Credit union interest in social networking, particularly in college towns, picked up steam this week with the $1.6 billion Michigan State University of East Lansing, one of the nation's more active participants, signing up with YouTube as the CU now operates with a newly combined e-commerce and marketing division.
Meanwhile, the president/CEO of the $450 million Notre Dame FCU said his South Bend, Ind. CU is "ready to start an active social network program this year since it is obvious we have to take advantage of this new medium" and that comes even at a school "where you might think we're pretty conservative."
It is vital, said Leo Ditchcreek of Notre Dame, that CUs like his keep in step with social media phenomena so attractive to youthful generations, "and we have to do this even as we withstand those very disheartening and unfortunate losses from the corporate situation."
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In Michigan, April Clobes, vice pres of marketing/e-commerce at MSC FCU, said the aggressive marketing on an array of social networks including Facebook, Twitter, MySpace podcasts and I-Tunes have mostly occurred in the first quarter with 400 followers on Facebook and about the same on Twitter.
"We're about to launch a student-focused blog this summer in time for the start of the school year," said Clobes who formerly headed e-commerce with management deciding in February to consolidate both marketing and online functions.
Despite the Midwest enthusiasm, CU managers in many parts of the U.S. remained on the fence or skeptical about putting too much investment in viral marketing for now when there are other priorities. Still, there remain big advantages to have active media links to contact members, said Shari Storm, vice president/chief marketing officer at Verity CU in Seattle even though her CU's her own Facebook "fan" base has only 24 participants after going live a year ago.
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