Financial advisors are finding that social media advertising is a great way to reach their audience. But what are the best networks for financial advisors? And how do they use it effectively? In this blog post, we'll cover the basics of social media ads and which networks work best for financial advisors. We'll also cover how to create effective ads for Facebook, Instagram, or LinkedIn.
Social media ads for financial advisors
Social media ads like Facebook, Twitter, or LinkedIn are much like Google AdWords; the goal is to get people to click on your ad and go directly to a page on your website. Once they're there, you can provide valuable information about your services, target them with content that's linked specifically to their interests (such as blog posts), and convince them to contact you for more information. It's also important to use compelling graphics in your ads, as well as a compelling call-to-action.
Advantages of social media advertising
Using social media advertising is a great way to get in front of your ideal clients. Financial advisors can target specific age groups, locations, and interests and then deliver their message directly through social media sites or apps that they use. This means that potential clients can see it without having to sift through any other content provided by the financial advisor, such as articles on your website or posts on your Facebook page.
Social media advertising is also incredibly inexpensive. While many financial advisors still feel uncomfortable using ads due to concerns about transparency (will it look like I'm paying for referrals?), social media ads are perfectly ethical. They're an easy way to make sure your name comes up when someone searches for terms related to finance or investing.
Disadvantages of social media advertising
It's important to note that social media networks make it easy to see which ads are working and which aren't. They'll tell you things like if your ad was "viewed by x people" or "clicked on y times." If an ad isn't getting any views or clicks, you can stop the campaign (unsubscribe) right then and there and avoid wasting money.
As a result, poorly targeted social media advertising campaigns have low conversion rates. It can cost less than Google AdWords but also converts fewer visitors into leads because you are placing your ads in front of the wrong audience.
Difference between Seach Engine and Social Media Marketing
To begin with, Search Engine Marketing displays your ads to people actively searching for your service. Social Media Marketing, on the other hand, is considered disruptive advertising.
What this means is that your ads are usually shown to people as they are scrolling through their newsfeed and disrupts their purpose of being on the platform (watching funny cat videos). Let's face it; nobody gets on Facebook looking for a financial advisor; instead, they are there to interact with their family and friends or as part of a social group.
How to create a successful ad campaign on Facebook and Instagram
To make sure your ad campaign is a success, make sure the following three parts of your ad do their job:
The ad creative.
This is important because it will be the first thing your viewers see. It should catch their attention and make them want to read more about what you have to say. Think of this as the advertisement equivalent of a cover letter: The purpose is not only to get you hired but also for them to find your resume interesting enough to keep reading. The ad creative can be an image, video, or carousel. It has one job, to stop the thumb from scrolling and get them to read your headline.
A clear headline.
Your headline can't be longer than 25 characters. It will show up in search results, and on the newsfeed, so you want to entice users to click on it. In addition, try including action words like "start" or "learn more." The headline has just one job, to get them interested enough to read the description.
A compelling offer.
Your offer must be relevant to your niche and the person who views it. What does that mean? That you have linked back to something on your website or a landing page that has an incentive for someone to click through. It has one job, to get them to click on the ad and visit your website or landing page.
You want to have at least two ad spots running at once so you can test out different offers and see which one gets you the best ROI.
The only other thing that you need to do is make sure Facebook approves your ad (they will reject it if it's too similar to another one that has already been approved or contains adult content). Now, for the most frustrating part, there aren't any rules out there regarding how much information should be in your ad (other than the 25 character limit), so you will have to test out what works and what doesn't.
Here are some examples of ads that we like:
As you can see, they do a great job at catching your attention and getting their point across in just one image. The ad copy does a good job of explaining the benefit of clicking on the ad for the prospect.
How to create a successful ad campaign on LinkedIn
LinkedIn's audience demographics include professionals from specific industries. For example, if you were creating an ad for converting their 401K with their employer into a Rollover IRA, focus your ad on those close to retirement age and seniority within a company as they are most likely to be thinking about rolling over their 401K.
