It’s not that hard to dive in and set up your own Facebook Ads. However, it’s a minefield because there are lots of pitfalls to avoid.
You can waste a lot of money if you don’t know what you’re doing.
Here are some of the most common mistakes that I see people making with mortgage broker Facebook ads:
1. Sending people to your website home page
While this may seem like a logical thing to do, sending people to your website home page is pointless.
Once they have landed there, what will they do? Probably click away, never to return.
You need a well-thought out strategy in terms of where you want to redirect your target audience. Ideally, you want to send them to a form or questionnaire so that you can gather information and pre-qualify them as leads.
2. Making your offer too general
As a mortgage broker, you have different offers for different markets e.g. First Home Buyers, Refinancing and Investors.
A common mistake is making your Facebook offer too general, such as “Interested in a Home Loan?”
The true power of Facebook advertising is that you can and should make your offers very specific and target them towards a specific segment of the market.
3. Images with lack of “wow” factor
Believe it or not, your image is the most important factor in your Facebook ads. Whether this is a photo, illustration or even a video, it must be striking enough that a casual scroller will pause and look.
Wherever possible, avoid using cheesy stock photos. The best approach is to use your own photos to attract attention.
Also, if you’re using photos with a text overlay, make sure that this doesn’t exceed 20% of the entire image, otherwise your ad will be rejected.
4. Poor copywriting
Persuasive copywriting is a topic on its own. It may be a secondary aspect as far as your viewers are concerned, however it is critical to get this right.
Focus your copy on one offer only. Don’t try to cover different types of offers such as First Home Buyers and people looking to refinance.
Start by addressing a certain segment of your audience by stating exactly who the ad is for. For example, “Are you looking to buy your first home?”
Write in an informal style, keeping the language simple, friendly and personal.
Emphasise the benefits of your offer, rather than the features. Always keep in mind, what’s in it for your reader?
5. Audience too narrow/broad
With Facebook ads, you can get laser focused in terms of who you want your ads to be shown to. You can choose interests, behaviours, demographics and location.
The more of these you select, the narrower your audience will become. The trick is not to make your audience too narrow, because otherwise your ad will not be shown.
6. No call to action
People need to be guided on what to do next. However, a common mistake is to fail to give a call to action in a Facebook Ad.
This is as simple as saying at the end of your copy “Tap the button below to find out more”.
7. Not monitoring your ads
It’s essential to continually monitor and tweak your ads. Facebook advertising is not a “set and forget” strategy by any means.
Facebook makes it easy to create more than one ad per offer and helpfully shows you statistics on the best performers.
For example, you can see whether your click-through rate is dropping or your cost per lead is increasing.
Across your ads you need to assess:
– What images are performing best?
– Which copy seems to be producing the best results?
– Is it possible that your target audience is tiring of your ad? This is what’s known as “ad fatigue” and can happen within a matter of days. If there are signs of this happening, it’s essential to change it up a bit.
8. Failing to split test your ads
As part of ongoing monitoring it is essential to “split test” various aspects of your Facebook ads such as images, copy and offers.
Only vary one element at a time. For instance, try different images, keeping the copy the same.
Also try different variations of copy, using the same image.
You’ll soon be able to see which images and copy are hitting the mark, enabling you to improve your ads on an ongoing basis. This will save you a lot of money!
9. No lead generation funnel in place
This is a biggie. What are people doing after they click on your ad? As mentioned above, the last thing you want them to do is hit your website home page.
Ideally, they should be redirected to a form which they fill out. This can be basic, asking for their name, phone number and email address.
Or it can be more of a comprehensive questionnaire which effectively pre-qualifies them, asking them specific questions about their income, estimated credit score and so on.
Of course, fewer people will fill out the comprehensive questionnaire but those who do, are highly pre-qualified and much more easy to convert into customers.
Another essential part of a lead generation funnel is the automated follow-up.
Current technology enables you to follow up with your leads using Messenger, email and/or SMS.
This is highly effective in nurturing and converting leads into sales.
10. Not getting in touch over the phone
In addition to the automated follow-up, it’s important to jump on the phone pretty quickly after the lead comes in. For instance, some leads may complete your questionnaire but not go as far as scheduling a call with you or taking the next step.
Adding a human touch is an essential part of sealing the deal.
11. Forgetting to install the Facebook Pixel
This is a very common mistake! The Facebook Pixel is a short snippet of code that you need to add to all the pages of your website or landing pages. It tracks all the visitors who have landed on your site so that you can “remarket” to them later.
What does this mean? Well, have you ever noticed certain Facebook Ads which magically start appearing in your feed after you’ve visited a website? This means that the site’s Facebook Pixel has logged that you’ve visited.
It then checks to see if you have a Facebook account and if the website owner is running Facebook ads, it will make sure that you see them from now on. This is extremely powerful, because by then you are aware of that particular website, and therefore you are no longer a cold lead.
You’re much more likely to click on the ad because you have been somewhat “warmed up”. It helps mortgage brokers stay top of mind with previous visitors who have shown interest in their services.
12. Not making the most of retargeting
Once you have your Facebook pixel installed, you can make the most of one of the most undervalued and underused tactics around – Retargeting.
As described above, this is when you “target” your website visitors with relevant ads. For example, you can show First Home Buyer ads to those who have landed on your First Home Buyers page. Or if you are running a workshop for those who are interested in refinancing their home loans, you can target those who have seen your workshop webpage.
You can make this strategy even more powerful by acknowledging in your copy that they have visited your webpage. For example, “Recently you had a look at our webpage for First Home Buyers. If you’re interested in discovering how you can stop paying rent and buy your first home, tap the button below to find out more”.
There are some other mistakes that many advertisers make but they are more technical in nature and I’ll write about them another time.
I hope you have enjoyed reading this article about the 12 common mistakes you could be making with mortgage broker Facebook Ads!