So, where do you think you should be fishing when it comes to finding new members?
Social media. It’s not my opinion. It’s a fact based on a study from GWI that found that 31% of social media users in the US in Q1 2020 said they typically find out about new brands/products via ads on social media, a 40% hike from the previous quarter.
Another recent study from Smartly.io published similar data indicating that 57% of US adults use social media as a way of finding new brands, and that a majority of consumers have been turning to social media more to discover new products and brands.
Let’s break this down by generations and preferences to be even more helpful for your credit union strategic marketing plan for next year. When it comes to millennials and Gen Xers, they are more likely than Gen Zers to click on promoted posts/ads on social platforms, including Facebook, Reddit and TikTok. When it comes to Gen Zers, they seem the most swayed by influencers and the only generation in the study to overwhelmingly say that they feel that influencer recommendations are more relevant to them than traditional ads on social media.
What are some takeaways for your credit union strategic marketing plan, if you truly want to educate, engage and retain the next generation of credit union members?
- Adjust your social media strategy. I see so many credit unions approaching social media content no differently than they did 10 years ago. So much has changed, and so much continues to change. You must constantly evaluate the algorithm changes and adjust your credit union social media and content strategy accordingly.
- Speaking of social media content, a strong content marketing strategy should be the focal point of your credit union strategic marketing plan. Educating with engaging content is just as important as what social media channels you should be on. And that depends on who your ideal credit union member is.
- Be ready to allocate more to your social media ad spend next year. Another recent blog from Your Marketing Co. shared how budgets are being spent very differently than they were 12 months ago, and 12 months from now they will shift again.
Credit union social media is no longer something that can be left to the intern or an eager frontline staff person (though they shouldn’t be left out of the equation). Social media strategy should be a serious piece of your credit union strategic marketing plan, and having a professional to help navigate the murky waters of constant changes and adjust your strategy is necessary if you’re going to continue hooking younger members. Need some help? Our team has the expertise on hand to help. Let’s talk!