Lykken On Lending: Don’t Ignore Social Media

*Don’t Ignore Social Media*
**By David Lykken**

***Harnessing social media tools can help you connect with potential customers in new ways as well as increase your mortgage company’s brand recognition.  Social Media websites have gone well beyond being a passing fad and have become “mainstream” strategic marketing and communication tools.  If you are not yet a believer in the benefits of social media for your business, consider the following two dozen facts:

****1. As of last year, Gen Y will outnumber Baby Boomers and 96% of them have joined a social network

****2. Social Media has overtaken porn as the #1 activity on the Web

****3. 1 out of 8 couples married in the U.S. last year met via social media

****4. Years to reach 50 millions Users: Radio (38 Years), TV (13 Years), Internet (4 Years), iPod (3 Years)…Facebook added 100 million users in less than 9 months…iPhone applications hit 1 billion in 9 months.

****5. If Facebook were a country it would be the world’s 4th largest between the United States and Indonesia (note that Facebook is now creeping up—recently announced 300 million users)

****6. A recent U.S. Department of Education study revealed that on average, online students out performed those receiving face-to-face instruction

****7. 1 in 6 higher education students are enrolled in online curriculum

****8. The percentage of companies using LinkedIn as a primary tool to find employees is 80%

****9. The fastest growing segment on Facebook is 55-65 year-old females

****10. Generation Y and Z consider e-mail passé… therefore an increasing number of colleges have stopped distributing e-mail addresses to incoming freshmen

****11. The #2 largest search engine in the world is YouTube

****12. Wikipedia has over 13 million articles…some studies show it’s more accurate than Encyclopedia Britannica…78% of these articles are non-English

****13. There are over 200,000,000 Blogs

****14. Because of the speed in which social media enables communication, word of mouth now becomes world of mouth… consider the recent uprising in Egypt

****15. 34% of bloggers post opinions about products & brands

****16. 78% of consumers trust peer recommendations

****17. Only 14% trust advertisements

****18. Only 18% of traditional TV campaigns generate a positive ROI

****19. 90% of people that can TiVo ads do

****20. 24 of the 25 largest newspapers are experiencing record declines in circulation because we no longer search for the news, the news finds us

****21. In the near future we will no longer search for products and services they will find us via social media

****22. More than 1.5 million pieces of content (web links, news stories, blog posts, notes, photos, etc.) are shared on Facebook…daily.

****23. Successful companies in social media act put listening (via social media) first, selling second

****24. Successful companies in social media act more like aggregators and content providers than traditional advertisers

****The three social media sites I recommend that you consider using are LinkedIn, Facebook and Twitter. Whether you are an individual working at a technology company or as a loan originator or with a small mortgage company or a large financial institution, my recommendation is for you to start creating “your community.” Please call me if you want help developing an effective social media strategy for yourself and/or your company.

David Lykken has garnered a national reputation as a visionary, entrepreneur and business leader within the mortgage industry. He has also become a regular guest on the FOX Business News with Neil Cavuto, Stuart Varney, Liz Claman, Dave Asman and others. He has been a special guest of Governor Mike Huckabee on FOX News’ #1 weekend rated program “Huckabee”. He has appeared several times on the CBS Evening News, Bloomberg TV & radio, NPR and many radio shows. On matters related to the economy, housing and mortgage lending, David is frequently quoted in leading newspapers across the country as well as the Wall Street Journal and the New York Post. Additionally, David has his own national weekly radio program called “Lykken On Lending” that can be heard each Monday at Noon Central time by going to .

As co-founder and Managing Partner of KLS Consulting doing business as Mortgage Banking Solutions, David Lykken has over 37 years of management experience as an owner/operator with in depth expertise in real estate finance and housing. His knowledge and skills comprise a unique blend of technology and business strategy. Above all else, David loves helping business owners and executives navigate through extremely difficult business circumstances helping them overcome seemingly insurmountable obstacles while rediscovering themselves and their passion for life and living.

Dave is married, has two daughters and currently resides in the beautiful Hill Country of Central Texas near Austin, Texas. David received a bachelor’s degree in 1973 year from Pacific Lutheran University in Tacoma, Washington.