With the advancement of technology, more people are now doing internet searches instead of driving to banks and financial institutions to apply for mortgage loans. This digital transformation allows mortgage lenders to reach more customers. Thanks to the power of websites and social media, their business is just a few clicks away.
Loan officers who implement social media marketing outperform their competitors by a huge margin. When done effectively, social media can boost online presence and drive leads and sales. For those mortgage companies that do not include social media as part of their marketing strategy, they are missing out on big opportunities to grow their business.
Below are the key reasons why mortgage companies need to utilize social media:
1. It Increases Brand Awareness
As of 2022, the United States has reached over 302 million social media users. Your target customers spend 2-3 hours a day on social media. If your business is not present on different channels where your customers hang out, they will not know that your business exists. Social media helps mortgage businesses to be found and allow potential customers to find relevant information and resources.
Taking advantage of social media’s large database, mortgage companies can appeal to their target audience and present their product and service offerings effectively. Not all users browse websites to find business information. This is why it is crucial for loan officers to create social media pages to stay searchable and accessible. Social media improves brand visibility and leaves a lasting impression on the minds of consumers. This boosts your credibility and increases your customers’ trust.
2. It is a Great Source of Referrals
Though word-of-mouth marketing is commonly used for in-person events, organizations, and networking, it can be leveraged online. Compared to the traditional method where you have to ask your colleagues and friends personally to recommend a customer, social media simplifies the marketing effort in the form of online reviews and user-generated content.
Word of mouth is more powerful than other advertising tactics because you do not have to convince or force people to purchase your products or services. With social media, you and your loyal customers do not need to hard sell. By posting quality content that educates and entertains your audience, you are activating word-of-mouth marketing. Happy customers can share your content on their social media feeds, leave positive reviews on your pages, and even tag people they know who might need your services.
3. It Improves Thought Leadership
People trust businesses that do not just entirely advertise their products but provide helpful content. For example, if you are in the mortgage industry, posting financial-related content and loan tips can make you more likable. This will separate you from your competitors. When consumers and social media followers see value in your posts, they are more likely to trust your business.
Social media is a great way to position your brand. Your followers will look up to you and interact with your posts. By creating insightful content that answers the possible questions of your audience and communicating in their language, you are establishing yourself as an expert. Being a leader in your field creates a strong impression and enables you to connect with your audience directly and convincingly.
4. It Generates a Higher Conversion Rate
Higher brand visibility equates to higher chances of generating leads and sales. Every content you share on social media has the potential to drive traffic to your website, sales funnels, and landing pages. Blogs, images, and instructional videos help mortgage businesses gain more clicks, views, and impressions. By posting quality content consistently, social media can organically attract more visitors and develop strong relationships with consumers.
Social networking has a higher lead-to-conversion rate compared to other marketing methods. With the right content strategy combined with humanization factor, you can generate more sales and positive results. Personifying your brand boosts your company’s authority and makes people prefer to choose your business over your competition. Interacting with your audience by liking, sharing, and replying to their comments supports your lead generation efforts. People love social proof and the bigger credibility you have, the higher chances of converting leads into customers.
