Nexus Connection

Build Your Own Disruption: How Would You Change the Model?

Posted by Christopher Stevenson

Sometimes business models are forced to change, often because of disruptive technologies. Today I heard that The Wylie Agency, a leading international literary agency, will be acting as its own publisher and releasing a number of its authors' older books--like Fear and Loathing in Las Vegas, The Invisible Man, and Lolita--exclusively as e-books on the Amazon Kindle.

Not surprisingly, Wylie's decision has the publishing houses in a froth because it effectively cuts them out of the loop. Random House is taking a hardline stance, issuing a statement that Wylie's decision "undermines longstanding commitments to and investments in [Random House's] authors, and it establishes this agency as [Random House's] direct competitor." The publisher says it will not enter into any new English-language business agreements with Wylie "until this situation is resolved" (i.e. Wylie changes its mind).

While the back-and-forth, give-and-take business negotiations between Wylie and Random House are interesting, what really caught my attention is that Wylie realized that they may not need the middle man anymore. Publishers lay out, print, and distribute hard-copy books, but recently e-books have outsold hardbound books (1.43 e-books for every hardbound book sold) on Amazon.com. E-books eliminate the need for printing and distribution, which means a literary agency (whose client is the author, not the publisher) can e-publish, distribute electronically, and earn a larger piece of the pie for its client and itself. If Wylie stands firm against the onslaught of the publishers, I believe they'll be the vanguard of the new, simpler, more profitable publishing business.

In recent years, FIs and FI-wannabes have been looking at the existing model and have been trying to figure out how to do what Wylie is trying to do--simplify and become more profitable. There have been a few tries at peer-to-peer lending that never quite gained traction. BankSimple, which provides financial services through "partner banks," actually seems to make things more complicated by adding a layer of middlemen rather than taking one away. I've heard a few blue-sky ideas about how to reduce the number of players in the credit card interchange process, but as far as I know, nothing has emerged. Ironically, the groups that seem to be most successful at simplifying are the check cashers--customers know what to expect and what they'll pay to cash a paycheck or wire money, and the check casher makes a bundle on a very simple business model. What if credit unions could do the same?   

It's time to play the Wylie Agency game. If you dream big, without regard for pragmatism or ease of execution, which processes in the credit union would you simplify and streamline? What's most in need of fixin' in order to make your CU more profitable? Which middlemen would you eliminate?

What’s in it for people to ‘like’ you?

Posted by Erin Templer

I know we don’t all have the same Facebook background. Some are novices, while others are whipping up Facebook apps like it’s, well, their job. I’ve been on Facebook for personal use for probably five years now. But, within the last few months I’ve started posting to CUES’ Facebook page. I’ve even attended a Facebook for Marketers seminar to help me get started.

Over my next few posts, I’d like to share a few things with you about my experiences with CUES’ Facebook page, and Facebook in general. Maybe we can help each other learn about this ever-changing world.  

The first thing I’d like to address is the idea of being “liked.” It’s something I’ve touched on in a previous post, but I want to take a look at it from a different perspective.

Clearly, a business benefits from being “liked.” When you post a comment it shows up on the newsfeed of those who “like” you. You’re listed under that person’s Info tab as something they have a like or have interest in. You can easily reach them with the content you post to your wall. But what is in it for an individual to “like” you?

In one word: Nothing. It’s this relatively new cultural phenomenon in which people simply choose to share with their friends that they like your page. It’s electronic word of mouth, an outlet for people to express and present themselves to their peers.

Even if you incent someone to “like” you, what’s stopping them from “unliking” you in the future?

It’s a hard concept for this marketer to wrap her head around. But maybe it’s not worth spending my time analyzing it. Maybe I should just accept it as a phenomenon and let it happen instead of trying to figure out why.

OK, that’s just not going to happen. I can’t drop it like that. Tell me how you choose whether or not to click the “like” button on Facebook. And, what about “liking” your brand do you think helps others express themselves to their friends on Facebook?

