Digital Marketing for Financial Advisors (Step 4: Running a Facebook Marketing Campaign)

When you’re new to running Facebook campaigns, you might be wondering how to start. Even navigating the backend of Facebook may seem like a chore. Sure, it can be quite confusing at first but once you get the basics right, you’d find this process increasingly fulfilling. Without further ado, let’s get you started on running your own Facebook ads.

Marketing Objective of Your Campaign

Think about what the main objective of your campaign is. If you’re a financial advisor running a recruitment campaign with a landing page, your objective should be ‘Conversions’ because you would want to measure the number of people who visited your landing page, and submitted the contact form to sign up.

Awareness

Consideration

Conversion

Brand awareness

Reaching people who are likely to be interested in your brand

Traffic

Increase the number of visits to your website or number of app users

Conversions

Get more people to use your website or app. To track and measure conversions, use Facebook pixel or app events

Reach 

Show your ad to the maximum number of people

Engagement

Reach as many people as possible & drive engagement with your ad

Catalog sales

Show products from your catalog based on your target audience

 

App installs

Get more people to download your app

Store visits

Promote your business people who are nearby

 

Video 

Create ads that automatically show items from your catalog based on your target audience.

 
 

Lead generation

Collect information from people, including newsletter sign-ups 

 
 

Messages

Starting conversations with customers with your ad

 

Adapted from Facebook

It’s also important to understand the 3 levels of a Facebook campaign:

Campaign

Choose a single marketing objective for each campaign. A campaign can contain 1 or more ad sets and ads.

Ad set

Define your targeting, budget, schedule, bidding and placement. May contain 1 or more ads. 

Ad 

The creative i.e. images, videos, etc

 

Selecting Your Target Audience

Ask yourself: Who is my target audience? Think in terms of age, gender, location, lifestyle and interests. Once you’ve figured that out, you can easily fill in the audience and detailed targeting fields set by Facebook.

Setting Your Ad Budget 

There are 2 ad budget models: Daily and Lifetime. As its name suggests, Daily Budget lets you set a fixed spending per day. Lifetime Budget spreads the total sum across the campaign duration. You may schedule your ad set to run continuously, or stipulate its start and end date. 

If you’re new to Facebook ads, a budget of $20/day is ideal. Run your campaign for at least 2 weeks to gather enough data to make valuable insights. You can conduct a split test in a single campaign by testing one of the variables: Audience (ad sets), creative, placement, delivery optimisation, product sets. This will be discussed further in our next article.

Monitoring Your Ads

Running Facebook campaigns involves constant trial and error. Don’t be disheartened if your campaign hasn’t been yielding results. Pause the campaign, and hypothesise on why the campaign didn’t work well. Is your ad set not targeting the right audience? Is the ad creative not appealing to your audience?

A simple way you can go about this is to first, test out a few different ad sets with the same creative. From there, you’d be able to figure out if the problem lies in the audience or the creative.

Important Metrics

What does it mean?

Link click-through rate (CTR)

  • Percentage of people who performed a link click after seeing your ad
  • High CTR = a high percentage of people who saw your ad clicked on it
  • A CTR less than 1% is bad news

Cost per lead (CPL)

  • Average cost per website lead
  • Lead = no. of lead events tracked by Facebook Pixel due to your ad
  • e.g. For a recruitment campaign, the user submits a form, then lands on the “Thank You” page. This is counted as 1 lead event.

Frequency

  • Average no. of times your ad is seen by someone
  • High frequency may lead to ad fatigue. This means it’s time to create new ads.

 

Practice Makes Perfect

Get yourself familiarised with Facebook ads while  keeping in mind the tips we’ve shared above. You may not succeed all the time, but you’ll always learn something new. Going forward, always remember to monitor the data and optimise relevant areas to improve the performance of your campaigns.

This is exactly what we’ll be discussing in the next article Step 5: Optimising Your Campaigns. Do keep a lookout for the article as we will show you how split-testing can optimise your ads and produce better results.

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