Guest Author: Sundeep Kapur, NCR – How a Financial Institution Is Driving Real Results through Social Media
I was asked to participate and organize a workshop for a credit union on social media best practices at the behest of their chief marketing officer who had heard me speak at an event. After promising her team more information, we decided to make the education practical and looked for ways we could use social media to make a positive impact.
The credit union had about 160,000 members and an email list of 120,000. They had 2,500 friends on Facebook and about 800 followers on Twitter. Their success metric was to drive about a dozen retweets and a dozen “likes” each week.
The credit union would host a quarterly workshop on financial education. Every quarter, they would invite a financial services expert to speak to their members and would market the seminar via postcards, radio, and the local newspaper. It would take them six weeks and cost them $12,000 to market each seminar.
These seminars were very impressive. Over 500 current and prospective members signed up. After the seminar, the sales team would follow-up with every prospect with the aim for each of them to become members of the credit union.
In March of 2011, they hosted a workshop titled, “Don’t Make These Seven Tax Mistakes.” The event was first promoted via Facebook, and members were encouraged to submit questions to the expert. The questions and answers were then tweeted. We trained the other social channels to talk about the event and directed the members to find their answers on the social media sites.
In two weeks, we had over 200 pre-registered attendees and 50 questions and answers stored in the discussion board. We decided to send an email with one of the “deadly sins” to the members, which tripled the number of credit unions following us on Facebook. A week later, the event was sold out and a number of individuals were added to a standby list.
During the online seminar, we requested members to “check-in” and “share” information during the event. We used the content in a follow-up webinar for those who were unable to attend the live seminar.
This credit union now hosts two types of events. One is a quarterly, in-person event that continues to host 500 people. The event is advertised via their Facebook page and registration typically reaches capacity in less than a week. They continue to follow-up with a monthly webinar.
These educational workshops have been a great way to drive engagement, increase membership at this credit union, and make a positive financial impact. The credit union appreciates the “buzz and chatter” on their social network among their members. I have really appreciated the entire management team for being supportive and dedicated to the social media initiatives. The buy-in from the “top” has been one of the key differentiators for this credit union.
Success in social media can be achieved by integrating social media channels with your financial institution’s traditional channels. Set specific goals, take small steps, and keep measuring the impact of what you are doing.
Want more ideas on measurement?
Join me on my upcoming BrightTALK webinar where I’ll be covering additional approaches for applying these practical social media metrics at your financial institution.
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Sundeep Kapur – NCR, has been assisting organizations with their converged channel marketing strategies since 1990. From direct marketing to digital to converged, he is a passionate teacher who works with businesses across multiple industries, helping them to enable technology and services to brand, and personalize and speak to consumers more effectively.
He is an industry-recognized expert who has delivered keynotes, run panels, and delivered “relevant, inspirational, and outstanding” education for organizations around the world. He has helped many financial institutions with their consumer engagement strategy and to drive positive ROI.
Sundeep is also an avid user of social media, having leveraged words, pictures, and video into a conversational digital book at www.EmailYogi.com.