There’s no denying the power of mortgage ads on Facebook.
The world’s largest social media platform is replete with opportunities to communicate and connect with your target audience. That explains why a staggering 93% of digital marketing professionals use Facebook ads to expand their reach.
As a loan officer, this offers you unparalleled access to a vast territory of prospective applicants. Yet, it’s easy to pour time, energy and money into your Facebook mortgage ads and not see the return you expected.
If you’re in this boat, read on. Today, we’re sharing nine common mistakes that most loan officers make when they advertise on this platform, along with ways to fix them.
Ready to learn more? Let’s get started!
1. Failing to Differentiate Your Offers
Chances are, you don’t just offer one type of loan or cater to a specific home-buying demographic. So, why are you creating generic, blanket ads that don’t account for this differentiation? In your effort to appeal to everyone, you could find that you achieve just the opposite.
Take the time to create different ads that accommodate the diverse range of clients you want to reach. For instance, you might make some that target first-time homebuyers while others will appeal to those interested in refinancing or real estate investing.
A vague, “Are you interested in pursuing a home loan?” might not be specific enough to get your most interested buyers to click. Instead, take advantage of Facebook’s user-friendly advertising network and make your approach as custom as possible.
2. Directing Visitors to Your Home Page
Yes, you want them to learn more about your loan offerings. However, the home page of your website isn’t where they need to go. Once they land there, it’s up to them to figure out how to navigate your site to find the information they really need.
Especially if they’re pressed for time, they’ll likely click away.
Why not create a landing page, questionnaire or e-mail sign-up page instead, and send your Facebook traffic there? That way, they can take an actionable step toward partnering with your office. You’ll also learn more about them in the process, which can help you tailor the rest of your communication accordingly.
3. Unprofessional Content
Is your Facebook ad riddled with grammatical mistakes? What about language that’s too full of isolating industry jargon?
It might seem insignificant, but the copywriting in your ad makes a major difference. If it’s polished and leverages the right amount of persuasive writing, you’re one step closer to convincing your viewers to click. On the other hand, if it’s too informal or seems sloppy, you’ll encourage them to keep scrolling.
Begin by addressing the certain audience segment that you’re trying to reach. For instance, you can open with “Are you ready to refinance your home?” or “Is it time to buy your first home?” This tells the viewer exactly who you’re talking to and sets the tone for the rest of the message.
Throughout the ad, be sure to keep the language simple and concise. Remember, you aren’t trying to explain all the terms of your loan, here. You need copywriting that’s convincing enough to move them to action, and it all begins with the words you choose.
4. Low-Quality Images
Would you feel compelled to click on an ad that’s full of grainy, poor-quality photographs? What about ones that are too tiny or obscure? Your audience feels the same way.
As a mortgage loan officer, your job centers on selling people the idea of “home.” If your ad images leave too much to the imagination or aren’t clear and beautiful, it reflects on your overall professional abilities. Industry research shows that the image quality of your Facebook ad is responsible for 70% of the clicks you receive.
Take the time to take excellent photographs of the homes you feature, avoiding stock photos as much as possible. If you don’t have the equipment or expertise yourself, it’s worth it to hire a professional to do so for you.
5. No Clear Next Step
Once a viewer sees your ad, what to do you want him or her to do next? Call your office? Visit a web page?
They won’t know unless you tell them, so that’s why a Call-to-Action, or CTA, is a necessary addition. This doesn’t have to take up a ton of space in your copy, but be sure to include a prompt that encourages further action.
You can simply say, “Click the link below to learn more” or anything along those lines!
6. Failing to Analyze Your Ad Performance
Facebook is a unique online marketing platform in that it allows you to keep a constant eye on how your ads are performing.
Via the site’s Ads Manager tool, you can check on their status at any time. It’s equally as important to check them during the campaign as it is to monitor the completed campaign’s performance.
Before you begin your Facebook ad campaign, determine the goals you want it to achieve. For instance, are you trying to increase the number of applicants you meet? Do you want to ramp up your refinancing loans in particular? Or, are you simply looking to bring brand awareness to your office?
Either way, understanding these metrics at the beginning can help you monitor your ads effectively. Throughout the campaign, you can run reports on Ad Manager that detail key performance indicators (KPIs), including:
- Click-through rates
- Cost per lead
- Daily spend
- Number of video plays
- Number of form completions
If you have multiple campaigns running at the same time, you can even use Ads Manager to compare their respective success to see if one is out-performing the other. Though this step might take a little extra time, taking a “Set It and Forget It” approach could mean missing out on important insights that can strengthen your campaign.
7. Skipping the Facebook Pixel
How can you get your Facebook ads in front of as many interested clients as possible?
The answer lies in the small but mighty Facebook pixel. This is a small snippet of code that you’ll add to your website or landing pages to track all the visitors who land there.
If you’ve ever been browsing a website and then suddenly, ads for that same company are all over your news feed, you’ve seen the power of the Facebook Pixel in action.
How does it work?
Once the pixel detects that you’ve visited your page, it then searches to see if you have an active Facebook account, as well as whether or not the site owner is running Facebook ads. If both answers are “yes,” then it won’t take long to feel like someone has read your mind!
Prospective loan applicants who have already visited your site once are no longer considered “cold” leads. Instead, they’re already at least a little familiar with your office, making them “warm” leads. This increases the potential that they’ll click on your online ad, so be sure to launch the Facebook Pixel alongside your campaign.
8. Not Performing Split Testing
Have you heard of split testing? This involves changing up one or two elements of your ads (such as images and copy) and keeping the rest the same. Then, you’ll analyze if that ad’s effectiveness grew or dropped after you made the change.
This can help you identify which elements of your campaign are the most important and influential.
For example, you might swap the images on a refinancing ad and keep the copy the same. Or, you might leave the images and tweak the copy. This can help you understand which components are more powerful than others, saving you time and money down the road.
9. Failing to Create a Lead Generation Funnel
We’ve already discussed the importance of sending a web visitor somewhere more productive than your home page. However, once they fill out that form or send in their email, what next steps are in place to convert them from a prospect to a lead?
Your Facebook mortgage ad strategy should be one key step that viewers take on their path to securing a loan from your office.
To this end, it’s important to integrate it as such. Add an automated follow-up message that reassures them that you received their information and will contact them shortly. Then, you can utilize modern technology, including SMS text messaging, email or even Facebook messenger itself to do just that.
Master Your Facebook Mortgage Ads Today
The power of Facebook can be yours, as long as you know how to create your mortgage ads the right way.
Rather than throwing an idea against the wall and hoping it sticks, take the time to read these nine tips above and learn how to position yours in front of as many eyes as possible. When you know which potholes to avoid, your campaign can run much more smoothly!
Want a free consultation on how you can improve your social media marketing efforts? Contact us today and let’s take this next step together.