Facebook Advertising for Financial Advisors

facebook-adRecently I heard about another successful Advisors Excel producer who had an incredible month of production. When a colleague of mine asked “What’d they do to have a month like that?” I expected to hear a number of the same things. Seminar tweaks, successful existing client event, radio campaign success, etc. While all of that is exciting news and a lot of the material I share with you here; this time it was different…

Don B. was the advisor and he practices out of Kentucky. One thing Don knew is a lot of people in his area (at a few select employers) were getting laid off. He’d already acquired a couple clients from dinner seminars who needed to make 401k rollover decisions. But obvious questions were rolling around his head, like “How do I capitalize on this? How do I find more people who need help right now?”.

After a lot of strategic thinking and reaching out to a few local firms, Don had it – Facebook advertising!

It was perfect for this situation and he’d found a firm to establish the program for him! Facebook advertising was new to Don, but not too difficult. He knew if he could figure out successful seminar marketing (and foot that bill in the process) he could make this work. Working with the local firm (if you’re looking into this, do a Google search on “Facebook advertising _____”, filling in the blank with your city or state) Don laid out his parameters. By using the information people supply on themselves via their Facebook profiles, they crafted a campaign with specific age ranges & employers! Isn’t that tricky. Using Facebook he could accurately target the exact people who worked for the company laying workers off!

Then he designed the ad through Advisors Excel Creative Services and it went live. A couple other items to know are:

  • It costs a nominal amount to place the initial ad thru Facebook. I want to say $250 up front or something similar.
  • Every time someone clicked on the ad it costs $5.
  • They were able to establish a maximum budget towards clicks; which they set at $1000 per month.
  • To see more about Facebook advertising, CLICK THIS LINK.

Here is an email Don sent to me/us with more feedback:

Here is the actual ad we ran.  As far as the impressions go, this means this ad appeared on someone’s Facebook page over 700,000 times.

Someone might have had it appear on their Facebook page 100 times (because that is how many times they came back to their page over the course of 2 weeks) and another person might have had this appear on their page just a few times.  The 700,000+ just means the total amount of times that someone has had this ad on their page.

It doesn’t necessarily mean that 700,000+ “different” folks have seen this, but we do know that the ad has been clicked on 177 times (which should mean that 177 different folks have actually opened up the ad to check it out). It’s an encouraging number of clicks for this short period of time running. But there is no way of telling “who” actually clicked on the ad.  That would be a little too much “invasion of privacy” on someone.

Through this medium Don’s been able to target market better than mailers, newspaper ads, etc. and he’s experiencing results. They’ve steadily been receiving web inquiries and calls from people requesting 401k rollover advice. It’s obviously not perfect though. Plenty of people who weren’t laid off at that company still see the ad and can click on it, costing money. Also, it’s much tougher for Don to reach the masses and be able to really touch everyone who’s affected. But that considered, they’re happy with results so far.

In the future, Don’s plan is to use Facebook advertising as a “seminar filler”. The plan is to demographically target Facebook users based on age range and employment/retirement status. Then open a $500-1000 budget (per seminar mailer) to fill more seats at the event. No one’s sure if it’ll work, but they’ve had enough success with this first campaign that it’s worth the money and effort to test. Plus everyone knows the fastest growing segment of Facebook users are retirees and the internet is where much of our marketing is trending. So whether it’s this exact plan long-term or not, they’ll be ahead of the curve and should only improve in the future.

I hope Don’s progressive ideas push you to evolve in 2013. Whether it’s implementing this idea or another, I’m here to fast-track that success.

Advise with Passion.
MJN

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