yet for most, they have too much of a corporate feel about their presence, which is less engaging and so will not maximise social media’s value which is all about that over-used phrase: thought leadership.
Mixed bag
Looking at lenders you can see that NatWest has an online forum for brokers and HSBC distributes good market commentary via blogs and Twitter. Halifax for Intermediaries has the share icon on their website so brokers can easily share news with each other; interestingly BM Solutions doesn’t do the same whilst you can find Yorkshire Building Society on both Facebook and You Tube. So it is a real mixed bag. Most lenders are on LinkedIn. Nationwide, for example, shows nearly 2,400 employees and well over 3,000 followers on LinkedIn; interestingly, there is no page for The Mortgage Works though.
On LinkedIn there is a news section which Aldermore, for example, uses well. Northern Rock is getting there and uses LinkedIn to show new appointments, but miss an opportunity by not issuing broker specific news through this platform. LinkedIn also has a plethora of brokers, which is great because as Dale Jannels, managing director at Horsham-based packager AToM, says: “LinkedIn is great for building business contacts.” However, I still believe we can all be using LinkedIn much better, especially by participating in conversations on groups such as the Mortgage Introducer group. Jannels also advocates Facebook saying: “It is a must, a lot more personal and in the social networking phenomenon is the major player.” Yet others do not believe Facebook is
relevant in the business context. where To STarT
Everyone has different views of social media and there are many platforms available. It is vital therefore to think about what is best for you and avoid simply copying what the competition is doing. It is about setting clear objectives, a view held by Lucas who says: “An objective has been to support the wider move into the digital world, seeking online opportunities for strategic and more tactical communication and promotion. Social media provides a quick and easy way to distribute key messages, comment on industry news and overall, a fresh way to achieve the objectives set.” Having objectives is crucial, whether
you are a sole-trader or multi-national. And social media should not be thought of in isolation or a replacement to other communication methods, but form part of a communication strategy. As David Hollingworth, head of communications at London & Country Mortgages, points out: “Social media will not replace the need for lender emails to notify product changes and new launches due to all the essential data that is required. Therefore although a short alert from a BDM could be useful it can’t replace the need for more robust information through more traditional channels.”
EXAMPLES OF LENDER USE OF SOCIAL MEDIA Nationwide
liSTen up
The best form of communication is to listen which is why using social media as a listening device works best. Hollingworth says: “Social media is an interface that brokers are bound to start using more and more, either to keep tabs on what’s happening in the market or to keep in touch with customers”. Listening is the start of the process. Responding to what you hear is the real trick, especially if you can use social media to find brand advocates. Social media effectively works hand in hand with word of mouth - the bread and butter for new broker leads.
Social media is not magic dust, and
one Tweet won’t bring in sudden flow of new business. To get the most out of it you have to put yourself in the shoes of your target audience and think about what they want to hear. Be engaging. Share thoughts and news. But don’t use it to sell, use it to tell. The sell will come
later.It is not a fad and can be used in line with regulation, so the only real barriers are how it should be used and who should have ownership of the function. Before you rush off and get extra social, just think about the why before you embark on the how and when. n
Use Twitter for PR. Extensive use of LinkedIn. TMW has no real social media presence
Abbey For Intermediaries Difficult to find. Santander has presence Halifax For Intermediaries Has a “share” tool on their broker website RBS
Use Twitter for press releases
NatWest Woolwich
Coventry Platform
Kensington Yorkshire BS Leeds BS
Cambridge BS Aldermore
Exact Mortgages Northern Rock
Source: Tonic Marketing Has an online forum for intermediaries
No real prominence. Barclays has many Twitter accounts and also use Face book, You Tube and Flickr Use Twitter and LinkedIn
No real prominence. Co-operative has a voice via a PR person on Twitter Good use of LinkedIn and Twitter Use Facebook and You Tube Facebook page for employees Use Twitter, Facebook and LinkedIn
Charles Haresnape tweets and LinkedIn profiles are effective Alan Cleary tweets
Use the news section on LinkedIn
Join the debate @mortgagechat mortgage introducer NOVEMBER 2011 51
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