How to Create a Killer Financial Facebook Ad Campaign, 101 – Part 1
Cost to implement: $25 a day
Time to implement: 1 hour
Difficulty level: Advanced
Marketing on Facebook can be a daunting and intimidating experience. Should you “friend” your ideal clients and engage with them? Is it better to put ads in their streams? Do both?
In this two-part article series, we’re going to discuss one very specific and actionable SHIFT to Facebook marketing.
What I think you’ll like about it is that it doesn’t take hours to develop, doesn’t require you to think of funny or shareable content, and doesn’t involve racking your brain to create something “viral.”
It’s a simple and straightforward strategy that will expose your message to your ideal market and present a relevant message that drives them to take action.
My prediction is that once you read this chapter, your fears about Facebook will melt, you’ll approach the medium with more confidence, and you’ll want to jump right in!
Maybe you want a fast and easy way to get started with Facebook. Have you wondered if there was a successful model out there you can swipe and deploy? Read on.
The Financial Advisor Startup—Facebook Style
When Kent started his agency, he faced several options.
He could call everyone he knew, book some appointments, and write some business. From there, he could ask for referrals. Once those dried out, he could start looking for local networking groups or associations to join to make new connections. This is what most advisors in a startup would do.
Another option would be to invest tens of thousands in expensive branding and a corporate-looking website presence, then sit back and hope it would drive business.
Or, he could attempt to poach producers from rival agencies with attractive sign-on bonuses and hope they’d bring their business over to his firm. (And that the legal problems that would no doubt ensue could be kept to a minimum.)
Kent did none of those. Instead, he turned to Facebook and used a unique technique I’m going to outline for you in glaring detail in this article, and in the one to follow.
This strategy is so powerful that within eighteen months of consistently using it, Kent’s little three-person team sold its entire book for seven figures — cash!
Target Your Audience
The first step in this plan—as in so many others outlined in my teachings — is to identify your IDEAL client. (Why do I say this over and over? Because it absolutely WORKS!)
In Kent’s case, the firm had a great product for real estate investors that the market could not compete with. So, he decided to go after real-estate investors and use Facebook to target them. His first move was to find people who had “liked” groups related to the subject (i.e., Robert Kiyosaki, Dean Graziosi, House Flipping, etc.).
In your case, you might decide to target specific ZIP codes to reach your precise target, perhaps combined with a certain level of net worth.
Let’s say your agency wants to target high-net-worth consumers who are good prospects for personal insurance or investment products.
You can target people within the city of Chicago, for example…
…who are between the ages of 45 and 65+.
Now, let’s look at some ways of narrowing your target even further.
You can target people by relationship status (single, married, divorced, widowed)…
…or by education level, fields of study, schools attended…or simply their number of undergrad years.
You can even target people who work at specific companies, hold specific job titles, work in particular industries, or at certain kinds of offices.
And, significantly, you can look at their net worth. In this example, I chose somebody with a net worth of $100,000.
After applying sufficient narrowing criteria, you’ll have a group of people that comprise your target market.
As you continue to refine your demographics, you’ll see the number of users you reach diminish. This is a good thing, because it means your ad is highly targeted.
Keep in mind, however, that when you’re testing ads, you don’t want to use too many different variables. Test within just one category or another, so you can determine for sure which types of ads convert best.
Next, I want to find out what type of homes my target prospects own.
I am interested only in people with a home value of $100,000+.
This should be really interesting to you if you sell products tied to life events:
You can target people who:
- have an anniversary within the next 30 days,
- people who are away from their family or their hometown,
- people who are about to start a new job (a great opportunity to review their life insurance),
- people starting a new relationship or engaged in the last year, three months, or six months…
…even people who have recently gotten married!
If you are interested in health-insurance prospects or ‘likely to qualify’ life insurance prospects, you can add a fitness and wellness component to your parameters, i.e., those who have wealth, a home, and an interest in fitness.
Then you can roll out a group of ads specifically tailored to those looking to save money on health insurance.
One of my clients on the East Coast uses shopping behavior as a criterion, targeting those who like expensive brands such as Prada, Coach, and Mercedes. Then, he creates specific ads about investing and getting better-quality coverage on home and auto.
For those selling auto insurance, Facebook can be a real boon.
Did you know that Facebook integrates with DLX, a massive source of information on all of the cars in the United States? This means you can even target people who are in the market for certain vehicles!
So, let’s say you want to rule out all those who are looking for an economy vehicle and reach only those in the market for a luxury automobile. Thanks to Facebook, you can do that!
You can target people who are new to car shopping. You can target by vehicle age and price. You can target people who have purchased motorcycles, if you offer that coverage. You can even target people who are receptive to online auto insurance offers.
You really can’t get more detailed than that.
The Ideal Budget
Believe it or not, you can get started on Facebook with an ad budget of just $5 per day. In the beginning, I recommend $20 a day just to generate a bit more traffic. But if you’d rather go slowly, start with $5 or $10. Then, as you start optimizing your ads, you can ramp up from there.
In the next article in this series, I’ll share with you the five steps to the perfect Facebook ad so you can get rolling without making most of the newbie mistakes.
About Jeremiah Desmarais (De-ma-ray)
Labeled “one of the greatest marketing minds in the insurance industry” by insurance executives, Desmarais teaches insurance and financial advisors to generate more leads and commissions using digital marketing strategies in less than 37 days. A TED speaker to a standing ovation and ranked among the Top 40 Direct Marketers Under 40, he’s been cited on Worth, CNN, Fox and has helped over 100,000 agents generate two million leads. He’s keynoted national events and high level mastermind retreats, as well as authored several important white papers. Download his free digital marketing jump start course for advisors at www.agencygrowthacademy.com.