With nearly a third (29%) of first time buyers now using social media as a source of information on the mortgage market, online channels such as LinkedIn and TikTok have emerged as popular communication tools to target future homeowners.
For brokers, online platforms are fast becoming essential for lead generation, client engagement, and to showcase market expertise – having an effective social media strategy in place has become crucial to capture new audiences.
Discover your target audience
The first step to creating an effective social media strategy is to understand the wants and needs of the target audience. Brokers need to put themselves in the shoes of their clients and consider what their key objectives are first – whether that’s trying to reach new customers, nurture existing relationships or both.
Research has shown that almost half (44%) of Gen-Z believe they can source good financial advice on social media, whether that be watching online financial tutorials or listening to tips from finance influencers — also known as ‘finfluencers’.
These channels are often a go-to route for customers too, providing a way to discover new products or services. Brokers that are able to build a strong social media presence will be able to showcase their expertise on these platforms, potentially generating new business and improving client engagement with a different audience.
Pick the right platforms
Selecting the right channels to post content on is the next step – generally speaking, it’s best to select one or two platforms to focus on.
LinkedIn is great for building a professional network and producing thought leadership content, while Instagram is useful to showcase real-time success stories, client testimonials and case studies.
In recent years, shorter form video content has become increasingly popular, with platforms like TikTok and Instagram the go-to choice for short digestible videos that brokers can use to offer useful tips and information. Additionally, other social media sites like Facebook can be useful for showcasing expertise on the housing industry or developments in the news.
Commit to a schedule
Social media can be an effective tool when used correctly, so it’s important to set clear objectives, while being realistic with time. Being committed doesn’t mean posting every day, but what matters most is being consistent and delivering high-quality content – sticking to a regular routine will reward those that post consistently.
For example, if the intention of a broker’s social media strategy is to deliver guidance to potential homebuyers, sharing weekly updates or educational posts on relevant government announcements or product changes, can go a long way to leave a lasting impression.
It is equally important to factor in the element of communicating with those that interact on a post. While posting content can position brokers as true experts in their field, engaging with potential clients in the comments section (whether it be answering questions or participating in discussions), should help to reach different audience groups while demonstrating a commitment to helping every client with their queries.
Track successes
Measuring the success of a social media strategy is critical – results may not come overnight, so it’s important to be consistent to see great results. If something is not working, it’s worth experimenting with new content ideas to see which posts are gaining the most traction.
Brokers can track this by looking at impressions (how many times a post has been viewed), engagement rates (how actively the target audience interacts with posts including number of comments, likes and shares), or click-throughs (how many people have clicked on a page or link included on a post). Social media is always evolving, so keeping track of engagement and staying up to date with industry trends will play a crucial role in helping brokers leverage different online platforms effectively.
At Coventry for intermediaries, we have published our broker’s guide to thriving on social media, which equips brokers with the tools to build a strong social media strategy, helping them connect with clients, attract new prospects and showcase their market expertise.
