Social media serves as more than just a way to gather consumer reviews. When it comes to Facebook, Instagram, and YouTube, lenders must ensure that their social media branding is always relevant. Most lenders’ customers, especially the younger demographics, already use social media sites significantly. As a result, any lender that does not have a social media presence is missing countless opportunities to target and interact with consumers.
The most important aspect of social media for lenders is who is using what. Many consumers limit themselves to only one or two social media sites. Lenders have to first determine which ones are used by the consumers they want to target.
Different generations of consumers are using different social media sites. Facebook is mainly used by the older generations, while those considered millennials split their time between Facebook and Instagram. Whichever social media channels a lender chooses to use, they can help that lender connect with their local consumers by sharing regional videos and photos. These are the tools that consumers are most interested. Providing a video or photo is an effective way for a lender to keep their special media pages in the spotlight. This increased activity helps them effectively market themselves in today’s digital playground.
Aside from the use of photos and videos to drive consumer interest, social media is also an effective platform for tightly focused ads. These ads are meant to cement a particular lender in the eyes of consumers.