Madison in July

By Ron Jooss

Madison, Wis., is usually on those lists highlighting America's most livable cities. (Though, I have to say, that whole livability issue is a pretty subjective one. But that's a topic for another time.) For me, Madison is a lot more livable in July than in February. So here at CUES, this week seemed like a perfect time to welcome the judges for this year's CUES Golden Mirror Awards competition. Most years the judging is done in February, which gives us an opportunity to explain to our visitors from warmer climates what all those people are doing sitting out in the cold on frozen Lake Monona. Catching fish! During the summer, we only have to explain how we can co-exist with all the mosquitoes.

Yesterday afternoon I had the opportunity to sit in on the judging and view some of the remarkable talent on display in the Golden Mirror Awards. The talent is not just limited to the entries, though. The judges employ plenty of experience and expertise, as well as diligence and time to make the Golden Mirror Awards a success each year. Here's a shoutout to this year's lucky judges for making the trek to Madison--in a bit warmer temperatures this time--and helping us recognize the very best in credit union marketing.

Here's a list of this year's judges:

Jennifer Banker, CME
VP/Marketing
Columbus Metro FCU
Columbus, Ohio

Brad Blue
Marketing Manager
Denver Community FCU
Denver

Angela Douglas
Marketing Communications Director
Clark County CU
Las Vegas

Vanessa Foster
Marketing Director
Sunova Credit Union
Selkirk, Manitoba

Kathryn Jett
Community Relations Manager
Enrichment FCU
Oak Ridge, Tenn.

Robin Jones
Marketing Director
Creditor Resources Inc.
Atlanta

Chrystall Parnell
Senior Marketing Manager
Allegacy FCU
Winston-Salem, N.C.

Kathleen J. Sitek
VP/Marketing
ABD CU
Warren, Mich.

Randy Smith
Managing Editor
CUInsight.com
Indianapolis

Thanks all!

And be sure to watch this space for results of their deliberations!

Ron Jooss edits the marketing and general management sections of Credit Union Management.

Blog ROI

Posted by Lisa Hochgraf

In recent history, two companies I've been working with on developing stories for CUES publications have both asked me the same question: "Say, do you mind if I ask how you justify your blogs?"

It's pretty clear to the publications and marketing groups at CUES that our blogs are an essential part of the conversation we want to have with members.

But hard core numbers? That's much tougher. And, honestly, a team of CUESers has recently been looking at various blog platforms to see if we can boost our ability to understand our metrics.

So we'll take your advice, and with your permission, pass it along to the folks who've been asking us ... How do you justify your blog? What's its ROI? What are your best metrics and why?

Press-Worthy CU Outreach

Posted by Lisa Hochgraf

As an industry editor, I get a lot of press releases about the good works of credit unions. And one of the things I love about credit unions is that they do so much good for their communities. Unfortunately, "good works press releases" don't always feel like news to industry publications or media outlets local to the credit unions themselves. Suffice it say that we see a lot of releases about scholarships, shredding events, financial education seminars, and membership promotions.

All this begs the question of what can make a good works release more newsy? Join me in taking a look at key factors in news judgment that I learned as a journalism student at Northwestern University (yikes--two decades ago, but I think they're as relevant as ever). Then I'll try to apply these concepts to a recent good works release I got that I think makes neat news.

The Editor's Toolbox by Leland "Buck" Ryan at Medill School of Journalism (circa 1993) says what's news depends on:

Audience: A general idea of what readers will or won't accept: "You can't print that in a family newspaper."

Impact: News affecting many is important.

Timeliness: Don't wait until winter to run your story on the Greenhouse Effect.

Oddity: Man bites dog.

Prominence: Ordinary happenings can take on meaning when very important people are involved. "Reagan: I feel fine."

Proximity: Page 1 story in Chicago may be a brief in Miami.

Magnitude: Sometimes an event attracts so many spectators, it must be covered.

Conflict: It's the key element in any drama.

The "credit union good works" release I got recently that I think has considerable news value is "Pelicans Helping Pelicans" about how $171 million Pelican State Credit Union, Baton Rouge, La., is helping save pelicans affected by the oil spill in the Gulf of Mexico.

