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Comprehensive Case Study: Credit Union Social Media Strategy
This comprehensive study interprets the strategic approach credit unions are implementing in
order to gain a larger social media presence. Navy Federal Credit Union, SECU, and Pen Fed
have a large follower base on various social media platforms (primarily facebook and twitter).
These credit unions have a common goal but employ different strategies to engage more
members. MECU should mirror some of the strategies highlighted in the study in order to
increase their social media presence in the future.
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V.
Navy FCU’s Strategic Strategy
a. Fulfilling the social media strategy
b. Key Points from Jennifer Sadler
SECU’s Strategy
Pen Fed
Similarities and Next Steps for MECU
References
I.
Navy FCU Strategic Strategy
Navy FCU is ranked #1 among all credit unions for both number of facebook ‘likes’ and
number of twitter followers. The two main strategies they seek to fulfill are making the
member feel like they are a part of something and to position themselves as approachable and
interactive with their members. Below are tactics Navy FCU has employed to fulfill these
strategies.
a. Fulfilling the social media strategy
 Allow members to post directly on their facebook wall
 Actively post pictures of members
 Post consistently but don’t overdo it
 Navy FCU has a call center specifically trained to answer questions on facebook
and twitter within two hours, day and night
 Cross link social channels
 connect stories from facebook to instagram in order to increase traffic on
both platforms
 AUDIENCE ENGAGEMENT—most challenging aspect of social media
 Navy FCU conducted an instagram photo contest where followers use a
specific hash tag to participate. Followers then vote on their favorite post
and the winner receives a deal/promotion at the credit union
 Video submission contest
 Reply and retweet member post on facebook and twitter
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Use hash tags to gain more traffic
Navy FCU has a twitter account for customer service issues-@NavyFederalHelp
b. Key Points from Jennifer Sadler
Jennifer Sadler is Navy FCU’s Manager for Social Media, Marketing, and Advertising.
In an article from the Financial Branch, Sadler discussed Navy FCU’s approach, tactics,
and successes on social media. Below are some unique strategies that can help creatively
fuel MECU’s approach to social media.
Point one: Think Creatively
Video Contest: Navy FCU conducted a video contest asking members to share their Navy
Federal Story. Members then voted on the best video submission. Navy FCU received
hundreds of videos and 45,000 votes. They paired this contest with a six week facebook
blitz and subsequently opened many new accounts.
Online games: Navy FCU put together a quiz called tribute trivia (#tributetrivia) on
facebook. This was a quiz game where members had the chance to win a $50 weekly
prize or a $250 grand prize at Navy FCU for participating.
Live Q&A: “Let’s Talk About Autos and More” was an online event on facebook where
experts were available to answer member and non member questions about auto during a
specific time period. Two participants had the chance to win a $50 loyalty card, 37 guests
attended and the event received 2625 likes.
How to videos: “Need to transfer money quickly? Watch how easy it is using our mobile
app.” This was the headline posted on Navy FCU’s video on facebook which guided
members through their mobile banking app. It reviewed app features and provided a
general how to on mobile banking.
Point two: Resources
Being present on social media isn’t an easy task. It is not something someone can do on
the side of their full time work. Social media platforms need to be maintained. Navy
FCU has a social media team of six who upkeep their social media platforms daily.
Point three: Be patient
Becoming a dominant credit union on social media doesn’t happen overnight.
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II.
SECU’s strategy
I believe that SECU positions their product based on benefits. They use photos to show
members exactly how and what can be saved on every day purchases. The photos they post on
facebook more times than not, lead to landing pages for products they are promoting on their
website. (This could be a good starting point for MECU)
Landing page
Myth Bust: Periodically SECU post myth busts about finances on facebook. They had a
renting versus buying myth bust and a myth bust about the switching cost from a bank to
a credit union.
Videos: SECU posted videos about branch openings, resume/interview tips from Human
Resources, etc. These videos allow the member to get more accustomed to the branch
identity and feel like they are truly a part of the credit union.
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III.
Pen Fed
Blog: Pen Fed’s major advantage is their internally created blog of content marketing. They
post most of their articles on facebook which link back to their blog page on the company
website. blog.penfed.org
Apple Pay: Pen Fed has apple pay which allows you to link your Pen Fed card for instore and
in app use. Members will not have to worry about forgetting their wallet or even taking their
card out of their wallet. Apple Pay is available on the iPhone 6, iPhone 6 Plus, Apple Watch,
iPad Air 2, and the iPad mini 3. Pen Fed, Navy FCU, and Bank of America all have apple
pay capabilities.
Videos: Provide insight to general benefits of banking with a credit union
Social Media Cross Link: Everything that is on facebook correlates with their website.
Images on facebook are also prevalent on website banners. This allows for continuity
throughout social media channels. In the example below, the facebook post on the left leads
to the landing page on the right. As you can see they use the same picture on both the
website and facebook; making it easy for the user to know they are in the right place,
accessing the right information.
