Connect to social networking

Research we undertook recently into the practical applications of social media platforms turned up some unexpected results - and highlighted that using social media, such as Facebook and Twitter, isn't the exclusive domain of the younger broker set alone.

Interested in testing the appetite range to this form of networking across all generations, we found evidence of three distinct categories. But also that no category was principally size or age related.

The first group was made up of brokers that had already set up social media platforms; either in one or all of a Facebook, Twitter, or corporate blog styled application.

Here, both young and older brokers reported having had at least one or a few good experiences in the medium. ‘Good experiences' is defined as having had success in attracting new customers.

Next was a group of mature brokers that recognised the merits of online networking. Some with more than 20 years' experience, this set were absolutely champing at the techno-bit.

The only drawback was that many weren't sure exactly how to proceed now that that had established their initial accounts, and so thus far had produced no wins in attracting new business.

The third group was a distinct set of brokers who were dead against the idea of ‘fooling about on the internet'.

The sentiment was that using Facebook or Twitter might be a cause for their clients to not take them seriously. If they had real work to do then surely they wouldn't have time to idle away the day blogging. Fair enough...

Well no, actually. According to findings released by global corporate communications agency Burson-Marsteller nearly 80 per cent of the largest companies in the Fortune Global 500 index are using at least one form of social networking, such as Twitter, Facebook, YouTube or corporate blogs.

Interestingly, the survey also revealed found that rather than these companies just posting and tweeting randomly, real conversations were actually taking place. And more studies back up these findings. The Pew Internet and American Life Project recently found that people who use the internet and mobile phones have larger and more diverse social networks than those who didn't.

Brokers looking for an edge in a competitive market have a real opportunity through embracing social media at a comparatively early stage. A recent The Adviser straw poll of nearly 600 brokers, for example, revealed that only 25 per cent of brokers currently use social media for marketing purposes.

The truth is you don't have to be a large branded superbroker to tap into the power of social media. The rules of engagement are simple and they apply the same for any size business.

In fact, social media has probably done more to give smaller brokerages, and even individual brokers, the same kind of networking reach that the bigger organisations enjoy than any other marketing platform.

Tim Neary is from Momentum Interactive - a business developed specifically for the mortgage industry to capitalsie on new media and social networking