Let's go through each factor, considering the Pelican State CU release: 

Audience: This story seems likely to work for many different readers.

Impact: The tie this story has to the oil spill greatly broadens its impact. People in affected states clearly care. And so do those of us who live in other parts of the country.

Timeliness: Even as BP supposedly gets a lid on the spill, birds are still being saved and Pelican State CU is right in there.

Oddity: You can't save a bird from an oil spill just any day. The CU does a good job of being part of something fairly unusual.

Prominence: The CU doesn't have a presidential connection here; however, it does note the prominence of its partner in saving the pelicans. The release clearly states that Tri-State Bird Rescue is "one of only two organizations in the country that can professionally manage a response to a professional oil spill."

Proximity: This might work as a lead story in Baton Rouge; it might be a paragraph in an industry trade (or a blog post!).

Magnitude: The whole world is watching the unfolding drama of the oil spill. Pelican State CU's release taps into the largeness of that story.

Conflict: The timing and topic of the Pelican State CU release also connects with the widely publicized conflict between BP and the U.S. government and environmental organizations and concerned citizens. It also taps the heartstrings about what has happened to these helpless birds.

Another note that's all my own...Pelican State CU also sent out this cool graphic for editors to use. A lovely finishing touch.

Now, I hope no one is reading this as saying that CUs shouldn't send out releases about their good works. Rather, I hope that knowing and applying the news judgment concepts above will help you get better coverage of the great things that you do.

Unicorn: the New White Meat (A Lesson in Protecting Your Brand)

Posted by Lisa Hochgraf

News of the absurd really works for me sometimes. I giggled yesterday when I heard the National Public Radio trailer about a group calling unicorn "the new white meat."

That was funny enough. But then I really chortled when the trailer said that The National Pork Board had issued a follow-up statement (to the original 12-page letter from its lawyer) that it knew that unicorns didn't exist.

Yesterday when I went on NPR's site to read more about the story, I saw that things go a little deeper.

"The industry group says it was only protecting its trademark when it issued a cease-and-desist warning to online retailer ThinkGeek for calling a fake unicorn meat product 'the new white meat.'

... "'We certainly understand that unicorns don't exist,' said Ceci Snyder, VP/marketing of the National Pork Board. 'Yes, it's funny. But if you don't respond, you are opening your trademark up to challenges.'"

I'm still giggling. Especially knowing that "in a public apology this week, ThinkGeek said its nonexistent canned unicorn meat is sparkly, a bit red and not approved by any government entity."

But the idea that a company has to take its brand seriously--and protect it--is not lost on me. What do you do to protect your brand? Here's a relevant article to get you started.

Flash Mob Fun

Posted by Kelly Schmit

On May 22 at 11:16 a.m. Innovations Federal Credit Union decided to “Spark Change” with an impromptu public dance, called a flash mob, at the grand opening of Northwest Florida Beaches International Airport.

They continued their guerrilla marketing campaign on June 4, 6:42 p.m., at Friday Fest in downtown Panama City—and this marketer thinks they completed their mission with style!

Led by President/CEO David Southhall, a CUES member, Innovations FCU, Panama City, Fla., danced to parts of five songs, culminating in a little ditty where they all removed their jackets to reveal Innovations FCU T-shirts with the company’s logo and Web address on them.

One word people: Brilliant.

Not only did I sit through two four-minute, 50-second YouTube videos, I proceeded to the CU’s Web site to see what the credit union had to offer. Once there, I saw they carried their “Spark Change” theme throughout the site. They also held my attention seamlessly from screen to screen as the site was extremely easy to navigate.

Although Innovations FCU didn’t invent flash mob marketing, they are the first (at least the first I have seen in my almost four years in the business) in the credit union industry to try this approach. Following in the footsteps of powerhouses like T-Mobile, H&M and Oprah can be a daunting task, but Innovations FCU held its own.

In an age of over-the-top social media campaigns and in-your-face communication, I think Innovations FCU capitalized on a unique way to capture attention, create buzz and drive people to its Web site and credit union. 

