With 15 million Australians actively utilising Facebook, it would be easy to assume that Facebook offers an endless supply of opportunity.
However, is it the lead generation tool that it would appear to be on the outside? Facebook advertising seems to be more ‘miss’ than ‘hit’ for finance brokers, even for those who have refined their advertising process.
Within this article we look at some of the hurdles that need to be overcome to deliver sustainable results from this lead generation channel.
Every business has its own unique characteristics and accordingly there is no one size fits all lead generation strategy to grow a business.
With a number of new features being rolled out last year, 2020 seems to be the year of change for Facebook – from algorithm changes, to encrypted private messaging and its suppression on ‘fake news’. The objective of Facebook’s modifications is based on consumers’ evolving needs.
Success is out of your hands
Facebook has removed its ability to manually set budget allocation between ad sets. This means Facebook will only allow you to set a minimum and maximum campaign budget spend and rely on its algorithm to shift budget between ad sets to drive overall campaign results.
One would assume Facebook knows its own platform the best, however there are a number of reasons as to how this impacts upon the performance and effectiveness of your ad.
While this may seem like a positive aspect for those who are not familiar with Facebook ads and prefer to set small budgets to expand page followers or drive potential leads, without the time to educate yourself on identifying positive campaign metrics and optimising your ad budget accordingly, Facebook’s algorithm will now carry this responsibility.
Don’t be fooled.
Understanding how to formulate the target market, create a compelling advertisement, capture the lead and deliver a lead magnet is critical to successfully obtaining a potential client and their details. Many of these steps involve the use of multiple systems to deliver a seamless experience to the potential client.
Unfortunately investing the time and energy into Facebook education could prove too costly for some, especially given the time it takes away from the other activities in your business that have a higher priority and return on investment.
Think you’ve found a winner?
If you think that if you create ‘one’ Facebook advert and continually target the same audience – think again.
Facebook rewards marketers with adverts that attract significant interest, however even good ads eventually go stale.
It’s also highly probable that your first advert may not necessarily hit the mark instantaneously. Successful ads come with testing the target market, advert content, lead capture options and the relevance of the lead magnet.
It is far from set and forget.
Who is your audience?
When setting up a campaign for the first time, Facebook usually recommends splitting the adsets based on different testing variables. This can include device, age segments, gender, placement and many more categories.
Identifying and understanding your target audience is a key component to successful advertising. If you cannot identify your audience, you will have difficulty in targeting your paid ad.
To achieve success, you must have a planned, strategic approach and know exactly who your ideal customer base is.
YCM has found the answer is providing a ‘targeted’ proposition (advert) that delivers content that is relevant to your potential clients. After all Facebook is a content platform and you need to work within the framework that is established to optimise results.
How well does Facebook know its own algorithm?
In a perfect world, once the Facebook ad is published, the fixed spend will be allocated based on the algorithm’s suggestions given the ad’s set objective.
Seem overwhelming so far? Well – you’re not alone.
In the hope of solving this problem, many have thrown large amounts of money at third parties. However this often doesn’t deliver an immediate return on investment.
What we have seen recently is an ad budget producing average performing ad sets receiving large amounts of spend with the better ones being neglected.
Facebook advertising has the potential to deliver significant medium to long term returns when used as a successful lead generation channel. However, a business should not rely on a single lead generation channel and put all their eggs in one basket.
Identifying the need to take some form of action to generate leads is an acknowledgement that a business will not grow on its own.
It would be nice to assume our clients know where to find us when they need us, however to achieve sustainable long term growth for the generation of new business, deliberate strategies need to be formulated and implemented consistently.