In a recent interview with Michael Stallings, the Vice President of Comergence, he said, “The social media landscape is always changing. What matters to originators is to ensure that they keep calm and don’t just jump to the next shining platform in the social media space.”

According to Michael, earlier this year, a social media platform called fab house got numerous attention in the media space even though it had no significant usage for lead originators. This social media application saw a dramatic spike due to a single massive event, and unfortunately, only apple users were invited to download the app. This dramatic spike led to a massive plunge in the usage of Clubhouse, another social media platform, and any lender who has adopted Clubhouse during this period would have witnessed nothing but wasted efforts in their lead generation.

Also, within the landscape, social media policies, privacies, and data security regulations are constantly changing depending on this companies and lenders need to be readily informed as these changes occur. Lenders need to define their end goal of using any social media platform before deciding on any of these platforms. Defining your end goal helps choose the platform wisely and enables quick mastering of the usage.

As the year 2022 draws nearer, lenders need to keep the borrower’s buying process at the top of their minds while deciding on using social media for lead generation. One of the easy ways to do this is having a Google My Business Page for your lending business.

To read more on what lenders should know about the social media landscape as 2022 draws nearer, click here.

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