twitter 4 credit unions
DESCRIPTION
Twitter uses for credit unions with credit union examples of member support, contests, tweetMyMoney banking application, and more.TRANSCRIPT
The Value of Twitter for Today’s Credit Union
“Enhance Your Member Relationships”
What is Twitter?• Twitter is a free social networking and micro‐
blogging network• Enables users to send and read other users' updates
known as ”tweets.”• Tweets are text posts up to 140 characters
displayed on the user's profile page and delivered to other users who have subscribed to them — known as ”followers.”
• Twitter has grown nearly 2,000% in the last year• Over 430 Credit Unions using Twitter today
(source: FinancialBrand.com, 1/7/10)
What Can Twitter Do for You?
Leverage this online channel to create conversations with your members.
Develop and maintain consistent two-way communication with members.
But remember:Twitter and other social media is not a Campaign;
It’s a Relationship.
Why Use Twitter?
• Share your expertise with members• Create conversations with members• Build relationships with members• Become more human with members
The Tools
The Rules• Research and discover where your members are• Listen to your members (discover what they’re saying)• Talk to your members (talk to them in their language)• Energize your members (become your brand
evangelists)• Help support your members (provide them with advice)• Embrace your members (rewards)
The Goals• Complement your traditional marketing efforts• What do you want to do for your members?
– Who do you want to be for your members?
• Create interest in your credit union• Sell your products and services• Position your credit union as a financial resource• Build trust with members• Become their PFI
The Benefits• Creates opportunities to build relationships• Reinforces branding• Differentiates your credit union• Builds community with your members• Builds trust among members (humanizes)• Less disruptive marketing message (you control it)• Immediate feedback from members• People focused
• What credit unions are all about!
How Should You Tweet?“70-20-10 Formula”
• 70% — Sharing quality content from others• Become a valued, trusted resource
• 20% — Conversation/collaboration with others• Become a thought leader
• 10% — Chit-chat or trivial details of your life• Become human
Source: Maier Educational Services
9 Twitter “Do’s”1. Keep your tweets short2. Provide a helpful or reference link to related content, photos, or video
(tinyurl.com or bit.ly.com)3. Provide practical, useful information (Something your followers can
actually use and possibly “Retweet” to others.)4. Know your audience (Marketing 101)5. Check your last 20 tweets - Are they any good? Would you follow
you?6. Quality over quantity (Really think about what you want to tweet.)7. Be consistent on your tweets8. Do your research (Every good piece of info has a lot of research
behind it.)9. Have a goal! (You'll wander aimlessly if you don't and you'll lose
followers. Find a niche and be focused.)
Good Tweets Have…
• Topic with personal relevance• Topic that’s entertaining• Topic that gives followers insight or advice• Topic with value• Topic that helps them• Topic that solves a problem
What Your Members Look for in a Tweet…
• Fraud alerts (help)• Special offers (insight)• Financial tips (advice)• Rate specials (value)• Promotions/contests (entertainment)• Support (solution to problem)
(source: Callahan & Associates)
Reasons Credit Unions Should Use Twitter
• Announce or distribute member offers• Member service/support• Find or post jobs• Seek or share financial info with members and peers• Humanize your business• Brand your credit union• Viral marketing• “Up the ante” on your philanthropy fund raising/efforts• Enhance your PR efforts• Conversation will go on without you — so join in and control it!
Credit Unions Using Twitter
• Vantage Credit Union’s “tweetMyMoney”• Brewery Credit Union’s educating members• Credit Union One’s student scavenger hunt• University Federal Credit Union’s “Twenty09 Challenge”• Truliant Federal Credit Union member support
University FCU’s Twenty09 Challenge
“Welcome back” student promo videos
Awarded students with $20.09 who opened
new checking account
Promo ranAug. 17-Sept. 17, 2009
University FCU’s Twenty09Challenge
Tweets
Promo became aviral hit with students
82% increase in UFCU website traffic
Enhanced the UFCU brand
Vantage CU’stweetMyMoney
Allows members who use the CU's MyVantage online banking to conduct such transactions as:1. monitor balances2. holds3. check clearing4. ATM withdrawals and deposits5. transfer money between their own accounts — but not to other members, a security precaution
Vantage CU’stweetMyMoney• About 150 users use it daily — with more joining each week• Great PR buzz for Vantage branding — news in 4 countries!
– First to market with this app (leveraged Twitter buzz in 2009)
• 70% of Vantage new members under the age of 40– Average age of Vantage member between 39-40
• Marketing via Twitter (so far)– Market to online banking users soon
• Not a mass market service — niche for users comfortable with Twitter
• tweetMyMoney springboard for upcoming mobile apps
Credit Union ONE’sStudent Scavenger Hunt
• Scavenger hunt for Oakland University students
• Credit Union ONE tweets clues to designated areas on campus
• Students win cash and prizes for winning
• 9 students took home a total of over $1,200 in 3 hunts
– 1st place $250– 2nd place $110– 3rd place $50
Truliant FCUMember Support
• Member has question about Mint.com authentication
• Truliant MSR responds letting member there’s a quick fix
• Within 24 hours issue is resolved
• Truliant has a new fan• All members/followers of
Truliant on Twitter can see the action
• Word spreads about great service from follower
Brewery CUFinancial resource
• Charity tweets• Fun tweets• Retirement tips• Rewards tweets• “CUs Better Than Banks?”
story• Factoid tweets• Local financial facts• Sports tweets
Twitter Wrap-Up• Complements traditional your marketing efforts• Two-way communication with members• Immediate feedback from members• Humanizes your credit union• Creates and maintains communication with
members• It’s cost effective (only major investment is time)• Positions your credit union as a credible financial
resource• Conversation will go on without you — so join in!
Questions?
Mike LawsonDML Communications
www.twitter.com/dmlcommhttp://dmlcomm.blogspot.com