What are credit unions?
Credit unions are the entities which run on the co-operative basis by its members, all the members basically buys the shares in this credit unions and these money invested is used by the credit unions to lend the money to its members at a very low rate compared to the bank and the services will be provided to them from the excess of the money received by lending the money. Credit unions generally operate as the non-profit making organization, so they have to use their money earned for the members and providing different services to them.
Source : clareherald.com
Some of the credit unions of United States are navy, pentagon, mountain America, American Airlines, etc. the amount which is spent on the marketing in the social media will be decided depending up on many factors. Here is the information about how much do credit unions spend on social media.
- Size of the credit unions
- Charter of the credit union such as closed and community
- Location of the credit union
- Goal of the credit union
- The assets available per member in the credit union
Why they are different from banks?
Source : dominionlendingniagara.ca
The credit unions are different from banks in many ways like mainly the banks are operating in the bigger level and the credit unions work on the smaller level and also the banks do not have their specific targeted customers but the credit unions have the specific customers or groups or industries.
Spending of the credit unions in the social media
Source : media.cuinsight.com
In the present era social media has become a very much popular way of marketing, as the use of it has increased in the past few years. Some of the credit unions say that they do not get the proper returns of how much they have spent on the marketing in the social media as they think no one will be interested in taking a loan from the organization just by seeing the advertisement on their screen on any site they are using.Though many of the credit unions see the marketing in the negative way, lots of money is spent by them for marketing in the social media. According to the reports these were the figures in which the credit unions of United States of America have spent their money for marketing.
Source : mdgadvertising.com
Generally all the credit unions have the average spend of around $8.00 to $16.00 per member for marketing of their unions. The average of the biggest 100 credit unions in spending for marketing is 12.52 per member. The top credit union to have a highest marketing budget per member is Melrose, it has the marketing budget of the $5.8 million and the number of the members in their union is 24,448 so it brings up to $236.51 to spend for marketing per member. The second one in this list is Bethpage having an average of $34.77, the difference between the two of the top is $200.00 spend on marketing per member. This shows up that how much the credit unions are able to go with the marketing in the social media and the budgets they have per member.