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#HCUASocial: To Snapchat or Not to Snapchat?

To Snapchat or not to Snapchat? This is a question that you might be facing right now. Before answering and jumping in the deep end, I encourage you to take long, hard look at your credit union, its vision/brand and its resources. Could your marketing team take on another social media account? 

First, here’s a few stats about the video and messaging app. Snapchat has more than 200 million active monthly users, and the average age user is 18-34 (Gen Z and Millennials). It has become the second most active social network behind Facebook.* 

Why is Snapchat so popular? It’s much more personal since snaps are served directly to Snapchat friends (no weeding through hundreds of tweets!). It’s easy for users to digest content—snaps are quick, visual and informal. Snaps tend to feel more natural (aka relatable) than creative appearing in traditional television ads or marketing campaigns. And it’s time sensitive, as content disappears after 24 hours.

Ok, that sounds great, right? But wait, have you considered the following:

  • Do you have the resources to create content on a daily or weekly basis? You’ll need at least one person who can dedicate a few hours each week to thinking up content, creating it and sharing it.
  • What is your purpose? Be strategic and create a plan for content. Every snap should support your credit union's brand, whether it’s building awareness, showcasing the credit union difference, etc.
  • What do you want to measure? There aren’t nearly the amount of reporting features found on Facebook and Twitter, but you can still track things like views, direct feedback (messages), and retention rate for stories (what percentage of people watch each frame of your story). 
  • How will you build your audience? You’ll want to brainstorm and plan ways to organically grow your following, as it’s not as easy to find accounts you're interested in like it is in Facebook and Twitter.

Again, I can’t stress planning enough before you launch a new social media account. Check out HubSpot's approach. Snapchat can pay off big for your credit union, but you do have to take a number of things into account – like resources/manpower and proving its ROI without tons of reports or data.

Next week, I’ll write about the basics of Snapchat and how your credit union can get started.

Questions? Contact me via email or phone, 800.392.3074, x1349.

*Stats provided during Social Media Marketing World.