There’s no doubt that Facebook is everywhere these days — from a critically acclaimed movie based on its beginnings to whether or not an initial public offering is going to happen. Most importantly, everybody’s using it and talking about it.
According to the most recent statistics released by Facebook, more than 500 million active users are using their platform. And of that number, you can pretty much guess that a large percentage of your membership base is logging on each day to let the world know what they are doing and finding out what their fellow friends are up to. So, if you haven’t jumped on and joined the party, what are you waiting for?DCU (Digital Federal Credit Union) launched our own fan page in May 2009. The page now has nearly 5,000 fans, and our posts have been viewed more than 207,000 times, with fans “liking” what we’ve had to say more than 4,800 times.
It’s not just about posting rates, certificate specials or holiday hours. We purposely created a page that was more than just about banking, and created a social media extension of the community aspect that credit unions are known for. This has included posts on charitable endeavors and community events, as well as allowing fans the opportunity to rate (and sometimes rant about) our latest product offerings.
As with everything when it comes to marketing, you’ve got to consider what type of return on investment you’re going to get. Having a Facebook fan page is no different.
The Pros
It’s pretty much free. When’s the last time you didn’t have to pay for something you wanted your members to know about? Radio, print, television – they’re all marketing vehicles that you’re going to have to allocate your marketing budget to. With Facebook, the only real expense is the time you or your employees devote to creating posts and monitoring activity on your page.
Our fan page has allowed for different departments within the credit union to work together to create a place where “fans” who visit are going to get updates on what DCU is doing, as well as informed and thoughtful answers to questions or comments that are posted. Facebook has allowed more departments at the credit union to collaboratively contribute to our marketing efforts.
With half of all Facebook users logging in on any given day — spending 700 billion minutes per month on the site — it’s pretty much a given that you want to have some type of presence on Facebook.
The Cons
Yes, Facebook is free, but the time needed to maintain a fan page and keep it current is not. Just setting up a fan page and posting once when it’s launched is not going to give your fans a reason to want to visit the page. If your credit union is going to do it right, you’re going to have to have someone or a group of employees assembled that are willing to commit the proper amount of time for updates and monitoring.
One of the biggest concerns of any company is the open nature of Facebook. Fans can post their thoughts, opinions, comments and sometimes personal information. The page needs to be monitored for potentially inappropriate content, as well as information that could potentially compromise the safety and security of a member’s account.
Be prepared that when you roll out changes to services or products, your members may not be too happy, and you’re going to hear about it. Take a deep breath, try not to take it personally, and answer honestly as to why you’re making those changes. In the end, although your members might not like the changes, they will appreciate you responding to their concerns.
Bottom Line
Creating a Facebook fan page is relatively simple, but making it an engaging community where your members pay attention to what you have to say is not going to happen overnight. It takes time, dedication, well thought-out posts and the ability to face both compliments and criticism in a public forum. You’re not going to create a page and have a huge following instantaneously, unless you’re Farmville or Lady Gaga.
Create engaging content, let your members know about it, and over time your fan page should and will become a successful extension of your overall marketing efforts.
John LaHair is public relations manager for Digital Federal Credit Union, Marlborough. E-mail: jlahair@dcu.org
