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If I had a dollar every time a mortgage broker or financial adviser asked me “Why should I bother with social media?”, I think I could buy a small island somewhere. It seems the industry has an overwhelming desire to crack the code of this new phenomenon, though everyone is so busy with their core business that they are unsure how to do it.
Well, there is good news and bad news on this front. The good news is yes, you can make a big difference to your business using social media as part of your marketing mix. The bad news is there is a commitment to the process to see measurable benefit.
A social media program is not a sprint to the finish with short, sharp bursts of energy. Though it is aligned more to a marathon, where you become fit, put in effort and keep to the course, it is about relationships – pure and simple. What relationship offline works without commitment, effort, longevity, integrity, trust and presence? Social media needs all of those elements to work for your business. Any broker must understand how it works, and then entrench social media into their business as if it is another core element of their operation. Once that is accomplished, you can achieve some amazing outcomes.
If you want to commit for the long haul, here is my guide to success:
Differentiate – Research your competitors online and review what they are doing on their social media platforms. Be creative and differentiate yourself clearly. Do you have a specific market segment? For example, are you a specialist in investment loans? Be different to the madding crowds of others and relate directly to your target market. I see many companies only promoting themselves on social media. It is not all about you – it is about your audience. Understand what makes them tick, and then tick along with them.
Personality – Showcase your personality and your company culture loudly and proudly. Your audience wants to know what you stand for and how you portray yourself and your business in the public domain. They want to know what goes on behind the scenes. Social media can be fun and informational at the same time. Don’t by scared to have some fun, but be professional at the same time.
Content creation – Constantly be creating content and follow the 80/20 rule – 80 per cent should be educational, inspirational, informative, thought-provoking, humorous even, and 20 per cent should be about special services, offers or hot rates just in the door. Content creation is probably the most difficult piece in the program that a broker will have to deal with. It has to be consistent, regular, scheduled, relevant, on topic, seasonal – the list goes on. You can curate content (use others’ content and add your views), or you can create original content. Usually a mix of both is best.
Platforms – Where are your clients now? Which platforms do they use? How do you choose where to be active? Depending on your target audience, there will be a need for a multiple platform mix. For example, if you want to generate growth with third-party referral partners (lawyers, accountants and real estate agents) then you need to be very active on LinkedIn and you need to communicate in that B2B manner which adds value to their business. If you want to attract first-home buyers, then their demographic may be transitioning across Facebook and becoming quite active on Instagram. You would want to communicate with this market differently.
Lead generation – This is the sexy bit, but you must develop the program using the above steps prior to jumping straight into the lead generation part. Think about what happens when you meet a potential prospect for the first time: do you go straight for the hard sell? Or do you first try to build trust? Social media follows the same rules.
Lead generation for both the B2C target market and the B2B target market using social media platforms is a clever way to build your database and increase sales revenue. The good thing about it is the ability to target exactly who you want to show your adverts to (location, demographic, psychographic, income, number/age of children and what interests they have). The media spend has less wastage than traditional marketing channels, as you know exactly where you spend your advertising dollars.
A cleverly put together campaign can really set your sales humming. Lead generation via social media can take on many forms – video ads, competitions, offers, events, seminars, data capture, re-marketing. I always suggest a scientific approach to a lead generation program.
Seek expertise – Lastly, one thing that brokers understand is that they are experts in their field and that consumers value that expertise and trust, relying on them to navigate for them. Social media is similar – if you don’t have resources to manage a best-practice program, then doing something half-heartedly will not get results and may detract from your business reputation. Always seek expertise whether to ensure your strategy is the right one for your business or to help provide resource to ensure commitment and success.
To those who ask me “Why should I bother with social media?”, my answer is this: no other time in the history of the modern man has there been such an ability to understand the heart and minds of your customers. If you want to bring your audience closer to your organisation, this is the time to do so. Who knows what tomorrow will bring?
Sandra Pigram is social media strategist and trainer at Social Media Business Boosters.
