Why is social media relevant to Loan Officers?

A social media marketing strategy is a necessity for credit union loan officers, whether they are looking to grow their business or simply want to enhance relationships with existing members.
Not everyone would have thought social media marketing was this important a few years ago. So, why should every loan officer now embrace it?
A vast majority of consumers spend a lot of time browsing Twitter, Facebook, Instagram, YouTube, Snapchat and other social media platforms. In fact, 68 percent of adults in the United States use Facebook alone, according to a study published in March 2018 by Pew Research Center.
“About three-quarters of those adults use Facebook every day,” the study states, while also adding that 71 percent of “younger” Americans use Instagram and close to 50 percent are Twitter users. Also, “roughly three-quarters of Facebook users and around six-in-ten Snapchat and Instagram users visit each site daily.”
Needless-to-say, social media is extremely relevant. Maintaining a strong presence online can have multiple benefits and can increase your chances of snagging a loan.
Here’s why:
  • You can promote your personal brand and your credit union to more people. Loan officers can achieve rapid and substantial brand growth by creating compelling, relevant, useful, or interesting shareable content.
  •  Your presence on social media is proof of potential success and name recognition. It's not just the activity affiliated with the brand that matters, it’s also about you.  
  • Your online social strategies are a crucial component for today's general marketing-plan mix. Marketing plans are an important part in evaluating and interacting with borrowers, but having consistent engagement with your audience long term also matters.
  • Your member retention numbers and revenue growth are positively impacted by high levels of service and social media engagement. Investing time and energy in educational messages directed to your members is a wise move.
  • You can increase your “warm” prospects through social data. By using social media platforms to create segments based on demographics, interests and lifestyles, you’ll find groups of borrowers who are interested or potentially interested in your brand.  
  • You can build trust in your brand. It’s easier to form a loyal relationship with social media audiences when you have a strong, respected presence.
  • It’s a sign you have your marketing under control. Confidence in your mortgage/loan officer efforts and continued success is built. Your social presence can be perceived as a solid marketing foundation for audience growth and outreach to broader audiences.  
Having a plan for social media marketing simply amounts to creating a yearly roadmap and consistently implementing tools and strategic maneuvers. Start today!
by CU Members

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