Of course, to truly say a social media program has been successful, you have to measure it, says Victoria Selfridge, director of marketing for $3.3 billion asset Ent Federal Credit Union, Colorado Springs, Colo.
As in other marketing mediums, you can’t simply implement brand awareness in the social media space and expect it to translate into sales. You need to have more lead-generating activities, analyze them, and monitor their success.
Ent Federal is incorporating social media into its overall marketing plan because it wouldn’t be a relevant, living brand if it didn’t, according to Selfridge. The credit union has used Facebook ads to raise awareness among the young adult population in Southern Colorado. The ads also raise awareness of Ent Federal as a financing choice for used-car loans.
One ad encouraged consumers to think about their current vehicle needs and whether it was time to “upgrade my ride.”
Ent Federal ran a Facebook contest inviting its followers in its local community to upload photos of their current “rides” to the contest site. Then they were asked to participate in a public vote on the top rides most in need of (or deserving of) money for upgrades. The “ride” with the most votes won $1,000, second place won $250, and third place won $100.
After analyzing the promotion, Selfridge says she received 41 photos for the contest and the average age of submitters was about 35, with an even male/female split. Individual votes on the photos totaled 883, and these individuals sent 782 “invitations” to their friends inviting them to vote—ultimately spreading the word about Ent Federal. Two used-auto loans were opened within four months by individuals who had submitted “rides” in the contest.
Through this analysis, Ent now has a better idea of its return on investment and can plan accordingly in the future to determine the best use of its resources.
But above all, stay in the social media loop, urges Douglas. “One of the most important aspects of social media is that, even if you aren’t actively posting to your accounts, it’s critical to have monitoring in place so you’re participating in any conversations going on about your brand.”
Click here for more ideas on how to measure the effectiveness of your social media efforts.
♦ Aberdeen Group
♦ Beyond The Arc
♦ BuzzBanking Inc., a CUNA Strategic Services alliance provider
1. 2012-2013 Credit Union Environmental Scan
2. “Social media guidelines and policies” whitepaper; select “whitepapers” under “tools and resources”
♦ Epic Marketing Consultants Corp.
♦ Filene Research Institute