Social Media & Your Credit Union
Bill EmersonElectro Savings Credit Union St Louis, [email protected]
Social MediaThe What, Who and Why of Social Media
Difference between Traditional Web and Social Media
Different Types of Social Media
Some Examples of Social Media in use
Some tools you can use - demonstration
What to Do – What Not to Do
Risks
How Are U?
Bank
ATMs?
Credit unio
n
Where are u
Hello
What is social media?
Social media - online media that is conversational as opposed to traditional media, which doesn't allow readers/viewers/listeners to participate in the creation of content
Source: About.com
• Dialogues (many to many) • Conversational Media• User is content producer instead of just a
reader• Three Components:
1. Concept – Community Involvement2. Media – Internet3. Social Interface – Facebook, Twitter, etc.
Traditional Website
Monologue
Social Media Sites
Dialogue
Why? People use Social Media?
Like Minded –Find people with similar interests and viewpoints
Connections – Humans are social by design
Global Village – No more boundaries.
Collaboration – Sharing knowledge and building consensus
Networking – Establishing business contacts
Sharing – Photos of kids, recent life achievements, etc.
Opinions – Everyone has one!
Research – Before you buy
Influence – Politics, Marketing
Who? Uses Social Media
Source: eMarketer.com
2009
By Gender
Male 37.6%
Female 48.0%
By Age
<35 71.5%
35-54 43.1%
55+ 18.9%
Why Your Credit Union Should Care?
Sources:weblogs.hitwise.com eMarketer.comeweek.com
Over 70% of those under 35 use Social Networking
50% of the world is under 30
Averaging 1 billion tweets per month and growing
More than 400 million active Facebook users
Over 50% of Social Network users visit at least once a day
March 2010 Facebook passed Google as most viewed in US
Need More Reasons?
Sources:Socialnomics
People care more about what their peers think about your brand than what you think
Word of Mouth has always been important to Credit Unions
Have you heard of Justin Beiber – Your Kids have
Social Media is quickly turning into the new Inbox
While You were waiting to see if it would catch on, It did!
Social Media Evolution
There is nothing new about the content. It’s the interface that has changed.
Types of Social Media - Blogs
A website maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics and/or video. Entries are commonly displayed in reverse-chronological order.
Blogger.com – Publish a free Blog
Wordpress – Publish a free Blog
LiveJournal – Online Diary
Types of Social Media – Social Blogs
People inform each other about their activities by providing continuous updates and creating profiles.
This is Social Networking
Facebook – Create an online personal profile
Myspace – Online profile
LinkedIn – Professional online profile
Geni – Online family tree
Classmates – Connect with past classmates
Ning – create your own social network - specific interests
Types of Social Media - Microblogs
A form of blogging were the user enters short messages usually less than 140 characters
Twitter- Send and read tweets (most popular)
Tumblr– Post text,video,pictures to your tumble log
Jaiku – Daily log - Lifestream
This is Also Social Networking
Types of Social Media – Internet Forums
The first form of online social media. This is an online discussion site or message board. Groups share information regarding their common interests. Has its roots from original BBS or Bulletin Board Systems.
Yahoo Groups - Discussion Boards
Google Groups – Discussion Boards
Dell – Self Help
IGN – Video Games
Disney Boards – Discuss anything Disney
Types of Social Media – Vlogs
A form of blogging for which the medium is video
Youtube - Users upload and share videos
Internet Television
Types of Social Media – Picture Sharing
Sharing pictures and art online
Flickr – Users share personal photos
Photobucket – photo sharing
Snapfish – Share and Use uploaded photos to create products
Types of Social Media - Wikis
A website that allows users to create content to inform readers about specific topics. WHAT I KNOW IS
Wikipedia – collaborative encyclopedia
WikiTravel – worldwide travel guide
Wikihow – how to guides
Types of Social Media – Social News
News generated by users
Digg – Social news website
Mixx – User driven social media site
Reddit – Users post links to news content
Types of Social Media - Bookmarking
Users bookmark what they think is interesting and Buzzworthy
Delicious – Share web bookmarks
StumbleUpon – Discover and rate pages
Types of Social Media - Reviews
Users review products and services – usually a measure of customer service and quality
Yelp – Local search and reviews (Iphone)
Epinions.com – customer review site
Cnet – Product and service reviews
Types of Social Media – Q&A
Users post questions and other users give the answers
Yahoo Answers
WikiAnswers
Askville
Types of Social Media – Virtual Worlds
Users create online characters and live out virtual lives.
Second Life – Residents interact with other Avatars online
Forterra – Businesses collaborate within a virtual world.
Types of Social Media - Crowdsourcing
Taking tasks traditionally performed by an employee or contractor, and outsourcing them to a group of people or community, through an "open call" for contribution – Harness the Wisdom of Crowds
Pepsi Refresh Project - People submit ideas, people vote on ideas, and Pepsi funds the ideas
Netflix Algorithm – Netflix paid 1 million to inspire users to devlop a better algorithm for their movie site.
Most Popular Social Media SitesFacebook – Social networking personal profile
YouTube – Video sharing site – post and view
Myspace – Social Networking persoanl profile (younger)
Twitter – Microblog – 140 character tweets
Flickr – Online picture community
Photobucket – Photo sharing
linkedIn – Professional social networking profile
Digg – Social News website
Ning – Create your own social network
Yelp – User review and local search
Source: Website Magazine Feb. 2010
Social Media Sites – Business Value
Source: Website Magazine Feb. 2010
The following social media sites provide high value to my web site and business. Agree or disagree?
