Credit Union Management magazine’s “Inside Marketing” column runs the third Thursday of every month.

Now that the social media wave has firmly hit the credit union shores – becoming a truly revolutionary means to interact with members – it’s time to think about how to measure this new media to quantify your efforts. Every marketer who wants to catch this social media swell has had to convince his or her manager or CEO of its practicality. Many, if not all, execs want to know to how to measure the results. Listed below are six measurements that address and assess these efforts to let you know if you’re properly riding this interactive wave or not.

1. Pull. It’s been said in traditional marketing it’s quality not quantity that matters. It’s no different in social media. Do you have the pull? Pulling in a quality audience of decision-makers and ambassadors is a social marketing talent. You don’t have to fork over piles of money to shotgun your message in attempting to gain your audience’s attention. It’s about a slow and steady pace of identifying and reaching the right people and then connecting with them for the long term to continue pulling them in via a blog, Twitter, Facebook, YouTube, etc.

You don’t have to spend hundreds of thousands of dollars on producing an entertaining series of videos that garner an additional 20,000 fans on your Facebook page. Sure that’s impressive. But do those visitors who clicked the “Like” button really care? They may be off to the next big thing. So are you pulling in the right people, or are they just empty numbers?

Everybody can brag about the massive online numbers they have, but are those followers really enhancing your brand, providing new members, helping increase your loan portfolio? Ask yourself those questions, ultimately acknowledging if your audience looks at your credit union as a valued resource. Your bosses sure will

2. Participate. What is the value of a Facebook comment or “Like” on your status update? The value of a retweet of your tweet? If you’re measuring any participation level, the value of a retweet from a Twitter post, a shared video from YouTube, or a “Like” for Facebook is vital to the credibility of your efforts. These participations are so trackable, as well – which bodes well for any type of report you may need to provide to the higher-ups. More importantly, how are you appreciating the value of those who are participating with you in your social channels? How you interact is huge.

3. Interact. Do you know how to leverage an online audience? It’s taken you a bit of time and energy to get a community going. But now you have to be careful that it doesn’t take on a life of its own. Good community moderation and management means you can skillfully leverage the interactions and turn them into actions – like turning a disgruntled member into your ambassador. This is one of the values with interactions, not just between your members or prospects and you, but also those between your members and prospects themselves. Identifying and measuring these interactions is, once again, crucial to the validity of your social media efforts. Calculate how much time and money you are saving in the long run with the more direct and intimate member service interactions you can have in social channels.

4. Activity. Activity is measurable on and off line. On line, social media drives member activity; it’s been proven time and time again – even in the short time it’s been practiced in credit union land. However, it often takes some time and a few steps in between. Don’t be turned off by the time span it may take to get to the action. Be patient. There is great value taking the steps in between to get your results. It’s all about being consistent.

5. Convert. Successful marketing occurs when a prospective customer takes a marketer’s direction – leveraging the targeted message to move from browsing to buying. In social marketing, there is another kind of change: “conversion.”

Let’s use the example of a disgruntled member who vocalizes his or her frustration or displeasure publicly on Twitter or Facebook, a blog or other platform. Your credit union has been listening to this exchange in social channels, and a representative from your credit union addresses the member’s concerns immediately. That member realizes you are not only listening but you care and will work to find a solution to the issue. You go from a cranky member, who could do some brand damage, to an ambassador who actually promotes your brand. There is an incredible value in a converted or transformed member – not only for your credit union but validating your social media efforts, as well.

6. Transaction. No, we’re not talking about a financial transaction between teller and member per se – which is, however, good and easy to measure. These transactions are a bit different. It could be applying for a loan, getting a CD, filling out a survey, referring a friend, or simply sharing information.

Transactions are what you are trying to get your members to do repeatedly. When they apply for a loan, get a CD, or even call your branch for financial advice, a transaction has occurred. This process is incredibly valuable to your credit union.

Additionally, what are you providing your members in the transaction? A proven product or service? A discount? Other perks of some kind? How are you communicating to your members that they are more than just a sale or a number? How are you showing them they are a part of a valuable relationship you are willing to maintain?

When you help them, educate them, or send them a “Happy Birthday” note, these efforts, whether they’re through social media or some other communication channel, let your members know you care and are willing to work hard to maintain their relationship. This builds trust – and people want to do business with people they trust. Social media is the latest avenue that allows credit unions to achieve this goal.

These terms or practices may not be absolute right now, but they help ensure your members feel a part of your credit union’s family or community. Since the social media swell is still growing in today’s credit union industry, we’re still in the process of defining the practices we’ll all be using for many, many years to come. These practices will measure and validate your online efforts to ensure this interactive and complementary marketing channel can provide results so members can continue to experience the best service of any industry on the planet.

Mike Lawson, principal of the PR/marketing firm DML Communications, has two decades of journalism, public relations and marketing experience. His unique and robust knowledge allows him to meet the varied needs of editors, end-users and clients. Lawson's expertise enables him to enhance his clients' market exposure through media relations, social media tools, advertising efforts, target marketing strategies and more. He also speaks on PR, marketing and media issues to audiences nationwide. For more info, visit www.dmlcommunications.com.