Facebook likes to keep us all on our toes by making regular changes to their advertising platform.
In 2019, major changes were made to targeting options, which affect mortgage loan offers, brokers and real estate agents.
Previously, you were able to specify that your ads be shown to people in a certain age range, gender, income and/or located in a particular zip code.
However, with the latest changes, these targeting options are no longer available.
You also used to be able to “exclude” certain audiences such as mortgage brokers and real estate agents but this option has been removed.
Don’t let these changes discourage you! It’s time to take advantage of the higher barriers to entry.
By this I mean, some mortgage loan officers may be put off FB advertising because of these changes. This presents a great opportunity for you to forge ahead and adapt.
Here are some useful tips in terms of your strategy in light of these changes:
Your message needs to be on point
Now, more than ever, it is extremely important that your message is focused to your target audience.
So even though you cannot specify that your ad be shown to those in a certain age range, you CAN address that particular audience in your ad copy.
Location, location, location
In terms of location, there is still the option to select a city and include all areas within a 15 mile radius.
You can also use an address or dropped pin.
Just make sure to select “People who live in this location”, as opposed to those who were recently in the location or were travelling there.
Make use of interest targeting
You can still target your ads using interests.
For example, you can specify that your ads appear to those who have “liked” certain real estate pages.
There are other interest options such as “Mortgage calculator”, “Mortgage loans” and “Pre-qualification (lending)”.
Also, think outside the square. If you want to make an offer to First Home Buyers for example, what are they interested in? What Facebook pages are they “liking”?
Similarly, those looking to refinance would be fans of certain pages that reflect their interests.
Leverage custom audiences
Another powerful feature that is still available is the ability to upload your past and current customer lists and target them with your ads.
Choose the correct category
Lastly, if you’re based in or targeting the US and you’re running a campaign relating to credit, employment or housing, make sure that you tick the box to confirm that you’re running a “Special Ad Category” campaign.
I hope these tips have been useful. No matter what changes happen, there is always the opportunity to adapt and continue to leverage this powerful platform.