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More Reasons Your FI Should Be On Twitter

Hubspot posted an article about facts that can help justify companies using Twitter. A few of them stood out as being important to banks and credit unions:

5. Twitter users are more educated than the general population.
63% of Twitter users have a 4-year college degree or higher, as compared to only 40% of the general population. If your product/service/company is targeting a more educated customer, there’s a good chance they’re tweeting—or will be soon.

6. Twitter users have higher incomes than the general population.
47% of Twitter users earn $50k or more per year; 24% earn more than $75k. Compare that to 33% and 18% among the general population, respectively.

8. Twitter plays an active role in purchasing decisions.
42% of Twitter users rely on this channel to learn about new products/services, and 41% of them share opinions about products/services via Twitter. Soliciting opinions about products/services and seeking out discounts/coupons/sales are also popular Twitter-based activities.

9. 67% of Twitter users are more likely to buy brands that they “follow”.
Whether interaction on Twitter is the cause of this greater allegiance or not is unclear—but it certainly seems that extra Twitter love doesn’t hurt.

10. Companies that use Twitter average 2x more leads per month than those that do not.
This, perhaps, is the most compelling reason of all to invest some time on Twitter—particularly if your target customer is educated, affluent, and tends to be an early adopter.

Read more: 10 Essential Twitter Stats

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BarCampBankCharleston: Recap

March 1, 2010 1 comment

Well, we finally pulled BarCampBankCharleston off.  Although there were only six of us in attendance, I believe everyone felt that the event was very rewarding.

Jared Smith (@jaredwsmith) from ReadWriteWeb kicked off the first session with a talk about social media.  Because it was mostly First Federal employees at the event, he geared his talk towards how we used social media.

Since we already have a Facebook page and twitter account (@firstfederal), he gave us some ideas about how we could use these sites for lead generation.  One example was using geo-targeting in advanced search on Twitter to target prospective customers.  Another was using Collecta for real-time search about any posts about our bank.

He seemed impressed with what we’re currently doing.  One thing he mentioned was not sending private information through social media.  He said that personally, he would feel very uncomfortable contacting his bank with confidential information through such a channel.

Next, Adrienne Cobbs, from First Federal, gave a presentation on business continuity plans.  Some things she talked about were recovery and resumption tasks for critical business processes, alternative facilities and establishing reliable communications with employees and customers.

She mentioned that continually testing your plan was critical.  A disaster is a poor time to find out that your offsite changed the tape backups and yours’ are no longer compatible or the phone system only has one working line.

Using social media was also brought up as a way to keep employees and customers informed.  For instance, if our website was down, we could post information on our Facebook page and use Yammer to get information to employees.  Keeping the media informed was also a key point.

Finally, Quintin Sykes (@bank_daddy) from Cornerstone Advisors spoke about trends in the banking industry.  One thing that stood out to me was the payments space.  Phone manufacturers seem to be holding off on NFC until the merchants have their systems in place.  But the merchants are waiting until customers have devices that can use NFC.  Classic chicken and egg scenario.  Also, there are many vendors but universal standards haven’t been set yet.

Another thing was the jury is still out on the benefits of PFM.  Although I’ve heard that it helps drive up retention rates, hard numbers haven’t been issued.  So if banks can’t quantify a ROI, they will be reluctant to jump into offering the product.  I plan to discuss my thoughts about this in a later post.

Overall, I think BarCampBank was a success and I look forward to helping organize another one next year.  We’ll really have to get the word out and let people know that collaboration is a good thing.  Just knowing about new tools and what the future for the industry holds is valuable stuff that we can all use.  I’d also like to thank our sponsors: ECPI College of Technology, ClairMail and Cornerstone Advisors. See you next year.

First Federal on Social Media, Part Deux

March 27, 2009 2 comments

First Federal has now added their social media links to their Contact Us Page.  So far, the Twitter account has mostly been used to announce workshops that the bank has sponsored.

First Federal Contact Us

First Federal Contact Us

Here are the links to their sites:

Twitter: @firstfederal

Facebook: First Federal FB

YouTube: First Federal Online

Time To Get Social

Well, First Federal is starting to tip its toe into the pool of social media. After securing our Twitter account last year, I began having occasional lunch meetings with our webmaster and our contact in Marketing.  We’ve been discussing some strategies and have looked at what other banks and credit unions are doing.

Needless to say, with everything happening in our industry, tools that can provide free marketing are starting to look pretty good.  Also, permission marketing seems to be a better way to connect with our customers and market.  It doesn’t hurt that one of our local competitors is also embracing the web in their business strategy.

With that said, I’d like to invite you all to follow us on the following sites:

Twitter: @firstfederal

Facebook: First Federal FB

YouTube: First Federal Online

Also, you can follow me on Twitter at @gpasley.

No Twitter Brand? Fail Whale For You

August 4, 2008 1 comment
Fail Whale

Twitter has been getting a lot of press lately.  As more and more people hear about it, they tend to drift between what Morriss Partee calls the 4 Phases of Twitter.

One side effect is that as Twitter gains in popularity, Twitter names are being snatched up.  Have you secured your brand on Twitter?  There have already been instances of people posing as employees of big companies and famous people.  One example is Exxon Mobil.  Another is marketing guru Seth Godin.

By at least reserving your company and/or product name, you can preserve how your brand is perceived on the web.  Even if you don’t see the significance of Twitter, it only takes about 2 minutes to sign up and it’s free.  As an example, my employer obtained www.firstfederal.com about 10 years ago.  Do you know how many First Federal banks there are in the United States?  Chances are you know of one within 100 miles of you and it has nothing to do with us.

Now, your name may not be as generic as ours, but it’s just as important that you act sooner rather than later.  Banks and credit unions are already being regularly discussed on Twitter.  By reserving your brand, you can at least be somewhat ready when your name starts flying around the Twitterverse.  Oh, and twitter.com/firstfederal has already been taken.

Click here to view a list of companies that are already on Twitter.

Image by Yiying Lu

Categories: Marketing, Twitter

Twittersize Me

June 25, 2008 2 comments

Well, I’ve finally jumped on the Twitter bandwagon.  I must admit, like others, I just didn’t see the point at first.  I mean, who cares if I’m at line at Firehouse Subs?  Now that I’ve spent almost a month on it, I’m beginning to see the appeal.

Twitter has been great for late breaking news.  Keeping up with WWDC was wonderful while I was on the road.  Also, I’ve met some local Tweeters and found out about local get-togethers.  For instance, some Lowcountry Bloggers and Tweeters recently got together to hear about the Charleston Parks Conservancy.  If not for Twitter, I would have missed out on learning about a great program that will help improve the many parks in Charleston.  Plus, I got a local flower as a gift for my mother-in-law (can we say brownie points?)

In addition, Twitter has already helped me out at work.  Currently, we have a wellness program where we “Walk The Appalachian Trail”.  After fruitless searching, I “twittered” a message asking for a detailed map of the trail.  Somehow, someone I didn’t know sent me a link to a Google map of the trail (thanks @jeckles).

From what I’ve seen, if you want to use Twitter for a business purpose, you have to weed out the noise.  It can be a great source of pertinent information.  I’ve also noticed that the credit union community is very active on Twitter.  Through them, I’ve learned about some concepts and ideas they’ve heard from the different workshops and conferences they’ve attended.  Hopefully, I’ll see more bankers sharing news and ideas.  You can follow me here.