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Mortgage brokers should be embracing social media to build brand awareness, according to one young brokerage.
Whilst brokers shouldn’t expect social media to be a direct lead generator, Tommy Lim, founder and managing director of Sydney-based SF Capital says that their innovative “Eat On Us” Facebook campaign proves how powerful social media can be in helping brokers build brand awareness.
“Social media is excellent for building awareness, engagement and a profile for your business,” he told Australian Broker.
“I wouldn’t see it as a tool for direct lead generation, but in terms of communicating with your audience – existing clients and potential clients – it is an excellent tool.”
The campaign, which was run over April, encouraged consumers to enter a competition by posting a description of what their dream home would look like on the SF Capital Facebook page.
The three winners of the competition won a meal at a Sydney restaurant of their choice, paid for by SF Capital. Over the life of the campaign, the competition saw more than 400 likes, comments, and shares from consumers and clients.
“Social media helps a good news story spread fast... If there’s something that is inherently social and worthy to be shared, it spreads faster – that is the real power of it,” Lim said.
“It is also quite cost effective to run. If you put effort into thinking of the right story and the right message you want to convey to your audience then you can save on marketing dollars.”
With generation Y set to dominate the financial space of the next few decades, a broker’s online presence will become increasingly more important.
Whilst almost four in five internet-savvy Gen Ys still prefer face-to-face service when it comes to a home loan, according to a recent report by KPMG, online research is the prevailing way that Gen Ys choose their financial products.
The report reveals that one third of Gen Y consumers will go online compared to one quarter who will rely on referrals from family or friends.
According to Lim, social media can be a powerful tool for brokers to bridge that gap between the online and the offline.
“I think the principals of good service haven’t changed. We still offer a very face-to-face and traditional service in the client relationship and interaction sense. I have not chosen to take that relationship online, purely because the experience is one of trust and on-going relationship,” he told Australian Broker.
“We are a very service orientated firm, but we use technology to reach our audience and communicate with them.”
