Strengthen Relationships With Social Media Making profitable connections is easier than ever before By John Seroka
DECEMBER 2010
NEVADA MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
34
The social media phenomenon has cer- before our eyes. It’s a fundamental shift tainly produced its share of dizzying from the way mortgage marketing was statistics. There’s the one that notes done even as recently as five years ago. that if Facebook were a sovereign nation, its 500 million users would A new way of marketing make it the third-largest country in the Mortgage professionals traditionally have world. There’s the fact that one busi- directed their marketing efforts to two ness executive sets up a audiences: Consumers and new LinkedIn account real estate professionals. every second. And how This marketing is designed about the two billion to build awareness of who times that people log in to you are and what you offer watch YouTube videos so that when consumers every day? are ready for a mortgage, Given these astronomiyour name comes to mind. cal levels of popularity, it’s A range of advertising, only natural that mortgage marketing and public relaprofessionals would be tions messages are used to interested in ways to leverreach both groups. age social media in their Traditional media “Consider that a marketing. They underallows you to reach a mass stand that tapping into the audience with your mesrecent survey found popularity of user-generatsage, but it also is limited that 78 percent of ed content can help them because it is strictly oneconsumers trust the establish and maintain way messaging. And any peer recommendarelationships with current mass media message, no tions they see on and potential customers. matter how targeted, will social media sites. So they get on LinkedIn, end up going to a large set up a Facebook page, That’s more than five number of consumers who times as many as and maybe even Tweet a are either not ready or not few times on Twitter. The those who say they interested in receiving it. question is … what hap- trust what they see in In contrast, social media pens next? enables lets you engage in an advertisement.” That depends on you. two-way conversations with Anyone can set up an consumers who are already account, but to utilize social media interested in the mortgage products and effectively, you need to grasp the ways customer service that you offer. Posting that it is changing marketing right information on Facebook, a personal blog,
Web: www.appraisalsanywhere.com
or on YouTube allows you to position yourself as a friendly, knowledgeable expert who can provide valuable information to interested consumers. It also invites those consumers into a conversation where they can ask you questions, contribute ideas or testimonials, offer praise or criticism, and share the information with their friends. How important is that? Consider that a recent survey found that 78 percent of consumers trust the peer recommendations they see on social media sites. That’s more than five times as many as those who say they trust what they see in an advertisement. As the numbers cited at the beginning of this article reflect, consumers are turning to social media with more and more frequency. Internet users who participated in another recent study said that on average, they are logging into social networking sites twice every day. (Parents of teenagers and young adults will doubtless find that number laughably low.) The bottom line is social networking is a convenient and cost-effective way to get people interested in you, talking about what you do, and spreading the word to others.
Facebook also lets you build relationships with potential customers and increase brand recognition or sales through targeted advertising. On Facebook, you can segment your audience in any number of ways: By age, gender, location, language, hobbies and interests, and more. Having so many options allows you to test your target list along with the advertising offer and the creativity of the image and text. As with YouTube, you can set the ads’ parameters so that it specifically targets consumers and real estate agents living in your city or region. Facebook offers two payment options to advertisers: Cost per click and cost per thousand impressions. If you are interested in simply raising brand awareness, then cost per thousand impressions will be a better value. If the purpose of your ad is strictly to generate direct responses and drive immediate business, then cost per click is the best option. When clicked, the hyperlinked ad can direct a consumer to a Facebook page or to a website landing page.
Nurture relationships Target your message You might choose to start by writing regular blog or Facebook updates that include tips for consumers or post a series of educational videos on YouTube. These videos could spotlight industry trends like changing credit score requirements, loan guidelines and documentation requirements. Address common customer questions like what can affect their credit report, where interest rates are heading or when is the right time to refinance. You also can offer people a glimpse into a slice of your day, such as when a question came up about an appraisal, or how you responded to a potentially deal-breaking situation in a way that made everyone a winner. Don’t be afraid to be specific—it shows the public that you’re in the know (of course, while being mindful of the confidentiality of your customers). Consumers who read these messages or view the videos can then follow up with you with their own particular questions. They’ll start to view you as a trusted authority they can turn to with confidence. Another benefit of social media is that it allows you to categorize your postings for greater relevance. For example, YouTube allows you to tag your videos so that viewers can easily search for what they’re looking for. That means you can target potential customers by location as well as subject matter, attracting those consumers who are most likely to do business with you.
Speaking of company Web sites, yours should engage consumers and encourage them to make use of your services. As with other vehicles like Facebook and blogs, this means inviting them into a conversation where they can ask questions and get answers on mortgage-related topics. Continue to nurture relationships by asking past customers, particularly repeat customers and those who have provided referrals, to write a brief testimonial about the high quality of service they received from you. Give testimonials a prominent place on your Web site, include a “Reviews” tab on your Facebook page, and ask for a recommendation on LinkedIn. Constantly be looking for ways to connect with other professionals and establish profitable partnerships. There are many options for staying proactive, like sending a Tweet congratulating a real estate broker on a recently closed deal or linking to an agent’s new YouTube posting. Ask them to do the same for you. While you always want to be professional in your presentation and in the quality of information you provide, remember that these new media represent a seismic shift in our approach to marketing. Steer clear of hard sells, industry jargon and business-speak. Instead, use a more relaxed tone that focuses on honest answers to real questions. Let consumers know you are ready and will-