Examples of Credit Unions using Social Media
Columbia Credit Union
Columbia Credit Union
Electro Savings Credit Union
Vantage TweetMyMoney
Vantage TweetMyMoney
Mid State Educators Credit Union
Texas Dow Employees Credit Union
Carolina Postal Credit Union
UT Federal Credit Union
Addison Avenue Credit Union
Companion Credit Union - Crowdsourcing
Members voted on the new logo via social networking. Over 1000 votes were cast by the credit union’s 12,000 members
A B C
Their Slogan
Bank of America – What not to Do
Conversations have 2 sides
While many organizations use social networking for self promotion, few use social networking for:
Lead generation Tracking sentiment Member Service Research Product/Service Improvements Predictive Analytics – data mining to predict future
One of the best ways to persuade others is with your ears, by listening to them ~Dean Rusk~
Searching Twitter
Some Other IdeasYouTube – Setup online banking or billpay walk
throughs, webinars then post on your site.
Ning – Create a Social Network for Core System User groups
Flickr – Organize your photos for use in Facebook
Wiki – Create an Internal Wiki that employees can update regarding ongoing problems
Twitter – Promote your employees outside activities
YouTube – How to’s
Social Media Tools What are people saying about you?
Searchtastic – http://www.searchtastic.com
Sideline – What are Twitter users saying about you. http://sideline.yahoo.com
Social Mention – Real Time Social Media Search – Can create alerts
http://www.socialmention.com/
Spend Time – relationships take time
Listen – Know what people are saying about you
Answer – remember this is a dialogue
Be Different – Social Media is about buzz
Have a strategy based on your audience
Keep it up to date
Track progress
Hire an expert - qualifications at least 500 Facebook followers and must type 20tpd (tweets per day)
Social Media – What to Do
Source:EverythingCU.com Jan 2008
Social Media Tools – What Not to DoAvoid Self Promotion – Me, Me, Me doesn’t work
socially
Don’t ignore the negative
Don’t Dictate
Avoid Cookie Cutter
Don’t Overextend yourself – Unless you have the manpower to keep up.
Don’t become a Spammer
Source:EverythingCU.com Jan 2008
Some Rules to FollowConvert long URLs with http:/bit.ly
http://filene.org/publications/detail/credit-unions-and-young-adults-engaging-young-adults
converted tohttp://bit.ly/2KI2zk
If you re-post give credit RT @username
Take long conversations to another medium
Social Media Risks
Malware and Viruses (links in Facebook, Myspace, Twitter)
Social Engineering (LinkedIn)
Employee posts could negatively impact CU image
Losing Control of the Message
Impulse Messaging
Posts on Twitter are saved in Archive
Conversations happen with or without you
Regulations
Source: cugrow.com
Mitigate RisksSource: cugrow.com
Plan out your social media process
Open URL links with care
Virus and Malware software
Monitor employee posts
Monitor posts that refer to your credit union
Think twice before posting
Be aware of social engineering
Avoid too much personal information
Follow current Regs for Advertising
Create a Social Media Policy (or update current one)
Summary
Social media is not about marketing your company to users, Its about your users marketing your companies value to others
Social media is viral so it can promote or destroy your brand
Begin to build your social relations now so you can grow along with social networking.
Take your time
Questions??
Additional Information
Vantage Tweet My Moneyhttp://www.vcu.com/content/20090925/myvantage-goes-mobile-first-its-kind-solution
IBM and Navy Federal CU SPSS Modelerhttp://mashable.com/2010/05/11/ibm-social-media-analytics-tool/
Social Networking Iconshttp://www.funspill.com/ultimate-packs-social-networking-icons/
ReferencesQualman, Erik (2009). Socialnomics: How Social Media Transforms the Way We Live and Do
Business. Read the entire book!
Ward, Susan (2009). Social Media Definition. Retrieved from http://sbinfocanada.about.com/od/socialmedia/g/socialmedia.htm
eMarketer Daily Newsletter (August 5, 2009). Who Uses Social Networks. Retrieved from http://sbinfocanada.about.com/od/socialmedia/g/socialmedia.htm
Website Magazine (February 2010). Top 25 Social Media Websites In 2010. Retrieved from http://www.websitemagazine.com/content/blogs/posts/pages/top-50-social-media-resources.aspx
Schawbel, Dan (February 2010). 5 Ways to Avoid Sabotaging Your Personal Brand Online. Retrieved from http://mashable.com/2010/02/11/avoid-sabotage-personal-brand/
Twitter.com. (2010) Search Operators. Retrieved fromhttp://search.twitter.com/operators
Dougherty, Heather. (March 2010). Facebook Reaches Top Ranking in US. Retrieved fromhttp://weblogs.hitwise.com/heather-dougherty/2010/03/facebook_reaches_top_ranking_i.html
Eddy, Nathan (February 2010). Twitter Logging 50 Million Tweets Per Day.Retrieved From http://www.eweek.com/c/a/Midmarket/Twitter-Logging-50-Million-Tweets-Per-Day-234947/
Vega, Amanday (May 2010) Credit Union Twitter Risks. Retrieved fromhttp://www.cugrow.com/cu_grow/2010/05/credit-union-twitter-risks.html
Partee, Morriss (January 2008). 36 Credit Union social media do’s. Retrieved fromhttp://everythingcu.wordpress.com/2008/07/15/36-credit-union-social-media-dos/