Best Practices for CU Social Media Marketing

Best Practices for Compliant Social Media Marketing

In a commentary article posted on Credit Union Times our CEO, Richard Gallagher, discusses Best Practices for CU Social Media Marketing to stay compliant.

Compliance authorities are bringing their A-game, and so should you.

Is your marketing compliant? Do you know what you can and can’t say? What about your social media posts? Are they compliant? These are big questions and they won’t be ignored. The compliance authorities are bringing their A-game, and so should you! Catching one examiner’s eye could end up costing you thousands if your marketing efforts breach certain parameters, and it doesn’t even require them to visit you onsite. Let’s take a closer look. It all begins with basic guidelines set forth by the CFPB.

Basic Marketing Guidelines

The guidelines were established by the bureau as an effort to protect consumer interests. Here are general guidelines to follow when advertising on print, television, and radio. All marketing and advertising efforts must: Be factual and accurately represented, clearly explain the product or service being offered, give no misrepresentation of cost or terms, make sure all disclosures are prominently displayed, and avoid using unfamiliar terms.

Keep in mind these are general guidelines. Essentially, the idea behind the guidelines is to make sure you communicate your message clearly and to describe the product or service being offered in an accurate, honest manner. This allows the consumer to make the best possible decisions regarding the product or service being offered.

Richard Gallagher

To read more about how your credit union can be compliant with their social media marketing go check out the CU Times article and then check out Oak Tree Marketing Services for your credit union.

_{(note: this is an older blog entry and has been edited since originally posted.)}

Strategic Budget Planning

Are You Ready for Budget Planning Season?

It’s almost budget planning season again. That means you are probably making plans for planning season. That’s a really horrible pun, but the message is clear. Nothing happens very well at a credit union without planning. With that said, let’s look at a few elements to include in your strategic budget planning.

1. Communication.

Once a strategic plan is approved by your board of directors, it is up to leadership and upper management to make sure the plan is carried out. The best way to ensure this is with consistency. If your staff sees you carrying out elements of your strategic plan consistently, they will be more likely to follow through on them as well. Your consistency communicates the importance of each element. And while staff meetings, emails, and memos are important means of communication, consistency via management action is the most effective communicator.

2. Delegate.

This item goes hand in hand with communication. Delegate certain elements of your strategic plan to staff members, accordingly. This makes execution extremely efficient. Of course, you need to make sure your staff is empowered to make decisions if you delegate the reigns of power. Otherwise, your plan will be suffocated through micromanagement. Staff meetings are excellent vehicles for distilling information and clarifying any items that might be vague. Just be sure your staff feels like they can ask questions without fear of consequence. Create an open, honest culture, consider vendors that have been in business for a while, and delegate. Then watch your plan take shape.

3. Never Stop.

The whole purpose of a strategic plan is forward motion. To that end, your organization should never stop moving in that direction. It might be helpful to create some sort of online portal, so board members can give input and begin the decision-making process for “housekeeping” or other process-related items. This way, they can give input beforehand, saving face-to-face meeting time for high-value issues and priority concerns.

Addressing these elements before you begin strategic budget planning will do more than just empower your staff and management; it will enlarge your entire credit union. As your credit union grows, things will change. Processes will be modified, new positions will be created, and increased productivity will be expected. That is how you know your strategic plan is working. And don’t worry, either. We will be with you every step of the way with safe, compliant forms and disclosures so your credit union can keep planning and growing. Connect with us for a strategic marketing plan customized for your credit union goals and demographics.