Social media is yet another tool for community banks and credit unions to reach out to current and potential customers.  Many organizations are adding social engagement to their marketing strategies as the popularity of sites like Facebook & Twitter continue to rise.  Obviously, we all have to go where the customers are, right?

However, in a regulated world like ours, what can a bank or credit union do to keep themselves free of fines and off the cover of the paper?  And how do banks respond to the challenges of social compliance archiving?  Here is our list of the top 5 things you should do today to start winning customers on the social web:

1.  Have a Social Media Policy:  Let’s get this sorted out first.  Every organization must have this policy in place and all employees must be aware of it.  In most cases, you can leverage some of the same polices you have for other forms of electronic communication.  A quick Google will help you find some great examples.

2.  Find the Right Who:  Once an organization has decided they want to get on the social bandwagon, the next question they ask is “well, who exactly is going to do this?”  If you remember that social media is as much about building relationships, as it is about providing content, then the “who” will be those people in the organization that others seek out for a coffee break.  Look for the natural communicators and friend builders.  (This may not always be the obvious person.  Don’t be afraid to expand the possibilities.)

3.  Have a Content Plan:  Get all the “Who’s” together and discuss the goals of your social media strategy.  Are you looking to grow friends and followers?  Provide compelling content? Drive people to new products or services?  And just as important, make sure people know what they shouldn’t be talking about.  What needs a disclaimer?  Can I tell people rates, or should I send them to the website?

4.  Archive Everything:  Just like email, all social media activity must be archived.  This means that you need to have a way to capture every social conversation and store it with your other messaging.  Look for automated solutions, because you don’t want to keep a spreadsheet or buy some separate system just to archive Tweets.

5.  Continuously Tweak & Be Real:  Too often the social media channel becomes just another method to post links to press releases.  Try to avoid that trap and find ways to show that there are real people behind the bank logo.  Customers are drawn to real interactions and brands that express their unique perspective.  Every few weeks look at how your program is doing and refine, rinse and repeat!

Bonus #6!

6.  Have a Crises Plan, Just in Case:  What is the plan if a customer is upset, or says negative things about the company?  Is there an escalation procedure, or better yet, a “de-escalation” procedure?  Who can help and how do you direct customers to the proper support channel?  Remember that social media can be a very public space, but customer service wins can be celebrated just as much a public fail.

What do you think?  Are there other tips or rules you would add?  What about social media training?  I hope this list helps, after working with many financials on these concerns, we almost always make a to-do list that has these 5 (or 6!) things.

Cappusocial is a social media archive company that specializes in social compliance for community banks and credit unions, bringing social compliance archiving to well known financial institutions around the country.