What’s Your “Tweet to Dollar” Conversation Rate?

Image via CrunchBase

Twitter is on everyone’s lips these days, and for good reason. A few months ago I wrote a post titled “Six Surprising Ways Twitter Can Make You Rich”; its purpose was to quickly address the personal benefits of having and using a Twitter account. But what about institutional use?

Financial institutions in general and credit unions in particular seem ahead of the Twitter curve; use of it, observes FinTech Marketing, falls into six broad categories:

“The “Twitter style” of these organizations can be classified into six “personas”: problem solvers, community activists, informers, communicators, social butterflies and sideliners/placeholders.”

Institutions slower to get on board might want to consult this article posted earlier in the week.

Let’s ask a new question. What’s your “tweet-to-dollar” conversion rate?

Think about it as if you were in another country converting your dollars into the local currency. Put X amount in, yield X amount out. Twitter itself is famously free. Yet, what kind of dollar conversion stems from the conversations your credit union is having with members?

Here are examples of hard metrics you could measure:

Savings: Customer service costs = how much saved by shifting to Twitter usage?
Growth: How many new members did you reach, simply by being reachable?
Exposure: Get in front of friends-of-friends-of-members. For free.
Retention: How did you prevent member loss by addresses needs in real time?

Exceptional? You bet. No wonder Twitter’s simple and free tool is your million-dollar, million-member maker.