It’s no secret that social media is a significant channel for driving business growth due to its high usage rate by the American public. According to a recent study conducted by PEW Research Center, 72% of adults within the U.S utilize some form of social media several times a day. Another study found that the majority of Americans spend about one hour and 57 minutes per day on social media.
The American public relies on social media to educate themselves about products, brands, and services, making it a handy tool for lenders to find, connect with, and impress possible clients. However, relatively few banks, credit unions and independent mortgage bankers utilize social media platforms to their advantage by targeting potential clients, cultivating leads, and engaging with existing clients. In the same manner, several mortgage lenders may be unaware as to how to leverage social media.
Below are the five best practices to successful social media marketing that can enable your organization to attract and obtain new clients, nurture existing relationships with clients and organizations, and deliver the right message at the right time.
#1: Choose the Right Platform and Personalize the Content
In general, social media is an excellent tool for establishing connections and attracting clients. However, each social media platform has its own unique purpose as well as a specific user profile. Therefore, financial services companies must educate themselves on all social platforms and personalize their social media messages to the platforms that they choose. For example, LinkedIn targets explicitly working professionals and job applicants. According to a recent study by PEW, this platform is most popular amongst well-educated, caucasian, urban, and wealthy Americans. As a result, posting useful and educational content such as blog posts, articles, statistics, infographics, and relevant news will be more successful on this platform. This is vastly different from Facebook, whereas relational content is favored amongst its users.
#2: Create Valuable and Compelling Content
Several financial service providers understand the power of social media, but they struggle to create the right content to support it. The best type of content is content that is of value to your target audience and customers. What is valuable? Content that helps people solve problems. For example, publishing an article on LinkedIn which lists the five tips for saving for your next property down payment. It’s also essential for mortgage lenders, to create a variety of content, such as videos, podcasts, and infographics. Videos and high-quality graphics have much higher engagement rates than other forms of content on social media.
#3: Post at the Right Time
While what social media platform you use and what content you post on social media is essential, when you post on a social network is also something incredibly significant to consider. Each platform has specific algorithms, post life spans, and peak posting times. For example, Linkedin has the highest engagement traffic during working hours from Monday to Friday. Therefore, when scheduling posts, you should do so within those dates and times to ensure the best possible reach and engagement. Concerning Twitter, the average lifetime of a tweet is relatively low. According to Moz reports, the average lifetime of a tweet is 18 minutes. The amount of exposure your tweet gets within this time dictates the overall reach and performance of your tweet. To make sure your tweet gets optimal exposure, tweet during the time your target audience is the most active on Twitter. Also, most social platforms have analytics that tells you exactly when your followers are the most active. There are several tools available, such as Buffer, Later, Hootsuite, and Loomly which allow individuals and organizations to schedule posts to ensure that every post is posted at the correct time.
#4: Know Your Audience
In some cases, banks and credit unions understand how to utilize social media to their advantage, but they struggle to understand and cater to their target audience. Financial service providers must ask the following questions: Who is my ideal client? Who is my perfect member? What products do I want to promote? What would they like to see? The answers to the following questions should dictate the types of content you create and share on your social platforms. These answers should also influence the language you use and how you engage with your audience, clients, and potential clients.
#5: Be Active and Consistent
Within the world of social media, consistency is critical. It’s incredibly important for brands to have a very consistent and active social media presence. A constant and active presence ensures that your customers and potential clients can trust you and rely on you. Also, it increases audience engagement rates and overall reach. Credit Unions, banks, and other financial service institutions should be posting on social media platforms daily. This also includes responding to comments, mentions, likes, retweets, and messages. To some, this task may seem daunting or stressful, which is why there are several social media planning tools and apps that allow you to plan out your content and social posts to ensure consistency.
Help Your Business Leverage the Power of Social Media
A strong social media presence is one that regularly provides value to its audience. Choosing the right platform for your business and target clientele, creating compelling content that brings value and sharing it consistently at the right time will significantly impact your businesses’ social media presence and impact. Make a content plan, schedule your posts, and then analyze the effectiveness of each type of content and post every week. Consistent posting and analysis will help your business leverage the power of social media.
With NestReady, lenders can enhance their marketing, increase engagement and client loyalty, and achieve higher and faster conversions — all through their own digital environment. NestReady's solutions support digital marketing strategies through its unique approach around the end-to-end home buying experience.