SocialMediaCU

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/