Hats off to you, Innovations FCU. Job well done. What does everyone else think about flash mobs and the buzz these campaigns have created?

Kinda Worried About Doing Your First Web Video? We Were, Too

Posted by Lisa Hochgraf

Even from afar, this telecommuter could tell that CUES was recently abuzz with the making of its first-ever Web video.

It felt like my colleagues were saying, "Wow! We're doing our first video. We have to make it really creative. Maybe we can make it funny. Let's make sure it's just right for promoting the launch of our online challenge and our new membership offering." 

And I have to say they accomplished just what they set out to do.

I am really proud of the work of CUES President/CEO Fred Johnson and other CUES staffers on the Next Top Credit Union Exec video, which lets the world know that CUES is running an online challenge looking for a young rising star in the CU movement.

I figure credit unions starting out with Web video might experience the same little bit of worry that fueled the buzz at CUES about this project. So I talked with CUES Art Director Ellen Bartholomew, who spearheaded the project, to see how she set things up for success. She gave me these great tips to share:

1. Leverage your staff's experience. CUES' video team included Ellen, who has done a lot of photography; CUES Graphic Designer Theran Michaelis, who has experience with video; and Fred, who is accustomed to speaking in front of people and cameras. It also included CUES staffers in the same age demographic as the contest entrants will be.
2. Get several takes. Every person in the video was filmed doing all the short bits, such as "Really, Fred?" This provided lots of choices to Currency Marketing, CUES' partner in the Next Top Credit Union Exec project, and the video's editors. Plus, having many takes means you get the most for your set-up time, and serves as insurance against needing to set up again and re-shoot, Ellen explains. It's also a good idea to shoot more than one person saying the long lines in your script. "It's easier to smoothly splice from one person to another than from one person to the same person," she says.
3. Plan more time than you think it's going to take. "We scheduled 2.5 hours with Fred," Ellen notes, and people thought we were crazy. "We used all of that." The staff shoot was all day the next day.
4. Take really good care of your on-camera talent. "We tried to minimize who was watching," Ellen says, noting she escorted several visitors away from the shoot. This was essential to helping the on-camera staffers maintain a high level of comfort. "They were just doing it in front of Theran and me," she notes. Ellen and Theran also took care to ensure that the blooper reel remains private.
5. Use good lighting. According to Ellen, good lighting makes the difference between your video looking professional or amateur. She purchased a floor light and a screen diffuser to help with scene lighting. She says you can also rent lighting.
6. Do some research. For example, choose places where you plan to shoot ahead of time. "Live there" for 15 minutes; take the time to sit down and observe light and sound over an extended interval. That way, you won't set up and start shooting only to learn that hearing the compressor in the water fountain kick on is really distracting. In addition to scouting locations in advance, Ellen also did online tutorials about lighting Web video.
7. Watch your brand. Make sure your Web video speaks to the image your credit union wants to portray.

Have you already made your first Web video? Please share your best tips in the comments. And, if you're thinking of participating in the Next Top Credit Union Executive challenge, these tips may help you make great video part of your entry.

 

Observations on Awards, CFO BFFs and Rubber Chickens

Posted by Kelley Parks

It was a brisk winter morning when nine strangers descended upon the CU Holy Land of Madison, Wis., to judge the CUES Golden Mirror Awards last January. We braced for the task of reading nearly a thousand entries, debating their merits and deciding who among them is worthy of a coveted Golden Mirror Award.

It was an experience I won't soon forget. One that gave me amusing insight into the heads of hundreds of CU marketing directors from all parts of North America. Here were my observations from the adventure:

Small budgets create better campaigns. I always assumed that having a bulky budget would harvest better marketing, but I can officially debunk that myth. Some of the most clever and power-packed ideas came from smaller credit unions with more limited budgets. I now believe that having less money actually pressures marketers to be more creative with their members' money. It will be interesting to see what the economically challenged budgets of 2009 will do to this year's entries. My theory is that the quality of the campaigns will increase exponentially.

