Facebook Boost Crash Course | Wealth management

When someone in your area thinks of “financial advisor”, who do you think of? If it’s not you right now, it’s OK. It’s fixable, and Facebook can help. The idea is to educate ideal prospects so that when they need financial advice, they call you. With Facebook, you can literally put yourself in the palm of their hands. For that to happen though, you need to understand how Facebook’s algorithm works.

Think specifically about your business page. When you post something, say an article on Social Security, you might think that all of your followers (that is, those who “liked” your page) would see it. However, on average, only 5.2% of them will. This statistic is called your “organic reach” and it’s quite low on Facebook.

If you want a wider spread, Facebook wants you to pay for it. Fortunately, it is not that difficult or expensive. The easiest way to do this is to “boost” posts. Boosting a post simply means spending an advertising budget on it so that more people can see it. While boost isn’t the ultimate solution (Facebook’s Ads Manager platform is much more robust), it’s a great place to start for expanding your reach.

After you’ve posted something to your business page, you’ll see a blue button that says “Boost”. By clicking on this link, you will be asked to define an audience. There are apparently countless options to consider, but it is advisable to keep it wide enough.

Let’s say you post something about Social Security, you could boost this post to those who:

  • have a certain age
  • Live within 25 miles of your office
  • Have already shown an interest in subjects related to social security

This technique spreads your posts well beyond your existing subscribers, helping you target your ideal prospects in your wider community. Awareness campaigns like this aren’t just a starting point for your Facebook efforts, they should run throughout your business lifecycle, ensuring you stay at the forefront.

Fortunately, Facebook awareness is much cheaper than other media such as newspapers, billboards, and advertisements. We recommend that you start with a monthly budget of at least $ 100, which can be spread across multiple publications. If you like the results, increase your budget for future boosts and you will also increase exposure.

While we encourage the “long game” with social media, when you get your message across to thousands of people, naturally you will meet people looking for a financial advisor. Maybe their advisor is retiring, they’re new to the area, or some other factor is at play.

Hope this helps you get into the game with Facebook Ads. Again, boosting posts is a great place to start. When you’re ready to take it to the next level, Facebook’s Ads Manager platform is where it is. It has more advanced targeting and is better suited for ads focused on engagement or conversion.

Stephen Boswell is a partner of the Oechsli Institute, a company specializing in research and training for the financial services industry. @StephenBoswell @KevinANichols www.oechsli.com


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