Social Media – Here to Stay! How Your Credit Union SHOULD Be Using It! Presented by: Sean McDonald

Social Media – Here to Stay!How Your Credit Union SHOULD Be Using It!

Presented by:Sean McDonald

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Some Numbers….

• Not going away.• Facebook – Over 1 billion users –

roughly 1/7 of the world’s population.• Twitter – 400 million + users.• Linked In – roughly 200 million users.• Google + - 500 million users.

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Why Should CU’s Care?

• Need to attract younger generations of members.

• Average age of CU Member nationwide – 47.6• A lot of talk around new tactics to attract Gen

Y.• But why stop there?• Gen X and Gen Z are important too!

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The Generations Defined…

• GEN X – born between 1967 – 1981

• GEN Y – born between 1981-1992

• GEN Z – born after 1992

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Characteristics: Gen X

• More adaptable to change• Statistically hold the highest education levels• MTV Generation• Notable events – AIDS epidemic, introduction

of computers, Challenger disaster, Iran-Contra, collapse of communism

• They don’t automatically respect leaders. Gen X demands that respect be earned.

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Characteristics: Gen Y

• The Millennial Generation • Communicate through technology• Want everything to be instant and convenient• Not as rebellious as earlier generations• Notable events – Economic growth, 9/11, Iraq

& Afghanistan Wars, Governmental friction

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Characteristics: Gen Z

• Highly connected• Advantage AND a Disadvantage• House Arrest!• Being raised to expect convenience and

instant gratification

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Social Media IS…..

• A method of communication.• A conversation starter.• An engagement tool.• A platform to tell your story.• A way to educate and inform.

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Social Media IS NOT….

• A sales tool.• A replacement for marketing.• A passing fad.• Advertising.• Without its share of challenges…..

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Social Media is used…..

• To connect with members and potential members.

• To create awareness and build momentum.• To advocate the mission of credit unions.• To share credit union values with the masses.• To foster mutually beneficial relationships with

those we serve.

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Connect….

• People relate to people.• Emotion – the single biggest factor in

consumer decision-making.• Encourage involvement.

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Create Awareness….Momentum

• Educate.• Provide useful and relevant information.• Promote learning.• Let people know who you are and what you

can do for them.

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Advocate

• No need to “sell” with social media.• Nothing wrong with letting people know

what’s happening.• Get people talking to you but, more

importantly…..get them talking about you.

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Share

• Tell stories. • Lets people know what your values are.• Provide solutions and alternatives.• Retweets, Likes, Favorites…..all comes

together!

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Build

• Establish a bond.• Listen.• Create trust between you and your members.• Define W.I.F.M.• Show value.

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Have a Plan

• Define the “what” – which tools will you use?• Assign the “who” – which employees will be

responsible and accountable?• Determine the “how” – create goals and

tactics. How do you want to measure the effects?

• Answer the “WHY” – what do you hope to achieve?

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More numbers….

• Approximately 65% of credit unions are currently using social media in some capacity.

• By the end of 2013, more than 90% will have some sort of social media presence.

• Let’s look at some examples of SM in action.

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Example.

• Vantage CU

Example.

• Verity FCU– VerityMom

Example.

• San Diego County CU– Bankers invade SD beaches

Social Media….

• Is a catalyst to increase momentum, increase awareness, and engage the community.

• Can open up channels of communication in the ways that younger generations prefer to communicate.

• Is well worth the “investment.”• Is simply expected now.

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Thank You!

• CU Business Development Academy

• The most comprehensive business development training in the industry…

www.cubdacademy.com

• Your Full Potential, LLC• Staff & Management

Training• Consulting• Strategic Planning

www. YFPTips.comsean@yfptips.com

(201) 920-9328