Marketing math...tisk tisk. It was rare to find an entry that took as much pride in its results as it did in its creative strategy. Note to my fellow CU Marketing Brethren: Make the CFO your BFF. Learn how to calculate ROI accurately. Help the judges and, more importantly, help your own career by showing how you can rock the financials with a sprinkling of your marketing pixie dust.

It's wild what some CUs spend money on. I was shocked by the thousands of dollars and creative energy that poured into collateral pieces that garnered little to no results. I learned that some credit unions spend more on their annual report than others spend in an entire year on marketing.

Shining stars are easy to spot. Certain entries had a celestial aura. Passion oozed from the entry form at every juncture from the creative to the results. Likewise it was equally easy to spot those who must have been held at gun point to put an entry together. Remember that your entry is floating in a vast sea of other marketing material. And the people reviewing the entries are attention-deficient marketers just like you. Think of it this way: You are really marketing to marketers. 

Lots of great marketing never gets recognized. I know too many supremely talented marketing directors who create stunning work, grow the heck out of their CU and never take the time to submit for industry awards. They are too humble, too busy or don't believe in their own abilities. Of course the real reward as a CU marketer is to work in an industry that really cares about people and the ability to make a difference. Everything else is icing. Take the time to enjoy a little icing. Share your work and ideas with your peers. And then share the credit with the staff who make it happen.

And if you want an eye-opening perspective on the state of credit union marketing alongside a hearty feast for the imagination, volunteer to judge industry awards.

It's a ton of fun...even for a rubber chicken...

Kelley Parks is the creative catalyst at gira{ph}. She was a 2009 GMA judge, and the 2008 GMA Best of Show winner.

Credit Unions are the Ukuleles of FIs

Posted by Christopher Stevenson

Disclaimer: Every once in awhile, I get the urge to write one of those feel-good posts in which I don't really share any great insights and preach to the choir about how good credit unions are, all in an effort to encourage credit union folk to keep up the good fight and not get discouraged. This is one of those posts. If you are looking for depth of insight and meaningful discourse, I'd encourage you to look elsewhere.  

Recently, Charlie Trotter posted a video on his Tumblr blog about a vintage banjo ukulele he'd restored. He found the uke at a little antique store at a bargain price, bought it, and with the help of online friends, figured out how to bring back some of its original luster. Charlie concluded his video with a rousing rendition of Dance with Who Brung You.

When I saw Charlie's video, I became interested in ukuleles for myself. I've never played a string instrument (and my trombone playing in junior high could hardly be called music), but I've heard that the ukulele is fun and easy to learn, so I began to research it. Here's what I learned:

• Ukuleles are only about 130 years old, but their popularity has gone through cycles during their short history. Ukuleles were invented in Hawaii in the 1880s, but they didn't gain popularity on the mainland until the Panama Pacific International Exposition in 1915 when a guitar and ukulele ensemble triggered a slew of Hawaiian themed songs among Tin Pan Alley songwriters. The uke became the instrument of choice for many Vaudeville performers and its popularity continued through the 1950s with the help of performers like Arthur Godfrey. But with the advent of rock 'n roll guitar, the uke fell silent for decades. Recently though, with the help of advocates like "Jumpin'" Jim Beloff there's been a resurgence in the uke's popularity.
• The ukulele is amazingly versatile. Erase your memories of Tiny Tim singing Tiptoe Through the Tulips; ukuleles are real instruments that can produce a fantastic range of music. Need proof? See here or here or here. 
• It's still awfully fun and easy to play, in spite of its serious side.
• Ukes aren't all tiny little things; there is a ton of variety. The soprano is probably the ukulele you're most familiar with, but there are three larger versions, each with a different sound and feel. In addition, there are hybrid ukes that have the characteristics of banjos, harps, lap-steels, or dobros. There's a ukulele for just about anyone.
• Uke fans are everywhere and they thrive on community. Google "ukulele forum" and you receive over 19,000 search results. Ask a question on a forum and other enthusiasts respond promptly with well-thought-out answers and recommendations. The ukulele culture is strong and active, and it's slowly raising people's awareness and appreciation of this long misunderstood instrument.

