Live From The 1: Using the Power of Social Networking to Build Your Credit Union

This entry was posted by Tuesday, 13 July, 2010
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Everyone knows about social media, and talks about being hands-on and interactive. But what does this mean and how do you do it? Some people (& credit unions…) sensing a huge business potential throw money at new online opportunities. But speaker Tara Hunt says, “Money isn’t the capital of choice in online communities, it’s social capital, known as ‘whuffie,’ that drives these new engines.”

Tara, the author of The Whuffie Factor: Using the Power of Social Networks to Build Your Business, says that in the social media space, market capital flows from having high social capital. Without high levels of “whuffie” (I can say that word all day BTW), you lose your connections to online communities, and any recommendations you make will be seen as spam.

The first part of her presentation echoed Brent Dixon’s yesterday. Viral social media content is mostly emotional, positive…awe-inspiring. People are sharing personal information and feelings like never before via social media (even their location – gasp!). The social web is growing and changing the way we interact with each other.

One particularly interesting finding she mentioned is that social networking affects the brain like falling in love – if a company or brand raises our oxytocin levels, we are more likely to connect with them.

Some great examples and videos Tara showed the group:

Tara’s final words – “This stuff is important. All you need is love. May the force be with you.”

5 Responses to “Live From The 1: Using the Power of Social Networking to Build Your Credit Union”

  1. An addendum:
    Walking out of this session, I was talking to an international attendee about it and was really impressed by his notes (a mind map). He was kind enough to let me take a picture of them to share with you:

    http://cunaverse.com/wp-content/uploads/2010/07/mind_map.jpg

    Pretty cool – thanks to Shareef Jaafar from TLL Limited from Singapore!

  2. Great summary of Tara’s session, Christopher. I LOVED this breakout. Not only did Tara highlight the fact that we as humans are WIRED to connect, she noted the difference in business today: EVERYTHING IS PERSONAL. It has to be! This is a dramatic paradigm shift from years past.

    People today (especially in light of recent events) respect brands that resonate with them and reflect their personal values. I know this is certainly true for me. If I believe in the purpose and mission of an organization, if I connect on a personal level, I am MUCH more likely to patronize a business.

  3. On another note… A Vision of Students Today put a lump in my throat. Was I the only one who had that reaction?

  4. Wow! What an amazing mind map. That is freekin’ awesome to see her thoughts translated down to paper.

    As I was on the plane back home, and recapping some convos after the session on Social Media, credit unions fear it for many reasons. Control (or lack of), change, lack of understanding or simply the fact that things like this have never been done this way before and the world of communication is evolving and changing quickly.

    We must keep up or be left behind and can not fear change but embrace and understand it.

    To expand on Tara’s closing “force be with you” thought:

    “Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to Suffering” – Yoda

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