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What happens next?
The overall health of the economy, the position of the housing market, and industry regulations, have an impact on the current state of loan officers in the United States.
In light of this, the demand for loan officers may be significantly impacted by the health of the market and the economy, which we know has been fluctuating with increasing volatility in recent years. The impending economic recession may result in fewer loan applications, which makes it harder for loan officers to originate loans. In times like this, other loan originators, such mortgage brokers and online lenders, are posing a stiffer threat to the loan officer profession.
Photo courtesy of Desola Lanre-Ologun
Demand for digital services has expanded in recent years as the loan market moves toward total digitization. As more applicants seek to apply for loans online, loan officers are being forced to adapt to digital platforms and technologies. How loan officers make these options widely available to their customer base comes into question, especially as social media’s capabilities expand with new tools.
Despite any difficulties, there will always be a demand for loan officers, so long as there is a need for loans. To remain competitive, loan officers are going to have to adjust to changes by expanding their services and investing in multi-channel social media marketing opportunities, like Instagram, Facebook, Twitter or LinkedIn. These platforms offer ways to optimize loan applications and should be utilized in 2023 strategies and onward.
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While many companies in the finance sector are late to the game when it comes to leveraging social media, there has been an explosion of financial experts or “gurus” popping up through Instagram, Facebook, LinkedIn and even TikTok. The goal is to primarily communicate directly with potential customers, develop their individual brands, and keep up with trends and developments in the market.
Social media is a great place for brands to establish themselves as experts with instructional materials and content, helping to position niche services like lending front and center on the feed of their target audiences. Over time, social media can also be used to obtain and analyze information about potential customers that you may attract with your content, which can assist you in making better marketing decisions.
When using social media to reach customers, loan officers should focus on the following:
Share insightful materials with potential customers, such as hints, counsel, and business news. This will promote you as a respectable and competent expert in your field. You can do this using compelling visuals that break down the how-tos of getting a loan into bite-sized pieces.
Create easy links for booking meetings on Instagram or Facebook using a Linktree. You can also store forms on Linktree, too, creating an all-in-one spot for customers to access your materials (i.e. loan requirement FAQs, credit report services, application forms, and more).
Photo courtesy of Karsten Winegart
Social media is great for making connections with new customers, partners for referrals, and sector experts. Many businesses miss the mark on responding to comments, making connections with influencers, or ignoring their direct messages. Don’t do this! Leverage your brand to get the word out about what you do.
One way of doing this would be to connect with a small business influencer who gives advice to their target audience about getting businesses off the ground. If you are a lender who focuses on business loans, this would be a great influencer to connect with, get on Instagram, Facebook or TikTok Live, do an interview with or create a longer-term partnership.
Photo courtesy of Nelson Ndongala
You can target particular demographics and raise awareness about your services by using paid advertising on social media. There are a myriad of ways to do this depending on the platform you use, so be sure to do your research before deciding where to spend your money. If you sell to businesses, LinkedIn would likely be the best option. If you sell to individuals or small business owners, Facebook or Instagram might be a good place to start. Be sure to highlight special deals, discounts or other promotions when they arise.
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Create instructive or promotional content using video, such as explainer videos, tutorials, or Q&A sessions, to demonstrate your credentials as an industry expert. To put it plainly, millennials are aging into their later adulthood and looking for opportunities to borrow money for homes, businesses and other ventures. They are a uniquely tech savvy demographic who can be distinctly targeted through social media using videos.
Loan officers looking to expand their business, or simply provide better quality services, should begin creating a repository of videos that address a wide range of questions borrowers may have about loans. You can use YouTube, Instagram Reels and Tiktok to host these videos.
Photo courtesy of Georgia de Lotz
Social media analytics are used to monitor the success of business marketing campaigns and gauge user participation. Once you’ve done all the hard work of putting your campaigns together, analyze the data to better strategize around your social media efforts. It will take time to perfect your strategy, but many loan officers have seen an increase in website traffic, conversion rates and clicks when optimizing their social media marketing campaigns.
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