MIAMI-Facebook has been "liked" by a countless number of credit unions. The same can't be said, however, for credit unions looking to show any ROI on Facebook or other social media.
Indeed, according to survey results released by CUNA Mutual Group during the CUNA Lending Council meeting here, approximately one-in-14 CUs currently on Facebook plans to abandon the platform. Approximately 94% of all CUs use
Facebook in social media, but only 87% plan to use it moving forward.
The survey also found that two-thirds of CUs plan to use Twitter in the coming year, but very few have any plans for Pinterest.
Despite the iffy ROI, most credit unions surveyed for their social media strategies in 2013 said they will develop or enhance social media in the next year. While two-thirds indicated they plan to invest in mobile (which is not social media), others indicated they would investin Twitter (66%), YouTube (61%), social media analytics (48%) and LinkedIn (39%).
The only measurement metrics being used are typically to count "likes" on Facebook or followers on Twitter.
"The challenge is that while these are quantifiable metrics, they do not measure member engagement, changes in awareness, or increases in sales," said Patrick McElhenie, sales planner at CUNA Mutual Group, during the Lending Council meeting. "Advanced social media users are using Twitter, YouTube and podcasts at a much higher rate than beginners. These three social media platforms lend themselves to member engagement more than some of the others.