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Why Do I Need Social Media Marketing as a Broker?

Using social media to connect with prospective customers has become common practice in marketing today, however mortgage brokers and finance professionals have been slow to pick up on the trend. Social media marketing has a strong ROI when done properly, and can be a set and forget method to drive qualified leads to your business. At THE-OOP.COM, we teach social media to professionals in the finance industry, and our clients have had great success by following the posting tips outlined in this article. In the course we go into detail with posting strategies and analysing ROI, but the tips below will help you understand the value of social media marketing and get started on building your profile.

How does it work?

Social media marketing involves creating a series of content to be posted on social networks with the aim to encourage viewers to click through to your website and engage with your products. The content posted depends on your target market, but accounts with the highest conversion rates generally involve a mix of informative short form content, curated shared articles and a few cornerstone articles.

Social media platforms

The most appropriate platform depends on your target audience. While there are a number of platforms to choose from, we generally recommend focusing on just one or two. The simplest way to determine the best platform is to look at where your customers are engaging with other brands and set up your profiles to match.

At THE-OOP.COM, our clients have been most successful with LinkedIn, Facebook and Instagram, so we focus on these platforms at our Social Media Marketing for Brokers courses. The infographic below gives a brief explanation of the most popular social media channels.

 

Which social media marketing channels are best for brokers?

 

What to post?

The biggest trap of social media marketing is sharing only information about your own products and promotions without first building relationships with your online audience. While you may see the value in your fee waiver offer for first home loans, your audience first needs to understand why they need to buy a home and why they should trust you with their loan application.

Through our experience working with clients in the financial services industry, we have developed the following guidelines for minimum number of posts for our preferred platforms. Remember, there is no point in posting for posting’s sake as it increases your cost and decreases follower engagement and ROI. Make sure the information you choose to share is always relevant.

LinkedIn

Posts per week: 3

1 x original content (in fact, we have seen the same rate of success with fortnightly original content)

2 x shared articles

Instagram

Posts per week: 5

1 or 2 x original content

3 or 4 x shared content

Facebook

Posts per week: 5

1 or 2 x original content

3 or 4 x shared content

User Generated Content

Once you have gained a decent following, you can start to replace one shared content post with some user generated content. This could be anything from reviews and testimonials to tips from your users. For example, you could ask your network for their top savings tips for the year, then repost one per week and tag the author. Not only does this give you free content, it also increases your audience and makes your existing audience feel as if they are valuable to your business.

Measuring ROI

A common argument made for not using social media is that ROI is not measurable, however, this is simply not true. Each of the major platforms have solid inbuilt analytics systems which can be used to track the ROI of your social media activities, and also provide important data regarding related events that can help you improve your strategy (eg. clicks compared to conversions).

Remember, your customers are on social media. So why aren’t you?