Financial advisors know that RRSP season isn’t the only time people think about saving for the future. With employee benefits disappearing and precarious employment on the rise, Canadians are increasingly concerned about their retirement. This is an important opportunity for financial advisors to offer their services, but only if they can reach the right audience.
Facebook ads are a cost-effective way to advertise your services to the right people. This system of targeted advertising ensures that the money you spend is put to good use, focusing on those who are most likely interested in RRSPs and ignoring those who are not.
Sun Life Financial Canada is an example of a financial institution using Facebook ads to great success. Its goals were to spend less on advertising while encouraging its audience to make an appointment with one of its financial advisors. In just 90 days, Sun Life reduced its cost per lead by 56% compared to other platforms, and over 50% of its conversions during the campaign period were attributed to Facebook.
How did they do it?
The company switched from link ads to lead ads to encourage a direct response from potential clients. It also employed a variety of images, each targeting a different segment of its broad audience. Facebook’s targeted advertising enabled them to deliver a tailored message, reflecting the viewer’s own stage in life--young professionals, middle-aged workers, and retirees. Sun Life went even further to make use of the Facebook Pixel (a bit of code that keeps track of which visitors to a website came from Facebook, among other things) to create refined custom audiences. With this information, Sun Life was able to retarget the same people with ads that were even more specific to their situation.
Sound complicated? That’s just the beginning. For Sun Life to know which ads would be successful in the first place, it likely had to undergo a lengthy period of A/B testing. This is the process of running a variety of ads, each with the same goal, and using Facebook analytics to see which ones perform the best. The company can then pick the best performers and incorporate them into a larger ad campaign. A/B testing can be very costly, especially if your Facebook strategy is underdeveloped.
That said, lead generation can prove fruitful for financial planners with budgets large or small. You might attract clients with a free consultation. For those who are undecided, give them the chance to sign up for your newsletter. This will give you an extra avenue to advertise your services each time you send out a new issue. Plus, Facebook allows viewers to submit their email address without even leaving the Facebook website--a feature that helps some users feel more secure. For users who need a bit more convincing, offer them a free e-book in exchange for their email address. A short e-book is inexpensive to produce and can demonstrate your depth of knowledge.
Facebook’s analytics tools will show you the effectiveness of your ad. If you decide to take multiple approaches to advertising, you can quickly determine which one is the most successful.
Whether you’re seeking clients in Montreal or a wider area, Facebook is the place to start. The social media giant now reports over 2 billion active monthly users, with consistent growth across all age demographics. Nowhere else will you find so many potential clients under one virtual roof.