As a mortgage broker, new leads are the lifeblood of your business. You need a constant stream of new customer opportunities coming your way so that you can sustain and grow your venture.
With so many ways to attract customers e.g. referrals, online and offline networking, SEO and advertising, it can get very confusing.
So let’s focus on one key method… Facebook ads. In this article, I’ll discuss the 15 benefits of Facebook advertising for your mortgage broking business.
1. People spend a lot of time on Facebook
80% of all internet users use Facebook. There are currently over 2 billion active users, spending an average of 35 minutes a day on the network, checking it multiple times.
Your target audience is guaranteed to be on Facebook.
2. Still an untapped opportunity for advertisers
In spite of the huge user base and potential, currently only 2 million advertisers are actively making use of Facebook Ads.
This presents a massive opportunity for you to stand out from the crowd and market your loan service.
For instance, my Melbourne-based friend is looking to refinance her home loan. It would be very easy to target her on Facebook, as she has “liked” certain Facebook pages which are popular and relevant to home loans. She has also done quite a bit of searching in Google and clicked on Google Ads. However, although she’s a perfect potential client for a local mortgage broker, not once has she been targeted with a Facebook Ad!
And yet, in certain parts of the US, savvy mortgage brokers are generating thousands of dollars in commissions, all through Facebook Ads.
What an untapped opportunity it is.
3. Facebook advertising is mobile
Half of all internet users are mobile. Over 85% of Facebook users log in from their mobile devices.
There is currently no better way to reach your audience than where they are – on mobile, using FB Ads.
4. Facebook Ads are much more effective than organic
If you have a business page, kudos to you! However, did you know that less than 0.5 percent of your fans will actually see your updates in their feed? The days of organic reach are long gone.
The only way to tap into the power of Facebook is to use Facebook Ads.
5. It’s the cheapest form of advertising
If your Facebook Ads strategy hits the sweet spot, you could be getting leads for as little as $5.
Compare that to buying packets of leads for $50 – $100 each. Often, when you buy these types of leads, you’re sharing them with other mortgage brokers.
However, with your own Facebook Ads strategy, your leads are yours, and yours alone.
Also compare it to old school advertising in the Yellow Pages which is expensive and not at all targeted.
6. Set your own budget
You can set a daily or lifetime budget and maintain absolute control over how much you spend. In any given moment, you can increase or decrease it.
7. The return on investment is amazing
It’s not unknown to invest as little as $500 on Facebook ads and generate leads which are worth thousands to your business.
However, it does take skill and experience to achieve these results. The caveat here is that if you don’t know what you’re doing, you could waste thousands and not see any return on investment.
8. Extremely focused targeting
Facebook is the most focused type of advertising on the planet!
You can target users by location, demographics, interests and behaviour, which is incredibly powerful.
For example, you can show your ads to those who have indicated that they are interested in mortgage loans or investment, and those who have “Liked” Pages about real estate.
9. You can follow people around!
I’m sure you’ve noticed how after you’ve searched for something on Google and visited some websites, you then start seeing Facebook Ads from those websites?
This amazing strategy is called “remarketing” and it’s essential to incorporate it into your Facebook Ads plan.
It often takes multiple touch points before people are ready to buy.
I’ve lost count of the number of times I have purchased a product or decided to go with a particular service provider because they followed me around! I may have been on the tram while browsing the internet on my mobile, and just not ready to take the next step. However, if I see an ad the next day from someone I’ve already checked out, I may be in the right place to invest, if interested.
10. You can use Facebook Ads alongside Google Ads
What’s the difference between Facebook Ads and Google Ads? Well with Google Ads, people are actively searching for your service. Whereas with Facebook Ads, you’re showing your ads to those who “might” be interested in your service.
An extremely powerful strategy is to use Google Ads to capture those who are actively looking for a home loan on Google. Then once they have hit your website, you can make sure that you remarket to them and show them your Facebook Ads.
11. Built in lead capture
With Facebook Ads, you can make use of built in “Lead Forms”. This is where you can capture names, email addresses and phone numbers so you can follow up with potential customers. These can also be filled out automatically, making it easy for users.
Capturing email addresses is a powerful strategy, because you are building an email list of warm leads.
12. It’s instant
With Facebook Ads, you could be reaching your perfect target audience within minutes of launching an ad.
Compare this to search engine optimisation, which can take 6 months and is not guaranteed.
13. It’s measurable
Everything is measurable with Facebook ads. It takes all the guesswork away. You can see how many impressions, clicks and conversions you’re getting.
You can try out different images and text across your campaigns and compare them against each other in real-time.
If you see that a particular image or piece of copy is not hitting the mark or getting too expensive, you can immediately pause that ad and stop wasting money on it. Then you can channel more of your ad spend into what IS working.
There’s no better way of getting the most bang for your buck!
14. Lookalike audiences
Facebook really has thought of it all when it comes to powerful advertising. There is a feature called Lookalike Audiences, which means that you can show your ads to those who are most likely to be interested in your services because they share characteristics with your existing clients!
So for example, you can upload an email list of those who have recently taken out a refinancing loan, and Facebook will find similar individuals so you can target them with your refinancing ads.
15. Ability to automate follow-up
Last but by no means least, the true power of Facebook Ads lies in the ability to integrate automated follow-up into the mix. This is something that is often overlooked, so make sure you make use of this opportunity.
You can set things up so that your leads are followed up with via email, SMS and/or Facebook Messenger. This requires additional software and configuration, but is well worth the effort.
Contact me to find out how you can start growing your business with Facebook Ads!