Are you up to date on your social media history? Here’s a pop quiz: when was Instagram first launched?
If you guessed October 6, 2010, you’d be exactly right. Ever since, Instagram has exploded in popularity, at first gaining a steady stream of new users until it hit a fever pitch in late 2014. Now Instagram has joined the ranks of Twitter and Facebook to make “The Big 3” in social media.
You already know that businesses are using Instagram for marketing, lead generation and visibility purposes…but if you’re a credit union manager or owner, have you considered using the social networking site for your own marketing endeavors?
Some Basic Stats – The Whys
Let’s review some Instagram statistics courtesy of Brand Watch:
- Instagram was forecast in 2015 to bring in almost $600 million in mobile advertising revenue.
- Two years later, this number will increase to $2.8 billion.
- Instagram has over 400 million active users.
- About 30% of all Internet users have an Instagram account.
- Over 60% off all these users login to Instagram every day.
- Most Instagram users are millennials, a.k.a. the biggest purchasing power demographic.
- 80 million photos are shared on Instagram every day.
But this is all trivia…what about the marketing facts?
- Almost 50% of established brands have found a home on Instagram, and this number is slated to rise to 70% next year.
- Of the top 100 brands in the world, almost all of them (90%) have an Instagram account.
- Brand engagement on Instagram is higher than Facebook (10x higher) and Twitter (84x higher).
- Over 33% of Instagram users have used a mobile device to purchase a product before.
- Of the biggest social networks, more teens said Instagram was “the most important” over the others.
- Half of all Instagram users follow brands on the social site.
These are just a few of the most important statistics about marketing on Instagram. Don’t believe us? Follow the above link where all the sources are shared.
Credit Unions – The Hows
You may still be thinking “that’s nice, but what about my credit union? I’m not managing a clothing brand or a restaurant – how do I share a credit union on a photo-heavy social media app?” It’s a valid question. Instagram obviously favors businesses that can use a lot of images to get their point across, and this is usually most attributed to businesses and brands with a visual edge.
Here’s a new question – why can’t that apply to your credit union?
First, remember that the largest demographic that uses Instagram is the millennial generation. These are the newly graduated high school students looking to find a solid banking option before they go to college. These are the new college students who need a credit union to transfer their FAFSA to. These are the 20-somethings who need to go to a financial institution to start applying for car loans and mortgages.
This is a very quintessential age group that credit unions should be marketing to. These aren’t 40-somethings who already have a bank they use – they’re looking for options and they’re on Instagram. Marry the two ideas together.
Making Instagram Work for You
It also doesn’t take a lot of effort to create content for Instagram. Find images online from free image sites that are high quality and pertain to credit unions. You can edit them slightly or leave them as is (though adding some personalized text or a logo can make the image seem more credible.) Write some killer copy to go with the image and bam, you’re on Instagram.
If you want to go all out, consider the content you already have on hand. Whether you’re talking about blog content or tweets, image repurposing is perfect for Instagram. Take a great quote from a business blog piece and create a text-based image for it. Find photos of customers and staff (with permission) that you can share with the world via Instagram.
Finally, remember to always put the “social” in “social media.” Instagram isn’t just about pretty pictures and finding the perfect hashtags. Once you commit to it, you have to give as much as you get from your Instagram followers. Keep posting and engaging and your credit union will find Instagram success.
Looking for more ideas? These savvy credit union marketing tips will help you get ready for the upcoming holidays.