By David Lykken
Special to MPA
I still meet a good deal of people in the industry who are skeptical about the importance of social media for generating business in today's marketplace. Can being on Facebook or hosting a podcast or starting a YouTube channel really contribute to loan originations? If so, where's the proof? Shouldn't we be asking for ROI?
Of course, I have no problem with using ROI as metric for everything we do in marketing. We want to know we're spending our money wisely. At the same time, ROI only measures what has worked in the past. It cannot tell us what might work in the future. Sometimes, you've got to take a risk. The future sometimes moves faster than our ability to measure it. I believe social media is one such case.
I agree wholeheartedly with those who say that face to face meetings are always better. If we have the opportunity to connect with realtors or buyers face to face, we should seize it. It's definitely preferable to a chat on Facebook. At the same time, we've got to meet people where they are. People are always on the move today, and they stay in touch through the social web.
When the telephone came into common use, believe it or not, some people in business refused to use it. Claiming that it was better to meet clients face to face, they refused to make phone calls. People do the same thing today with social media. We need to look at it like the new telephone. It's simply a new way that people are communicating. We should understand, embrace, and use it for what it is--another opportunity to connect with people and build business.
David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.