news.cuna.org/articles/107156-service-via-social-media-requires-speed-engagement

Service Via Social Media Requires Speed, Engagement

Moving slowly on social media can damage your CU’s brand.

August 13, 2015

Response time and meaningful engagement with members are key factors to consider when carrying out a social media service strategy, according to “The State of Social Media Customer Service 2015,” a white paper from the Incite Group.

Interacting with customers on social media allows a credit union to have a more human face and be more approachable to members.

But to build engagement with members and improve their experience, credit unions must consider:

• Speed. A J.D. Power and Associates 2013 Social Media Benchmark Study showed 67% of consumers used social media for service. But a Five9 report showed 49% will stop doing business with a company if they receive inadequate service.

In other words, a slow response time can damage the credit union brand.

Research by Simply Measured found only 10% of companies reply to a tweet within an hour, and the average response time is 5.1 hours. Respond more quickly and you’ll have more satisfied members.

“Time is key—getting in there and engaging with the customer, making sure that you can help them find a resolution as quickly as possible,” the Incite Group report says.

• Engagement. The relationship between the credit union and the member is the core of all social customer service strategies, interactions, and engagements.

Don’t send out impersonal, pre-written messages. Personalize member engagement or you’ll risk losing members and tarnishing the credit union’s reputation.

• Brand. Establish your brand and voice, and tap into that brand identity to leverage member loyalty and engagement.

“Social media has the capability to provide customers with personalized responses and experiences,” according to the report. “It has completely reinvented the ways in which organizations handle customer service.”