“They’re keeping up with their friends and family, but they’re also building an image and identity for themselves, which in a sense is their brand. They‘re connecting with the audience that they want to connect to. It’s almost a disadvantage if you’re not on it now.”
Social Media is all the rage when it comes to promoting yourself as a Mortgage Broker. Whilst I think there is definitely value in this media, it is important to understand that it is simply just another type of media, just as newspapers, radio, magazines, television and websites are. Just like those other forms of media, it has certain advantages and disadvantages over other media that make it relevant to some markets and messages and less so for others. And just like the other forms of media, we still need to apply the same principles of marketing to make it work for us — matching our message to the media and to our market
Being the first to a new media can make average advertising strategies produce results, simply through a lack of competition. But as soon as other Mortgage Brokers learn this new media the costs of advertising will increase as do the number of competing advertisements your market will see, reducing your response rates and costs per lead. Only those with proper marketing systems, tailored to this new media, will see enduring results.
Putting up the standard ‘I’m a broker with lots of lenders’ advertisement will only produce results as long as other Brokers are doing the same or less effective marketing than you are.
One-hit advertising is just as ineffective on Facebook as it is anywhere else. You still need to move people through a communication process to build trust and credibility.
Of the Social Media platforms, I am most familiar with Facebook so I will limit the specifics of my overview of Social Media to this particular platform. I am, however, quite sure that the same principles I discuss here will be relevant for other Social Media platforms, as they are to any media, just with some customising to suit their particular features.