Saturday, May 29, 2010

Why a CU should or should not use MySpace, Facebook, or other social media outlets?

If you are a credit union, why should you use or not use MySpace, Facebook, or other social media outlets as methods to attract young adults and teens?

Readers comments as to Why a Credit Union should or should not use Myspace, Facebook, or other social media outlets?

“I believe that if used properly, social media is the most effective method of consumer influence in today’s market.

I can’t source the following numbers, but I know that I’ve seen them somewhere credible before:

- 30% of online consumers find a manufacturer website to be credible.

- 70% of online consumers find media and/or journalists credible.

- 68% of online consumers find other consumers (people whom they have never met) to be credible.

Pretty powerful stuff, no?”

Another reader comments:

“This sounds kind of like an essay question for school.

“Should” reasons/rationale:

* Social media is a way to reach a target market, much like advertising on specific tv shows or cable channels

* social media is influential

* social media is new marketing avenue

* other companies are doing it successfully

* stay competitive

* keep in touch with current trends

* young people have lots of questions about money management & credit unions can provide answers

“Should not” reasons/rationale:

* potential for credit union to lose credibility (if they’re not upfront about who they are & what they do — like when a company’s marketing person “disguises” him/herself as average citizen who says good things about products, services but who is really just pitching for the company)

* social media is unknown territory with lots of potential pitfalls

* young people may resent adults entering their “turf”

* adults aren’t as savvy when entering the cyberspace world of young people

Hope this helps.”

Good luck!

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