Feeding your Facebook

Social networking tools such as Facebook are fast working their way into brokers’ business generation and marketing strategies.

Facebook in particular is a popular tool for brokers when it comes to lead generation. A common misconception is that Facebook is only used by Generation Y. But with more than 8 million Australian users, Facebook is popular with people of all ages.

It is now Australia’s second most visited website, with reports that it will soon overtake Google in popularity. To successfully engage with it however requires more than simply signing up.

MAKING IT WORK

In the same way that friends and family use it to stay connected, Facebook is also a way for brokers to connect with their clients and prospects, as well as other professionals.

But like any marketing tool, it requires the right investment to make it worthwhile.

Mortgage Choice’s senior corporate affairs manager Kristy Sheppard says brokers interested in using Facebook to promote and grow their businesses need to know it takes effort, concentration, understanding and a whole lot of time.

“Do not get involved unless you are willing to expend the energy on an almost daily basis, or more often.

“Otherwise you will lose the respect of your social media followers,” she says.

Newly formed aggregation group Vow Financial’s chief information officer Alan Gibbons agrees that engaging with people via social networking sites such as Facebook means time and effort.

But used effectively, it can be a great way to build brand awareness and raise your profile.

While many businesses went to ground during the global financial crisis, a Vow Financial broker member used the difficult economic climate as an opportunity to connect with clients – using Facebook to post a question each week and asking clients to post issues and concerns.

“The broker then went back to each client with a unique response,” Mr Gibbons says, adding that to successfully engage via social networking, brokers need to see it as an extension of their business and integrate it into their daily routine.

“It [Facebook] allowed the broker to also promote their own white label products which were beating the Big Four at the time and they refinanced a number of deals.”

By thinking outside the square, the broker was successful in both generating consumer interest and turning open dialogue into business leads and in turn, extra revenue.

And with bottom line benefits, who can argue with that?

THE RULES OF ENGAGEMENT

Used effectively, social networking sites such as Facebook can help brokers raise awareness of their brand among consumers and generate new business. Other benefits include building search engine optimization (translating into more web traffic to a broker’s website).

But there’s a way to approach social networking to maximise the potential benefits:

ENGAGE, ENGAGE, ENGAGE - Regardless of which social networking medium you choose, the key is to engage regularly and in the context of your overall marketing strategy and what you’re trying to achieve as a business. Don’t think that once you join a social networking site and create a page the rest will fall into place.

CONTENT IS KING - Aim to generate as much activity on the page as possible. The more activity (ie seeking feedback, asking users to post questions for response, providing insightful market commentary and useful information), the more people will be willing to engage and the better your business will be for it.

KEEP IT REAL - Openness and transparency in social media conversations goes a long way with consumers. Peer opinion is all-important in a consumer context and many social networking sites are earning a reputation for being more credible sources of information and opinion than many traditional media outlets. Be honest and open in your conversations.

GET A TEMPERATURE CHECK - Brokerages can and should use social networking sites such as Facebook to seek feedback on their service offering. Questions such as “What more can I offer?” and “What do you look for from your finance professional?” can help identify gaps and areas where brokers could be targeting new business.

Facebook and other sites, including Myspace and Twitter, are also a good medium for generating interest from prospective clients by running a competition, for example – anything that sparks interest and dialogue among fellow Facebook users.

Creating dialogue is ultimately the key. Consumers want to see other people interacting with the media before they make the leap.