To get started setting up your ad campaign:
Sign in to Campaign Manager
Campaign Manager is the advertising platform on LinkedIn. It is similar to the one on Facebook and Google. After you create a free account, the platform will guide you through each step of setting up your first campaign.
Choose your objective
When you first get started, LinkedIn will ask you to choose your objective for the campaign. There are many options, But they fall into one of three broad categories. Your options are
brand awareness ~ Awareness
website visits ~ Consideration
engagement ~ Consideration
video views ~ Consideration
lead generation ~ Conversions
website conversions ~ Conversions
job applicants ~ Conversions
Build your target audience
Advertising has always been about defining your target audience and using that information to tailor your message to increase engagement. LinkedIn provides you with a wealth of information about your audience that you can tailor to fit your exact needs.
With your Campaign Manager account, click the "Audiences" tab. Then click the green "Audiences" button and select "create an audience..." You will be prompted to enter a list name, choose if you want to include a company, and choose if you want to include LinkedIn members linked to your website. The last option is up to you.
Choose your ad format
The final step in setting up your ad campaign is choosing the format.
Text only ~ This will show a text link and description about what you have linked to, but it will look more official than an image-based ad.
Video ~ You can choose from quick video ads or longer-form videos. Those longer videos allow viewers to click on the video and be linked to the next step in the buying process.
Single Images ~ More than likely, this is what you will use for any lead generation advertising campaign on LinkedIn.
Carousel Image~ This is an image format that allows you to display up to 4 images in one ad.
Messenger ~ You can choose to show a message only inside of the LinkedIn messenger application.
Dynamic ~ If you want to display different images on the same linked page, then choose dynamic.
LinkedIn Ads Guide: https://www.linkedin.com
Set your bid and budget
Setting the right starting budget will help you plan your costs and validate your marketing strategy. Plan your budget, and adjust it based on campaign performance
Set up your ad creative
Your creative is the image linked to your LinkedIn ad. You can choose an image from the LinkedIn gallery or use your own image file.
Targeting: LinkedIn has more demographic and behavioral targeting options than most other social media marketing sites. If your objective is lead generation, then focus on age and geography to make sure that your ad is showing up in front of the right people at the right
Strategies for using Twitter ads effectively for financial advisors
Twitter is a great social media platform for financial professionals. While not quite as useful as Facebook, it offers some very unique opportunities to reach your ideal target markets.
The benefits of using Twitter Ads (Twitter is different from Facebook and LinkedIn in that you can only run ads linked to a "business account", not one linked to your personal profile. To create a business account, go here .)
You can target potential customers by job title and industry, making it easy for you to find your ideal client.
You can target people who are interested in buying financial products based on what they have tweeted, or linked to their linked accounts (ie linkedin). This opens up a world of opportunity for financial advisors wanting to run ads linked to job seekers as well. However, the main difference between Twitter and Facebook is that you do not have access to the linked accounts of all your followers.
In order to run an effective ad campaign on Twitter, here are some best practices for financial advisors:
- Choose a specific response goal (for example 1 lead per day) and define your maximum cost per response as a daily budget.
- Target your ideal customer by job title and industry.
- Use an attention-grabbing image appealing to your audience (images are KPI's on Twitter, unlike Facebook). Do not use hashtags in the tweet itself or linkedin as linkedin won't count these followers towards your engagement rate.
- Include a link to your twitter profile. This is a great way to drive traffic and get the attention of your future clients.
- Include an enticing CTA (call to action) in order to get responses from your twitter followers. Do not be afraid to offer a free report, e-book, or white paper as part of the CTA.
If you’re considering using social media ads for your business, make sure to schedule a consultation with our team of experts. Our digital marketing consultants will help guide you through the process and provide tips on how to get the most out of your advertising budget. Whether it be Facebook, Twitter, LinkedIn or another social media platform, we can help set up an account that is tailored specifically for your needs. Contact us today!