Facebook Ads Don’t Work For Finance?
In an op-ed by Brittney Holcomb in Leasing News, Holcomb wrote that “when it comes to developing lead generation, social networks are not the answer.”
Holcomb breaks down her reasoning, explaining that Likes do not equal leads. It’s worth a read if you have advertised or have thought about advertising on Facebook, but I will respectfully disagree with her on the basis of her arguments.
“People don’t log on to social networks to search for products or services,” she writes, “They use social media to communicate with their friends and family.”
Perhaps so, but there are many different ways in which to approach Facebook advertising, and I say this as someone who has had success advertising in the B2B universe on the platform. Users weren’t searching for my product or service either and I wasn’t advertising for the sake of branding, something I personally do not even consider doing.
You can use social networks like Facebook to convert a lead you almost got or lost. For example, not everybody that comes to your website ends up completing a form and for those that do, fewer yet will end up signing a contract.
What happens is your prospects get distracted, decide to do more research, or get wooed by a competitor. Maybe they just weren’t convinced the timing was right. This is where social network advertising comes into play because you can relay that website visitor data or unclosed leads to Facebook and serve ads ONLY to those prospects. By knowing exactly where your prospect left off with you, you can set your campaigns to target them with the most appropriate advertising. That prospect might not be searching for your product on Facebook (just as Holcomb suggests), but you can appear right there like magic in their feed to remind them of exactly where they left off last time they engaged with you.
You can pretty much do anything you want especially if you’re actively managing and monitoring your web traffic and analytics.
Maybe you only want to serve ads to visitors who didn’t fill anything out on your website but clicked around for more than 2 minutes. Worth a shot, perhaps?
Consider the person shopping around who spent a few minutes researching a financial solution on three different company websites. They don’t fill anything out but instead resolve to make a decision on where to apply in the next couple days. That night and each night thereafter, one of those companies appears in their Facebook feed constantly, telling them why they’re better than the competition or that they’re the goto-brand. It’s an ad, yes, but it creates the impression that this company is everywhere and can place them top of mind when it’s time to decide. That can be money well-spent. It’s also the fundamental way in how social media advertising works these days, which is why we sometimes get creeped out by how well ads seem to know us. Anyone can do this.
Admittedly, one might not have any leads to target on social media if they don’t have website visitors to begin with, hence why paid search would be a better medium to choose if given the option between one versus the other.
I believe the two are not mutually exclusive, however. First get the prospects to your website (be that through paid search or organic means or whatever), and then close those prospects through social network advertising. Your competitors are already doing it and that’s why some of them are doing so well.
Facebook Ads Can Work For Finance. They just have to be properly tailored. And once you get it right, you’ll be kicking yourself for not having taken advantage of it for so many years.Last modified: March 29, 2021
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.