Utilizing Facebook to Drive Agent Referrals

Nathan Labenz
Published: 12/15/2010
Posted by: RET Staff

Facebook is a hot topic in business these days, but most businesses are still trying to “figure it out.”  The problem is particularly acute in financial services.  Among big companies, Facebook participation is hit or miss.  Allstate (~22,000 fans) and Citibank (~7,000 fans), for example, have fewer fans than they have insurance agents and loan officers.  Among small and mid-sized companies, participation is even worse.

Meanwhile, individual Facebook users aren’t having any problems.  Facebook is reportedly on track to become the first with a billion users in 2011, and seemingly all of Austin, Texas is following the 365 Things To Do In Austin, Texas page. What’s going on here?  Rick Grant offers a handful of explanations in this recent HousingWire article, and I agree with his overall assessment.  While it’s easy for banks to cite “lack of clarity regarding financial services regulations” as a reason to stay on the Facebook sidelines, the explanation rings hollow given their reputation for exploiting every regulatory loophole they can find.