March 11, 2013


Comments

 
 
 
  • What about the fact that SM should be used as another platform to simply build relationships. I believe selling products and services on your FB page is dangerous. People are not on FB to get "sold" to by the people and businesses they have chosen to interact with.
    Jen
     
     
     
  • Certainly this is the new age. And you are bring forth pertinent information that is gaining in popularity and usage. Thank you again. This is even changing the accounting profession in that the term "write up" was in print last week. (The write-up contains the original content of transactions sorted and categorized). There was the big 8 and now the big 4.
    Michelle
     
     
     
  • Hi everyone, if you are having trouble interacting with your members through social media I would suggest adding SilverCloud's Breeze to your page. This provides a way to interact with your members by immediately answering their questions when they visit the page and also driving them to a place to do business!
    Amber Robinson
     
     
     
  • Hi All, thank you for the comments so far. Zack, I completely agree that Social ROI exists hence the point of this article. In my opinion, any marketing strategy is derived from goals already set in place by the organization be promoting new products, branches, events etc. I doubt any of the marketing managers out there would undertake this process without a goal in mind. If that goal is just to engage with members and make them laugh, cat pictures might do it, but otherwise, you're right, people need to make educated assessments when looking for patterns. Thanks for pointing that out.
    Jennifer
     
     
     
  • I have to disagree with a few of the points made in this article. Engagement, likes and share are important, but buzzwords and clicks alone won't help you prove ROI. I don't get why ROI is so difficult to understand. There is, and never will be a one-size-fits-all ROI formula in business! Social media came around everyone wanted some magical metric to appear that would be easy to calculate and prove that marketers weren't just wasting time online. Stop looking at it as another channel, start treating is as an extension of your strategy that just needs a different approach. Guess what? Social ROI exists, but like any other business function, you have to tie your strategy to a specific objective to realize and measure it. Social is just one piece of the bigger digital picture, so you have to look at all the pieces to be able to analyze progress. Specific and focused goals like: 5% increase in new visits to your website in June, sales on red bikes over last quarter, 10% decrease in call volume or (insert any SPECIFIC objective here). From there, you work backwards to identify what tactics to use that will help achieve that goal. While it's great that financial institutions aren't denying the power of social. Maybe it's just that they're not employing the right tools, resources or people to manage their social programs. It's incredibly easy to track specific metrics on social media, but incredibly difficult if you're expecting likes to turn into loans. A sharp increase in loans when you're posting photos of cats or talking about branch closures all the time-I'm sorry, no matter how you cut it that just doesn't correlate to a sound loan growth strategy. My advice? Read this blog post that I wrote about how to create a smarter social program http://bit.ly/10qPbGb. Also, spend $10 and buy 'Social ROI' by Olivier Blanchard (@TheBrandBuilder on Twitter) for the biggest business-related epiphany you'll experience in your lifetime.
    Zack
     
     
     
  • It's hard to argue with this. If you were easily able to show the powers that be that there is a cause and effect with social media and loans, they would gladly embrace any social media risks. To be honest, they are taking bigger risks by not using social media at all. Nice article Jennifer.
    Matt Andresen
     
     
     
  • This is an excellent introduction to financial institutions who've been slow to get started with social media. Great piece!
    Fatemeh Fakhraie
     
     
     
  • Posting on someone's facebook page that has only liked your page is a bit creepy. Even if it is their birthday there should be some level of 1:1 communication via social before the assumption is made that the member wants their CU to be involved with their social media life. Most social media user's understanding of what others can see of their own page is very low. The impact of your actions by posting on another's page should be considered.
    Anonymous
     
     
     
 
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