Doug Wilber of Denim Social: How to Stay Top of Mind (and Competitive) with Social Selling
Doug Wilber is CEO of Denim Social, Clayton, Mo., a social media management software provider for financial institutions. Since joining the Saas provider in 2018, he has led the company’s rapid growth, including securing two rounds of venture funding, forming meaningful industry partnerships, guiding three strategic acquisitions and overseeing significant increases in both revenue and staff. A financial services veteran, Wilber mentors numerous early-stage fintech companies in St Louis.
In today’s origination and refi environment, most mortgage loan officers are finding it’s no longer fish in a barrel. That means every loan officer needs to consider their competitive edge. And when bargain-basement rates are no longer the decision driver for prospects, relationships matter more than ever.
Everyone knows a successful sales strategy is focused on building long-term, trusted relationships, but today, that means building relationships online. Social media has long been regarded as a brand builder, but the real power of social is using it as a sales tool. It’s called social selling and it works.
Social selling is just what it sounds like: using social media to sell a product or service. It’s leveraging social to build personal relationships, showcase thought leadership, engage with prospects, interact with existing customers, and ultimately build trust and rapport that will eventually lead to deals.
An active social selling strategy can not only help build ongoing relationships, but keep you top of mind with contacts when opportunities open up – and in this rate environment, that can be short-lived.
Social selling requires continual care and management, but it’s worth the investment of time, and effort when you’re using social to drive business results. A daily social selling routine helps loan officers in so many ways and managing a program doesn’t have to be overwhelming. Here’s where to start:
Optimize Your Profile
Before you even get to posting, it’s important to take a look at your profiles to ensure your brand is consistent across channels. Ensure you have a current and easily recognizable profile picture. If you haven’t already, upload a cover image and update the about section to be your descriptions, location and hours are current.
Post Meaningful and Relevant Content
It’s not only important for you to be posting regularly, you need to be posting with purpose. Your social profiles should be an extension of who you are in real life. Authenticity always wins in social media.
There is no magic formula for how often you should post, but consistency is key. Successful social selling programs offer a variety of organic content. The mix looks different for every loan officer, but commonly a healthy and informed mix includes brand, industry and most importantly, personal/community content.
Interact with the Community
Social media is a two-way conversation and that means you need to be interacting with followers. In other words, don’t post and ghost. Social selling is about listening, responding and engaging. It’s a conversation, so you should be promptly responding to comments and direct messages, showing connections that their inquiries and concerns matter.
When every deal matters, so does every relationship. If you’re looking to build trust and connection with customers and prospects alike, make sure your profiles are up to date, post regularly and interact with your followers. A social selling strategy can help you make the most of social media opportunities in a competitive environment.
(Views expressed in this article do not necessarily reflect policy of the Mortgage Bankers Association, nor do they connote an MBA endorsement of a specific company, product or service. MBA NewsLink welcomes your submissions. Inquiries can be sent to Mike Sorohan, editor, at firstname.lastname@example.org; or Michael Tucker, editorial manager, at email@example.com.)