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FinancialEdge: Jump Start Your Financial Institution's Social Media

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About FinancialEdge CU

Client Website: https://www.financialedgeccu.org/
Industry: Financial Services, Credit Union, Community Banking
Dates of Consulting Service: September-November 2017
Platforms Implemented: Facebook, Content & Email Nurture Campaigns

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The Challenge

FinancialEdge came to us with a beginning social media presence, but they wanted to do a better job of engaging members online and then driving traffic to their website. 

The goal was to invigorate the CU’s digital and social media presence with 8-weeks of training, strategy, content curation and marketing consulting. This package was designed to empower internal staff with the know-how to move forward on their own, and it’s pretty easy to see incredible results! 

The Goal

  • Increase Online Engagement with Confirmed CU Members
  • Drive traffic to revenue generating pages on the CU Website 
  • Empower internal staff with the know-how to move forward on their own
  • Grow their online audience
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“FI Grow Solutions was an absolute dream team to work with. Even though our Credit Union only did the 8-week program, I got so much out of it to continue what they helped us start. The incredible women that run this company are extremely knowledgeable and so thorough! Every step of the way is so well planned but also flexible if need be. I would definitely recommend them to anybody looking for a social media or content marketing overhaul.”
alyssa s

Alyssa S. 
Marketing Assistant, FinancialEdge CU

The Result

For the second four weeks of service we ran Facebook ads for the CU. With a fairly small monthly ads budget, the CU was able to make some impressive progress.

In just one month we were able to engage with confirmed members 482 times! We also send 1124 people to revenue generating pages on the CU website during those weeks. 

Prior to working with us the FECU Facebook page had a 4% engagement rate each week, but we achieved an 85% engagement rate for them with well placed and highly target ads

We grew their Facebook fans by 375 new Facebook fans in only ONE month! AND, the real kicker… 228 of these new fans were confirmed credit union members!

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FB Engagement Rate
Cost Per Click
New Website Traffic

The Case Study

For the first four weeks of service we worked with the team at FECU to devise a custom digital marketing strategy and optimize their institution's Facebook page. We also spent about six hours on training calls, covering Facebook marketing best practice, content marketing keyword strategy and SEO tips, and email marketing 101.

Our social media ads manager also spent time with their staff to help them learn some advanced Facebook and Instagram targeting and placement techniques.

FACEBOOK – Monthly FB Ads Budget: $1,000

For the second four weeks of service we ran Facebook ads for the CU. With a fairly small monthly ads budget, the CU was able to make some impressive progress.

First, we were able to jump their fans on the platform from just over 700 to 1083!

That’s roughly 375 new Facebook fans in only ONE month! AND, the real kicker… 228 of these new fans were confirmed credit union members!

Now, to be honest, our main focus is never on just growing Facebook fans, as those are what we call ‘vanity’ metrics, and don’t really mean much in the long run.

But every Financial Institution wants to be engaging existing customers as often as possible. This is especially important as branch traffic continues to decline year over year. After all, your FI has to stay top of customer’s minds somehow!

For engagement we also managed to achieve some fantastic results in just 4 weeks! Through ads on Facebook, in one month we were able to engage with confirmed members 482 times! We also sent 1124 people to revenue generating pages on the CU website during those weeks. That's people who agreed to leave social media to visit a banking product page, so that's pretty impressive!

This traffic went to the CU’s personal loan application page as well as their reward checking page, as you can see in the ad example here. 

And the average cost to send traffic away from Facebook to the CU website was only $0.38 per click! If you work in marketing you’ll know that this cost per click (CPC) for a loan product or service is absolutely phenomenal!

Overall engagement rates went through the roof during our time of service. Prior to working with us the FECU Facebook page had a 4% engagement rate each week, but we achieved an 85% engagement rate for them with well placed and highly target ads and useful and engaging content!!

An added benefit to using Facebook ads also comes with an increase to organic (unpaid) reach that the ads bring. As you can see from the post reach graphic below, the light orange shows organic (unpaid) reach each day, and this reach was fairly flat prior to the start of Facebook ads. But with ads running (shown in dark orange) you can see that the organic reach also gets a nice natural boost.

organic and paid facebook traffic results

 

Overall, the impacts of our service were significant.

Not only did the CU’s marketing team receive valuable training and strategy support, but we also set them up with an ads strategy that their small team can maintain on their own in the future.

And the quick positive results helped with organizational buy-in to the benefits of using social media to reach and engage current credit union members and potential new customers. 

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