If you are playing around with Facebook Ads or Google Ads and wondering how to get an ROI for your spend, then you are probably missing out on the number 1 criteria required for a successful Facebook lead conversion strategy.
Did you notice I said lead conversion and not lead generation?
About 8 years ago, YCM helped one of their broking clients take their Facebook likes from 680 to several thousand in a very small timeframe.
This was well before everyone was on Facebook and certainly before many other brokers were using Facebook.
A few years after that the broker was writing 30 loans a month, every month.
But it wasn’t simply the ads he was writing that created the success, it was his conversion strategy that made it possible to generate high volume business from his Facebook leads a few years later.
The main goal of Facebook and Google advertising (you can ask any digital marketer this question) is to build an email list.
So this is the process:
- Define your target market
- Create an outstanding offer
- Have a great Lead Magnet (downloadable factsheet, booklet, competition)
- Spend money on Ads
- You then get new email subscribers***
- Put them into your email nurture
- Offer them lots of stuff – more free downloads etc
- Convert some
- Keep nurturing the rest until they use your services or OPT out.
Of course it is a lot more complicated than that, but you get the picture.
Facebook is a great attraction medium, but it’s typically not a great conversion medium without further assistance from your marketing funnel. Most digital marketing experts will also tell you this.
So what IS the secret to the conversion strategy?
There’s a few actually.
Firstly, you need to have a data capture form and qualification tool.
There is no point advertising your services, products or giving away free stuff if you are not collecting emails.
At YCM we also tell you to include a mobile phone field in your data capture forms. To us, there is no point getting an email address only. As a broker you want to talk to them, so ask for their mobile number as well.
And you have to give away something for them to leave their details… otherwise why would they leave them?
We all know the rules.
Want to download something for free?
Then we must exchange something for that freebie. And that’s your email address.
For YCM partners, it’s a lot more than that as well.
Don’t think they’ll enter it? Uh ah…
With our data capture form, we have an average of 88% FULL DATA CAPTURE – and that includes:
- Address – yep – we even collect their address
- They fill out a survey on what financial activities they are planning in the next 12 months!
Now you can’t get more qualified than that can you?
But leads alone are not good by themselves.
As I said before, after your first email or phone call, you will convert some, but many you won’t (90% will not buy from you) on the first contact.
Secondly, just like any lead generation strategy – be it a Facebook ad, an expo, seminar or event, networking, ad in the local rag OR getting a new referral, lead or prospect…
You must stay in touch:
- after your first ad, email sequence and re-targeting
- after your first call, consult/appointment
- after your follow up and they say NO – not right now…
Many brokers who call us with ‘failed’ Facebook Ad results have only heard that Facebook Ads are good for obtaining new leads. But they have not done any research into the spend they must make to get a large amount of followers to then convert them into business.
Some people are happy paying up to and over $1,000 per month on ads, but are not spending any money or time on the follow up and maintenance of the subsequent lead.
BUT THAT’s where the $$$$ are.
People are NOT going to call you from a Facebook Ad. There is still a lot of work to do behind the scenes, including calling them if they qualify for you to call them.
So if you do not have a good client communication strategy after your call or email sequence, you are blowing away about 90% of your opportunity and spend.
YCM does not claim to be the experts in Facebook advertising yet, BUT we will get there.
We are, however, excellent in helping you understand
- why the ad and strategy has not worked for you, AND
- how to put a system in place to generate conversion from these leads.
Some of our YCM Partners who have used our Facebook data capture processes have found that they are much more cost effective and qualified than previous ads they have paid for.
One of our newest partners had spent $1,000 on Facebook Ads with minimal results.
After 3 weeks with YCM and spending less than $500 in their first month they had 137 new leads.
They could not believe it – and most had qualified using our survey.
Another YCM partner who has extended his business into asset finance by using the YCM Facebook strategy spent $150 and got 60 leads within one BOOST. None of them spent a dollar on a Facebook Ad. They just used our lead generation strategy.
David, who has been with YCM for over 10 years, sent a text message that we created for him to his Facebook clients from over 3 years ago, and wrote $6.5M in 6 weeks.
Again, it wasn’t the Facebook BOOST or the SMS that got him the business. It was the 3 years of regular communication, education and staying relevant to them so that when the SMS was delivered:
- they knew who he was
- they know, like and trust him because he has never done the ‘hard sell’ on them, and
- they responded to the survey that told David these were the people to call.
To achieve any results with your marketing, there is:
- work behind the scenes that just has to be done
- planning, strategy and engagement
- follow up strategies for conversion
- mid-long term communication
to turn a lead from a Facebook user who doesn’t even know you yet into a loyal and long-term client of your business.
Overnight success usually takes a couple of years…
Thanks for reading this month’s tip.
We hope you can make use of this information and let YCM help you if you are stuck with your marketing, communication plan or anything to do with helping you grow and keep your business.
We have been here for 15 years waiting for your call…
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