Although credit unions seem to be making reasonable strides in embracing social media, social listening is an active process that is more complex and less ventured. Active listening means really analyzing the data and drawing out the context of what members or prospective members are saying, as you would when you listen to a member in person.

For credit unions, even with limited resources, we’ve pulled together three reasons why social listening is an essential part of improving and growing your business.

3 Reasons Credit Unions Should Listen on Social Media:

1. Find Members and Prospects

Many companies have been using social media as their primary digital tool to reach customers. It’s widely known that social media works in this capacity, but the question credit unions ask is how to use it in the same way. The technique is to listen, and the strategy is to reach out to prospects or members at their point of need.

Social listening is unique in that it’s the only way to reach people at every stage of decision-making; whether they’re openly asking for opinions about other credit unions, trying to narrow down their options, or expressing their current experience with your organization.

Some touch points are more important to credit unions than others, so it’s important to develop a listening strategy that helps your organization recognize only the most valuable to acquiring new members.

2. Resolving Member Issues

Customers are likely to tell 4 to 6 people about their positive experiences when a company is able to solve their problem. That’s why being proactive on social media is crucial. Many people use social media to express their needs or dissatisfaction.

With a social media listening tool, your credit union can acknowledge what a member is saying, ask questions to clarify any misunderstandings, apologize without pointing fingers, and promptly offer a solution. Remember that an angry but loyal member really wants a solution, not a fight.

Use social media as an opportunity to flex your customer service muscles. Not only will happy members be likely to share their valuable feedback with others, it will also help your credit union prevent similar issues from repeating in the future.

3. Sizing Up The Competition

When members or prospective members have choices, they research them – many times through the social web. Credit unions can use listening to their advantage by comparing what members and non-members are posting about products and services, and explore what competitors’ members are saying as well.

This kind of information surfaces constantly, and it’s in your organization’s best interest to listen to these tips, as they may provide details that are critical to delivering better services or solutions.