Filene Undertakes Study to Determine Social Media Value
As many continue to question the value of social media–whether tweets, friends and video posts on YouTube can actually help credit unions grow–Filene Research Institute has taken a closer look at the topic in a new report, "The State of Social Media in Credit Unions: Opportunities and Challenges."
The report, conducted for Filene by Crescendo Consulting Group, LLC, looks at social media usage among credit unions, highlights characteristics of credit unions currently using social media, and describes practices that drive success.
Staffers have all been provided with iPhones and are given two hours a week to spend on social media as they see fit–for example, to work collaboratively on a video or to write and post a blog entry.
"One of the things I think is a problem is that it’s difficult to just house social media in the marketing department because its functions don’t necessarily align," said Blishen. "Yes, you can do studies, look at the hits and come up with some measure of cost but I believe having everyone involved generates some creativity, which is extremely important in an organization. So for us, if social media gets everyone thinking creatively that is a huge benefit when making decisions, developing banking solutions, even determining strategy. To be allowed to do that in the banking world of debits, credits and ledgers is a huge gain for credit unions–we don’t have to rely on what banks are doing; we can do it ourselves."