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How To Use Facebook to Grow New Credit Union or Bank Customers

Meredith Olmstead
Apr 23, 2018 8:50:00 AM

Facebook Testimonial Contest Helps Generate 170+ New Credit Union Members!

Recently we helped run a testimonial contest campaign for one of our Credit Union clients, AERO Federal Credit Union, and the results were definitely worth sharing. SS__AERO_Blog_Image.png

AERO wanted a way to better engage current members and also generate content that would be usable again in the future to reach potential new members. And the CU was interested in finding out how to use Facebook to grow your Financial Institution.

We suggested that they needed to find a way to put a human face on the outstanding member service experience at their Credit Union. 

And voila… the Annual “My AERO Ah-Ha Moment” Facebook Contest was born!...

The CU gave a motivating incentive of picking three winners who would each get $200 cash, and graphics and a landing page were created with all the details to make entering the contest super easy. 

Facebook Contest - AERO Ah-Ha Moment Testimonial

Keep in mind that this Credit Union, AERO FCU in Phoenix Arizona, is relatively small by most standards, with about $240 million in total assets, and 18k total credit union members.

But the contest results speak for themselves.  In total we received 15 lengthy, heartfelt testimonials with images and/or videos. Now this may not sound like a lot, but keep in mind that these entries were a minimum of 2 full paragraphs and took significant time to write. But what we did with the content is what has been really impactful.

First on Facebook alone this contest content was VERY engaging:

  • Total Reach: 14,700 people
  • Likes/Comments/Shares: 494
  • Clicks/photo views: 1154!! 

Now that’s pretty incredible engagement by anyone’s standards! 

[DOWNLOAD NOW: 12 Decisive Steps to Grow Your Financial Institution]

 

Here is post score card example to give you a sense of interaction we achieved with these pieces of content. 

Facebook Contest Post Results

But we didn’t stop there!

Over the course of the two months AFTER the contest was over we shared each testimonial
individually on Facebook and other social media platforms. We shared this authentic testimonial content during a 60-day membership drive, which purposely ran right after to the testimonial contest was complete.Facebook Contest - Member Drive Image

In the end this additional campaign, supported by the great testimonial content we shared, achieved 172 new CU members!! And these are members who had to set up direct deposits and satisfied minimum balance levels to be counted and entered into the drawing for an additional grand prize and a $50 bonus.

As a final impact, we’ve also used this member-generated content in multiple email nurture campaigns and continue to use it. Most recently we are using one to nurture existing members toward refinancing a auto loan with the Credit Union or buying a new car through the CU. Results are still coming in, but the emails have a 15% open rate and have already generated qualified loan leads into the CU!

We would love the opportunity to help your Credit Union implement a similar campaign! Email us today for more information on how to get started.

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