Entering the World of Social Media

The vast majority of marketers use social media for business purposes.

October 24, 2012
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“If Facebook was a country, it would be the world’s third largest,” says George Balchev, online marketing manager at Alliant Credit Union  in Chicago. “And 93% of marketers use social media for business purposes, which are convincing indications of just how large social media has become.

“Before you decide to have a presence on social media sites, you should get buy-in from your board and senior management team, and be sure to establish clear ownership of the social media channel within your credit union,” says Balchev. He also recommends involving various credit union departments in the initiative: human resources, marketing, legal, compliance, and IT.

“Be sure to establish policies and guidelines governing the professional and personal use of social media,” he says. When developing your policies, Balchev offered these considerations:

Balchev says there are many tools that measure the effectiveness of your social media efforts such as Google Analytics, Wildfire Social Media Monitor, Klout, Crowdbooster, Radian 6, and Hootsuite.

“Be patient with social media,” adds Balchev. “It takes time to accumulate critical mass, identify influencers, and resolve issues.”

Balchev also has a list of what not to do on social media sites:

“The future is so-lo-mo—social, local, and mobile,” said Balchev. “Use social media to build relationships, engage members, and increase brand loyalty.” 

Two "Ss" of Social Media

Mark Arnold
October 24, 2012 7:54 am
Steve, This is a great piece for credit unions to consider when wading into the waters of social media. There are two "Ss" of social media credit unions should consider: strategy and staff. They must have a clear strategy for what they hope to accomplish (build brand, engage members, market their message, etc.). They must also have sufficient staffing resources (social media is not free: it takes a great deal of time). Mark

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