IV.
Similarities and Next Steps for MECU
Navy FCU, SECU, and Pen Fed all have similar approaches on social media. The biggest one to
note is content marketing. Content marketing provides a way for marketers to obtain new
customers by giving them consistent and relevant information, but not necessarily selling a
product. A marketer’s hope is that in the long run customers will repay companies that
implement content marketing through giving them their business and loyalty. Another important
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similarity is making a member feel like they are a part of something. This may be easier for a
credit union like Navy FCU with a military background, but it can also be done with credit
unions without a military affiliate. Credit unions can be more involved with members on social
media through video contest, photo contest, retweeting or liking member post on
facebook/twitter and many more. It is matter of understanding what your member is interested
in, feeding that interest, and then offering a product.
Next Steps for MECU
Look for blogs to use on facebook that will link MECU and its members.
Blogs to keep in mind:
https://www.creditkarma.com/news
http://www.gobankingrates.com
http://www.gobankingrates.com
In the long run look to create and maintain an internal blog. This will allow members to click on
a blog post that not only provides quick tips, but can lead to a call to action in a MECU product.
External blogs provide members with insight and build customer loyalty, but don’t have a direct
route to products as internal blogs do.
Ex 1: Pen Fed “Warm Weather Wheels for your Summer Road Trip”
Pen Fed used this blog post to pull facebook liker’s to their auto loan landing page. The banner
at the end of this post read “Our Lowest Auto Loan Rates, Period.” Although followers
originally accessing this post through facebook may not have been originally interested in auto
loans, their increase could increase after reading the blog. Providing the banner at the end gives
the user the next step to research the product.
Ex 2: Pen Fed “Make sure you have the right #creditcard to get the most out of your vacation.”
The additional text on this facebook post read “Does your credit card have travel benefits?”
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This blog post explains the benefits of having a Pen Fed Credit Card while traveling. The
benefits were simply stated in a way that was relatatble to someone outside of the financial world
(me). At the end of this post there was a banner which lead to the credit card landing page.
*Pen Fed blog posts were accessed on facebook and would lead to their blog page on the
company website. Once on this page you could view other blogs or be directed to main product
pages.
MECU Internal Blog Ideas
What to Expect When You’re Expecting
A first home is like a home buyers baby. They want to take care of it, make it look nice, but
remain financially reasonable while doing so. This post could provide quick and fun pointers on
the do’s and don’ts of home buying. Avoid using extensive information. Keep it simple and
guide members to the more extensive information later on. At the end of a blog, just as Pen Fed
did, create a banner that will lead members to the FHA loan page on MECU’s website. This is
where members can get more detailed information about the product. We could use the image
from the “Own for Less” post card and incorporate a baby to go along with the play on words
“what to expect when you’re expecting.”
Furnishing on a Budget?
This blog post could consist of do it yourself (DIY) crafts. For example how to cover a couch,
staining a chair, creating coasters, etc. This could help put into perspective the idea of saving
money and facilitate a member relationship. The end of this blog could feature a banner that says
“wanna continue saving?” and members could be sent to
the saving accounts landing page.
What type of car is right for you?
An article on the Young and Free website provides a
generic breakdown of the different types of cars and the
functionality they can possess for the owner. This format
is youthful but can be re created with a similar concept
in mind. If members are considering purchasing a car,
MECU can provide the first step to help narrow down
their options. In order to gain more auto loans, MECU
should begin engaging at the basic level of the car
buying process. Providing pointers to members can
foster member loyalty in the long run. This blog could
provide a call to action to engage further using MECU’s
Ask Auto App.
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As a member of the millennial generation, I think content marketing is most effective in gaining
my attention. I am always looking for ways to do things easier, save money, and save time. If
an article is going to provide me insight on how to accomplish this I would be more inclined to
engage further. It provides more value to me in its blog like format because I don’t want to read
something complex to achieve basic understanding. If MECU can provide members with more
information in a simplified format, they could ultimately see more members involved on social
platforms and potentially gain more members. Attract the consumer’s attention first, build
loyalty, and then provide a call to action in a MECU product.
Facebook
Create a youth Q&A event where members and non-members can talk about topics that are
relevant to them. This way kids will engage without focusing on the embarrassment of going to
an in person workshop.
Topics/pictures:
Wanna Get Away?
Explain the benefits of the Visa Credit Card in quick and easy terms.
Visa Credit Card personalization
Post a picture of a customized card that will link members to the customization page on the
website. This will remind members that this option is available for them.
How to use Ask Auto
Create a short video to explain how ask auto works, its features, and its benefits.
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References
https://filene.org/research/report/social-media-strategies-metrics-credit-union
http://thefinancialbrand.com/30267/navy-federal-credit-union-social-media-strategy/
http://thefinancialbrand.com/frame.html?http://www.bizjournals.com/washington/blog/2013/
04/how-navy-federal-got-more-than-a-half.html?page=all