NMP - May 2018 - 52
special focus on IT'S ALL ABOUT MARKETING a special focus on IT'S ALL ABOUT MAR Rules of Engagement: Making the Most of Your Social Media Presence By Deborah Speed & Connor Snyder Social media doesn't work! It's only for young people! There's no return on my investment! hese are a few common responses mortgage professionals may express when faced with the seemingly daunting task of investing valuable time in building their professional social media identities. Whether it's a misunderstanding of the platform or an unsuccessful foray into the world of paid digital campaigns, effective social media use can seem elusive to even the most seasoned loan originator. These skewed perceptions, paired with the burden of remaining compliant in an ever-evolving landscape of regulatory reform, may derail the desire to even begin down the path of social media marketing. Although it may seem preferable to remain within the comfortable box of long-standing mortgage marketing techniques, it's important to note that social media isn't going away. In fact, it's only becoming more popular. According to the 2018 Global Digital Report from Hootsuite, a social media management platform, and We Are Social, a marketing agency, the average American adult spends 121 minutes on social media every day, or 8.4 percent of their lives. Ignoring that level of influence on, and access to, potential borrowers is a risk that successful mortgage originators cannot afford to take. When building a social media presence for business purposes, it's also critical to remember that it isn't as simple as posting a clever meme to a personal profile. Cultivating an engaging, wellbalanced and compliant, professional digital identity may help establish a unique brand that stands out among competitors, and propels business forward through the powerful tool of social networking. The following are several tips on building effective social media strategies, creating and utilizing engaging content, and remaining compliant amid legislative attention surrounding social media. T Business pages vs. personal profiles Once the decision is made to take advantage of social media marketing by creating a professional profile, the next step is to set up an effective business page. Because all online activity relating to professional dealings is considered advertising by mortgage finance regulators, keeping business and personal accounts separate is essential. This distinction between accounts varies across platforms. For example, a professional account can be created using Facebook's Business Pages or by opening a separate business account on Twitter. Either way, keeping clear boundaries between professional and personal digital identities will be advantageous in the end. In addition to the compliance benefits, using a business page or profile on platforms such as Facebook or Instagram can also provide access to a variety of tools, such as data analytics, post boosting, paid advertising and limitless connection caps. Although the use of a personal profile may seem like a simpler and more enticing option, investing the time to build a public business page will pay off in the long run. Social networks are for networking Once a social media presence has been created, the next piece of the puzzle is connecting with others. So, how does that happen? Social media often goes by another name-social networking. As such, online interactions should be treated the same as face-to-face exchanges where a two-way dialogue is the norm. Inviting people to like a Facebook page is similar to handing someone a business card-the expected response would be to ask for a card in return, or in the case of social media, to inquire about their professional page. continued on page 54