Do you see any parallels to the credit unions? Brief history, but with ebbs and flows in popularity. Consumer friendly, versatile, and suitable for just about anyone. Die-hard fans who thrive on the community that a common bond creates.

It seems to me that CUs can learn a few lessons from the history of ukuleles.

1. Our grassroots efforts will eventually pay off. I love credit unions. You love credit unions. When we share our enthusiasm for the movement with our friends and family, they'll see the value of their local CU, they'll tell their friends, their friends will tell their friends, and so on. It's a long, slow process, but we'll get the word out. It's good thing.
2. A few strong advocates make a huge difference. The grassroots effort gets a turbo boost when it has a few strong voices. Case in point:  Ondine Irving, who through sheer determination made Suze Orman aware of the benefits of credit union credit cards. The results have been amazing. Orman has touted the benefits of credit unions on national TV, including Larry King and Morning Joe. That's good press. A strong and tenacious advocate can make a world of difference.
3. We need to be intentional. Ebbs and flows in business can often be smoothed out by developing a strategy that makes sense and sticking to it rather than relying on the winds of fortune to keep our business afloat. I believe both the ukulele industry and CUs could do better in this arena. We have too much to offer to leave it to chance.

Ukuleles and credit unions may seem an unlikely pairing, but there's more in common than it appears, and apparently I'm not the first to combine them. Check out this testimony before a Washington State Senate committee. Play on.

Humor Done Right

It is April 1 and the Web is full of pranks, jokes and hoaxes. My favorite is this article from Johns Hopkins University here in Baltimore. Or, I guess I should say John Hopkins University now.

This well-respected and world-renowned university was able to poke fun at itself in a clever and smart way. I love the inside-jokiness of it--all the different ways they've heard people try to pronounce "Johns Hopkins"--but the reader also gets a little history lesson in the explanation of where the name actually comes from.

My favorite part? The S has been removed from name in the Web masthead, too! I'm sure it will be back tomorrow, but it's a little touch that really reinforces the joke.

I love it! Universities are serious, sometimes staid, and here is one having some gentle fun. Will some alumni miss the joke and protest? Undoubtedly. But many more, and most current students, will likely have a good laugh. And some high school seniors who are trying to decide between Johns John Hopkins and another school might just decide they want to go someplace with a sense of humor, someplace not so stuffy.

If a university can pull off an April Fool's Day joke, I think credit unions could, too. Or at least incorporate some humor in their marketing. 

Of course, not all members will like it. When Cornell University Law School featured Andy Bernard, the fictional character from NBC's "The Office," as one of its distinguished alumni, the reaction was mixed between those who loved it and those who did not. 

So if you do go the funny route, be prepared to respond to those who don't see the humor.

Theresa Witham is a CUES editor.

One More Reason for Pretty Plastic

Posted by Lisa Hochgraf

In past posts, I've been plain about the fact that I see the benefits of pretty debit and credit card stock. In "Confessions of a Credit Card Holder," I talked about one of the reasons I liked my first-ever credit card (and kept it so long) was because of the beautiful photo it bore of my alma mater, the University of Wisconsin-Madison.

But in recent months I've had first-hand experience with another reason that pretty plastic can make a difference. It's, well, differentiation.

Let's put it simply. My new CUES credit card is blue. Plain blue. And my new personal debit card is blue. Plain blue. (This image is not my actual card!)

So far, so good. I haven't accidentally used one in place of the other. But the potential for confusion makes me nervous. Maybe my new personal debit card could feature the Rochester, N.Y., skyline or the George Eastman house. Maybe my new CUES credit card could have a cute kitten on it. I don't really consider myself a fan of design for design's sake, but here's a place where form also really has function.

Still issuing cards with unique looks? Have thoughts about why plain blue cards are the way to go? Either way, I'd like to hear from you.

Do Your Members Trust You? (I Bet They Do.)

