There’s an overwhelming amount of content competing for people’s attention online. This – combined with our collective shrinking attention spans – makes it very tempting to rely on short, catchy slogans to communicate our services. However, the problem with distilling a complex value proposition or concept into pithy social media-friendly catchphrases is that a lot can get lost in translation.
We’ve observed three posts we often see on social media that can have unintended consequences.
“Does your interest rate start with a 2?”
The intent of this phrase is of course to encourage consumers to refinance their home loan to a more competitive rate. Nothing wrong with that, and hopefully the customer is already two years into their loan and their original broker won’t have to deal with clawback.
Perhaps this type of post has worked a little too well, with many customers now demanding a two-point-something interest rate even though they simply don’t qualify for it. The broker then has to reset the customer’s expectations and work that bit harder to educate them on the nuances of lending policies.
There are plenty of ways to educate the customer on the power of reviewing their home loan, without leading with the interest rate.
“Bank 123 just approved a loan in 2 hours!”
In another example of setting unrealistic expectations, this type of social media post is relatively new, thanks to that innovative neobank. The approval speed is absolutely incredible, however we presume only available to a very specific type of borrower.
Instead of singling out a specific lender – and risk raising questions of favouritism – the story to tell here is about how a competitive lending landscape paves the way for tech-enabled innovation, and that we look forward to these new players pushing the incumbents to strive harder for their customers.
“$4k cash backs available!”
In the case of the cash back offers, while obviously not the intent, it can seem like a bait and switch technique. Good brokers don’t product push when they meet a new customer, so why would we do it on social media?
A customer-centric, credibility-enhancing message is more about:'Don't be drawn in by the bright lights of the bank's cash back offers. Money in your pocket is appealing, but it shouldn't come at the expense of your longer-term goals…’
Show, don’t tell
Good marketing is all about showing, not telling. So how do you show prospective customers you'll be their trusted partner for the long haul?⠀⠀⠀⠀⠀⠀⠀⠀⠀
Sometimes it comes down to pressing pause before posting what everyone else is, and asking yourself whether it really aligns with the experience you provide your customers.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Continuing on from The Adviser’s Business Accelerator Program, Social Broker is offering social media audits to brokers who want an objective view of their online presence. Claim your free 1-page report here:
Claim your free 1-page report here.