I studied the right books and attended the right seminars. I gave my strategy time. Yet, few followed my blog and I could trace scant book sales (my main reason for blogging) to my social media efforts. Could it be—dare I suggest—that building a social media following simply wasn’t the best use of my time, given my unique passions, strengths, subject matter, and goals?

Image used with permission

Gathering a following works marvelously for some. But is there proof that it can work for everyone in every industry?

I think I’ve identified twelve such scenarios. Consider these three.

1. When time is limited

Like most debut authors, Danny Kofke has a day job and a family. To market his book, he wakes up early to use these precious minutes emailing media to suggest interviews. He links them to his one-page, static (no regular posts) blog, which functions as a press page, highlighting his past interviews, including USA Today and CNN. Readers and viewers can spread the word through their own social networks.

It works for Danny, given his personality, his topic (personal finance for school teachers) and his limitations. For Danny, pursuing a following would consume too much time.

J.R.R. Tolkien taught full-time and wrote after putting his children to bed. Had social media existed in his time, and if he spent that time on Facebook and Twitter, could he have written Lord of the Rings and The Hobbit?

2. When another marketing approach may work better

I know a restaurant owner who outsells all his fellow franchises. His secret? He spends hours away from the restaurant each day, building relationships with local businesses to promote his catering services. 

Imagine that his marketing time is limited to two hours. Could we tell him with any degree of certainty that he’d be better off spending those hours trying to build a following on social media? If so, based upon what evidence?

3. When your social media following will not likely be your customers

An agent urges her debut mystery writer to build a social media following with a blog. Her topic? Something to do with writing. Her competition? Thousands of writers competing for the same audience. Her challenges?

• Who wants to follow a writer who’s not already successful?
• Would her followers more likely be mystery readers (her target), or mystery writers?

So perhaps your dismal results don’t mean you’re a social media moron. Maybe people in your industry simply don’t want regular insights, or your target audience doesn’t tend to follow social media, or you don’t relish the research required to become a true thought leader.

Alternative social media approaches

If building a following isn’t working for you, consider a few of the principles that guide my personal book marketing strategy.

Consider quality over quantity

Sometimes I wonder if “the next big thing” just might be, well, “small.” Some gurus are cutting back, using Twitter and Facebook to connect with only their most valuable contacts—those they truly enjoy and learn from. In your case, could 150 significant Facebook friends trump 1,000 Facebook contacts who blabber incessantly about meaningless trivialities?

Let others praise you, rather than praise yourself

A Gallup study of over 17,000 social media users found that people don’t typically buy our products when we’re doing the selling. Instead, they trust independent experts and customer reviews. I find niche forums and offer free books for review, so that my Amazon pages are persuasive and the resulting fans can spread the word through their social networks.  

Go where people already gather, rather than gather a crowd around yourself

Shiv Singh, social media guru for PepsiCo, considers the holy grail of social influence marketing to be identifying and harnessing the influencers in your field. For my personal finance book, I found the top 200 personal finance blogs and offered a free book for review and another for a giveaway. My sales increased 300%, and the tactic was both cost- and time-effective.

Consider your strengths and passions, rather than assuming you can replicate any marketing scheme

A Gallup study of over two million people in the workplace suggested that we’re typically miscast in our roles. Instead, we should identify and concentrate on our strengths. If your strengths and passions incline you to blogging, Facebook and Twitter, you may do well building followings there. But if it’s a chore that you endure solely to sell your products, don’t be surprised if you make little impact. Choose methods that fit your unique passions and strengths.

Credit is opening up for autos and other consumer purchases but purchase mortgages account for only a small percentage of the improving picture despite the fact that mortgage delinquencies are down 37 percent among first mortgages since January 2010.

Speaking at a conference yesterday on “Real Estate, Credit and the Economy,” Trey Loughran, President of Personal Information Solutions at Equifax, said the availability of credit has improved about 30 percent overall since the trough of the recession but still has a long way to go.

“Of the 30 percent increase in credit availability, mortgages account for only five percent despite the fact that delinquencies are down across the board,” said Loughran.

Yesterday Equifax released its latest US Credit Trends report, showing that 30-dqy delinquency rates on first mortgages are down 13.5 percent from a year ago. First mortgage “Shadow Inventory” levels are declining, but still elevated.

Equifax’s May National Consumer Credit Trends Report confirmed that severely delinquent balances among first mortgages are on the decline.  While still elevated relative to historic levels, the May 2012 total of $450 billion in delinquent balances represents a 37 percent decline from the peak of more than $700 billion in January 2010.  Of note is that 70 percent of outstanding delinquencies among first mortgages still remain tied to loans opened between 2005 and 2007.

Doug Walker, Vice President of Churchill Mortgage in Nashville, another panelist, said that tightened guidelines for mortgages imposed between 2006 and 2010 have “just started to loosen a tad.”  He noted that very few mortgages require 20 percent down today, and that consumers have options for low or no down payment loans through FHA, VA, USDA and down payment assistance programs financed through state and local housing authorities.

Purchase applications declined 3 percent from a year ago, according to the Mortgage Bankers Association’s weekly applications survey released yesterday, but median FICO scores and loan-to-value ratios for purchase loans have loosened very slightly, up one to four points since last August, according to Ellie Mae’s May Origination Insight Report.  However, more progress has been made on refinancings than purchase loans.

Also participating in the conference were Greg McBride, Vice President and Senior Financial Analyst for Bankrate.com; and Steve Ely, CEO of eCredable.  The four experts discussed the mid-2012 trends in real estate and credit and how they act as key indicators on the state of our economy. Equifax will also release its newest credit report, detailing how Americans are spending their money and how they are handling their debt.

The panelists presented new figures on American attitudes toward the economy and their personal finances, consumer credit, the mortgage industry and the state of real estate.