October 27

The Biggest Facebook Ad Mistakes Insurance Agents and Loan Officers Make


The Biggest Facebook Ad Mistakes Insurance Agents and Loan Officers Make

Why Facebook Ads?

There’s no denying the power of paid ads on Facebook.

Facebook’s popularity has continued to grow over the past few years and businesses, including those in financial services, that have embraced the opportunities offered by Facebook advertising have been able to gain customers in large numbers and at a comparatively low cost per acquisition.

If you’re a loan officer or a financial advisor, Facebook offers you unparalleled access to a vast territory of prospective applicants. Yet, it’s easy to pour time, energy, and money into your Facebook mortgage ads and not see the return you expected.

If you want to get new leads, Facebook ads should be a vital part of your strategy — here’s why.

  • Facebook’s Active Users

Did you know that there are almost two billion people using this platform every single month? And this number continues to rise. You can’t come close to this kind of reach with any other marketing options.

  • Users Spend a LOT of time on Facebook

One of every five minutes spent on the internet is on Facebook. Based on stats, an average person will spend an astonishing two hours on social media sites every single day.

In other words, people spend more time on social media than any other activity. And with so many people in one place every day, Facebook makes it easy to get their attention.

  • Facebook Ads Targeting 

Facebook has different kinds of data on users, so you can narrow down and target your audience with some powerful tools.

If you know that certain types of people are likely to become your clients, you can target those people and exclude all the others. This ensures that your money goes to people who are most likely to give you a return on your investment.

  • Facebook Ads Worth It

Facebook ads are an inexpensive way to reach people. You can reach goals you’d never be able to otherwise.

As an example, as little as $10 a day can help you reach your audience. Now, compare that to a single click on Google Ads costing upwards of $60 for mortgage keywords, and you can see why it’s worth it.

You can also set your ad budget in several different ways, so you’ll never spend more than you want. You have complete control over your daily budget and your bid based on your goals.

Mistakes Insurance Agents and Loan Officers Make

Facebook offers you unparalleled access to a vast territory of prospective applicants. Yet, it’s easy to spend time, energy, and money on your Facebook mortgage ads and not see the return you expected.

Here you will find some common mistakes that most loan officers and insurance agents make when they advertise on this platform:

  • Low purchase intent

Unlike Google Ads, where people type directly in the search bar the product or service they looking for, people are using social media primarily to connect with friends and family. So, that means that people are not looking to buy, they are not ready to buy, in fact, they are discovering you for the first time.

This means that you cannot apply the same strategies you use on another channel, simply because it cannot be applied on Facebook.

  • Spammy ads that bait-and-switch

Another major mistake many professionals do. Many different businesses are using misleading advertising to entice customers to buy expensive products and services.

  • Low-quality creatives

Would you click on an ad that’s poor-quality? That’s right. NO. So does your audience. Nothing looks worse than a low-quality image.

According to research, the image quality of a Facebook ad is responsible for 70% of the clicks you receive. 

  • Not offering a legit solution to their problem

Generic ads that don’t offer a legit solution will not help you achieve the results you’re looking for. You’re achieving quite the opposite, actually.

How to Fix Them?

Follow these simple and clever solutions to skyrocket your Facebook campaigns:

  1. Use the “buying cycle”

Separating your campaign into three groups can make the difference.

In the Awareness campaign, you want your audience to simply recognize you as a brand and read your content. 

In the next stage, you are retargeting those previous website visitors to get them to opt-in for the first time.

The final stage is the Decision stage, in which you can slowly transit into service-related ads.

  1. Use high-quality and relevant images

High-quality images are important. So, take the time to use photographs of the homes you feature, avoiding poor-quality stock photos. If you don’t have the equipment or expertise, you can always hire a professional.

  1. Avoid spammy ads

No one likes spammy ads. Be sure to create trustworthy ads if you want to increase your Facebook Ads ROI.

  1. Include CTAs

People want to know what is going on in the next step. So, be sure to include CTAs and encourage further actions. 

  1. Targeted Professional Content

Be sure to include content that tells the prospect exactly what you’re talking about.

Also, keep the language simple and concise. Remember, you aren’t trying to explain all the terms of your contract, here. You need unique and creative copywriting that’s convincing enough to move them to action. It all begins, after all, with the words you choose.

What’s Next?

Here at FinanceVine, we are experts in generating ROI-positive results in the financial services space through online lead generation.

Schedule a call with us and discover how we can help your business.

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About the Author

I started out as the Internet marketing director for an Automotive Group. I learned about Facebook & Google advertising running campaigns for auto loans. I transitioned to full-time entrepreneurship in 2014, and have been at it ever since.

James Vannelli

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