Social media key to brand awareness: Kasasa study
A new report from Kasasa reinforces the need for credit unions at all asset levels to embrace a strong digital presence.
Consumers spend upwards of 2.5 hours each day on social media networks and messaging services, according to the Austin, Texas-based fintech and marketing company, and 88% of survey respondents reported that they trust online reviews just as much as they rely on recommendations from friends and family. More than 70% of consumers who had a positive experience with a brand on social media are likely to also recommend it to friends and family, according to Kasasa.
Credit unions that aren’t embracing social platforms or are just using them haphazardly – which is more likely to happen at the smaller end of the asset spectrum – could be limiting their potential for growth.
“Consumer needs drive everything in marketing and product development,” Keith Brannan, Kasasa’s chief marketing officer, said in a press release. “This is no longer ‘alternative’ thinking; it’s reality.”
Despite the study’s findings, credit unions that haven’t embraced social media or have pulled back on that strategy may have good reason to. Some recent studies have shown consumers – particularly millennials, a key demographic for credit unions – are scaling back their social media usage and leaving platforms like Facebook over concerns about privacy and personal data sharing. That’s creating new questions for credit unions and other financial institutions about how to position themselves on social media.