Debunkingthe

Social Media Cynic

Answering Execs’ Questions to the Value of Social Media

Everybody is a cynic.

Especially when something new comes along.

Glorified iPhone.

100 million sold.

Nobody has time.

Everybody has one ... or two.

No way.

Safest way to travel.

Good luck, Ben.

Viva Las Vegas.

I don’t think so.

5 million viewers per show, say so.

Waste of time.

Maybe not.• 1 billion (enough said)

• 500 million (175 million tweets per day)

• 200 million (160 million monthly visitors)

• 800 million (4 billion viewed per day)

What it is.

•Two-way conversation

•Educator

•Entertainer

•Community builder

•Complement to traditional marketing

What it’s not.

•Not a sales tool

•Not a one-time campaign

•Not an advertisement

•Not a total marketing replacement

What are the benefits?

Metrics?

Why?•Another opportunity to attract and engage

•Adds value

•Builds trust

•Control the message

•Conversation goes on with or without you

How do we use it?•Share information

•Tell a story

•Educate

•Human touch (member service?)

•Contests

•Have a plan

• Amazingly, only 30% of CUs using social media have a plan -Filene

Share.

•Provide helpful information

• From members

• From staff

• From mainstream or industry news

•Be a financial resource

•Don’t ask for anything in return

Tell a story.

•Member success stories

•Trends

•Staff (get to know or SME)

•Philanthropy

•Awards

Educate.

•Teach

•Financial advice

•“How to”

•Thought leader

Be human.

•People relate to people — not logos

•Tweet-up meetings

•Videos

•Unitus’ iPad ex.

Unitus’ Brett Wooden w/ iPad

Contests.

•Engage

•Educate

•Reward

•Return

Have a plan.

•Research

•Objectives

•Goals

•Results

•Measure

How do you start?

•Research and discover

•Listen

•Engage

•Inspire

•Support

•Reward

What do we talk about?

• Personal relevance

• Entertaining

• Insight or advice

• Value

• Help

• Solves a problem

What do we use?

• (educate)

• (influence)

• (announce)

• (peers)

• (entertain)

Who will talk?

•Credible

•Knowledge

•Experience

•Personality

•Creative

What if somebody says something bad about us?

How do we measure?

•Understand how SM fits at your credit union

•Know what you can measure (goals)

•Decide on ROI vs. Correlation

•Share data

•Embrace anecdotes

•Select metrics- Convince & Convert

How do we know?

•Google Alerts (set it up yesterday!)

•Technorati, Google Blog Search

•Twitter search, Twitterfall.com

•Website Grader, Blog Grader

•Twendz, TweetFeel

•Compete.com

- Spin Sucks

What about SM policy?

•Core values

•SM purpose

•Ethics

•Confidentiality

•Accountability

•Language & behavior

What’s it gonna cost?

•Time

•Resources

•Knowledge

What’s the ROI?

•“Sales minus expenses, divided by expenses, expressed as a percentage.”

•Depends on goals...

•More members

•Increased loans

•Enhanced awareness

What are other uses?

•Market research

•Product development

•Internal communications

•Member support!

How is it being used?

- Nielsen and McKinsey 2012

What are CUs doing?

•77% enhancing SM plans for 2013

•94% investing resources in Facebook

•58% investing resources in Twitter

•24% investing resources in Google+

•BUT 83% insufficient staff resources for SM

- CUNA Mutual 2013 survey

How are CUs using it?

•97% for CU news, alerts, edu, and info

•97% to build CU awareness

•93% to promote CU events

•73% for member communication, feedback, responding to comments (member service)

- CUNA Mutual 2013 survey

Example.

•Vantage CU

Example.

Example.

•Verity FCU

•VerityMom

Example.

•Verity CU’s “Our Voices” blog

Example.

•Forth Worth Community CU

•Gabby “Get Your Worth On”

Example.

•San Diego County CU

•Bankers invade SD beaches

Example.

•ECCU video testimonials

Tips?

•Be consistent

•Easy to share

•Easy audience participation

•Be authentic

•Integrate

•Be consistent

Wrap up.

•Educate: become a thought leader

•Become a valued resource

•Builds a community and trust

•Complements traditional marketing

•Have a plan!

Questions?

Mike Lawson

DML Communications

mike@dmlcommunications.com

760-845-8146

Twitter: @dmlcomm

Slideshare.com search: “dmlcomm”

Resources.• Filene

• Digital Mailer

• Convince & Convert

• Social Media Examiner

• Spin Sucks

• Cision

• Marketing Profs

• SmartBrief (social media)

• Forbes