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When Done Right, Social Media Provides High ROI

Social media plays a huge role in everyday life, and credit unions should be taking advantage of all it provides.

By Mike Guarino | Updated on July 28, 2017

The effect of social media on credit union revenue is a difficult figure to track, and the one that C-suites want to know the most. Marketing typically hasn’t been a huge investment for credit unions, but with traditional media, no one asked, “How many loans did this print/radio/TV ad bring in?” Following the advent of digital marketing, and social media in particular, all marketers hear is Cuba Gooding, Jr. and Tom Cruise screaming, “Show me the money!” as in the movie “Jerry Maguire.”

Stepping back and looking at overall trends, however, credit unions can catch a glimpse of the success of their overall programs. The $240 million AERO Federal Credit Union is a prime example of success using content marketing to drive dramatic loan growth, Meredith Olmstead, founder of Social Stairway and a strategic partner of Today’s Credit Unions, explained. After implementing a digital content marketing and social media plan, AERO grew its home equity loans by 93% year-over-year and auto loans grew 40%. While not all that growth is rooted in the content marketing plan, educated assumptions about all the moving parts tell you it was certainly a significant piece of it.

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