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
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
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
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
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.
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
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