​Facebook Ads For Financial Pros: The Three Most Important ThingsArticle added by Jonathan Musgrave on November 28, 2016
Jonathan

Jonathan Musgrave

Centennial, CO

Joined: May 07, 2012

This year, we’ll spend more than $250,000 advertising on Facebook. It’s been the primary reason our business has doubled (2 years in a row), and people are starting to call us “the best online marketers in financial services.” But as we dial up winning ad campaigns on a daily basis, many others are frustrated with their results. After spending a few hundred dollars without results, advisors write it off as a failed venture – Facebook doesn’t work in our business…

Related: [Facebook] Business overview

I’m here to tell you that it does work, but just like any tool you must know how to use it correctly. In this brief article, I want to share with you the three reasons people aren’t getting results with Facebook (I’ll even throw in a couple juicy nuggets that will put you on the path to success).

1: Boosted posts suck

There’s not really a nice way of saying it other than that boosted posts aren’t worth the 5 or 10 dollars Facebook tells you to spend on them. The reasons are a little complicated, but I’ll explain this in simple terms.

Related: ACA exchange pays 50 cents per 1,000 Facebook views

Ultimately it all comes down to campaign objectives. When you select your campaign’s objective, Facebook is automatically going to select people within your audience it believes will be most likely to take that action. For example, if your campaign objective is “Clicks To Website” Facebook will select people within your audience they feel are most likely to take that desired action – clicking your ad. When you boost your post, Facebook has very loose definition of an objective – essentially to get that post in front of people. In digital marketing speak these are impressions (the number of people who will see your boosted post).

Boosted posts will get you impressions, but in reality any conversions you get are pure dumb luck because you aren’t utilizing the most valuable aspect of Facebook advertising – predictive analytics. Our highest converting Facebook ad campaigns all use the campaign objective of “Increase Conversions on Your Website,” simply referred to as a conversion campaign. In conversion campaigns Facebook optimizes your ad to be delivered to people who are most likely to convert based on their past behavior. Imagine being able to send direct mail only to people who have responded to mail offers in the past… That’s exactly what conversion campaigns do.

2: Likes don’t matter

Perhaps the most iconic aspect of Facebook’s social network is the blue thumbs-up “like” button. In the past there was massive value to be had for those who could get lots of people to like their page, but those days are all but gone.

Why? It’s very simple. As soon as Facebook went public, their millions of shareholders demanded they do something they hadn’t done before – generate revenue. Facebook did this is fantastic fashion by pouring jet fuel on their advertising platform. What this means to people still hoping for likes to generate leads is that Facebook is no longer delivering your posts organically to fans (people who like your page) like it once did. In total organic reach is down 52% in 2016 alone and is estimated to be around 2.6% across the platform.

What does this mean for you? It means that even if you invest the time and money to build a following, less than 3% of your hard-earned followers will even see your posts. Instead Facebook will now charge you to send your content to their users whether they are followers of yours or not.

3: Conversions are king

Did you know that social media sites account for more than 43% of all clicks to websites today? Yes Google is still the #1 search engine, but Facebook isn’t a search engine. To us as advertisers Facebook is a display network.

What’s the difference? Google knows what someone is looking for. Facebook knows who these people are. Think about that for a second... The massive amount of data that Facebook has on their users has essentially turned it into the world’s largest consumer database allowing us to send messages to only our ideal prospects.

But all the data in the world is useless unless you know how to drive traffic that converts. Conversions are (and always will be) the most prized possession in all of marketing: Getting a yes.

There are many things that are required for a high converting ad campaign, and it doesn’t matter if we’re talking about online marketing or direct mail. The market we are targeting, the message we are sending, the magnet that attracts people all have to coordinate. They all have to match. When you do a fantastic job of dialing in the message, market, magnet match – you’re just a few clicks away from massive conversions.

Digital marketing is taking over the entire marketing landscape. It doesn’t matter if you sell mattresses or life insurance. The longer we cling to the outdated forms of marketing we’ve relied on for decades, the faster we will be crushed by the massive digital revolution. In our business, we consistently fill seminars, generate leads, and even schedule pre-qualified appointments 100% online by leveraging the powerful technology at our fingertips. Facebook is one tool we’ve found to be highly productive for our clients across the country.

Before you’re lured in to spending $25 or even $2,500 on “cheap” Facebook traffic, ensure that you consider the items above – the three things you MUST know before advertising on Facebook.

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