September 2, 2010

Credit Union Management’s online-only “PR Insight” column runs the first Thursday of every month.

Social media is often a hard sell to higher-ups. But all the statistics are in your favor: 82 percent of credit union members ages 18 to 60+ have Facebook pages, according to a Callahan & Associates social media survey. More than half of those members read their credit union’s Facebook page. The same survey also shows that 34 percent of credit union members on Twitter follow companies they do business with. They expect to receive useful information, such as fraud alerts and financial tips.

Social media, however, lacks control. It is the lack of control that makes social media platforms so popular, but also what causes your credit union’s decision-makers the most pain. The first step in any well-thought-out social media strategy and presentation for credit union leadership buy-in should be a social media policy.

Developing a Social Media Policy for Your Credit Union

Social media opens lines of communication with your members, but you must make sure you’re having the right conversations. Start your policy with a review of your credit union’s core values and mission. This will automatically lead into the type of communication that is acceptable.

• DO NOT sell products.
• DO monitor what is being said about your credit union.
• DO NOT pretend to be someone else.
• DO answer customer service questions.
• DO NOT post just to post.
• DO provide valuable information.
• DO NOT say negative things.
• DO ask for feedback.
• DO NOT tolerate poor language, bad behavior or spam.
• DO make members aware of upcoming events.
• DO NOT share personal account information.
• DO share photos and videos of staff or community events.

Next, list each social media platform where your credit union has an account or presence. Be sure to include:

• Web address,
• e-mail address,
• username,
• pass code,
• administrator and back-up, and
• monitor and back-up.

Finally, set a weekly calendar for updating your credit union’s social media accounts. Simply establishing a social media presence is a success, but the benefit of each platform is quickly diminished if you don’t use it regularly. The calendar should include update frequency and content.

Developing a Social Media Policy for Your Employees

While you will have to convince your credit union’s executive team that social media is a good idea for the financial institution, credit union employees are already personally using each, if not every, social media platform. In this case, I recommend social media participation guidelines, which encourage responsibility, honesty and transparency. Two great examples include:

• William Mills Agency Social Media Participation Guidelines and
• The Coca-Cola Company Online Social Media Principles.

Social media presents a new and ever-evolving way to communicate with your members. Your credit union cannot shy away from social media platforms. Instead, you must set participation guidelines to ensure that each social media conversation supports your credit union’s core values and best communicates your mission.

Elizabeth McMillan, APR, is an account director for William Mills Agency, the nation’s largest independent financial services and technology public relations firm. Follow William Mills Agency on Twitter as well as check out the FinTech Marketing blog.