What’s the ROI on Social Media for Mortgage Industry Marketers?
Being that the Mortgage Industry is a key vertical for us, I’m so often asked by retail lenders and industry product/service providers “If we launch a social media strategy, how do we measure the ROI?” That’s why I felt compelled to write this blog post.
I read an article in Fast Company about the idea of linking sales to social media involvement by major brands. In this article, Audi was that brand.
During the Super Bowl, Audi was the first-ever advertiser to feature a Twitter hashtag: #ProgressIs. This led to an enormous number of tweets that eventually led to a lot of viral chatter. They purchased a trend ad on Twitter, reviewed all the best tweets and the winner won a trip to California to test drive different Audi models. Plus, Audi made a $25,000 contribution to the winner’s favorite charity.
Have Audi’s sales increased as a result? In the short term there were no numbers to show that sales have increased. However, they acquired the most engaged audience of any brand on Facebook, even beat out Beliebers’ (Justin Bieber fans) desire to click the “Like” button!
Bottom line: I thought the article was a good read and it pretty much confirmed what I suspected would be the case: Making a direct correlation between tweets and/or Facebook postings and sales is impossible…unless you’re running a direct-response-type campaign involving a product or service that is not deemed a “considered purchase.” A new LOS system, for example, is a considered purchase whereas business cards for your loan officers are not…you get the idea.
So, depending on your offering, there are ways of achieving success in a direct-response-type social campaign, but you need to have the followers first. That requires a true strategy. If you’re on a timeline to drive success (as most of us are), a good strategy will drive the right kind of followers that fit your target demographic in a short amount of time. Many companies in the industry are only present in the social sphere with a very limited number of followers because they lack strategy or they just have a poor strategy in place.
Lack of strategy whether you’re a retail lender, LOS provider, title company, etc. denies you the opportunity for true measured success in the social sphere. A measurable and vibrant strategy greatly enhances your visibility across social networks (shares, likes, etc.) and builds your company’s authority which also enhances your rankings. This visibility conveys the image to your prospects that you must be good because you have a following and people are talking about you and interacting with your posts. This robust presence sets your company up well for direct response-type campaign designed to drive new leads and ultimately more business.
So, the moral of this story is simply that in order to achieve a measurable ROI on your social media involvement, you can’t just be present…you have to have a strategy for interaction and driving followers. Without this, you can expect very little if any return.
If your competitors are slow adopters as could well be the case, now’s a great time to get in on this so you can beat them to it!
If you’re wondering how to get started or have any questions, I’m happy to point you in the right direction…just call or send me an email with your questions or simply post them below.