening delayed until 10 am. Western Slope open normal hours. http://bit.ly/1WySyq

Representing education and RTs from @AmeriChoiceFCU: RT @AFCU: RT @MoneyUnder30 23 Things Beginners Absolutely Must Know About Saving for Retirement http://bit.ly/2LWCtG

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From the above, we can all see there is more to a credit union than just "rates, promotion, rates, promotion"... more than broadcast and push marketing.

Credit union can be fun and bring life, conversation, humor, support and help to the conversation.

[Kelsey Balcaitis]

I completely agree- with these forms of communication, especially twitter, using it as a way to push info about the credit union, particularly products, you have a higher chance of pushing the member away. Just because they've chosen to follow you or opted in to the email, doesn't mean they're stuck forever. It doesn't take much for someone to unfollow and opt-out. But if you're seen as a resource, as a credit union to follow to get information you may not seek out on your own, but need, they are more likely to stick around, RT, and engage with you. If you must push a certain product/rate/item, try using it with an education aspect. Include a link to an article, and then say hey-come in and talk with us, or check out our site for more information.

[Peter at Bellco CU]

Hi James

Thanks for expanding the discussion. Your reply makes a lot of sense. If a CU simply adds Twitter to their list of possible broadcast channels without crafting the message for the medium and following up and interacting, they are missing the whole point.

I like how your examples show CUs (including me) trying to add value to their followers' day. Last I heard, the average Twitter user only follows about 100 accounts, so take I try and make Bellco's contribution to our followers Twitter stream interesting, educational and fun.

A good example of what you are talking about avoiding (in my opinion) is NY Times author Thomas Friedman (http://twitter.com/tomfriedman). Granted he's got three Pulitzer Prizes and 19,471 people following his account, but all he does is post occasional links to his columns. He clearly uses Twitter only as another place broadcast his columns.

[James Robert Lay]

Thx Kelsey for adding your thoughts to the conversation. You are right on about being viewed as a resource and how this can help build brand equity more so than any other channel.

More good points Peter. Thx for adding them to the mix. Your thoughts echo Kelsey's by providing value via Twitter.

Here is something for credit unions to chew on: rates are a commodity with many options and practically no differentiation while resources are few, scare and hard to find.

Using a strong and well planned social media mix can help credit unions connect and build relationships with their members by becoming their members chosen financial resource... not financial institution.