Yazhil Ojeda

How much do Credit Unions spend per year on social media? Credit Unions spend on marketing between .07% and .11% of its assets. It is important to note that most of these institutions increase their budget every year. Most Credit Unions spend between $8 to $10 per member on marketing. It is advisable to designate 1/3 of marketing budget to social media since most institutions designate 30% of it to social media. This number is expected to grow to 35% by 2019. Social Media Spending by Tier The size of Credit Unions dictates how much they should invest on social media. Researchers have divided them into three groups. Credit Unions belonging to Tier I have under $50M in assets. This means spending between $10 to $100 on a Facebook post and as little as two posts per year should be enough. On Tier II we find Credit Unions that have $50M to $150M in assets. Researchers suggest spending between $50 to $100 per Facebook post and up to $500 for each promoted event. These institutions designate $50k to $80k per year to their marketing budget. Credit Unions belonging to Tier III which have over $150M in assets usually spend more than $150K on social media marketing. These companies have the luxury creating and promoting a larger number of Facebook posts that can reach their already wide audience. Not only do they invest in Facebook posts as part of their social media budget, but they often times increase their social channels and produce videos which augments their engagement levels. Overall Social Media Spending Allocating money to ads on social media platforms has been proved to be enormously successful not only for Credit Unions but also for every other type of company. The amount companies spend on it has increased from $16 billion in 2014 to $31 billion in 2016. The percentage that marketers dedicate to social media is expected to keep growing because it has worked for their companies. Marketers are spending 74% of their budgets on social media. In conclusion, any type of company with a good marketing team and social media budget, depending in its tier, and a good content strategy will result in higher levels of customer engagement and a better platform to engage new ones.