The value of your network determines your net worth – or so the saying goes. But how do you create this network when you are just beginning? Or, better yet, how can lenders create this network in the hyper-competitive financial market? As remote and online communities become more commonplace, opportunities abound for lenders to leave their mark in these spaces.

Building a profitable social circle requires a few steps. We mentioned in previous posts how to create content that connects with your target audience. For social networking, choosing the right platform is critical. Once you’ve completed your research and conducted your analysis, the next step is to start sending messages and forming connections.

Here are few keys for success to keep in mind.

Networking Best Practices

Content on social media already faces a lot of competition. Year over year performance is continually declining despite 76% of consumers searching brands on social media before making purchases. Financial lenders need to turn to tried-and-true strategies for cutting through this noise.

As you begin to cultivate your network on social media, keep the following best practices in mind:

  • Personalize messages: content performs best when the recipient feels like the message is tailored for them. Whether in your social posts, groups, or direct messages, take the time to craft unique communications
  • Provide value: lenders have a lot of competition. The best differentiator is how well you help consumers – how well you provide value. Pro-tip: to make your value truly effective, give it for free.
  • Solve a problem: your customers are looking for help. Whether it’s a simple answer to a question or providing an application to a product, focus on how you can solve a specific need.
  • Be timely: is there a recent development in the market that could affect your core market? Provide insights and answers to it quickly. The faster you provide this information, the more reliable you’ll come across.

Leverage Paid Platforms

The five core social platforms, Facebook, Instagram, YouTube, LinkedIn, and Twitter, offer their own analytics platform. In addition to this, they also provide platforms for lenders to connect, grow, and engage with their audience. LinkedIn Sales Navigator is an excellent resource for lenders looking to expand their connections and email prospects. It offers enhanced targeting options and allows you to find niche opportunities in your local community. Resources like this are available on other social platforms and vital for improving your prospecting online.

Pro Tip

The ABCs of sales are widely known, but when it comes to social networking, keep in mind your ABTs – always be testing. If a platform or resources isn’t generating the results you want, don’t be afraid to experiment with your messaging or try a different channel.

Join the Competition

Even if you’re just starting with social networking, you don’t have to reinvent the wheel. Your competitors in the social sphere are valuable examples to study. If they occupy the space you want, look for ways to imitate, copy, or improve upon their methods. If their strategies worked for them, the chances are that they’ll work for you as well.

Pro Tip

Competition is a choice – including when it comes to social selling. Opportunities for profitable relationships exist when you look for points of collaboration and focus on doing what’s best for your community. Your customers will notice.

Social networking is a valuable platform for loan officers to connect and grow their audience. Our social selling series aims to equip you with the knowledge and expertise to go from opening your account to converting your next sale. If you’re interested in expanding your social media effectiveness, learn how Social Assurance’s marketing platform can help.

TrustTexas Partners with Social Assurance to Boost Social Media Marketing Efforts. View here.

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Author: Alexander Lahargoue

As a content and marketing strategist for Social Assurance, Alexander Lahargoue focuses on creating content to help clients grow and sell online.

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