40 JANUARY / FEBRUARY 2018 MARKETING / SALES Facebook advertising is a cost-effective way to reach out to your customers and potential customers where they live. It may be especially attractive to the financial industry. Here’s why: Even though financial advertisers have the highest cost-per-click rates on Facebook at $3.77 per click, you might still be quite satisfied with that number. Why? The three most expensive keywords on Google are the terms “insurance,” “loans” and “mortgage,” each costing about $50 per click. Let’s do the math: Would you rather pay $3.77 for a click on Facebook, or $50 for a click on Google? What Will Facebook Do For You? The No. 1 advantage of using Facebook ads is the opportunity for detailed targeting and personalizing. Facebook requires a great deal of data from every person who sets up an account – location, age and interests are only some of the data points people willingly put in their profile that can be helpful to advertisers. Additionally, Facebook aggregates all sorts of other data, such as net worth, income, homebuying plans and other financial information, that your bank can use for targeting. All of this data makes it easy for Facebook to target ads that will seamlessly mesh with their users’ profiles. If, for example, you’re a man in your 40s who loves to deep-sea dive and cook gourmet meals, you might see ads for beach resorts, subscription meal services, and men’s clothing in your sidebar. As these are topics that interest you, it’s more likely that you’ll click on these than you would on, say, an ad for ladies’ athletic wear. Facebook ads aren’t disruptive. Unlike the social ad platform on YouTube, your Facebook experience isn’t interrupted by an obnoxious ad that you can’t click away from until the mandated 15 seconds. This makes it more likely that you’ll click, because it feels less like an ad and more part of the natural Facebook experience. This may be obvious, but before you get started you must already have a Facebook page for your bank. Next, there are many types of Facebook ads to choose from, and it seems like Facebook changes the ad formats every day. With that in mind, following are basic “gettingMichael Reynolds President/CEO Capital Point Marketing michael.reynolds@ capitalpointmarketing.com Capital Point Marketing is an associate member of the Indiana Bankers Association. Article author Facebook Advertising Primer for banks
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