Social Media: Mortgage Bankers Association
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Social Media Revolution Presented by: Jonathan Arehart Twitter @jarehart & @cavendo Facebook.com/cavendo www.cavendo.com
Transcript of Social Media: Mortgage Bankers Association
Social Media RevolutionPresented by:Jonathan Arehart
Twitter @jarehart & @cavendoFacebook.com/cavendowww.cavendo.com
Agenda
•Overview Video (5 minutes)
•Discussion on social media (90 minutes)
•Q&A (20 minutes)
Agenda
•Introduction & Principles
•Major Platforms (Facebook, LinkedIn, Twitter)
•Bringing It Together (Planning, Measurement, Privacy, & the Future)
What is “Social Media?”
•Wikipedia says it’s the:
“type of media…based on conversation and interaction between people online.”
What is “Social Media?”
•It’s not one thing
•It’s not just Facebook or Twitter
•It’s about how we communicate
What is “Social Media?”
•Types of applications include:▫Communication▫Collaboration▫Multimedia▫Reviews & opinions▫Entertainment▫Brand monitoring▫Aggregators
Examples
Gary Vaynerchuk•Grew wine store from $4 million to $50
million
•Best Selling Book (CRUSH IT!)
•64,000 fans on Facebook
•880,000 followers on Twitter
•Weekly SIRIUS XM Radio Show
Ian Watt
•The “condo king” of Vancouver
•Video blogs almost daily
•Volume, name recognition, and results
•Just a regular guy like you and me!
•He’s having fun
What does this mean?
•Finding the right channels
•People want to interact, but…
•The way they want to interact
•Listen to your audience and engage
What’s the impact?
•Faster communication
•Much more targeted communication
•Interaction
•Your audiences are evolving
Think of the uses
•Customer service
•Emergency response and communication
•Media relations
•Audience identification
•Event planning
More uses
•An extension of your current efforts
•Information moves so much faster
•STOP using just email and get more targeted
•The key is integration
You
600+ millionusers worldwide
Billionsof Blogs
100+ millionusers worldwide Billions
of Emails
100+ millionusers worldwide
Plant Your Seed
•Get started on the networks that make sense
•Start finding your audience
•Connect
•Promote
Blogging
•Easy to get started
•Write about what you know
•Keep it short, simple and informative
•Stick with it
•Started as a college-only network
•35+ represents almost 1/3rd of all users
•55+ is the fastest growing user base
•Business Pages separate personal from business
•Setup a business page
•Promote your page
•Advertise (where appropriate)
•Encourage participation
•Don’t just broadcast…interact
•Very much a business tool
•Setup a company page
•Load your rolodex and contacts
•Reach out and stay active
•Groups, Discussions, and “People You May Know”
•Great ways to build your network
•Great for hiring
•In this context: finding partners, etc.
•Think of it as “micro” blogging
•Easy to post updates
•Follow brands and people at all levels
•Extremely fast-paced and interactive
•Setup an account and be real
•Define the “how” and the “why” you’ll use Twitter
•Big commitment but can payoff for certain relationships
•Great with niches like media relations
Other Networks
•Plenty of niche networks
•You can start your own with services like Ning
•Consider sites like Flickr (photos) and YouTube (videos)
•Don’t just do them all – focus on the ones that matter to you
Bringing It Together
Planning
•Incorporate social media w/marketing planning
•Consider a content plan
•Consider where your audience is and how they want to hear from you
•What will you say & when/where will it go?
Planning
•Two aspects to consider:
1. ConsumptionHow do you receive information & process it?
2. ParticipationHow do you engage & be an active user on social media networks?
Planning
•Find the right tools
•Most incorporate the major social networks like Facebook, Twitter & LinkedIn
•Consider where & how often you’ll access (e.g., at home, the office, or via your phone)
•Some examples:
What to Say?
•Keep it conversational, not promotional
•Focus on relationship building
•Think of it like a giant cocktail party or networking event
•Write for the platform
Examples
•Facebook: Photo with a note, link to an article
•Twitter: 140 character limit, so keep the message simple – think of a text message
•LinkedIn: Provide links to articles or just general updates
Set Boundaries
•How many turn off your cell phone at home?
•Be accessible but don’t let it overwhelm you
•Understand your commitment level & translate to time per day or week
•Could start as simple as 15 minutes/day
Concerns & Risks
•Information overload
•Privacy (public vs. non-public disclosure)
•Access to information
•Time vs. value
Safety & Privacy
•As an employer, don’t block it
•Have very clear guidelines and boundaries
•Monitor what’s happening
•Consider a social media policy
How to Measure?
•Tangible:▫# of Followers▫# of Fans▫Comments▫Visits to Website
•Intangibles:▫Influence▫Reach
Klout.comGrader.com
Google AlertsTwitterStats.comFacebook Insights
Measurement
•Ultimately it’s about conversions & the bottom line
•May not be a direct correlation between tangible measurements & results for a while
•Some activities are ‘community building’ or ‘branding’
Measurement
•Remember the platforms may change
•Therefore, the metrics will change as well
•Correlate to real measurements you already use (e.g., network size, # of subscribers)
What to be aware of
•Barriers are breaking down
•Disclosure is changing – who, how, and when
•It will happen with or without you – your stakeholders will run the show
The Future
•Location & mobile
•Contextual networks
•Speed & intelligent information flow
•Faster & more relevant
Final Thoughts
•Doing the ‘right’ activities
•Being an active participant
•Know your identity – and your limits
•Set goals and measure often – but give it time
•Have fun but have your goals in mind
Questions?
Interact with Me
•twitter.com/jarehart (@jarehart)•twitter.com/cavendo (@cavendo)
•Linkedin.com/in/jarehart•Facebook.com/cavendo•www.cavendo.com
•Email: [email protected]•Phone: 703-530-6555
