Is Facebook Your New Enemy?

By November 6, 2019Banking

If you’ve ever looked for advice on effective digital marketing, you’ve probably seen strong recommendations for Facebook. After all, everyone uses it, and the targeting capabilities are incredible.

Unless you’re a bank or financial institution.

One recent client of my company, BrandMyBank, sent me an email where he literally said, “Eff Facebook!” The truth is the limits they put on ads for financial institutions mean that you can’t really do effective advertising on the platform.

Fortunately, there are five other options that will get you the visibility and sales you need. Here’s what you need to know about Facebook and the alternatives.

What’s Wrong With Using Facebook?

If you’ve never tried to create a financial ad on Facebook before, you might wonder what all the fuss is about. Is it really that bad?

Unfortunately, yes. If you create ads that have anything to do with credit, loans, mortgages, or long-term financing, you won’t be able to use the targeting that Facebook has available. In order to avoid discriminatory practices, they are simply turned off.

Those who create financial ads have to use Special Ad Category. You won’t be able to target age, gender, or much of a location. Other features are turned off as well, including interests.

As a result, your ads will not be effective. You’ll have to create a generic ad, so you won’t get a strong response. Plus, you’ll have to spend a lot of extra money to reach your ideal clients, and you’ll be reaching a lot of uninterested folks in the process.

What can you do instead? There are five digital marketing alternatives we recommend to our clients. Here are the options!

 

Alternatives to Facebook

Since Facebook doesn’t let you run effective ads, you’ll need to look elsewhere. Fortunately, our clients at BrandMyBank have had great success with these methods.

Google Search Ads

We love recommending pay-per-click Google search ads to our clients. You have a lot more control over targeting and messaging, and you can compete with major players in your market. One of our wealth management clients made $2.8 million on $67,000 in ad spend in just 90 days.

LinkedIn

LinkedIn is a social network focused on businesses and professionals. You can use all of their targetings even when you advertise financial services. As a result, you can target specific types of people or likely income levels using job titles and more.

Programmatic Ads

Programmatic ads allow you to get a lot more impressions and clicks for a lower cost. You can use sites like Weather.com and Yahoo.com, and you can also focus on people in a very specific geographic area.

Geofencing

Geofencing uses some of Facebook’s advanced capabilities but doesn’t trigger the restrictions that a typical ad does. You are able to set up specific map points and advertise to people who are within a small radius of the area.

Snapchat

With Snapchat you can set up branded filters to celebrate holidays or promote your company. The cost is small and you can get a great boost in brand awareness. One client got 104 views for every $1 of ad spend.

 

Break Out of the Facebook Box

You don’t have to be limited by what Facebook allows you to do. Use other channels for more effectiveness!

 

If you have questions, we’d love to help. For a free consultation, visit us at Brandmybank.com/15.

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