Credit Union Blogging – You Know What I’m Sayin’?

I didnt realize I had so much to say. This is our second blog entry and I have dozens of things that I want to talk about. I hope can keep this thing up to date and interesting.

So, what is blogging? You are looking at it. It is a regular Joe or Jane who happens to have something to say – saying it online. Why is this important to your credit union? Well, honestly, you can take it or leave it. I am sure that plenty of credit unions will never have a blog and do just fine. But the interesting questions is “How can a blog HELP your credit union?”

If you really get back to the principles that were the foundation of your credit union, it should be clear – community banking. What is community banking but a social network of folks collaborating and sharing resources. The foundation of credit unions is the concept that we will share information and resources with each other so that we may all prosper. A blog is a way for an expert to share pertinent information to the benefit of the reader. What we have here is “Two great things that taste great together.”

So by now you have decided that a blog is the single most important thing to add to your site – but who will write it? Well not everyone can write. I have worked with dozens of copywriters, and even they can be hit or miss. So, can your V.P. of lending really write and maintain a blog? Maybe. Should they? Probably not.

It’s not that they can’t its just that you can forget who is reading this blog. It is the lay-person. It is the typical member who doesn’t care about ratios or trends or all the things that accountants and loan officers love to talk about. The member wants simple, straightforward information in easy to chew pieces. They want “10 easy ways to save money on your new car” or “5 quick ways to repair your credit”. They want you to help them better their financial position without giving them a lesson in microeconomics.

So, who WILL write and maintain your blog? Well the VP of Lending can help, but its not them alone. Work with your marketing department to glean the good nuggets from the department head. You can add in links to parts of your site. If you are talking about auto loans and you talk about a saving plan. Link to your savings product pages or your online calculators. In the blog, tell your reader who to contact for more information. Make sure the article is sweet, short and succinct. A little humor doesn’t hurt either – remember, you are a person talking to a person. Familiarity breeds trust in this scenario. You can also work with your marketing agency. Your agency rep should have some good ideas on what is currently buzzing in the ether. The best thing about blogs is their relevance. If there is a security breach and 10,000 people had their credit card information exposed, it is a good time to blog about identity theft and what the credit union thinks and does to protect the membership. It is also a good time to write “10 things you can do to protect your identity”.

The best part of blogging is that when you put your newsletter together, you should have a wealth of content. Just pull from the blog and cite it in the newsletter that your members can subscribe and get regular updates as to what the CU is doing. Your CU is a club after all. You are a society, a group of friends looking out for each other. You are the leader – you should lead. When your friends are successful, so are you. You should act accordingly.

Credit Union Podcasting – The Great Site Hype

I am going to get into so much trouble for this post. It flies in the face of so many “experts”. Here is my story…

We went to MAC this year. It was a lot of fun and we got to see all of our clients again, which is always the highlight of our time at MAC – that and the awards.

But there was something strange in the air. We set up our booth as we do every year (except we forgot our surge protector this year so I had to run around downtown Seattle until I found an office supply store). Out of nowhere a client came to me and asked “can you put podcasting on our site?”. I had to pause and consider this.

“Well sure we can, we can do anything to your website that you like. But, why do you want a podcast on your site and what do you want it to say?”. The client was surprised that I asked. I guess in all the hyping of this new podcasting revolution, no one has paused to ask why.

Over the past 6 months, almost every one of my clients has asked me about this new podcasting phenomenon that is sweeping the CU world. I think that it is likely agencies trying to dazzle their CU clients with their new Web 2.0 jargon. Frankly, think it’s a lot of hype about nothing.

You ask the typical CU marketing professional and they have fantasies of young or hip members downloading mp3’s to their iPods and listening to a lecture on home loan rates or equity loan possibilities. “Wow, my members could be downloading my commercials and listening to them at their leisure!”

Has TiVo taught us nothing? People don’t really volunteer to listen to commercials unless they get something for free in return. Maybe if there were a special code at the end of the podcast where the listener could get half a point off their equity loan, they may listen – or they may just fast-forward through the commercial. Which do you think is most likely?

The other thing that perplexed me is the logistical issues. Imagine that you go to your favorite credit union website. On the home page is a link to the latest podcast – “Fantastic! What will I learn today?”. The podcast is a 3 minute explanation on why dealer 0% financing sucks and your 4.99% new auto loan rate (on approved credit) is far superior. The website does the smart thing and give a brief synopsis of what is contained in the podcast including 5 bullet points on why CU funding is better.

I have to ask myself, why download the podcast when I just got the crib notes and now understand the benefits. I have figured out that I want my CU to preapprove my auto loan before the podcast has even downloaded. My caveat is – if you are going to podcast, dont make it an afterthought or a gimmick. Do it properly. Have something to say. Here is a freebie – do a podcast on “10 things your credit union will do to raise your credit score”. I would listen to that. That is information that is it’s own reward. Your members aren’t mindless automatons of the credit union. They are smart enough to dump their bank and switch over to your credit union – give them the benefit of the doubt.

So, I am ready to receive my ration of abuse from podcasting advocates. Bring it on – I can take it. But before you rise up with your pitchforks and axe handles, I have one question.

What ever happened to financial portals? 5 years ago they were going to revolutionize the dissemination of financial information. Every credit union had to have one. Every web service provider for credit unions were selling them. Everyone jumped on the bandwagon, then the wheels fell off.

I don’t have a single client who still pushes financial portals. I am happy though, to clean off a space next to portals on the shelf of bad ideas to make room for cu podcasts.