Credit unions should watch, learn from, and, maybe, invest in social media research firms.
The Internet is full of voices, and with all that talking it's easy to miss important messages.
For businesses today, a presence on Facebook and Twitter is almost required. Member engagement through social media is a valuable marketing strategy, but there’s another angle to mining the social media world.
According to BusinessWeek, there is a proliferation of companies whose budgets include research to understand social media.
In Wanted: Social Media Sifters, Businessweek uses analytics company NetBase as a case study. NetBase accepted a contract bid to use its social media research skills to determine why men like stubble. The firm sifted through millions of posts on social media sites for the answer (which was, namely, perceived sexiness).
On the Internet, knowledge (and the ability to acquire and understand it) is power.
Think about what social media data could mean for credit unions:
- What if your staff wanted to get an idea on how your community was reacting to a big local event? Maybe a string of layoffs? Social media would likely be the place to find the answer, but how would you go about doing it?
- Consider how social media data might affect your resource allocation. Maybe you’re not maximizing Twitter. Perhaps certain posts are more effective in generating retweets or replies. Knowing why could give you a competitive advantage.
- How about learning about consumer perception of credit unions in today’s economic climate? In all likelihood, the data would generate valuable takeaways that could inform positioning in your community or help you improve service to members.
Don't just use social media, analyze the results of your efforts to drive future performance. Consider the value of a social media research firm or learn more about how to do it yourself.
Like G.I. Joe said: Knowing is half the battle.