Growing Your Credit Union Through Social Media Marketing

Consumers’ relationships with financial institutions are changing drastically. According to recent data from a Vericast survey, nearly half of consumers say they seek financial advice from friends or family, while less than a third are seeking it from a bank, credit union or financial advisor.

But perhaps the most profound changes are among Gen Z consumers, who are increasingly turning to social channels for financial counsel. According to survey results, 34% obtain financial advice from TikTok and 33% from YouTube, while only 24% of this age group seek advice from financial advisors.

In order to meet consumers where they are, credit unions urgently need to reimagine their approach. Social media marketing – both paid and organic – is an opportunity to adapt to how modern consumers prefer to receive financial information. In particular, TikTok is democratizing finance by presenting complex financial matters in an accessible way. This appeals to members of younger generations who might feel anxious or confused about financial topics.

Moving forward, financial institutions must strategize around how to use social platforms to streamline messaging and deliver financial information to a wider audience.

Six Tips for Developing Social Campaign Content

Not just any content will resonate with a generation of digital natives. To truly build awareness and generate engagement, it’s critical to get the format and messaging right.

Here are six social media marketing best practices for credit unions to keep in mind before launching a campaign:

1. Use human beings and consider balance of content. This might be stating the obvious, but humans connect with humans, not institutions. Therefore, using real people in campaign imagery will help humanize a message and brand.

Additionally, financial institutions should balance educational content with humor and creativity to engage the audience on a deeper level.

2. Make the message clear early. According to data from TikTok, 63% of videos with the highest click-through rate highlight the key message or product within the first three seconds of a video. With this in mind, campaign content must be designed to grab consumers’ attention quickly.

3. Be inclusive. Brands that are inclusive in their content are more likely to come across as authentic and trustworthy. When it comes to social media ads, inclusivity encompasses not only imagery, but the language, tone and context used. Keeping an eye toward inclusivity throughout the creative process will ensure a campaign resonates with as wide an audience as possible.

4. Understand rules and restrictions. It’s important that credit unions understand each platform’s unique rules and restrictions when discussing credit, housing employment and loans. There are specific content and targeting regulations depending on the platform that organizations should adhere to in order to ensure compliance with the platform’s guidelines.

5. Leverage popular trends. Credit unions should consider tapping into popular social media trends such as “day in the life” and vlog-style videos. Why? Data provided by TikTok found that 21% of videos with the highest view-through rate leverage these popular trends, effects or music.

6. Don’t forget the basics. Videos designed for social channels should always be full screen and vertical, be high-resolution, include music/voice-overs and be short. Research shows that the average social media user’s attention span is just eight seconds, so it’s critical that content is to-the-point.

Tap Into the Power of Influence

Partnering with content creators can boost view-through rates by 193%, according to Hootsuite, and influencers might be especially impactful in the financial realm. By sharing personal finance experiences and thoughts in real-time, the audience will feel a connection and be encouraged to do the same.

This engagement generates meaningful discussion and awareness that make financial conversations and institutions more relatable. It’s important to note, however, that influencers do not have the same training as a certified financial advisor, so it’s important to encourage viewers to do their own research before making any financial decisions – and have resources readily available for them to do so.

Social platforms like TikTok will only continue to gain popularity, so it’s essential that credit unions craft an approach to be visible on social networks. While traditional strategies will continue to be relevant, financial institutions should take advantage of the power of social media to reach a new, younger audience.

Tina Seitzinger is Senior Director of Influencer Marketing & Paid Social for the San Antonio, Texas-based marketing firm Vericast.