Posted by Ron Jooss

Credit unions continue to get more positive national media attention. Yesterday on CBS Sunday Morning, Suze Orman pretty much told the country to switch their credit cards to credit unions. I’ve already waved my freak flag once about the opportunities all this positive press presents. But a recently issued report offers another, related opportunity for credit unions. The 2010 Edelman Trust Barometer reports that consumer trust in banks has plummeted in the past two years. No major surprise there, one would guess.

The executive summary I linked to above has lots of graphs and additional info if you’re interested, but here I offer one telling quote from the study: Since 2007, trust in banks has dramatically declined in most Western countries. In the U.S., this decline is steepest, with banks losing 39 points in three years.” When asked the question, “How much do you trust the following industry to do what is right?,” only 29 percent of consumers age 35 to 64 answered positively (that is, within the 6-9 range on a 1-9 scale).  

My intention here isn’t to pile on banks and I’m not an expert on consumer trends, but my guess is that this creates a market opportunity for credit unions: a wave of positive media attention for credit unions, data that confirms consumers are shaky at best as bank customers.

The Edelman study—obviously—implies that the word “trust” carries plenty of emotional weight with consumers. If you credit union strategic planners and marketers out there were to ask yourselves, “Do our members trust us?” I bet nearly all of you could answer affirmatively. Natural person credit unions aren’t without their problems today, but trustworthiness isn’t one of them. I bet any ad campaign built around the simple member testimonial, “I trust my credit union,” would give every couch potato or radio listener like me reason to remember who you are. Better yet, make a promise that switching to your credit union is easy--and make it so. 

There’s a television advertisement I seem to see every time I turn on the TV—our DVR is filled with American Idol episodes—that asks, (I’m paraphrasing) “Are we going to remember this time as the great recession or the recession that made us great?” It’s easy to get carried away with this type of oversimplified, fast-food philosophy, but there is no question that the current economic climate, as dismal as it has been for so many of us, has provided many credit unions with a golden opportunity. Let’s hope they won’t someday remember it as an opportunity lost.

Talk about a Tweet Deal

Posted by Erin Templer

If you want someone to do something, it doesn't hurt to provide them with a little extra incentive, right? Many credit unions offer all kinds of incentives to persuade people to become members, open a new account with them or take advantage of their services.

So why not apply this philosophy to your brand's social media following? Companies do it--several with great success--all the time.

It's impossible to ignore that a large percentage of people who follow all kinds of brands on Twitter and Facebook do so for the exclusive deals offered through these sites. Now, I'm not suggesting that the focus of a brand's Facebook and Twitter page should shift away from a content-driving communication tool at all, but I would argue that you can give your consumer both engaging content and special discounts at the same time.

After all, according to FEED, Razorfish's 2009 Digital Brand Experience Report, one-third of those who follow a brand on Facebook do so mainly to access exclusive deals. The number is even higher--almost 44 percent--for those who follow a brand on Twitter.

The 2008 version of this study found that consumers are open to letting brands be a part of their social media experience, and 76 percent of those who participated indicated they actually welcome brand adversting on social networks.

Now, this research excited me ... mostly because I'm a marketer. And, because it has encouraged me to explore this medium as CUES works on getting the word out for the 2010 CUES Golden Mirror Awards. In case you're not familiar, GMA recognizes marketing excellence in the credit union industry. (Sorry for the shameless plug!)

This year, CUES is using our Facebook and Twitter pages to generate some buzz about the GMA competition. We're offering a special giveaway to CUES' Facebook fans. Here's how it works: If a CUES Facebook fan enters the GMAs by May 4, 2010 (one month before the final deadline on June 4), they will be entered into a drawing for an Apple iPad or a Flip Video camcorder. To be eligible for the drawing, they need to get a promo code from the CUES Facebook fan page and include it in their entry form when when they send it in.

We just rolled this out in early February, and have already seen a spike in the number of CUES Facebook fans. Once our GMA entries start coming in, we should have a better idea of the effort's success. I'll keep you posted.

Has your credit union used Facebook or Twitter to offer exclusive deals? What kind of response have you gotten? Any reason why you wouldn't use social media to promote special offers?