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How Much Do Credit Unions Spend On Social Media Advertising

953 Words4 Pages

Hello! Thank you for your question about how much credit unions spend on social media advertising per year. Annual social media expenditures vary between credit unions, depending on the size of their membership and assets. As consumer habits continue to shift towards online social engagement, more credit unions are seeing the value in social media marketing. Consequentially, marketing budgets and strategies have become more robust. A deeper dive into my findings can be found below. TRENDS In 2014, the approximately 7,000 credit unions in the United States were spending over $550 million annually on social media marketing. A compiled list of credit unions' assests and marketing spending broken down per member, total percentage of assests, etcetera can be found here. Over the past three years, social media advertising has grown more competetive as banks and credit unions contend for the technologically savy millenial generation's business. Likes, shares, re-tweets, and followers can directly translate to membership which in turn increases total assests. The most powerful …show more content…

These platforms include, but are not limited to, Facebook, Youtube, Snapchat, Instagram, Pinterest, and Twitter. Each site and/or app offers a unique customer experience. Although some credit unions chose to focus solely on one platform, it should be noted that other credit unions diversify their social media marketing to target specific audiences for specific things. For example, a contest could be shared on Facebook, live tweeted on Twitter, and then memorialized on Instagram. The combination of these sources reults in a vibrant social media portfolio while appealing to a variety of demographics. Researchers have found that their are four categories of social media users, therefore it is important to find the combination that best suits the institution's

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