As I keep saying, your market needs to be segmented and then you need to create a message that is specifically relevant to that market segment. In the past doing this usually meant advertising in a particular space that had a certain type of readership or demographic, such as advertising in the ‘Better Homes and Gardens’ magazine to find home owners, or ‘Parenting’ magazine to target parents of young children or in Real Estate publications to target home buyers.
Facebook takes this principle to the next level and probably the most powerful marketing feature in Facebook is the ability to clearly define your target market across a range of dimensions.
Reach all the right people
Be specific about who you’d like to reach with your Facebook Adverts. Here’s how you can create targetted adverts for the people who’ll love your business
Reach your customers in the areas where they live or where they do businesswith you. Target adverts by country, coutry/region. postcode or even the areas around your business
The customers your business serves are on Facebook. Choode the audiences that should see your adverts by age. gender, interests and even languages they speak.
When people are interested in your business, they ’re more likely to take action on your advert Choose From hundreds of categories such as musk, films, sports, games, shopping and so much more to help you find (sot the right people
You know your customers best and you can find them based on the things they do – such as shopping behaviour, the type of phone they use or if they’re looking to buy a car or house.
Reach the people who like your Page or your app and reach the* friends, too. It’s and easy way to find even more people who may be interested In your business.
Market segmentation and targeting with Facebook advertising
As you can see from the image above, Facebook allows you to define who sees your advertisements by combinations of their location, demographics, the things they are interested in, their shopping behaviours and even have the friends of people who like your business also see your ads.
What this means is that you should definitely not use Facebook like a state-wide newspaper and put in a general advertisement. You should take the time to clearly define your market as much as possible and then show advertisements targeted to that market. If that means you want to advertise
to 30- to 45-year-old males who support the New Zealand Warriors, were born in New Zealand and live within 10kms of your business, then that is what you should do. It is much easier to write an advertisement that appeals to them than an advertisement that appeals to everyone. You might run a competition to win tickets to the upcoming New Zealand Warriors match, knowing it is something they are likely to be interested in. Then over time you can build a list of people you can promote your services to, tailored to their situation.
Above all, the same three step marketing process I described in the previous post is the blueprint you should follow.
- Identify their specific needs relevant to home loans.
- Give them a substantial item of educational value relevant to their needs that immediately positions you as an authority and gets you permission to keep in touch with them.
- Send them regular information targeted to those needs to keep building both ability trust and personal trust, with occasional sales messages to make it clear you are there to help them when they are ready.
With the second step, giving them a substantial item of educational value, there are alternatives, but in my experience they are less effective. Things like competitions and non-finance giveaways are fine and will get a broader response, but the people you get are interested in a competition or whatever else you gave them, not a home loan.
There is nothing inherently wrong with this, just so long as you accept that there will be a much lower response to your follow-up educational marketing because they didn’t come to you thinking about a home loan and you haven’t immediately positioned yourself as a finance authority.
The key in this situation is to try and get people to respond who are in a particular category, then you can tailor a relevant follow-up campaign.
In my example of targeting expat New Zealanders, you need to then be speaking about how your services relate specifically to their needs and pain points.
So what the competition had done is to get the attention of your target audience and permission to communicate with them. If you make that communication something that solves problems specific to them, you can still do well.
The market segmentation aspect of Facebook allows you to define the client you want to work with which makes it easier to identify their specific needs relevant to home loans. You then give them a free item that educates them about your knowledge of and solutions for their particular needs. Then follow up with messages targeted to those same needs to build trust with them and draw them to you.
There is nothing unique about this, Facebook is just a new system that allows us to apply an old strategy. This approach would cost whatever you spent on Facebook advertisements.